On Holding AG (ONON)
On makes running shoes and sportswear, engineered in Switzerland and sold both through retailers and directly. The legal name is On Holding AG but the commercial name is On; it was founded as On AG in 2010 and On Holding AG was incorporated in Switzerland in 2012 as the ultimate holding company of the group. The principal office is at Förrlibuckstrasse 190 in Zurich. The Class A ordinary shares were listed on the New York Stock Exchange in the 2021 initial public offering, and the figures are stated in CHF.
On Holding AG files a 20-F with the SEC once a year, in Swiss francs. In the year to 31 December 2025 it reported revenue of CHF 3,014 million ($3.6 billion at the year's average rate), up 30.0% on the year before. Its profit attributable to shareholders was CHF 204 million, down 15.9%.
On Holding (ONON) in brief
On Holding (ONON) reported revenue of CHF 3.0 billion for the year to 31 December 2025, up 30.0% on the year before.
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Profit attributable to shareholders was CHF 204 million. Revenue was CHF 2.3 billion in 2024, CHF 1.8 billion in 2023, CHF 1.2 billion in 2022 and CHF 725 million in 2021. Profit attributable to shareholders in the same years was CHF 242 million, CHF 80 million, CHF 58 million and a loss of CHF 170 million. Revenue grew 47.9% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of On Holding was $11.5 billion.The share in the US
| Last close | $34.73 on 10 November 2026 |
| 52-week range | $26.76 (15 September 2026) to $50.63 (8 January 2026) |
| Over one year | down 0.7% |
| Market cap | $11.5 billion: 330,997,521 shares outstanding at 31 December 2025 (20-F, class B voting-rights shares carry a tenth of a class A share's economic rights), each US share standing for one ordinary share |
US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.
Ratios
From the latest annual report, the year to Dec 2025, in dollars
ROE12.5%
ROCE23.1%
Operating margin12.5%
Net margin6.8%
FCF margin9.5%
Interest cover12.74
Debt to equity0.00
Cash conversion1.76
Share count, last 12 monthsn/a
Sales CAGR, 3 years35.1%
Profit CAGR, 3 years52.3%
EPSn/a
At the close of 10 November 2026
Price$34.73
Market cap$11.5 billion
Stock P/En/a
Price to book5.77
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales3.12
52-week high$50.63
52-week low$26.76
Price, 1 year-0.7%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. On Holding AG's balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.ONONgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on ONON
| Dividends | no dividend in its filings for fiscal 2019 onward |
| Filings | 12 in twelve months: 10 reports on Form 6-K, most often 6-k_q3_2026 (1); on Enters Next Chapter: Unveils Strategy to Redefine What a Sportswear Brand Can Be Alongside 2029 Financial Targets (1); unaudited interim condensed consolidated financial statements (1); 6-k_q1_2026 (1); invitation to the Annual General Shareholders’ Meeting 2026 On Holding AG (1) |
| Planned insider sales | 25 Form 144 notices in twelve months, $98.8 million; latest 6 November 2026 |
| Options tape | put/call 0.79 by open interest at the 10 November 2026 close; the straddle prices a 4.2% move to 13 November 2026 |
| 13F holders | 496 funds reported a position for the quarter to 30 June 2026; largest Morgan Stanley |
| Insider trading | 9 sales and 8 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 29.3 million shares short, 3.11 days to cover at 30 October 2026 |
Income statement (profit and loss), 7 fiscal years
Figures in
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the latest year filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 24 peers in Apparel (7.3% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 20 peers in Apparel (17.5). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| Year to | Dec 2019 | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 267 | 425 | 725 | 1,222 | 1,792 | 2,318 | 3,014 |
| Cost of sales | 124 | 194 | 294 | 537 | 725 | 913 | 1,120 |
| Gross profit | 143 | 231 | 430 | 685 | 1,067 | 1,406 | 1,894 |
