ROIC
39%low FY2021
← All companies ← ONEG Manual OPRA → ← NKE Footwear & Accessories SHOO →
ONON, On Holding AG
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CHF 3.0B
+30.0% YoY · 48% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CHF 3.0B 5-yr avg CHF 1.8B
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- Situation
- Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 59% and operating margin about 7.0% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −19% to 13% — on a steadier 59% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 19% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 1%, above 15% in 1 of 4 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 4 regions, the largest Americas at 58%.
Revenue by geography, FY2025
- Americas58%CHF 1.7B
- Europe, Middle East and Africa25%CHF 763M
- Asia Pacific17%CHF 511M
- Switzerland1%CHF 39M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| CHF 267M | CHF 425M | CHF 725M | CHF 1.2B | CHF 1.8B | CHF 2.3B | CHF 3.0B | CHF 3.0B | RevenueRevenue |
| 54% | 54% | 59% | 56% | 60% | 61% | 63% | 63% | Gross marginGross mgn |
| CHF 6M | (CHF 17M) | (CHF 141M) | CHF 85M | CHF 180M | CHF 212M | CHF 377M | CHF 377M | Operating incomeOp. inc. |
| 2.1% | −4.0% | −19.5% | 7.0% | 10.1% | 9.1% | 12.5% | 12.5% | Operating marginOp. mgn |
| (CHF 1M) | (CHF 28M) | (CHF 170M) | CHF 58M | CHF 80M | CHF 242M | CHF 204M | CHF 204M | Net incomeNet inc. |
| — | — | — | 26% | — | 13% | 1% | 1% | Effective tax rateTax rate |
| Cash flow & returns | ||||||||
| (CHF 5M) | (CHF 15M) | CHF 17M | (CHF 227M) | CHF 232M | CHF 511M | CHF 360M | CHF 360M | Operating cash flowOp. cash |
| CHF 5M | CHF 12M | CHF 31M | CHF 46M | CHF 65M | CHF 105M | CHF 127M | CHF 127M | DepreciationDeprec. |
| (CHF 9M) | CHF 700K | CHF 156M | (CHF 331M) | CHF 88M | CHF 164M | CHF 28M | CHF 28M | Working capital & otherWC & other |
| CHF 7M | CHF 11M | CHF 25M | CHF 60M | CHF 43M | CHF 61M | CHF 73M | CHF 73M | CapexCapex |
| 2.8% | 2.6% | 3.4% | 4.9% | 2.4% | 2.6% | 2.4% | 2.4% | Capex / revenueCapex/rev |
| (CHF 11M) | (CHF 26M) | (CHF 8M) | (CHF 273M) | CHF 189M | CHF 450M | CHF 287M | CHF 287M | Owner earningsOwner earn. |
| −4.0% | −6.0% | −1.1% | −22.4% | 10.6% | 19.4% | 9.5% | 9.5% | Owner earnings marginOE mgn |
| (CHF 13M) | (CHF 26M) | (CHF 8M) | (CHF 287M) | CHF 189M | CHF 450M | CHF 287M | CHF 287M | Free cash flowFCF |
| −4.7% | −6.0% | −1.1% | −23.5% | 10.6% | 19.4% | 9.5% | 9.5% | Free cash flow marginFCF mgn |
| — | -9% | -57% | 11% | — | 39% | — | — | ROICROIC |
| -2% | -11% | -20% | 6% | 7% | 17% | 12% | 12% | Return on equityROE |
| −2% | −11% | −20% | 6% | 7% | 17% | 12% | 12% | Retained to equityRetained/eq |
| Balance sheet | ||||||||
| — | CHF 108M | CHF 683M | CHF 404M | CHF 529M | CHF 981M | CHF 1.1B | CHF 1.1B | Cash & investmentsCash+inv |
| — | CHF 52M | CHF 99M | CHF 175M | CHF 205M | CHF 246M | CHF 305M | CHF 305M | ReceivablesReceiv. |
| — | CHF 103M | CHF 134M | CHF 396M | CHF 357M | CHF 419M | CHF 420M | CHF 420M | InventoryInvent. |
| — | CHF 155M | CHF 234M | CHF 570M | CHF 561M | CHF 665M | CHF 725M | CHF 725M | Operating working capitalOper. WC |
| — | CHF 282M | CHF 965M | CHF 1.1B | CHF 1.2B | CHF 1.8B | CHF 2.0B | CHF 2.0B | Current assetsCur. assets |
| — | CHF 86M | CHF 205M | CHF 243M | CHF 306M | CHF 660M | CHF 724M | CHF 724M | Current liabilitiesCur. liab. |
| — | 3.3× | 4.7× | 4.3× | 3.8× | 2.7× | 2.7× | 2.7× | Current ratioCurr. ratio |
| — | CHF 383M | CHF 1.2B | CHF 1.4B | CHF 1.6B | CHF 2.4B | CHF 2.8B | CHF 2.8B | Total assetsAssets |
| — | (CHF 108M) | (CHF 683M) | (CHF 404M) | (CHF 529M) | (CHF 981M) | (CHF 1.1B) | (CHF 1.1B) | Net debt / (cash)Net debt |
| 8.2× | -19.0× | -39.2× | 13.3× | 15.9× | 9.2× | 12.7× | 12.7× | Interest coverageInt. cov. |
| CHF 64M | CHF 245M | CHF 848M | CHF 970M | CHF 1.1B | CHF 1.4B | CHF 1.6B | CHF 1.6B | Shareholders’ equityEquity |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
63%low FY2019
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
CHF 287Mowner earningsvs.CHF 204Mnet incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2021FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned CHF 204M of profit into CHF 287M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | CHF 204M | CHF 242M | CHF 80M | CHF 58M | (CHF 170M) |
| Depreciation & amortizationnon-cash charge added back | +CHF 127M | +CHF 105M | +CHF 65M | +CHF 46M | +CHF 31M |
| Working capital & othertiming of cash in and out, other non-cash items | +CHF 28M | +CHF 164M | +CHF 88M | −CHF 331M | +CHF 156M |
| Cash from operations | CHF 360M | CHF 511M | CHF 232M | (CHF 227M) | CHF 17M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −CHF 73M | −CHF 61M | −CHF 43M | −CHF 46M | −CHF 25M |
