A Business at a Glance
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On Holding AG
ONON
$10.6B
Mkt Cap
$35.82
+2.81%
On Holding AG (ONON) has a current P/E ratio of 48.6, compared to its historical median P/E of 66.2. The stock is currently considered Cheap based on its historical valuation range.
On Holding AG (ONON) has a 5-year average return on invested capital (ROIC) of 12.0%. This indicates solid capital allocation.
On Holding AG (ONON) has a market capitalization of $10.6B. It is classified as a large-cap stock.
On Holding AG (ONON) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.00%.
Based on historical P/E analysis, On Holding AG (ONON) appears cheap. The current P/E of 48.6 is 27% below its historical median of 66.2. The estimated fair value CAGR (P/E method) is 48.5%.
On Holding AG (ONON) operates in the Rubber & Plastics Footwear industry, within the Materials sector.
On Holding AG (ONON) reported annual revenue of $3.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company Our legal name is On Holding AG, but most people know us simply as On, our commercial name. We were founded as On AG in 2010. In 2012, On Holding AG, a limited company, was incorporated in Switzerland in accordance with Swiss law and became the ultimate holding company of our consolidated group. Our principal office is located at Förrlibuckstrasse 190, 8005 Zurich, Switzerland, and our telephone number is +41 44 225 1555. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168. More information about us can be explored on our website: www.on.com. The information contained on, or accessible through, our website is not incorporated by reference into this Annual Report on Form 20-F and should not be relied upon when making investment decisions regarding our Class A ordinary shares.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.6B | 3.6B | 2.6B | 2.0B | 1.3B | 792M |
| Net Income | 204M | 204M | 96M | 93M | -68M | -154M |
| EPS | $0.69 | $0.69 | $0.33 | $0.33 | $-0.24 | $-0.65 |
| Free Cash Flow | 287M | 287M | 450M | 189M | -287M | -8.4M |
| ROIC | 61.1% | 37.5% | 20.1% | 20.2% | 7.7% | -25.8% |
| Gross Margin | 62.8% | 62.8% | 60.6% | 59.6% | 56.0% | 59.4% |
| Debt/Equity | 0.00 | 0.74 | 0.71 | 0.48 | 0.43 | 0.46 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 377M | 377M | 212M | 180M | 85M | -154M |
| Operating Margin | 10.4% | 12.5% | 9.1% | 10.1% | 7.0% | -19.5% |
| ROE | 12.5% | 13.5% | 7.8% | 9.1% | -7.4% | -25.8% |
| Shares Outstanding | 297M | 297M | 289M | 284M | 282M | 239M |
| Metric | 2019 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 269M | 456M | 792M | 1.3B | 2.0B | 2.6B | 3.6B | 3.6B |
| Gross Margin | 53.6% | 54.3% | 59.4% | 56.0% | 59.6% | 60.6% | 62.8% | 62.8% |
| R&D | N/A | N/A | 5.8M | 8.2M | 8.9M | 9.6M | 11M | 11M |
| SG&A | 138M | 266M | 625M | 600M | 887M | 1.2B | 1.5B | 1.5B |
| EBIT | 5.7M | -18M | -154M | 85M | 180M | 212M | 377M | 377M |
| Op. Margin | 2.1% | -4.0% | -19.5% | 7.0% | 10.1% | 9.1% | 12.5% | 10.4% |
| Net Income | 5.7M | -18M | -154M | -68M | 93M | 96M | 204M | 204M |
| Net Margin | 2.1% | -4.0% | -19.5% | 7.0% | 10.1% | 9.1% | 12.5% | 5.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | -42.0% | -25.8% | 7.7% | 20.2% | 20.1% | 37.5% | 61.1% |
| ROE | N/A | -42.0% | -25.8% | -7.4% | 9.1% | 7.8% | 13.5% | 12.5% |
| ROA | N/A | -75.3% | -11.4% | -5.2% | 6.3% | 4.8% | 7.8% | 7.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | -5.3M | -16M | 18M | -227M | 232M | 511M | 360M | 360M |
| Free Cash Flow | -13M | -28M | -8.4M | -287M | 189M | 450M | 287M | 287M |