| Research and development | n/a | 1.9 | 5.3 | 8.2 | 8.9 | 9.6 | 10.6 |
| Selling, general and administrative | 137 | 248 | 571 | 600 | 887 | 1,194 | 1,517 |
| Operating profit | 5.7 | -17.1 | -141 | 85.1 | 180 | 212 | 377 |
| Finance costs | 0.7 | 0.9 | 3.6 | 6.4 | 11.3 | 23.1 | 29.6 |
| Profit before tax | 3.1 | -24.4 | -160 | 77.9 | 69.1 | 280 | 205 |
| Income tax | 4.6 | 3.1 | 10.6 | 20.2 | -10.5 | 37.4 | 1.5 |
| Profit attributable to shareholders | -1.5 | -27.5 | -170 | 57.7 | 79.6 | 242 | 204 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
CHF million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
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A line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2020, Dec 2021); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.Revenue by product or service
| Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|
| Shoes | 256 | 406 | 683 | 1,168 | 1,711 | 2,200 | 2,804 | 93.0% |
| Apparel | 9.6 | 15.8 | 36.3 | 47.3 | 68.9 | 101 | 170 | 5.6% |
| Accessories | 1.9 | 3.2 | 5.0 | 7.4 | 11.8 | 17.7 | 39.6 | 1.3% |
ShoesApparelAccessories
CHF million; hover a block for its figure and share
CHF million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Revenue by region
| Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|
| Americas | n/a | n/a | n/a | n/a | 1,162 | 1,480 | 1,740 | 57.7% |
| Europe, Middle East and Africa | n/a | n/a | 264 | n/a | 489 | 578 | 763 | 25.3% |
| Asia-Pacific | 17.9 | 23.0 | n/a | 80.2 | 141 | 260 | 511 | 17.0% |
| Europe | 128 | 188 | n/a | 354 | n/a | n/a | n/a | n/a |
| North America | 112 | 208 | n/a | 738 | n/a | n/a | n/a | n/a |
| Rest of World | 9.1 | 6.7 | n/a | 49.1 | n/a | n/a | n/a | n/a |
| Switzerland | n/a | n/a | 55.1 | n/a | n/a | n/a | n/a | n/a |
| United States | n/a | n/a | 396 | n/a | n/a | n/a | n/a | n/a |
Americas FY2023 to FY2025Europe, Middle East and Africa FY2021 to FY2025Asia-Pacific FY2019 to FY2025North America FY2019 to FY2022Europe FY2019 to FY2022Rest of World FY2019 to FY2022United States FY2021Switzerland FY2021
CHF million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
CHF million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Cash flow statement
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the latest year filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 24 peers in Apparel (7.3% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| Year to | Dec 2019 | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -5.2 | -14.7 | 16.9 | -227 | 232 | 511 | 360 |
| Purchase of property, plant and equipment | 7.4 | 11.0 | 24.6 | 60.3 | 42.8 | 60.5 | 72.9 |
| Free cash flow | -12.7 | -25.7 | -7.7 | -287 | 189 | 450 | 287 |
| Cash from investing | -9.5 | -18.6 | -36.4 | -82.9 | -47.1 | -64.9 | -78.6 |
| Cash from financing | -0.7 | 125 | 596 | 6.3 | -21.8 | -55.4 | -78.5 |
| Depreciation and amortisation | 5.3 | 12.1 | 31.4 | 46.4 | 64.9 | 105 | 127 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
CHF million, from the cash flow statement as filed.
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Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.Balance sheet at year end
| Year to | Dec 2019 | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Funded by | |||||||
| Equity attributable to shareholders | 64.4 | 245 | 848 | 970 | 1,074 | 1,392 | 1,632 |
| Borrowings, as filed | n/a | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Lease liabilities | n/a | n/a | n/a | 160 | 229 | 348 | 522 |
| Other liabilities | n/a | 137 | 388 | 252 | 290 | 637 | 682 |
| Total equity and liabilities | n/a | 383 | 1,236 | 1,382 | 1,593 | 2,377 | 2,835 |
| Owned | |||||||
| Property, plant and equipment | 10.6 | 17.0 | 34.4 | 77.2 | 93.6 | 127 | 149 |
| Cash and cash equivalents | n/a | 90.6 | 653 | 371 | 495 | 924 | 1,020 |
| Inventories | n/a | 103 | 134 | 396 | 356 | 419 | 420 |
| Other assets | n/a | 172 | 415 | 539 | 648 | 906 | 1,247 |
| Total assets | n/a | 383 | 1,236 | 1,382 | 1,593 | 2,377 | 2,835 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
CHF million, at each fiscal year end.
