7Baggers

On Holding AG
(NYSE:ONON) 

ONON stock logo

On Holding AG develops and distributes sports products worldwide. It offers its products through independent retailers and distributors, online, and stores. The company was founded in 2010 and is headquartered in Zurich, Switzerland.

Founded: 2010
CEO: Martin Hoffmann  
Sector: Consumer Cyclical
Industry: Apparel Retail
Consumer CyclicalApparel
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• Market Cap:
• Exchange:
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• Employees:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 
                     
      net sales
    		794,400,000 749,200,000 726,600,000  635,800,000 567,700,000 508,200,000 1,792,100,000 480,500,000 444,300,000 420,200,000  328,013,000 291,662,000 235,681,000 724,591,000 218,037,000 
      yoy
    		24.94% 31.97% 42.98%  32.32% 27.77% 20.94%  46.49% 52.33% 78.29%  50.44%     
      qoq
    		6.03% 3.11%   12.00% 11.71% -71.64% 272.97% 8.15% 5.74%   12.46% 23.75% -67.47% 232.32%  
      cost of sales
    		-272,100,000 -288,400,000 -291,300,000  -250,500,000 -227,400,000 -204,900,000 -724,800,000 -192,800,000 -179,800,000 -175,300,000  -140,605,000 -130,824,000 -113,607,000 -294,305,000 -86,749,000 
      gross profit
    		522,200,000 460,800,000 435,300,000  385,300,000 340,200,000 303,300,000 1,067,200,000 287,700,000 264,500,000 244,900,000  187,408,000 160,838,000 122,074,000 430,286,000 131,288,000 
      yoy
    		35.53% 35.45% 43.52%  33.92% 28.62% 23.85%  53.52% 64.45% 100.62%  42.75%     
      qoq
    		13.32% 5.86%   13.26% 12.17% -71.58% 270.94% 8.77% 8.00%   16.52% 31.75% -71.63% 227.74%  
      gross margin %
    		65.74% 61.51% 59.91% NaN% 60.60% 59.93% 59.68% 59.55% 59.88% 59.53% 58.28% NaN% 57.13% 55.15% 51.80% 59.38% 60.21% 
      selling, general and administrative expenses
    		-397,500,000 -368,000,000 -358,200,000  -312,700,000 -292,900,000 -264,800,000 -887,000,000 -229,900,000 -225,100,000 -202,600,000  -146,720,000 -134,497,000 -118,703,000 -571,375,000 -107,407,000 
      operating result
    		124,700,000 92,800,000 77,000,000  72,600,000 47,300,000 38,500,000 180,200,000 57,800,000 39,400,000 42,300,000  40,688,000 26,341,000 3,371,000 -141,089,000 23,881,000 
      financial income
    		8,100,000 7,500,000 7,300,000  6,000,000 5,800,000 5,400,000 11,500,000 1,000,000 4,300,000 2,100,000  1,850,000 1,114,000 310,000 25,000 6,000 
      financial expenses
    		-8,100,000 -7,700,000 -5,900,000  -6,500,000 -5,900,000 -4,900,000 -11,300,000 -3,200,000 -1,900,000 -1,700,000  -2,465,000 -1,536,000 -1,499,000 -3,574,000 -674,000 
      foreign exchange gain
    		-6,100,000 -139,900,000 -14,500,000  -42,600,000 -4,500,000            
      income before taxes
    		118,600,000 -47,300,000 63,900,000  29,600,000 42,700,000 115,800,000  69,300,000 -6,700,000 51,500,000  24,747,000 58,191,000 19,372,000  18,191,000 
      income tax benefit
    		300,000 6,400,000   900,000 -11,800,000    10,000,000        
      net income
    		118,900,000 -40,900,000 56,700,000  30,500,000 30,800,000 91,400,000  58,700,000 3,300,000 44,400,000  20,631,000 49,148,000 14,344,000 -170,228,000 12,993,000 
      yoy
    		289.84% -232.79% -37.96%  -48.04% 833.33% 105.86%  184.52% -93.29% 209.54%  58.79%     
      qoq
    		-390.71% -172.13%   -0.97% -66.30%   1678.79% -92.57%   -58.02% 242.64% -108.43% -1410.15%  
      net income margin %
    		14.97% -5.46% 7.80% NaN% 4.80% 5.43% 17.99% 0% 12.22% 0.74% 10.57% NaN% 6.29% 16.85% 6.09% -23.49% 5.96% 
      earnings per share
    		                 
