PerpEquities

On Holding AG (ONON) financials

NYSE · Consumer Cyclical · Apparel - Footwear & Accessories · 3,963 employees · CEO David Allemann

Price
$34.86 -7.5%
Market cap
$11.4B
Enterprise value
CHF 8.87B Data as of 2026-11-11
Last report
Q3 '26 filed 2026-11-10
Next report
2027-03-02
Revenue (TTM)CHF 3.38B+17.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)15.3%+3.2 pp vs a year agoOperating income CHF 517M
Net income (TTM)CHF 443M+97.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)CHF 408M+18.2% vs a year agoCapex CHF 106M
Diluted EPS (TTM)CHF 1.36+103.0% vs a year agoSum of the last 4 quarters
Net cashCHF 606M+16.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
$11.4B
Updated 1h ago
Revenue
CHF 3.38B
Trailing 12 months
Revenue growth
+18%
FY2026 consensus
Profit margin
13.1%
Net income / revenue, TTM
P/E
20.9×
P/S
2.8×
Price / sales, TTM
EV / EBITDA
13.1×
TTM
Free cash flow
CHF 408M
Trailing 12 months
Net income
CHF 443M
Trailing 12 months
Revenue estimate
CHF 3.56B
FY2026 consensus
Earnings
2027-03-02
Revenue est. $1.1B · Updated 1h ago
Dividend
–
No dividend

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth slowing: 17.2% year on yearQ3 '26 revenue CHF 931M, against an average of 19.5% over the four quarters before.
  • Operating margin 15.3% (TTM), +3.2 pp on a year agoOperating income grew 48.7% while revenue grew 17.4%.
  • Capex 3.1% of revenue (a year ago 2.4%)CHF 106M invested in the last 4 quarters (+52.2% on a year earlier). Free cash flow CHF 408M = 92.3% of net income.
  • Diluted share count down 8.1% in a year307M diluted shares in Q3 '26, 334M a year earlier.
  • Net cash CHF 606MCash + short-term investments CHF 1.34B, debt incl. leases CHF 733M; a year ago net cash CHF 521M.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q3 '26Year agoChange
RevenueCHF 931MCHF 794M+17.2%
Gross margin72.6%65.7%+6.8 pp
Operating incomeCHF 195MCHF 125M+56.4%
Operating margin20.9%15.7%+5.2 pp
Net incomeCHF 163MCHF 119M+36.9%
Diluted EPSCHF 0.53CHF 0.36+47.2%
Operating cash flowCHF 158MCHF 157M+0.6%
CapexCHF 37.4MCHF 20.5M+82.4%
Free cash flowCHF 121MCHF 137M-11.6%
R&DCHF 0CHF 0–
Stock-based compensationCHF 19.5MCHF 24.5M-20.4%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement
Operating cash flow
CHF 514M
Capex
-CHF 106M
Buybacks
CHF 0
Dividends
CHF 0
Acquisitions
CHF 0
Net debt issued
-CHF 45.6M
Stock-based compensation
CHF 31.7M
Free cash flow
CHF 408M
Returned to shareholders / FCF
-0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)20.9×77.1× 4 of 5 years59.5× – 90.7×
EV / EBITDA13.1×35.0× 4 of 5 years28.9× – 40.7×
EV / Sales2.6×6.6×3.9× – 14.2×
Price / FCF23.2×41.8× 3 of 5 years37.8× – 48.0×
Price / Book4.0×8.8×5.2× – 12.7×
FCF yield4.3%0.2%-6.2% – 2.6%
Return on invested capital14.7%6.5%-13.5% – 16.6%
Return on equity23.6%4.6%-20.1% – 17.4%

Analysts

Consensus target $43.43 (+25.2%)
range $20.00 – $82.00 · rating Buy

Strong buy0
Buy20
Hold6
Sell1
Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026CHF 3.56B+18.2%CHF 1.46+138.7%–16
FY2027CHF 4.24B+18.9%CHF 1.72+18.5%–16
FY2028CHF 5B+18.0%CHF 2.15+24.8%–13
FY2029CHF 5.82B+16.4%CHF 2.64+22.9%–10

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-11 · Amounts in CHF as reported; price and market cap in USD.