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Both totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.Ratios on the filed lines
| Year to | Dec 2019 | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Gross margin | 53.6% | 54.3% | 59.4% | 56.0% | 59.6% | 60.6% | 62.8% |
| Operating margin | 2.1% | -4.0% | -19.5% | 7.0% | 10.1% | 9.1% | 12.5% |
| Net margin | -0.6% | -6.5% | -23.5% | 4.7% | 4.4% | 10.5% | 6.8% |
| Free cash flow margin | -4.7% | -6.0% | -1.1% | -23.5% | 10.6% | 19.4% | 9.5% |
| Return on year-end equity | -2.3% | -11.2% | -20.1% | 6.0% | 7.4% | 17.4% | 12.5% |
| Effective tax rate | 146.8% | n/a | n/a | 25.9% | -15.2% | 13.4% | 0.7% |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.
Questions
What was On Holding's revenue in 2025?
On Holding (ONON) reported revenue of CHF 3.0 billion for the year to 31 December 2025, up 30.0% on the year before.
How much did On Holding earn in 2025?
Profit attributable to shareholders was CHF 204 million for the year to 31 December 2025.
What is On Holding's market cap?
The market cap of On Holding was $11.5 billion at the close of 10 November 2026.
The exchange rates used
| Year to | Average over the year CHF per US dollar | At the year end CHF per US dollar |
|---|---|---|
| Dec 2019 | 0.99 | 0.97 |
| Dec 2020 | 0.94 | 0.88 |
| Dec 2021 | 0.91 | 0.91 |
| Dec 2022 | 0.95 | 0.92 |
| Dec 2023 | 0.90 | 0.84 |
| Dec 2024 | 0.88 | 0.91 |
| Dec 2025 | 0.83 | 0.79 |
Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXSZUS.
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Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in Swiss francs.Peers: Apparel
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Nike, Inc. NKE | $57.4 billion | 18.59 | 20.3% | n/a | -1.2% | 0.52 | 4.2% |
| Tapestry, Inc. TPR | $26.8 billion | 17.46 | 468.9% | 24.5% | 13.7% | 7.43 | 1.2% |
| Ralph Lauren Corp. RL | $23.6 billion | 22.95 | 39.3% | 16.0% | 12.8% | 0.45 | 1.0% |
| Deckers Outdoor Corp. DECK | $12.0 billion | 11.91 | 45.7% | 23.6% | 6.3% | 0.00 | n/a |
| lululemon athletica Inc. LULU | $11.8 billion | 9.04 | 29.6% | 17.8% | 1.7% | 0.00 | n/a |
| On Holding AG ONON * | $11.5 billion | n/a | 12.5% | 12.5% | 30.0% | 0.00 | n/a |
| Levi Strauss & Co. LEVI | $9.5 billion | 16.26 | 24.4% | 11.3% | 5.1% | 0.43 | 2.4% |
| V F Corp. VFC | $8.2 billion | 22.55 | 18.2% | 6.8% | -1.4% | 1.74 | 1.7% |
| Crocs, Inc. CROX | $7.4 billion | 11.92 | 49.4% | 22.6% | 0.7% | 0.96 | n/a |
| Birkenstock Holding plc BIRK * | $6.9 billion | 17.87 | 12.8% | 26.2% | 16.2% | 0.42 | n/a |
| Kontoor Brands, Inc. KTB | $4.5 billion | 23.09 | 35.9% | 13.1% | 2.4% | 2.03 | 2.6% |
| PVH Corp. PVH | $4.3 billion | n/a | -3.5% | 4.1% | 1.6% | 0.47 | 0.2% |
