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On Holding AG

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
$15.92B
P/E (TTM)
57.5
33.1
Dividend Yield
--
52W High
$64.05
52W Low
$34.38
52W Range
48%
Rank50Top 56.1%
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: 2019-2024

Financial Dashboard

Q3 2025 Data

Revenue

$993.07M+24.95%
4-Quarter Trend

EPS

$0.45+300.00%
4-Quarter Trend

FCF

$171.01M-1.65%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Strong Net Sales Growth Net sales reached CHF 2,318.3M, marking a 29.4% increase; DTC sales grew 40.3% to CHF 942.8M.
Profitability and Income Surge Net income increased 204.5% to CHF 242.3M; net income margin improved significantly to 10.4% from 4.4%.
Cash Position Strengthened Cash and cash equivalents grew 86.9% to CHF 924.3M by year-end 2024, supporting liquidity needs.
Key Innovation and Marketing Introduced groundbreaking LightSpray technology; secured multi-year brand partnership with fashion icon Zendaya.

Risk Factors

Brand Reputation Vulnerability Business highly dependent on premium brand strength; negative publicity or product quality issues could severely impact sales.
Supply Chain Cost Pressures Exposure to inflation, rising costs for materials, labor, and transportation may negatively affect gross profit margins.
Geopolitical and Economic Instability Ongoing global conflicts and economic uncertainty pose risks to supply chains, material availability, and consumer spending.
Dual Class Control Concentration Extended founder team maintains concentrated voting control (59.8%), limiting shareholder influence on corporate matters.

Outlook

Strategic Growth Pillars Focus Future growth built on three pillars: elevating running market share, expanding DTC channel, and entering new verticals.
Investing in Global Infrastructure Continued investment planned for corporate infrastructure, including highly-automated warehouse expansion in North America and Europe.
Scaling New Technology Plans include successfully developing, implementing, and scaling the recently introduced LightSpray technology for ultralight uppers.
Expanding Geographic Footprint Intent to expand footprint in China rapidly, accelerating market share gains in this high-growth international market.

Peer Comparison

Revenue (TTM)

Magna International Inc.MGA
$41.79B
-2.8%
Ball CorporationBALL
$12.67B
+2.9%
Chewy, Inc.CHWY
$12.58B
+9.8%

Gross Margin (Latest Quarter)

On Holding AGONON
65.7%
+5.1pp
Deckers Outdoor CorporationDECK
56.2%
+0.3pp
Lululemon Athletica Inc.LULU
55.6%
-2.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
LULU$23.50B14.339.2%25.0%
BURL$17.54B31.928.8%61.9%
ONON$15.92B57.515.5%18.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
12.8%
Steady Growth
4Q Net Income CAGR
13.3%
Profitability Improving
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Mar 3, 2026
|
EPS:$0.26
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 4, 2025|
    Revenue: $2.64B+29.4%
    |
    EPS: $0.81+184.0%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 12, 2024|
    Revenue: $2.00B+46.6%
    |
    EPS: $0.28+38.9%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Mar 21, 2023|
    Revenue: $1.28B+68.7%
    |
    EPS: $0.19+132.7%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Mar 18, 2022|
    Revenue: $792.87M+70.4%
    |
    EPS: $-0.60-511.8%
    Miss