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ONON · NYSE · United States · Rubber & Plastics Footwear
In shortOn Holding AG is profitable.
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 12.5% | 58/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 6.8% | 47/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 13.5% | 67/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | – | n/a |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 2.71× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | – | n/a |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | – | n/a |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 12.74× | 100/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 5.62 | 100/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 9.5% | 58/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 1.41× | 100/100 |
| Years with positive free cash flow (last 5) | 3 of 5 | 50/100 |
Weight in the score: 20%
| Profitable years (last 5) | 4 of 5 | 80/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 20.0% | 37/100 |
| Operating margin volatility | 13.2% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 35.1% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
2 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
CHF millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 725 | 1,222 | 1,792 | 2,318 | 3,014 |
| Cost of revenue | 294 | 537 | 725 | 913 | 1,120 |
| Gross profit | 430 | 685 | 1,067 | 1,406 | 1,894 |
| Research & development | 5.3 | 8.2 | 8.9 | 9.6 | 11 |
| Selling, general & admin | 571 | 600 | 887 | 1,194 | 1,517 |
| Operating income | (141) | 85 | 180 | 212 | 377 |
| Interest expense | 3.6 | 6.4 | 11 | 23 | 30 |
| Pre-tax income | (160) | 78 | 69 | 280 | 205 |
| Income tax | 11 | 20 | (11) | 37 | 1.5 |
| Net income | (170) | 58 | 80 | 242 | 204 |
2 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 reported quarters (10-Q and 10-K filings), in CHF millions. The fourth quarter is derived from the annual report.
The last 5 quarters of On Holding AG are included in the Investor plan. Try free for 7 days →
5.62 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
7/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Mar 3, 2026