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ONON

On Holding AG

ONON

On Holding AG • NYSE
$43.99 ▲ 1.85% (+0.80)
Market Cap $14.42 B
52w High $64.05
52w Low $34.38
Dividend Yield 0%
P/E 53
Volume 3.02M
Outstanding Shares 327.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $794.4M ▲ $397.6M ▲ $118.9M ▲ 14.967% ▲ $0.36 ▲ $190.3M ▲
Q2-2025 $749.2M ▲ $368M ▲ $-40.9M ▼ -5.459% ▼ $-0.12 ▼ $-8.9M ▼
Q1-2025 $726.6M ▲ $358.3M ▲ $56.7M ▼ 7.803% ▼ $0.17 ▼ $98.1M ▼
Q4-2024 $606.6M ▼ $323.7M ▲ $89.6M ▲ 14.771% ▲ $0.26 ▲ $118.8M ▲
Q3-2024 $635.8M $312.7M $30.5M 4.797% $0.09 $63.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.025B ▲ $2.752B ▲ $1.21B ▲ $1.541B ▲
Q2-2025 $898.5M ▼ $2.544B ▲ $1.147B ▲ $1.397B ▼
Q1-2025 $913.7M ▼ $2.419B ▲ $961.4M ▼ $1.457B ▲
Q4-2024 $968M ▲ $2.377B ▲ $984.9M ▲ $1.392B ▲
Q3-2024 $786.3M $2.105B $839.7M $1.265B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $118.8M ▲ $157.3M ▲ $-20.6M ▼ $-21.3M ▲ $115.2M ▲ $136.8M ▲
Q2-2025 $-40.9M ▼ $101.2M ▲ $-17.3M ▼ $-25M ▼ $-25.2M ▲ $83.8M ▲
Q1-2025 $56.7M ▼ $-12.1M ▼ $-12.1M ▲ $-12M ▲ $-52.5M ▼ $-24.2M ▼
Q4-2024 $89.6M ▲ $168.8M ▲ $-19.7M ▼ $-15.6M ▼ $175.3M ▲ $149M ▲
Q3-2024 $30.5M $158.3M $-19.2M $-14M $96.6M $139.1M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown very rapidly over the past few years, with sales climbing several‑fold since 2020. As the company has scaled, gross profits have expanded even faster than sales, showing that the premium positioning and pricing seem to be sticking. Operating results have moved from losses to solid profitability, and net income has followed the same path, with earnings per share improving each year since listing. Profitability is still at a “building the brand” stage rather than a mature, steady level, so results may remain somewhat volatile, but the trajectory so far is clearly upward.

Balance Sheet

Balance Sheet The balance sheet looks relatively strong for a young, fast‑growing consumer brand. Cash levels are high compared with total assets, giving the company a meaningful financial cushion. Debt remains modest, especially in relation to the equity base, which has grown nicely as profits have improved and capital has been raised. Overall, the business appears to be funding growth from a combination of internal cash generation and a healthy equity position, rather than relying heavily on borrowing.

Cash Flow

Cash Flow Cash generation has improved markedly: the company has moved from consuming cash to producing it as the business has scaled. Operating cash flow is now firmly positive, which is important for a consumer brand that must invest in inventory, marketing, and new markets. After modest spending on capital projects, free cash flow has been positive for several years, suggesting the current growth model is not overly dependent on external financing. The investment program remains disciplined, with capital spending at a level that supports expansion without straining resources.

Competitive Edge

Competitive Edge On has carved out a distinctive premium niche in performance and lifestyle footwear, built around its “running on clouds” identity. Its brand leans on Swiss engineering, minimalist design, and visible technology, which helps it stand apart from larger rivals. A strong direct‑to‑consumer focus deepens customer relationships, supports pricing power, and gives the company valuable data on trends and preferences. Partnerships with high‑profile athletes and cultural figures, and collaborations with fashion houses, broaden appeal beyond core runners into the lifestyle and fashion segments. The main strategic challenge is to keep this brand heat and differentiation in a highly competitive market dominated by global giants.

Innovation and R&D

Innovation and R&D Innovation sits at the core of the company’s strategy. Proprietary technologies like CloudTec, Helion foam, the Speedboard, and newer systems such as CloudTec Phase and LightSpray create a distinctive feel and look that are protected by patents. The firm is also investing in sustainability‑focused innovation, including recyclable shoes, circular subscription models, and foams derived from carbon emissions, which reinforce its modern, environmentally conscious image. A visible pipeline of new footwear models and an increasing push into apparel and training suggests R&D is aimed at becoming a broader performance brand rather than just a running‑shoe company. The key question is execution: turning this rich innovation pipeline into consistently successful, scalable product lines over time.

Summary

On is a young, rapidly growing premium sportswear brand that has already moved from losses to solid profitability while still investing heavily in its name and technology. The financial profile shows strong revenue expansion, improving margins, a healthy cash position, limited debt, and positive free cash flow—unusual strengths for a relatively recent IPO in consumer goods. Its competitive edge rests on patented cushioning technologies, a clear design language, strong direct‑to‑consumer channels, and high‑profile partnerships that give it outsized visibility versus its size. At the same time, the company operates in a very crowded and trend‑sensitive market, where maintaining differentiation, managing rapid growth, and navigating economic cycles will be ongoing tests. Overall, the story is one of a fast‑scaling premium brand with a technology and sustainability angle, moving toward maturity but still in an aggressive build‑out phase.

NEWS

November 12, 2025 · 5:00 AM UTC

On Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2025

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November 7, 2025 · 8:30 AM UTC

Greenstone Provides Update on Holdings of Highland Copper Company Inc.

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November 6, 2025 · 4:30 PM UTC

James Anderson Provides Update on Holdings of Myndtec Inc.

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October 29, 2025 · 4:30 PM UTC

On to Release Third Quarter 2025 Results on Wednesday, November 12, 2025

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October 19, 2025 · 9:35 AM UTC

Max Stock Limited releases an immediate report on holdings of interested parties and senior officers as of September 30, 2025

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