Latest Ratios: P/E Ratio 51.2x · EV/EBITDA 19.6x · ROE 12.9%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.3B | $15.5B | $18.6B | $8.7B | $5.5B | $11.8B | — | — |
| Enterprise Value | $11.7B | $15.1B | $18.0B | $8.5B | $5.3B | $11.3B | — | — |
| P/E Ratio → | 51.21 | 80.14 | 77.14 | 107.88 | 95.33 | — | — | — |
| P/S Ratio | 3.44 | 5.39 | 8.01 | 4.86 | 4.49 | 16.25 | — | — |
| P/B Ratio | 6.07 | 9.50 | 13.34 | 8.11 | 5.66 | 13.88 | — | — |
| P/FCF | 39.10 | 61.29 | 41.65 | 47.15 | — | — | — | — |
| P/OCF | 30.67 | 48.07 | 36.35 | 37.56 | — | 696.70 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.24 | 7.76 | 4.72 | 4.32 | 15.60 | — | — |
| EV / EBITDA | 19.63 | 31.29 | 56.88 | 40.89 | 40.13 | — | — | — |
| EV / EBIT | 26.27 | 41.87 | 60.88 | 47.01 | 64.20 | — | — | — |
| EV / FCF | — | 59.56 | 40.36 | 45.71 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.8% | 62.8% | 60.6% | 59.6% | 56.0% | 59.4% | 54.3% | 53.6% |
| Operating Margin | 12.5% | 12.5% | 9.1% | 10.1% | 7.0% | -19.5% | -4.0% | 2.1% |
| Net Profit Margin | 6.8% | 6.8% | 10.5% | 4.4% | 4.7% | -23.5% | -6.5% | -0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 19.6% | 7.8% | 6.3% | -31.1% | -17.8% | -2.3% |
| ROA | 7.5% | 7.5% | 12.2% | 5.4% | 4.4% | -21.0% | -10.5% | -1.0% |
| ROIC | 26.9% | 26.9% | 19.5% | 17.2% | 11.2% | -38.2% | -10.2% | 5.9% |
| ROCE | 18.8% | 18.8% | 14.1% | 14.8% | 7.8% | -21.3% | -9.1% | 7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.25 | 0.21 | 0.17 | 0.21 | 0.10 | 0.31 |
| Debt / EBITDA | 1.21 | 1.21 | 1.10 | 1.11 | 1.22 | — | — | 1.83 |
| Net Debt / Equity | — | -0.27 | -0.41 | -0.25 | -0.22 | -0.56 | -0.27 | 0.13 |
| Net Debt / EBITDA | -0.91 | -0.91 | -1.82 | -1.28 | -1.60 | — | — | 0.75 |
| Debt / FCF | — | -1.74 | -1.29 | -1.44 | — | — | — | — |
| Interest Coverage | 12.74 | 12.74 | 12.41 | 16.72 | 13.27 | -44.40 | -28.28 | 5.19 |
Net cash position: cash ($1.0B) exceeds total debt ($582M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.71 | 2.71 | 2.66 | 3.77 | 4.33 | 4.71 | 3.27 | 1.84 |
| Quick Ratio | 2.13 | 2.13 | 2.03 | 2.60 | 2.70 | 4.05 | 2.08 | 1.16 |
| Cash Ratio | 1.41 | 1.41 | 1.47 | 1.68 | 1.64 | 3.30 | 1.16 | 0.27 |
| Asset Turnover | — | 1.01 | 0.98 | 1.12 | 0.88 | 0.59 | 1.11 | 1.86 |
| Inventory Turnover | 2.55 | 2.55 | 2.18 | 2.03 | 1.36 | 2.19 | 1.89 | 2.78 |
| Days Sales Outstanding | — | 38.77 | 38.75 | 41.71 | 52.15 | 50.02 | 44.31 | 56.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 1.2% | 1.3% | 0.9% | 1.0% | — | — | — |
| FCF Yield | 2.6% | 1.6% | 2.4% | 2.1% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $334M | $339M | $323M | $320M | $311M | $306M | $306M |
Premium brand saturation risk
According to current market data, ONON trades at a 51.74x TTM P/E ratio, which significantly exceeds the valuation of legacy peers like Nike, suggesting that investors are pricing in an aggressive, long-term growth trajectory that assumes sustained market share gains in the premium athletic footwear segment.
The forward P/E of 26.40 indicates that the market expects substantial earnings expansion to justify the current premium. Investors should monitor whether this valuation remains sustainable if revenue growth continues to normalize toward industry averages.
Based on reported figures, ONON's ROIC has fluctuated between 3.4% and 8.8% over the last ten quarters, which remains notably lower than the high-performance returns seen at peers like Deckers, indicating that the company is still in a capital-intensive phase of scaling its global retail infrastructure.
The disparity between ONON's current returns and those of established competitors suggests that the company has yet to fully optimize its invested capital. Further improvement in ROIC will likely depend on the company's ability to drive higher store-level productivity as the retail footprint matures.
As reported in recent financial statements, the company's cash conversion cycle has remained elevated, reaching 113 days in 2026Q1, primarily driven by a high days-inventory-outstanding metric of 122 days, which warrants further investigation into potential inventory obsolescence risks within the rapidly expanding product portfolio.
The extended CCC suggests that ONON is carrying significant inventory to support its growth, which ties up liquidity and increases the risk of future markdowns. Analysts should watch for a compression in DIO as a signal that the company is successfully managing its supply chain and product sell-through.
Based on the latest quarterly data, ONON maintains a disciplined debt-to-equity ratio of 0.34, providing a robust balance sheet that allows the company to navigate potential macroeconomic volatility without the immediate pressure of significant interest obligations or restrictive debt covenants common in the retail sector.
This low leverage profile is a key differentiator, offering management the financial capacity to fund retail expansion and marketing initiatives internally. The company's ability to maintain this conservative stance while scaling operations appears to be a core pillar of its current financial stability.
The P/S ratio is frequently misapplied to ONON, as it obscures the company's transition from a wholesale-heavy model to a DTC-focused retailer, failing to account for the significant margin expansion potential inherent in the shift toward higher-margin direct sales channels that traditional retail metrics often overlook.
Investors should instead focus on the evolution of the DTC channel mix and its impact on operating margins, as these metrics provide a more accurate view of the company's underlying profitability. Relying solely on P/S risks underestimating the value of the brand's premium pricing power and its ability to capture more of the consumer's wallet.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying ONON stock.
On Holding AG's current P/E ratio is 51.2x. The historical average is 90.1x.
On Holding AG's current EV/EBITDA is 19.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.3x.
On Holding AG's return on equity (ROE) is 12.9%. The historical average is -0.6%.
Based on historical data, On Holding AG is trading at a P/E of 51.2x. Compare with industry peers and growth rates for a complete picture.
On Holding AG has 62.8% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
On Holding AG's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.