| Owner earnings | CHF 287M | CHF 450M | CHF 189M | (CHF 273M) | (CHF 8M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | — | −CHF 14M | — |
| Free cash flow | CHF 287M | CHF 450M | CHF 189M | (CHF 287M) | (CHF 8M) |
| Owner-earnings marginowner earnings ÷ revenue | 10% | 19% | 11% | -22% | -1% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 12.7×ComfortableOperating income CHF 377M ÷ interest expense CHF 30M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- How heavy is the debt, net of cash? +CHF 1.1BNet cash, debt-freeCash CHF 1.0B + ST investments CHF 59M − debt CHF 0
What this means
Cash and short-term investments exceed every dollar of debt by CHF 1.1B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 16%
What this means
The filing data didn't include the inputs for this check.
- Solid, recently turned positivelatest CHF 287M = operating cash CHF 360M − maintenance capex CHF 73M; positive each of the last 3 years, after an earlier loss stretch (7-yr median -1%)Industry peers: median 14%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 10% of revenue this year, a -1% median across 7 years.
- Cash-backedCash from ops CHF 360M ÷ net income CHF 204M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.57×HarvestingCapex CHF 73M ÷ depreciation CHF 127M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · CHF 3.0B
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.71×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (7-yr record) · 3 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CHF 0.59/share (latest year CHF 0.69), the averaged base the calculator's gate runs on, and book value is CHF 5.50/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2019–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 7
What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
- Operating margin −7% → 11% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about −7% early to 11% lately, median 7% — pricing power intact or improving.
- Worst year 2021 · −19.5% op. margin
What this means
Operations went underwater in 2021, understand why before trusting the good years.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCHF 2.0B
- Cash & short-term investmentsCHF 1.1B
- ReceivablesCHF 305M
- InventoryCHF 420M
- Other current assetsCHF 158M
Current liabilitiesCHF 724M
- Other current liabilitiesCHF 724M
Current ratio2.71×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.13×stricter: inventory excluded
Cash ratio1.49×strictest: cash alone against what's due
Working capitalCHF 1.2Bthe cushion left after near-term bills
Deeper floors
Tangible book valueCHF 1.6Bequity stripped of goodwill & intangibles
Debt incl. operating leasesCHF 522MCHF 522M of it operating leases
From the company's latest filing.
How the cash was used, 2019–2025
Over the record, the business generated CHF 872M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- ReinvestedCHF 280M · 32%
- Retained (debt / cash)CHF 593M · 68%
- Net change in share count—
No continuous share count across the span.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained84%
Of the earnings it kept rather than paid out (CHF 384M over the span), annual owner earnings (first three years vs last three) grew CHF 323M, so each retained CHF 1 added about 0.84 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Peers, Footwear & Accessories
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| DECKDeckers Outdoor Corporation | $5.5B | 52% | 18.0% | 65% | 16% |
| CSLCarlisle Cos. | $5.0B | 30% | 14.5% | 13% | 14% |
| CROXCrocs Inc. | $4.0B | 53% | 13.0% | 34% | 16% |
| ATRAptarGroup Inc. | $3.8B | — | 12.3% | 10% | 8% |
| ENTGEntegris Inc. | $3.2B | 45% | 15.8% | 11% | 14% |
| WMSAdvanced Drainage Systems | $3.1B | 24% | 16.1% | 16% | 13% |
| ONONOn Holding AG | CHF 3.0B | 59% | 7.0% | 1% | -1% |
| AWIArmstrong World Industries Inc | $1.6B | 37% | 25.7% | 23% | 11% |
| Group median | — | 45% | 15.1% | 14% | 14% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. On Holding AG reports in CHF, and every figure here (owner earnings, book value, the share count) is on that CHF, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in CHF. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what On Holding AG has delivered.
CHF
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023+23%/yr
Owner-earnings growth · since FY2023+23%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings CHF 287M on 297M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash CHF 1.1B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "On Holding AG (ONON), the owner's record," https://ownerscorecard.com/c/ONON, data as of 2026-07-09.
Manual order: ← ONEG its page in the Manual OPRA →
Industry order: ← NKE the Footwear & Accessories chapter SHOO →