On Holding AG

NYSE•ONON

CEO: Mr. David Allemann

セクター: Consumer Cyclical

業種: Apparel - Retail

上場日: 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.

連絡先情報

Förrlibuckstrasse 190, Zurich, 8005, Switzerland

41-44-225-15-55

www.on-running.com

時価総額

$12.56B

PER (TTM)

48.5

31.3

配当利回り

52週高値

$61.29

52週安値

$34.38

52週レンジ

13%

順位46Top 59.5%

3.5

F-Score

改良版 Piotroski 分析

6年ファンダメンタル

弱い • 3.5 / 9 ポイント

スコアレンジ (0-9)

8-9: 価値が優れている

6-7: 基礎体質が強い

4-5: 全体的に堅調

0-3: パフォーマンスが弱い

データ期間: 2020-2025

財務ダッシュボード

Q4 2025 データ

売上高

$924.11M+0.00%

直近4四半期の推移

EPS

$0.26+0.00%

直近4四半期の推移

フリーCF

$100.30M+0.00%

直近4四半期の推移

2025 Annual 決算ハイライト

主なハイライト

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.

リスク要因

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.

見通し

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.

同業比較

売上高 (TTM)

MGA

$42.18B

-1.5%

GAP

$15.37B

+1.9%

BALL

$13.14B

+11.4%

粗利益率 (最新四半期)

ONON

63.9%

+5.1pp

DECK

59.8%

-0.5pp

LULU

55.6%

-2.9pp

主要指標

銘柄コード	時価総額	PER (TTM)	ROE (TTM)	負債比率
BURL	$18.44B	30.8	39.8%	60.5%
LULU	$17.75B	10.8	39.8%	22.2%
BALL	$16.53B	18.1	16.9%	35.9%

長期トレンド

直近4四半期

売上高

純利益

営業キャッシュフロー

4四半期売上高CAGR

4.6%

緩やかな成長

4四半期純利益CAGR

10.8%

収益性の着実な向上

キャッシュフロー安定性

75%

キャッシュフローの変動が大きい

深度リサーチ

次回決算:2026年5月11日

EPS:-

売上高:-

財務データ

決算説明会

財務レポート

ニュース

損益計算書

バランスシート

キャッシュフロー計算書

財務比率

変化率

損益計算書	直近12ヶ月

データなし