| Owner Earnings | -11M | -29M | -16M | -273M | 167M | 406M | 232M | 232M |
| CapEx | 7.5M | 12M | 27M | 60M | 43M | 61M | 73M | 73M |
| Maint. CapEx | 5.4M | 13M | 34M | 46M | 65M | 105M | 127M | 127M |
| Growth CapEx | 2.1M | 0 | 0 | 14M | 0 | 0 | 0 | 0 |
| D&A | 5.4M | 13M | 34M | 46M | 65M | 105M | 127M | 127M |
| CapEx/OCF | N/A | N/A | 145.6% | N/A | 18.4% | 11.8% | 20.3% | 20.3% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 25M | 1.6M | 800K | 400K | 200K | 200K |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 0 | 0 | 0 | 21M | 33M | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.0B |
| Cash & Equiv. | N/A | N/A | 714M | 185M | 249M | 629M | 1.0B | 1.0B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | 0.34 | 0.46 | 0.43 | 0.48 | 0.71 | 0.74 | 0.00 |
| Interest Coverage | 8.2 | -19.0 | -39.2 | 13.3 | 15.9 | 9.2 | 12.7 | 12.7 |
| Equity | N/A | 18M | 928M | 970M | 1.1B | 1.4B | 1.6B | 1.6B |
| Total Assets | N/A | 24M | 1.4B | 1.4B | 1.6B | 2.4B | 2.8B | 2.8B |
| Total Liabilities | 2.9M | 6.1M | 424M | 413M | 519M | 985M | 1.2B | 1.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | -219M | -143M | -63M | 179M | 383M | 383M |
| Working Capital | N/A | N/A | 830M | 809M | 846M | 1.1B | 1.2B | 1.2B |
| Current Assets | N/A | N/A | 1.1B | 1.1B | 1.2B | 1.8B | 2.0B | 2.0B |
| Current Liabilities | N/A | N/A | 224M | 243M | 306M | 660M | 724M | 724M |
| Per Share Data | ||||||||
| EPS | -0.01 | -0.11 | -0.65 | -0.24 | 0.33 | 0.33 | 0.69 | 0.69 |
| Owner EPS | -0.04 | -0.17 | -0.07 | -0.97 | 0.59 | 1.40 | 0.78 | 0.78 |
| Book Value | N/A | 0.11 | 3.88 | 3.44 | 3.78 | 4.81 | 5.50 | 5.50 |
| Cash Flow/Share | -0.02 | -0.09 | 0.08 | -0.81 | 0.82 | 1.76 | 1.21 | 1.12 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 276.9M | 171.0M | 239.2M | 282.0M | 284.2M | 289.3M | 296.9M | 296.9M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 86.6 | 100.1 | 66.2 | 63.4 | 52.2 |
| P/FCF | N/A | N/A | N/A | N/A | 42.0 | 35.8 | 48.5 | 37.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 25.5 |
| Price/Book | N/A | N/A | N/A | 56.7 | 42.4 | 10.1 | 7.0 | 6.5 |
| Price/Sales | N/A | N/A | 11.0 | 8.0 | 4.1 | 4.4 | 4.0 | 2.9 |
| FCF Yield | N/A | N/A | -0.1% | -3.7% | 2.3% | 2.8% | 2.1% | 2.7% |
| Market Cap | N/A | N/A | 8.5B | 7.7B | 8.3B | 15.9B | 13.9B | 10.6B |
| Avg. Price | N/A | N/A | 36.40 | 21.68 | 27.87 | 40.71 | 48.54 | 35.82 |
| Year-End Price | N/A | N/A | 35.44 | 16.37 | 27.96 | 55.63 | 46.78 | 35.82 |
On Holding AG passes 4 of 9 quality checks, suggesting mixed fundamentals.
On Holding AG trades at 48.6x trailing earnings, compared to its 15-year median P/E of 66.2x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 30.7x vs a median of 42.0x. The company's 5-year average ROIC is 12.0% with a gross margin of 59.7%. At current prices, the estimated annualized return to fair value is +58.1%.
On Holding AG (ONON) has a net profit margin of 12.5%. This is a healthy margin.
On Holding AG (ONON) generated $287 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
On Holding AG (ONON) has a debt-to-equity ratio of 0.74. This indicates moderate leverage.
On Holding AG (ONON) reported earnings per share (EPS) of $0.69 in its most recent fiscal year.
On Holding AG (ONON) has a return on equity (ROE) of 13.5%. This indicates moderate shareholder returns.
On Holding AG (ONON) has a 5-year average gross margin of 59.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for On Holding AG (ONON), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
On Holding AG (ONON) has a book value per share of $5.50, based on its most recent annual SEC filing.