      basic eps class a
    		0.36 -0.12 0.17  0.09 0.1 0.28 0.25 0.18 0.01 0.14  0.07 0.16 0.05 -0.59 0.05 
      basic eps class b
    		0.04 -0.01 0.02  0.01 0.01 0.03 0.02 0.02  0.01  0.007 0.016  -0.06 0.005 
      diluted eps class a
    		0.36 -0.12 0.17  0.09 0.09 0.28 0.25 0.18 0.01 0.14  0.06 0.15 0.04 -0.59 0.04 
      diluted eps class b
    		0.03 -0.01 0.02  0.01 0.01 0.03 0.02 0.02  0.01  0.006 0.015  -0.06 0.005 
      income tax expense
    		  -7,200,000      -10,600,000         
      foreign exchange result
    		      76,800,000 -111,400,000 13,800,000 -48,500,000 8,800,000  -15,327,000 32,272,000 17,190,000 -14,949,000 -5,021,000 
      income taxes
    		      -24,400,000    -7,100,000  -4,116,000 -9,043,000 -5,028,000 -10,640,000 -5,199,000 
      income / (loss) before taxes
    		       69,100,000        -159,588,000  
      income tax benefit /
    		       10,500,000          
      net income /
    		       79,600,000          
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-06-30 2024-12-31 2024-06-30 2023-06-30 2022-12-31 2022-06-30 
            
        net income
      		15,800,000 242,300,000 122,200,000 47,700,000  63,492,000 
        adjustments for:
      		      
        share-based compensation
      		25,200,000 57,500,000 22,900,000 8,500,000 38,300,000 1,806,000 
        employee benefit expenses
      		1,800,000 5,200,000 900,000 -1,700,000 4,800,000 811,000 
        depreciation and amortization
      		60,700,000 104,600,000 48,500,000 28,000,000 46,400,000 19,955,000 
        loss on disposal of assets
      		200,000 700,000     
        interest income and expenses
      		-4,600,000 -7,200,000 -3,600,000 -3,800,000 -800,000 1,175,000 
        net exchange differences
      		159,200,000 -70,900,000 -61,300,000 35,300,000 -8,300,000 -60,525,000 
        income taxes
      		800,000 37,400,000 36,300,000 -2,900,000 20,200,000 14,071,000 
        change in working capital
      		-144,100,000 46,100,000 -32,200,000 -164,600,000 -285,800,000  
        trade receivables
      		-122,700,000 -30,100,000 -98,000,000 -84,300,000 -78,600,000 -53,367,000 
        inventories
      		-17,800,000 -27,800,000 -16,800,000 -60,000,000 -273,000,000 -74,625,000 
        trade payables
      		-3,500,000 104,000,000 82,700,000 -20,300,000 65,800,000 -1,763,000 
        change in other current assets / liabilities
      		10,600,000 95,700,000  57,200,000 -67,600,000 -23,966,000 
        change in provisions
      		-4,600,000 18,000,000 10,500,000 4,700,000 -7,400,000 -8,775,000 
        interest received
      		14,500,000 22,500,000 10,900,000 6,100,000 5,600,000  
        income taxes paid
      		-46,500,000 -41,200,000 -28,900,000 -11,600,000 -31,000,000 -6,105,000 
        cash inflow from operating activities
      		89,100,000  183,500,000    
        purchase of property, plant and equipment
      		-27,300,000 -60,500,000     
        proceeds from disposal of tangible assets
      		100,000 100,000     
        purchase of intangible assets
      		-2,200,000 -4,500,000 -2,300,000 -2,000,000 -22,700,000 -3,633,000 
        cash (outflow) from investing activities
      		-29,400,000 -64,900,000 -26,000,000 -21,000,000 -82,900,000  
        payments of lease liabilities
      		-34,700,000 -51,300,000 -23,700,000 -10,200,000 -15,400,000 -6,773,000 
        proceeds on sale of treasury shares related to share-based compensation
      		7,700,000 10,900,000 5,200,000 5,700,000  20,466,000 
        interest paid
      		-9,900,000 -15,300,000 -7,300,000 -2,300,000   
        cash (outflow) from financing activities
      		-37,000,000  -25,800,000    
        change in net cash
      		22,600,000 390,400,000 131,700,000 -24,300,000 -303,600,000 -141,005,000 
        net cash at january 1
      		924,300,000  494,600,000 371,000,000 653,100,000 653,081,000 
        net impact of foreign exchange rate differences
      		-100,300,000 39,400,000 26,200,000 -9,600,000 21,500,000 45,595,000 
        net cash at june 30
      		846,600,000  652,400,000 337,100,000  557,671,000 
        cash inflow / (outflow) from operating activities
      		 510,600,000  3,300,000 -227,000,000 -126,281,000 
        proceeds from issuance of shares
      		 200,000     
        cash inflow / (outflow) from financing activities
      		 -55,400,000  -6,700,000  12,560,000 
        net cash as of january 1
      		 494,600,000     
        net cash as of december 31
      		 924,300,000     
        change in other operating assets / liabilities
      		  57,300,000    
        purchase of tangible assets
      		  -23,700,000 -19,000,000 -60,300,000 -23,651,000 
        loss / (gain) on disposal of assets
      		   400,000 900,000  
        net income /
      		    57,700,000  
        payment of contingent considerations
      		      
