ONON Consumer Cyclical

On Holding AG

$36.50+2.76%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Consumer Cyclical
Industry: Footwear & Accessories
Country: Switzerland
Market cap: 12.2B USD
Enterprise value: 11.4B USD
Full-time employees: 3,963

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.08 vs a peer median of 0.63)bigger price swings (beta 2.08 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #366 of 1,502 consumer cyclical companies (top 25%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 13% in 2025, the best of the last 6 years.
On kept 13% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Profits growing faster than sales. Since 2022: revenue +147%, operating profit +343%.
Since 2022, On's revenue grew 147% while operating profit grew 343%: each extra dollar of sales is adding more profit.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from CHF 425M in 2020 to CHF 3.0B in 2025.
On's fiscal-year revenue rose in each of the five years to 2025, from CHF 425M to CHF 3.0B.

StockQuotient Score

63/ 100▼ 1 since Oct 27 close

Oct 5 65 → Nov 4 63 (-2)

Valuation

Is the price right?

26/100

Weak▼ 4 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 30 → 26

Share price +13.5%-3
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CHF→USD at the current rateReported value30% base weight · Z-score -0.64Sector median: 0.0439 · MAD: 0.0329

EBITDA yield5.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CHF→USD convertedReported value50% base weight · Z-score -0.78Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield3.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CHF→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score -0.54Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield18.3%

SEC filings (IFRS mapped) · latest balance sheet · CHF→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

91/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 10.9%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-18.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.88Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth35.1%

SEC filings (IFRS mapped) · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.38Sector median: 0.0425 · MAD: 0.0636

Revenue growth30.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 4.03Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

93/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin12.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.33Sector median: 0.0638 · MAD: 0.0461

Return on assets7.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.52Sector median: 0.0331 · MAD: 0.0254

Return on invested capital48.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 6.21Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin62.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity12.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▲ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.08

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.80Sector median: 0.6345 · MAD: 0.2980

Current ratio2.71×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 2.21Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.29×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.48Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about On

Is On getting weaker?: Its latest SEC filing (Mar 3, 2026) showed no major changes. Its overall score is 63/100, down 1 since Oct 28, 2026.
How is On valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 26/100 against 1,612 consumer cyclical peers. EBITDA yield 5.2% vs a peer median of 8.8% (weaker than 72% of peers).EBITDA yield 5.2% vs peers 8.8% (weaker than 72% of peers).
Is On growing?: Yes, faster than most of its peers. Growth scores 91/100 against 1,612 consumer cyclical peers. 3-year revenue growth 35.1% vs a peer median of 4.3% (stronger than 95% of peers).3-year revenue growth 35.1% vs peers 4.3% (stronger than 95% of peers). Earnings per share growth -18.1% vs a peer median of 4.2% (weaker than 72% of peers).Earnings per share growth -18.1% vs peers 4.2% (weaker than 72% of peers).
How profitable is On?: More profitable than most of its peers. Profitability scores 93/100 against 1,612 consumer cyclical peers. Return on invested capital 48.6% vs a peer median of 7.3% (stronger than 95% of peers).Return on invested capital 48.6% vs peers 7.3% (stronger than 95% of peers).
How risky is On?: Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 2.71× vs a peer median of 1.48× (stronger than 83% of peers).Current ratio 2.71× vs peers 1.48× (stronger than 83% of peers). Beta 2.08 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.08 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 3, 2026 · compared with the quarter ended Jun 30, 2025