All 28 in Apparel
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Cintas Corp. CTAS | $90.0 billion | 44.43 | 39.6% | 23.4% | 9.5% | 0.47 | 0.8% |
| Nike, Inc. NKE | $57.4 billion | 18.59 | 20.3% | n/a | -1.2% | 0.52 | 4.2% |
| Tapestry, Inc. TPR | $26.8 billion | 17.46 | 468.9% | 24.5% | 13.7% | 7.43 | 1.2% |
| Ralph Lauren Corp. RL | $23.6 billion | 22.95 | 39.3% | 16.0% | 12.8% | 0.45 | 1.0% |
| Deckers Outdoor Corp. DECK | $12.0 billion | 11.91 | 45.7% | 23.6% | 6.3% | 0.00 | n/a |
| lululemon athletica Inc. LULU | $11.8 billion | 9.04 | 29.6% | 17.8% | 1.7% | 0.00 | n/a |
| On Holding AG ONON * | $11.5 billion | n/a | 12.5% | 12.5% | 30.0% | 0.00 | n/a |
| Levi Strauss & Co. LEVI | $9.5 billion | 16.26 | 24.4% | 11.3% | 5.1% | 0.43 | 2.4% |
| V F Corp. VFC | $8.2 billion | 22.55 | 18.2% | 6.8% | -1.4% | 1.74 | 1.7% |
| Crocs, Inc. CROX | $7.4 billion | 11.92 | 49.4% | 22.6% | 0.7% | 0.96 | n/a |
| Birkenstock Holding plc BIRK * | $6.9 billion | 17.87 | 12.8% | 26.2% | 16.2% | 0.42 | n/a |
| Kontoor Brands, Inc. KTB | $4.5 billion | 23.09 | 35.9% | 13.1% | 2.4% | 2.03 | 2.6% |
| PVH Corp. PVH | $4.3 billion | n/a | -3.5% | 4.1% | 1.6% | 0.47 | 0.2% |
| Figs, Inc. FIGS | $3.7 billion | 58.95 | 16.0% | 10.8% | 28.9% | 0.00 | n/a |
| Columbia Sportswear Co. COLM | $3.6 billion | 15.85 | 14.6% | 8.7% | 0.1% | 0.00 | 1.7% |
| Steven Madden, Ltd. SHOO | $3.1 billion | 17.58 | 18.0% | 8.7% | 20.4% | 0.12 | 2.0% |
| Capri Holdings Ltd. CPRI | $2.2 billion | n/a | n/a | n/a | n/a | 7.09 | n/a |
| Under Armour, Inc. UAA | $2.2 billion | n/a | -32.7% | -2.5% | -4.2% | 0.40 | n/a |
| Under Armour, Inc. UA | $2.1 billion | n/a | -32.7% | -2.5% | -4.2% | 0.40 | n/a |
| Wolverine World Wide Inc. WWW | $1.8 billion | n/a | n/a | 8.8% | 7.2% | 1.34 | 1.8% |
| G-III Apparel Group, Ltd. GIII | $1.4 billion | 10.60 | 7.4% | 6.3% | -8.7% | 0.00 | 0.3% |
| Carter's, Inc. CRI | $1.3 billion | 5.70 | 20.9% | 10.4% | 5.0% | 0.54 | 2.9% |
| Caleres Inc. CAL | $466 million | 9.00 | 7.8% | 3.1% | 7.3% | 0.43 | 2.1% |
| Oxford Industries Inc. OXM | $439 million | n/a | -1.2% | -0.1% | -1.8% | 0.13 | 9.5% |
| Rocky Brands, Inc. RCKY | $403 million | 11.78 | 12.5% | 9.8% | 10.8% | 0.42 | 1.2% |
| Vera Bradley, Inc. VRA | $229 million | n/a | -7.6% | n/a | -1.7% | 0.00 | n/a |
| Superior Group of Companies, Inc. SGC | $212 million | 24.72 | 4.2% | n/a | 2.9% | 0.40 | 4.2% |
| Jerash Holdings (Us), Inc. JRSH | $96 million | 19.84 | 7.4% | 4.5% | 22.4% | 0.15 | 2.7% |
3 companies share its SEC industry code (Rubber & Plastics Footwear); the rest are the names nearest in size in its wider industry, Apparel, one of the Fama-French 48 industries, a published grouping of SEC industry codes.