On Holding AG Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $3.8B+48.6% YoYTTM through 31 Dec 2025
Net Income $256.7M-3.9% YoYTTM through 31 Dec 2025
Free Cash Flow $362MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 62.8% |
| Operating Margin | 12.5% |
| Net Margin | 6.8% |
Returns
12.4%ROE
7.2%ROA
Balance Sheet Health
Current Ratio2.71x
Cash & Equivalents$629.3M
Quality Metrics
Piotroski F-Score5 / 9
FCF Margin9.5%
Earnings-Beat Rate75.0%
Dividend
No dividend
Capital Allocation
Capex Intensity1.9%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Shoes | View detailsExpected to maintain strong momentum in 2026 supported by the commercial scaling of LightSpray technology and new performance running models. | ||
| Apparel | View detailsExpected to grow rapidly as On expands its 'toe-to-head' brand strategy and leverages high-profile partnerships. | ||
| Accessories | View detailsExpected to continue high double-digit growth as a complementary category to footwear and apparel. |
Financials converted at 0.7917 from CHF.
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