On Holding AG

NYSE•ONON

CEO: Mr. David Allemann

Sector: Consumer Cyclical

Industry: Apparel - Retail

Listing Date: 2021-09-15

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores. The company was founded in 2010 and is headquartered in Zurich, Switzerland.

Contact Information

Förrlibuckstrasse 190, Zurich, 8005, Switzerland

41-44-225-15-55

www.on-running.com

Market Cap

$12.47B

P/E (TTM)

48.2

30.4

Dividend Yield

52W High

$61.29

52W Low

$34.38

52W Range

12%

Rank46Top 59.5%

3.5

F-Score

Modified Piotroski Analysis

Based on 6-year fundamentals

Weak • 3.5 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2020-2025

Financial Dashboard

Q4 2025 Data

Revenue

$924.11M+0.00%

4-Quarter Trend

EPS

$0.26+0.00%

4-Quarter Trend

FCF

$100.30M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Strong Net Sales Growth Net sales 3,014.0M CHF, up 30.0% from 2,318.3M CHF, driven by strong demand across all sales channels and geographic regions.

Gross Profit Margin Expansion Gross profit 1,893.6M CHF, margin 62.8% up from 60.6%, reflecting operational efficiencies and improvements in freight and favorable foreign exchange impact.

Adjusted EBITDA Margin Growth Adjusted EBITDA 567.0M CHF, up 46.3% from 387.6M CHF, with margin increasing to 18.8% from 16.7% in fiscal year 2025.

Robust Cash Position Cash and cash equivalents 1,019.9M CHF, up 10.3% from 924.3M CHF, supporting future growth initiatives and operational requirements for 2026.

Risk Factors

Supply Chain Concentration Risk 90% of footwear produced in Vietnam; reliance on limited suppliers increases vulnerability to supply chain disruptions, cost inflation, and potential manufacturing delays.

Dual Class Voting Structure Class B shares hold 10x voting power, concentrating control with extended founder team, limiting Class A shareholders' influence on corporate governance matters.

Foreign Currency Exchange Exposure 99% of net sales in non-CHF currencies; fluctuations in exchange rates, particularly USD/CHF, significantly impact reported financial results and operating margins.

Brand Reputation Sensitivity Business depends on premium image; negative publicity regarding sustainability or labor practices could harm sales, profitability, and Class A share price.

Outlook

Global Retail Footprint Expansion Plan to open additional retail stores globally, focusing on high-traffic hubs to drive brand awareness and direct-to-consumer sales growth in 2026.

LightSpray Technology Scaling Investing in LightSpray production facility in Zurich to streamline manufacturing, reduce waste, and drive performance-led innovation across footwear and apparel lines.

Apparel Business Strategic Growth Aim to scale apparel significantly, centering on Training vertical to build a holistic, premium sportswear portfolio and increase global market share.

Functional Currency Transition Effective January 1, 2026, functional currency changes to USD to reduce exchange rate volatility impacts on consolidated financial statements and reporting.

Peer Comparison

Revenue (TTM)

MGA

$42.18B

-1.5%

GAP

$15.37B

+1.9%

BALL

$13.14B

+11.4%

Gross Margin (Latest Quarter)

ONON

63.9%

+5.1pp

DECK

59.8%

-0.5pp

LULU

54.9%

-2.9pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
BURL	$19.53B	32.6	39.8%	60.5%
LULU	$18.27B	12.3	34.7%	21.3%
HTHT	$15.38B	21.6	42.8%	55.7%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

4.6%

Moderate Growth

4Q Net Income CAGR

10.8%

Profitability Improving

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 11, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data