On Holding AG (ONON)
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
Sector: Rubber & Plastics Footwear
Industry: Apparel - Footwear & Accessories
On Holding AG
NYSE:ONONConsumer Cyclical · Apparel - Footwear & Accessories
-4.38%$32.51
AH Close$32.51+0.00%vs close
AH Close$32.51+0.00%vs close
Mkt Cap$10.87B
Float231.33M
O/S334.21M
Inst Own62.8%
SI12.1%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$3.66B
Net Income$247.1M
Total Assets$3.44B
Free Cash Flow$307.13M
Debt & Equity
Debt 26%
Equity 74%
Total Debt$705.59M
Total Equity$1.98B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in ONON's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$3.44B
Liabilities$1.46B
Accounts Receivable$370.89M
Accounts Payable$188M
Inventory$509.83M
PP&E (Net)$780.77M
Goodwill$0
Intangible Assets$65.82M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $3.66B | $2.81B | $2.17B | $1.48B | $878.99M | $515.92M | $324.04M |
| YoY Growth | 30.0% | 29.4% | 46.6% | 68.7% | 70.4% | 59.2% | - |
| Cost of Revenue | $1.36B | $1.11B | $879.23M | $651.66M | $357.01M | $235.58M | $150.42M |
| Gross Profit | $2.3B | $1.71B | $1.29B | $830.83M | $521.98M | $280.34M | $173.61M |
| Gross Margin | 62.8% | 60.6% | 59.6% | 56.0% | 59.4% | 54.3% | 53.6% |
| Research and Development | $0 | $0 | $10.8M | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $1.84B | $1.45B | $1.04B | $727.6M | $693.15M | $301.08M | $166.71M |
| Other | $121K | -$121K | $27.9M | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $1.84B | $1.45B | $1.08B | $727.6M | $693.15M | $301.08M | $166.71M |
| Operating Income (EBIT) | $457.33M | $256.69M | $218.6M | $103.23M | -$171.16M | -$20.74M | $6.9M |
| Operating Margin | 12.5% | 9.1% | 10.1% | 7.0% | -19.5% | -4.0% | 2.1% |
| Interest Expense | $26.57M | $28.88M | $13.05M | $7.51M | $4.29M | $1.03M | $764K |
| Interest Income | $37.48M | $29.38M | $13.28M | $6.69M | $0 | $0 | $0 |
| Other Income (Expense) | -$208.41M | $82.49M | -$134.77M | -$8.73M | -$22.44M | -$8.86M | -$3.08M |
| Income Before Tax (EBT) | $248.92M | $339.17M | $83.82M | $94.5M | -$193.61M | -$29.6M | $3.82M |
| Income Tax Expense | $1.82M | $45.37M | -$12.74M | $24.5M | $12.86M | $3.76M | $5.6M |
| Net Income | $247.1M | $293.93M | $96.56M | $69.99M | -$206.46M | -$33.36M | -$1.79M |
| Net Income Margin | 6.8% | 10.5% | 4.4% | 4.7% | -23.5% | -6.5% | -0.6% |
| Supplementary Data | |||||||
| EPS | 0.62 | 0.71 | 0.25 | 0.18 | -0.55 | -0.09 | -0.00 |
| Diluted EPS | 0.61 | 0.71 | 0.25 | 0.18 | -0.55 | -0.09 | -0.00 |
| Weighted Average OS | 329.50M | 338.89M | 323.26M | 316.74M | 311.41M | 305.73M | 305.73M |
| EBITDA | $430.03M | $485.23M | $296.84M | $156M | -$152.6M | -$14.56M | $10.44M |
| EBITDA Margin | 11.8% | 17.3% | 13.7% | 10.5% | -17.4% | -2.8% | 3.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $1.24B | $1.12B | $599.98M | $450.05M | $792.26M | $109.96M | $14.47M |
| Short-Term Investments | $0 | $53.01M | $21.59M | $31.9M | $28.75M | $11.97M | $7.2M |
| Cash and Short-Term Investments | $1.24B | $1.17B | $621.58M | $481.95M | $821.01M | $121.92M | $21.67M |
| Accounts Receivable | $370.89M | $298.54M | $248.44M | $211.8M | $120.46M | $62.63M | $50.25M |
| Inventory | $509.83M | $508.52M | $432.46M | $479.89M | $162.79M | $124.8M | $54.03M |
| Other Current Assets | $263.9M | $102.38M | $61.38M | $76.42M | $45.85M | $26.73M | $19.81M |
| Total Current Assets | $2.38B | $2.13B | $1.4B | $1.28B | $1.17B | $342.41M | $145.76M |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $780.77M | $546.85M | $373.02M | $277.55M | $257.52M | $48.19M | $19.06M |
| Goodwill | $0 | $2.18M | $2.18M | $2.18M | $2.17M | $2.17M | $2.17M |
| Intangible Assets | $65.82M | $68.54M | $76.18M | $83.1M | $67.57M | $64.14M | $5M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $213.62M | $0 | $0 | $0 | $0 | $7.18M | $0 |
| Other Long-Term Assets | $0 | $130.89M | $84.43M | $38.58M | $2.56M | $0 | $2.24M |
| Total Long-Term Assets | $1.06B | $748.46M | $535.81M | $401.4M | $329.83M | $121.68M | $28.47M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $3.44B | $2.88B | $1.93B | $1.68B | $1.5B | $464.08M | $174.23M |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $188M | $201.98M | $78.97M | $134.65M | $55.68M | $50.39M | $19.91M |
| Short-Term Debt | $167.47M | $0 | $0 | $0 | $0 | $298K | $18M |