        repayments of financial liabilities
      		      
        proceeds from issue of shares
      		      
        net proceeds from the ipo
      		      
        equity transaction costs
      		      
        sale of treasury shares related to share-based compensation
      		    26,400,000  
        interests paid
      		    -4,700,000 -2,527,000 
        cash inflow from financing activities
      		    6,300,000  
        net cash at december 31
      		    371,000,000  
        loss/gain on disposal of assets
      		     1,535,000 
        cash inflow / (outflow) from investing activities
      		     -27,284,000 
        interests received
      		     1,394,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-06-30 2024-03-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 
                      
          net income
        		134,600,000 15,800,000 56,700,000 152,700,000 122,200,000 91,400,000 106,300,000 47,700,000 44,400,000 57,700,000 84,123,000 63,492,000 14,344,000 -186,979,000 
          adjustments for:
        		              
          share-based compensation
        		49,700,000 25,200,000 11,600,000 42,400,000 22,900,000 9,800,000 14,800,000 8,500,000 2,300,000 38,300,000 2,682,000 1,806,000 1,219,000 170,418,000 
          employee benefit expenses
        		2,800,000 1,800,000 800,000 1,300,000 900,000  -2,500,000 -1,700,000 -3,300,000 4,800,000 811,000 811,000 395,000 30,000 
          depreciation and amortization
        		92,900,000 60,700,000 28,300,000 75,900,000 48,500,000 22,100,000 44,500,000 28,000,000 13,800,000 46,400,000 33,677,000 19,955,000 9,308,000 12,022,000 
          loss on disposal of assets
        		700,000 200,000  200,000   400,000 400,000  900,000 1,795,000    
          interest income and expenses
        		-6,700,000 -4,600,000 -3,300,000 -5,200,000 -3,600,000 -2,100,000 -3,100,000 -3,800,000 -900,000 -800,000 1,133,000 1,175,000 2,330,000  
          net exchange differences
        		162,000,000 159,200,000 26,700,000 -27,700,000 -61,300,000 -72,500,000 18,800,000 35,300,000 -8,900,000 -8,300,000 -45,710,000 -60,525,000 -16,735,000 16,615,000 
          income taxes
        		600,000 800,000 7,200,000 35,400,000 36,300,000 24,400,000 7,700,000 -2,900,000 7,100,000 20,200,000 18,187,000 14,071,000 5,028,000 -4,063,000 
          change in working capital
        		-178,300,000 -144,100,000 -120,300,000 -35,000,000 -32,200,000 -24,400,000 -135,200,000 -164,600,000 -107,200,000 -285,800,000     
          trade receivables
        		-130,500,000 -122,700,000 -124,700,000 -118,500,000 -98,000,000 -71,900,000 -85,100,000 -84,300,000 -61,600,000 -78,600,000 -74,944,000 -53,367,000 -28,893,000 4,225,000 
          inventories
        		-39,100,000 -17,800,000 8,000,000 15,600,000 -16,800,000 21,500,000 -38,700,000 -60,000,000 -64,900,000 -273,000,000 -123,008,000 -74,625,000 -25,253,000 9,143,000 
          trade payables
        		-8,700,000 -3,500,000 -3,500,000 67,900,000 82,700,000 26,000,000 -11,300,000 -20,300,000 19,300,000 65,800,000 11,892,000 -1,763,000 -3,322,000 -4,046,000 
          change in other current assets / liabilities
        		36,900,000 10,600,000 -3,600,000 110,700,000  33,500,000 72,800,000 57,200,000 48,900,000 -67,600,000 -34,589,000 -23,966,000   
          change in provisions
        		-5,100,000 -4,600,000  11,500,000 10,500,000 7,800,000 5,600,000 4,700,000 3,200,000 -7,400,000 -8,895,000 -8,775,000 317,000  
          interests received
        		22,400,000   16,500,000   7,000,000    3,240,000 1,394,000   
