On Holding AG (ONON)

NYSE: ONON · Real-Time Price · USD

30.20

+0.59 (1.99%)

At close: Oct 1, 2026, 4:00 PM EDT

30.00

-0.20 (-0.66%)

After-hours: Oct 1, 2026, 7:13 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	Jun '26 Jun 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	3,220	3,014	2,318	1,792	1,222	724.6
Revenue Growth	18.48%	30.01%	29.36%	46.64%	68.66%	70.37%
Gross Profit	2,088	1,894	1,406	1,067	684.9	430.3
Operating Income	443.5	376.6	211	179.8	85	-141.1
Net Income	396.2	203.7	242.3	79.6	57.7	-170.2
Earnings Per Share	1.18	0.61	0.74	0.25	0.18	-0.59
EPS Growth	188.81%	-17.39%	199.92%	36.47%	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 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	1,834	1,753	1,376	1,120	777	448.8
Direct-to-Consumer	1,386	1,261	942.8	671.8	445.1	275.8
Revenue (Total)	3,220	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	Jun '26 Jun 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	1,239	1,056	968	512.4	397.3	676.8
Total Debt	562.5	521.5	347.6	229	160.4	180.8
Net Cash (Debt)	676.9	534.2	620.4	283.4	236.9	496
Net Cash Growth	78.89%	-13.89%	118.91%	19.63%	-52.24%	546.02%
Net Cash Per Share	2.02	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	Jun '26 Jun 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	525.4	359.5	510.6	232.1	-227	16.9
Capital Expenditures	-87.5	-72.9	-60.5	-42.8	-60.3	-24.6
Free Cash Flow	437.9	286.6	450.1	189.3	-287.3	-7.7
Free Cash Flow Growth	24.37%	-36.33%	137.77%	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 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	64.82%	62.83%	60.63%	59.56%	56.04%	59.38%
Operating Margin	13.77%	12.50%	9.10%	10.03%	6.96%	-19.47%
Pretax Margin	13.36%	6.81%	12.06%	3.86%	6.37%	-22.03%
Profit Margin	12.30%	6.76%	10.45%	4.44%	4.72%	-23.49%
FCF Margin	13.60%	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	Oct '26 Oct 1, 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	20.61	60.34	65.57	90.72	87.32	-
Forward PE	16.46	29.37	52.39	33.18	38.92	158.84
P/FCF Ratio	19.17	42.89	35.30	38.15	-	-
PS Ratio	2.54	4.08	6.85	4.03	4.12	15.91