On Holding AG (ONON)

NYSE: ONON · Real-Time Price · USD

35.82

+0.98 (2.81%)

At close: Jul 24, 2026, 4:00 PM EDT

35.56

-0.26 (-0.74%)

After-hours: Jul 24, 2026, 7:41 PM EDT

On Holding AG Financials Overview

Financials in millions CHF. Fiscal year is January - December.

Millions CHF. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	3,119	3,014	2,318	1,792	1,222	724.6
Revenue Growth	22.97%	30.01%	29.36%	46.64%	68.66%	70.37%
Gross Profit	1,993	1,894	1,406	1,067	684.9	430.3
Operating Income	417.4	377	211.6	180.2	85.1	-141.1
Net Income	250.4	203.7	242.3	79.6	57.7	-170.2
Earnings Per Share	0.76	0.61	0.74	0.25	0.18	-0.59
EPS Growth	22.58%	-17.57%	196.00%	38.89%	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Wholesale	1,813	1,753	1,376	1,120	777	448.8
Direct-to-Consumer	1,306	1,261	942.8	671.8	445.1	275.8
Revenue (Total)	3,119	3,014	2,318	1,792	1,222	724.6

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	1,092	1,079	980.7	528.8	404.2	683.2
Total Debt	541.9	521.5	347.6	229	0	0
Net Cash (Debt)	550	557.6	633.1	299.8	404.2	683.2
Net Cash Growth	-4.46%	-11.92%	111.17%	-25.83%	-40.84%	533.90%
Net Cash Per Share	1.67	1.87	2.17	1.04	1.42	2.59

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	400.7	359.5	510.6	232.1	-227	16.9
Capital Expenditures	-78.3	-72.9	-60.5	-42.8	-60.3	-24.6
Free Cash Flow	322.4	286.6	450.1	189.3	-287.3	-7.7
Free Cash Flow Growth	-8.85%	-36.33%	137.77%	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	63.88%	62.83%	60.63%	59.55%	56.04%	59.38%
Operating Margin	13.38%	12.51%	9.13%	10.06%	6.96%	-19.47%
Pretax Margin	8.25%	6.81%	12.06%	3.86%	6.37%	-22.03%
Profit Margin	8.02%	6.76%	10.45%	4.44%	4.72%	-23.49%
FCF Margin	10.34%	9.51%	19.42%	10.56%	-23.51%	-1.06%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '26 Jul 26, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	38.38	60.46	66.85	90.72	88.11	-
Forward PE	20.13	29.37	52.39	33.18	38.92	158.84
P/FCF Ratio	30.10	42.59	35.59	38.19	-	-
PS Ratio	3.05	4.05	6.91	4.03	4.11	14.81