| Current Income Tax Payable | $0 | $127.37M | $28.52M | $16.86M | $2.91M | $8.7M | $5.78M |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $447.52M | $184.87M | $76.3M | $48.52M | $19.29M | $7.76M | $11.39M |
| Total Current Liabilities | $879.75M | $801.11M | $370.71M | $294.41M | $248.68M | $104.76M | $79.22M |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $3.4M | $0 | $0 | $0 | $0 | $0 | $243K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $11.29M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $31.82M | $43.67M | $27.42M | $38.09M | $19.29M | $38.74M | $12.85M |
| Total Long-Term Liabilities | $581.23M | $393.64M | $258.26M | $206.46M | $222.11M | $62M | $16.87M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.46B | $1.19B | $628.98M | $500.88M | $470.79M | $166.77M | $96.09M |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $41.41M | $40.88M | $40.64M | $40.64M | $40.64M | $2.63M | $2.27M |
| Retained Earnings | $464.65M | $282.4M | -$25.47M | -$132.35M | -$230M | -$33.62M | -$232K |
| Comprehensive Income & Other | $1.57B | $479.41M | $402.5M | $381.27M | $330.68M | $115.74M | $24.84M |
| Other Stockholders' Equity | $1.48B | $1.37B | $1.29B | $1.27B | $1.22B | $328.3M | $76.1M |
| Total Equity | $1.98B | $1.69B | $1.3B | $1.18B | $1.03B | $297.32M | $78.14M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $3.44B | $2.88B | $1.93B | $1.68B | $1.5B | $464.08M | $174.23M |
| Supplementary Data | |||||||
| Total Debt | $705.59M | $421.66M | $277.79M | $194.58M | $219.32M | $28.78M | $24.5M |
| Net Debt | -$533.02M | -$699.58M | -$322.19M | -$255.47M | -$572.93M | -$81.17M | $10.03M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | $235.99M | $293.93M | $96.56M | $69.99M | -$206.46M | -$33.36M | -$1.79M |
| Depreciation & Amortization | $154.55M | $126.89M | $78.73M | $56.29M | $38.09M | $14.68M | $6.48M |
| Deferred Income Tax | -$86.31M | $45.37M | -$12.74M | $24.5M | $12.86M | $3.76M | $5.6M |
| Stock-Based Compensation | $0 | $69.75M | $33.12M | $46.46M | $233.39M | $58.96M | $22.85M |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$111.34M | -$36.51M | -$56.89M | -$95.35M | -$57.01M | -$16.38M | -$26.06M |
| Inventory | -$95.46M | -$33.72M | -$12.13M | -$331.17M | -$38.58M | -$74.36M | -$14.99M |
| Accounts Payable | -$10.66M | $126.16M | -$53.74M | $79.82M | $5.22M | $31.05M | $3.83M |
| Other Working Capital | $19.93M | $116.09M | $113.3M | -$82M | $9.83M | -$7.88M | -$3.25M |
| Total Working Capital Change | -$197.53M | $172.01M | -$9.46M | -$428.7M | -$80.55M | -$67.57M | -$40.46M |
| Other Non-Cash Items | $284.89M | -$88.55M | $95.35M | -$43.91M | $23.17M | $5.7M | $985K |
| Net Cash from Operating | $391.58M | $619.39M | $281.55M | -$275.37M | $20.5M | -$17.83M | -$6.33M |
| Investing Activities | |||||||
| Capital Expenditures | -$91.06M | -$73.39M | -$51.92M | -$73.15M | -$29.84M | -$13.34M | -$11.18M |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | -$389K |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | -$5.34M | -$5.22M | -$27.42M | -$14.31M | -$9.22M | $0 |
| Net Cash from Investing | -$91.06M | -$78.73M | -$57.14M | -$100.56M | -$44.16M | -$22.56M | -$11.57M |
| Financing Activities | |||||||
| Debt Repaid | - | $62.23M | $30.93M | $18.68M | $16.13M | $7.76M | $243K |
| Common Stock Issuance | $14.95M | $243K | $0 | $0 | $750.04M | $161.7M | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$80.98M | -$5.22M | $4.49M | $26.32M | -$11.04M | -$2.55M | -$594K |
| Net Cash from Financing | -$66.04M | -$67.2M | -$26.44M | $7.64M | $722.87M | $151.39M | -$837K |
| Forex Effect | $22.82M | $47.79M | -$48.04M | $26.08M | -$16.86M | -$1.21M | -$237K |
| Net Change in Cash | $257.31M | $521.26M | $149.94M | -$342.21M | $682.35M | $109.78M | -$18.97M |
| Supplementary Data | |||||||
| Operating Cash Flow | $391.58M | $619.39M | $281.55M | -$275.37M | $20.5M | -$17.83M | -$6.33M |
| Capital Expenditure | -$84.46M | -$78.85M | -$57.26M | -$100.68M | -$43.91M | -$22.56M | -$11.18M |
| Free Cash Flow | $307.13M | $540.54M | $224.3M | -$376.05M | -$23.41M | -$40.4M | -$17.51M |
| Cash at Beginning | $981.31M | $599.98M | $450.05M | $792.26M | $109.9M | $121K | $19.12M |
| Cash at End | $1.24B | $1.12B | $599.98M | $450.05M | $792.26M | $109.9M | $146K |