          income taxes paid
        		-66,000,000 -46,500,000 -23,600,000 -37,000,000 -28,900,000 -14,700,000 -26,500,000 -11,600,000 -2,100,000 -31,000,000 -27,493,000 -6,105,000 -2,782,000 -2,189,000 
          cash inflow from operating activities
        		246,400,000 89,100,000   183,500,000          
          purchase of tangible assets
        		-46,200,000   -41,500,000 -23,700,000 -8,000,000 -26,500,000 -19,000,000 -8,600,000 -60,300,000 -43,732,000 -23,651,000 -14,102,000  
          purchase of intangible assets
        		-3,800,000 -2,200,000 -800,000 -3,700,000 -2,300,000 -1,100,000 -2,600,000 -2,000,000 -1,200,000 -22,700,000 -5,557,000 -3,633,000 -2,226,000 -3,477,000 
          cash (outflow) from investing activities
        		-50,000,000 -29,400,000 -12,100,000 -45,200,000 -26,000,000  -29,100,000 -21,000,000  -82,900,000     
          payments of lease liabilities
        		-51,300,000 -34,700,000 -14,000,000 -37,400,000 -23,700,000 -11,700,000 -16,200,000 -10,200,000 -4,900,000 -15,400,000 -10,385,000 -6,773,000 -4,387,000 -6,437,000 
          proceeds from issuance of shares
        		300,000   200,000           
          proceeds on sale of treasury shares related to share-based compensation
        		8,300,000 7,700,000 6,100,000 8,600,000 5,200,000  6,400,000 5,700,000   24,710,000 20,466,000 16,821,000  
          interests paid
        		-15,600,000   -11,300,000   -3,800,000   -4,700,000 -4,314,000 -2,527,000 -1,260,000 -1,166,000 
          cash (outflow) from financing activities
        		-58,300,000 -37,000,000 -12,000,000 -39,800,000 -25,800,000 -13,100,000         
          change in net cash and cash equivalents
        		138,100,000 22,600,000  256,800,000 131,700,000  68,000,000 -24,300,000 -14,100,000 -303,600,000 -196,379,000 -141,005,000 -68,333,000  
          net cash and cash equivalents at january 1
        		924,300,000 924,300,000  494,600,000 494,600,000  371,000,000 371,000,000 371,000,000 653,100,000 653,081,000 653,081,000 653,081,000  
          net impact of foreign exchange rate differences
        		-100,500,000 -100,300,000 -16,100,000 -2,400,000 26,200,000 31,100,000 -7,000,000 -9,600,000 4,400,000 21,500,000 36,282,000 45,595,000 15,663,000 -14,795,000 
          net cash and cash equivalents at september 30
        		961,800,000   749,000,000   432,000,000        
          interest received
        		 14,500,000 7,300,000  10,900,000 5,200,000  6,100,000 2,000,000 5,600,000     
          purchase of property, plant and equipment
        		 -27,300,000 -11,300,000            
          proceeds from disposal of tangible assets
        		 100,000             
          interest paid
        		 -9,900,000 -4,000,000  -7,300,000 -3,100,000  -2,300,000 -1,000,000      
          net cash and cash equivalents at june 30
        		 846,600,000   652,400,000   337,100,000    557,671,000   
          cash inflow / (outflow) from operating activities
        		  -12,100,000 341,800,000  81,000,000 110,700,000 3,300,000  -227,000,000 -157,100,000 -126,281,000 -63,179,000  
          change in cash and cash equivalents
        		  -36,300,000   58,800,000         
          cash and cash equivalents balance at beginning of the year
        		  924,300,000   494,600,000         
          cash and cash equivalents balance at end of the period
        		  871,800,000   584,600,000         
          cash inflow / (outflow) from financing activities
        		      -13,600,000 -6,700,000 -3,800,000   12,560,000 11,174,000  
          change in net cash
        		              
