On Holding AG
ONON NYSE· Rubber & Plastics Footwear
Last close · Nov 9, 2026
$37.53
Latest quarter · Q2 '25 results quarter ended Jun 30, 2025 · vs Q2 '24
| Line | Q2 '24 | Q2 '25 | Change (y/y) |
|---|---|---|---|
| Revenue | $628M | $906M | 44.2% |
| Net income | $34.1M | −$49.4M | 245.1% |
| Operating margin | 8.3% | 12.4% | 4.1 pts |
Key numbers, fiscal 2025
Market cap
—
P/E
—
Revenue
$3.6B
Net income
$245M
Free cash flow
$345M
Operating margin
12.5%
On Holding AG in 30 seconds fiscal 2025
Are sales growing?
+37.7%
Yes. Sales grew 37.7% last year.
Does it make a profit?
6.8%
A little. It keeps 6.8% of every sale as profit.
Does profit turn into cash?
9.5%
Partly. 9.5% of sales ends up as free cash.
How healthy are the accounts?
6 / 7
Mixed. It passes 6 of 7 health tests.
What On Holding AG does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 3, 2026
- Legal name
- On Holding AG
- CIK
- 0001858985
On Holding AG · ONON · stoqly.net
Results and finances
The last 5 fiscal years. Amounts in USD. Compiled by stoqly.net.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $793M | $1.3B | $2.0B | $2.6B | $3.6B |
| Revenue growth | 75.0% | 61.4% | 55.9% | 32.0% | 37.7% |
| Gross margin | 59.4% | 56.0% | 59.6% | 60.6% | 62.8% |
| Operating margin | −19.5% | 7.0% | 10.1% | 9.1% | 12.5% |
| Net income | −$186M | $60.4M | $88.6M | $275M | $245M |
| Net margin | −23.5% | 4.7% | 4.4% | 10.5% | 6.8% |
| Cash | |||||
| Cash from operations | $18.5M | −$238M | $258M | $580M | $433M |
| Capital expenditure | $26.9M | $63.1M | $47.6M | $68.7M | $87.7M |
| Free cash flow | −$8.4M | −$301M | $211M | $511M | $345M |
| FCF margin | −1.1% | −23.5% | 10.6% | 19.4% | 9.5% |
| Debt and strength | |||||
| Cash and short-term investments | $716M | $402M | $590M | $1.0B | $1.3B |
| Shareholders' equity | $930M | $1.1B | $1.3B | $1.5B | $2.1B |
| Current ratio | 4.7x | 4.3x | 3.8x | 2.7x | 2.7x |
| Interest coverage | −39.2x | 13.3x | 15.9x | 9.2x | 12.7x |
| Returns and quality | |||||
| Return on equity | −30.8% | 6.1% | 7.6% | 19.5% | 13.6% |
| Return on tangible equity | −20.0% | 5.8% | 6.9% | 17.9% | 11.9% |
| Piotroski F-score | 4 | 3 | 6 | 5 | 6 |
| Altman Z'' | 5.0 | 6.4 | 6.2 | 5.4 | 5.6 |
Insider trades 12 months
Insiders bought, 12 months
$10.6M
3 insiders
Insiders sold, 12 months
$1.0M
3 insiders
Of sales under plans
88%
$0.9M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
On Holding AG · ONON · stoqly.net
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Compiled and analysed by stoqly.net from SEC EDGAR XBRL filings (CIK 0001858985). Latest version: stoqly.net/companies/onon. Data updated November 9, 2026. Filed in CHF under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.