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.7B CHF	3.0B CHF	+10.9%
Net income (12 months)	135.9M CHF	203.7M CHF	+49.9%
Operating margin	10.9%	12.5%	+1.6 pts
Free cash flow (12 months)	352.1M CHF	286.6M CHF	−18.6%
Cash	846.6M CHF	1.0B CHF	+20.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CHF, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	59.4%	56.0%	59.6%	60.6%	62.8%	▲ 2.2 pts
Operating margin	-19.5%	7.0%	10.1%	9.1%	12.5%	▲ 3.4 pts
Net margin	-23.5%	4.7%	4.4%	10.5%	6.8%	▼ 3.7 pts
Return on assets (ROA)	-13.8%	4.2%	5.0%	10.2%	7.2%	▼ 3.0 pts
Return on equity (ROE)	-20.1%	6.0%	7.4%	17.4%	12.5%	▼ 4.9 pts
Free cash flow margin	-1.1%	-23.5%	10.6%	19.4%	9.5%	▼ 9.9 pts
Current ratio	4.71×	4.33×	3.77×	2.66×	2.71×	▲ 1.7%
Quick ratio	4.05×	2.70×	2.60×	2.03×	2.13×	▲ 4.9%
Interest coverage	-39.19×	13.30×	15.95×	9.16×	12.74×	▲ 39%

ONON price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.08 vs a peer median of 0.63)bigger price swings (beta 2.08 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #366 of 1,502 consumer cyclical companies (top 25%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 13% in 2025, the best of the last 6 years.

On kept 13% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Profits growing faster than sales. Since 2022: revenue +147%, operating profit +343%.

Since 2022, On's revenue grew 147% while operating profit grew 343%: each extra dollar of sales is adding more profit.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from CHF 425M in 2020 to CHF 3.0B in 2025.

On's fiscal-year revenue rose in each of the five years to 2025, from CHF 425M to CHF 3.0B.

Questions investors ask about On

Is On getting weaker?

Its latest SEC filing (Mar 3, 2026) showed no major changes. Its overall score is 63/100, down 1 since Oct 28, 2026.

How is On valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 26/100 against 1,612 consumer cyclical peers. EBITDA yield 5.2% vs a peer median of 8.8% (weaker than 72% of peers).EBITDA yield 5.2% vs peers 8.8% (weaker than 72% of peers).

Is On growing?

Yes, faster than most of its peers. Growth scores 91/100 against 1,612 consumer cyclical peers. 3-year revenue growth 35.1% vs a peer median of 4.3% (stronger than 95% of peers).3-year revenue growth 35.1% vs peers 4.3% (stronger than 95% of peers). Earnings per share growth -18.1% vs a peer median of 4.2% (weaker than 72% of peers).Earnings per share growth -18.1% vs peers 4.2% (weaker than 72% of peers).

How profitable is On?

More profitable than most of its peers. Profitability scores 93/100 against 1,612 consumer cyclical peers. Return on invested capital 48.6% vs a peer median of 7.3% (stronger than 95% of peers).Return on invested capital 48.6% vs peers 7.3% (stronger than 95% of peers).

How risky is On?

Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 2.71× vs a peer median of 1.48× (stronger than 83% of peers).Current ratio 2.71× vs peers 1.48× (stronger than 83% of peers). Beta 2.08 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.08 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.7B CHF

3.0B CHF

+10.9%

Net income (12 months)

135.9M CHF

203.7M CHF

+49.9%

Operating margin

10.9%

12.5%

+1.6 pts

Free cash flow (12 months)

352.1M CHF

286.6M CHF

−18.6%

Cash

846.6M CHF

1.0B CHF

+20.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

59.4%

56.0%

59.6%

60.6%

62.8%

▲ 2.2 pts

Operating margin

-19.5%

7.0%

10.1%

9.1%

12.5%

▲ 3.4 pts

Net margin

-23.5%

4.7%

4.4%

10.5%

6.8%

▼ 3.7 pts

Return on assets (ROA)

-13.8%

4.2%

5.0%

10.2%

7.2%

▼ 3.0 pts

Return on equity (ROE)

-20.1%

6.0%

7.4%

17.4%

12.5%

▼ 4.9 pts

Free cash flow margin

-1.1%

-23.5%

10.6%

19.4%

9.5%

▼ 9.9 pts

Current ratio

4.71×

4.33×

3.77×

2.66×

2.71×

▲ 1.7%

Quick ratio

4.05×

2.70×

2.60×

2.03×

2.13×

▲ 4.9%

Interest coverage

-39.19×

13.30×

15.95×

9.16×

12.74×

▲ 39%