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ONONOn Holding AG
$36.62$12.2B
Overview & Verdict
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ONON logoOn Holding AG(ONON)Earnings, Financials & Key Ratios

ONON•NYSE
$36.62
50.9× P/E·Price updated Jul 7, 2026
SectorConsumer CyclicalIndustryApparel RetailSub-IndustryAthletic and Performance Apparel Brands
AboutOn Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.Show more
  • Revenue$2.88B+24.2%
  • EBITDA$482M+52.4%
  • Net Income$195M-19.7%
  • EPS (Diluted)0.58-18.3%
  • Gross Margin62.83%+3.6%
  • EBITDA Margin16.74%+22.7%
  • Operating Margin12.51%+37.1%
  • Net Margin6.76%-35.3%
  • ROE12.86%-34.6%

ONON Price & Volume

On Holding AG (ONON) stock price & volume — 10-year historical chart

Loading chart...

Premium Margin Scaling Faces Working Capital Headwinds

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Decelerating
Profitability:Strong
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Premium brand saturation risk

Key Thesis Takeaways

  • On Holding AG demonstrates a compelling transition toward a premium, store-based retail model, evidenced by a robust 64.2% gross margin as of 2026Q1.
  • While the firm maintains a healthy balance sheet with $1.0B in cash, investors should monitor the deceleration of revenue growth from 43.0% in 2025Q1 to 17.0% in 2026Q1.
  • The shift toward a more capital-intensive retail footprint, reflected in PPE growth to $670.2M, warrants caution regarding future free cash flow conversion efficiency.

Verdict Logic

while the firm exhibits strong premium pricing power with a 64.2% gross margin, the sharp contraction in FCF margin to 0.8% and decelerating revenue growth suggest a period of heightened execution risk.

ONON Growth Metrics

On Holding AG (ONON) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years46.59%
3 Years33.05%
TTM23.48%

Profit CAGR

10 Years-
5 Years-
3 Years49.95%
TTM21.47%

EPS CAGR

10 Years-
5 Years-
3 Years47.7%
TTM23.76%

Return on Capital

10 Years4.64%
5 Years6.87%
3 Years15.92%
Last Year18.81%

ONON Recent Earnings

On Holding AG (ONON) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 12/12 qtrs (100%)
Q2 2026Latest
May 12, 2026
Metric
Actual
Est
EPS
$0.47+39.6%
$0.34
Rev
$1.0B+1.3%
$1.0B
Q2 2026
Mar 3, 2026
Metric
Actual
Est
EPS
$0.31+19.2%
$0.26
Rev
$938M+2.4%
$916M
Q4 2025
Nov 12, 2025
Metric
Actual
Est
EPS
$0.50+53.7%
$0.33
Rev
$999M+4.3%
$957M
Q3 2025
Aug 12, 2025
Metric
Actual
Est
EPS
$0.11-145.6%
$0.24
Rev
$943M+6.4%
$886M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 12, 2026
$0.47vs $0.34+39.6%
$1.0Bvs $1.0B+1.3%
Q2 2026Mar 3, 2026
$0.31vs $0.26+19.2%
$938Mvs $916M+2.4%
Q4 2025Nov 12, 2025
$0.50vs $0.33+53.7%
$999Mvs $957M+4.3%
Q3 2025Aug 12, 2025
$0.11vs $0.24-145.6%
$943Mvs $886M+6.4%
Based on last 12 quarters of dataView full earnings history →

Latest ONON News

Recent stock market news and headlines for On Holding AG (ONON)

Zacks Investment Research·23h ago
On Holding AG (ONON) Is a Trending Stock: Facts to Know Before Betting on It

On Holding (ONON) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.

247 Wallst·6 days ago
Here Are Thursday’s Best Wall Street Analyst Research Calls: Adobe, Chevron, Dana, Honeywell Aerospace, Mobility Global, Ni Source, Palantir, SpaceX, and More

Pre-Market Stock Futures: Futures are trading higher as we get ready to end the holiday-shortened trading week, with the country preparing to celebrate the 250th birthday of our democratic republic. The stock market will be closed on Friday for the federal holiday, kicking off a long weekend to jump-start the holiday fun. All of the... Here Are Thursday's Best Wall Street Analyst Research Calls: Adobe, Chevron, Dana, Honeywell Aerospace, Mobility Global, Ni Source, Palantir, SpaceX, and More

Zacks Investment Research·Jun 26, 2026
On Holding (ONON) Gains As Market Dips: What You Should Know

On Holding (ONON) concluded the recent trading session at $37.07, signifying a +1.34% move from its prior day's close.

Zacks Investment Research·Jun 24, 2026
Investors Heavily Search On Holding AG (ONON): Here is What You Need to Know

Recently, Zacks.com users have been paying close attention to On Holding (ONON). This makes it worthwhile to examine what the stock has in store.

Zacks Investment Research·Jun 23, 2026
On Holding (ONON) Upgraded to Buy: Here's What You Should Know

On Holding (ONON) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Peers Comparison

Key metrics vs top competitors for On Holding AG (ONON)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ONON logoONONOn Holding AGCurrent
$36.62$12.21B50.9224.16%6.76%12.86%—
NKE logoNKENIKE, Inc.
$43.21$63.94B20.00-9.84%4.84%16.41%—
LULU logoLULULululemon Athletica Inc.
$115.07$13.07B8.684.86%13.03%31.26%—
DECK logoDECKDeckers Outdoor Corporation
$106.08$14.73B15.119.4%18.73%40.79%—
BIRK logoBIRKBirkenstock Holding plc
$45.56$8.38B21.3216.22%16.28%12.95%—
UAA logoUAAUnder Armour, Inc.
$6.74$2.88B-5.81-3.86%-9.94%-30.13%—

Compare ONON vs Peers

On Holding AG (ONON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NKE

Most directly comparable listed peer for ONON.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare ONON against a more recognizable public peer.

Peer Set

Compare Top 5

vs NKE, LULU, DECK, BIRK

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ONON Frequently Asked Questions

On Holding AG (ONON) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is On Holding AG's revenue?

On Holding AG (ONON) reported $3.13B in revenue for fiscal year 2025. This represents a 1073% increase from $267.1M in 2019.

How fast is On Holding AG growing?

On Holding AG (ONON) grew revenue by 24.2% over the past year. This is strong growth.

Is ONON profitable?

Yes, On Holding AG (ONON) is profitable, generating $252.2M in net income for fiscal year 2025 (6.8% net margin).

Dividend & Returns
What is ONON's return on equity?

On Holding AG (ONON) has a return on equity (ROE) of 12.9%. This is reasonable for most industries.

What is On Holding AG's free cash flow?

On Holding AG (ONON) generated $307.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in ONON back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

See returns →