          net cash as of january 1
        		              
          net cash as of december 31
        		              
          balance as of january 1, 2022
        		              
          other comprehensive income
        		              
          comprehensive income 2022
        		              
          tax impact on equity transaction costs
        		              
          purchase of treasury shares
        		              
          sale of treasury shares
        		              
          balance as of december 31, 2022
        		              
          other comprehensive loss
        		              
          comprehensive income / (loss) 2023
        		              
          balance as of december 31, 2023
        		              
          comprehensive income 2024
        		              
          capital increase
        		              
          balance as of december 31, 2024
        		              
          change in other operating assets / liabilities
        		    57,300,000          
          employee benefit expenses /
        		     500,000         
          cash outflow from investing activities
        		     -9,100,000   -9,700,000      
          sale of treasury shares related to share-based compensation
        		     1,700,000   2,200,000 26,400,000     
          net income /
        		              
          loss / (gain) on disposal of assets
        		              
          payment of contingent considerations
        		             0 
          net cash at january 1
        		              
          net cash at december 31
        		              
          exclude the impact of:
        		              
          financial income
        		              
          financial expenses
        		              
          foreign exchange result
        		              
          adjusted ebitda
        		              
          adjusted ebitda margin
        		              
          cash outflow from operating activities
        		        -600,000      
          net cash and cash equivalents at march 31
        		        361,300,000      
          proceeds from issue of shares
        		             -618,191,000 
          net proceeds from the ipo
        		              
          equity transaction costs
        		             -6,473,000 
          cash inflow from financing activities
        		         6,300,000 10,010,000    
          net cash and cash equivalents at december 31
        		         371,000,000     
          cash inflow / (outflow) from investing activities
        		          -49,290,000 -27,284,000 -16,328,000  
          net cash and cash equivalents at september 301
        		          492,984,000    
          loss/gain on disposal of assets
        		           1,535,000   
          change in other current operating assets / liabilities
        		            -19,135,000  
          net cash and cash equivalents at march 31*
        		            600,411,000  
          investment in subsidiary, net of cash acquired
        		              
          proceeds from financial liabilities
        		              
          repayments of financial liabilities
        		              
          net
        		              
          interest income and expense
        		              
          change in provision
        		              
          change in other current operating assets and liabilities
        		              
          cash flow from operating activities
        		              
          purchase tangible assets
        		              
          cash flow from investing activities
        		              
          repayment of financial liabilities
        		              
          cash flow from financing activities
        		              
          net cash and cash equivalents at 1 january
        		              
          net cash and cash equivalents at 30 september