On Holding AG (ONON)

NYSE: ONON · Real-Time Price · USD

34.70

-2.83 (-7.54%)

At close: Nov 10, 2026, 4:00 PM EST

34.82

+0.12 (0.35%)

Pre-market: Nov 11, 2026, 4:41 AM EST

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	Sep '26 Sep 30, 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	3,357	3,014	2,318	1,792	1,222	724.6
Revenue Growth	16.71%	30.01%	29.36%	46.64%	68.66%	70.37%
Gross Profit	2,241	1,894	1,406	1,067	684.9	430.3
Operating Income	514	376.6	211	179.8	85	-141.1
Net Income	440.1	203.7	242.3	79.6	57.7	-170.2
Earnings Per Share	1.32	0.61	0.74	0.25	0.18	-0.59
EPS Growth	95.56%	-17.39%	199.92%	36.47%	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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	1,893	1,753	1,376	1,120	777	448.8
Direct-to-Consumer	1,465	1,261	942.8	671.8	445.1	275.8
Revenue (Total)	3,357	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	Sep '26 Sep 30, 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	1,339	1,056	968	512.4	397.3	676.8
Total Debt	732.6	521.5	347.6	229	160.4	180.8
Net Cash (Debt)	606.4	534.2	620.4	283.4	236.9	496
Net Cash Growth	16.39%	-13.89%	118.91%	19.63%	-52.24%	546.02%
Net Cash Per Share	1.81	1.60	1.89	0.88	0.74	1.72

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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	526.4	359.5	510.6	232.1	-227	16.9
Capital Expenditures	-95.2	-72.9	-60.5	-42.8	-60.3	-24.6
Free Cash Flow	431.2	286.6	450.1	189.3	-287.3	-7.7
Free Cash Flow Growth	23.20%	-36.33%	137.77%	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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	66.76%	62.83%	60.63%	59.56%	56.04%	59.38%
Operating Margin	15.31%	12.50%	9.10%	10.03%	6.96%	-19.47%
Pretax Margin	15.59%	6.81%	12.06%	3.86%	6.37%	-22.03%
Profit Margin	13.11%	6.76%	10.45%	4.44%	4.72%	-23.49%
FCF Margin	12.84%	9.51%	19.41%	10.56%	-23.51%	-1.06%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '26 Nov 11, 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	21.99	60.34	65.57	90.72	87.32	-
Forward PE	17.76	29.37	52.39	33.18	38.92	158.84
P/FCF Ratio	22.24	42.89	35.30	38.15	-	-
PS Ratio	2.88	4.08	6.85	4.03	4.12	15.91