YouTube · Q1 FY2027 · 2026-07-25
ONON · NYSE
On Holding AG
Footwear & Accessories · Switzerland
USD 32.160.8% daily changeQuote 2026-10-06 · USD
- Market cap (USD)
- US$10.75B
- Trailing P/E
- 21.44x
- Forward P/E
- 15.59x
- Quarterly revenue growth
- 13.5%
- Trailing net margin
- 12.3%
- Indicated dividend yield
- —
Snapshot 2026-10-06 · Latest financial period 2026-06-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-11-11 (provider estimate, not issuer-confirmed).
Company background
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
Company websiteQ2 2026
Go beyond the headline.
On Holding (ONON) Q2 2026 Earnings: Down 20% On A Record 65.4% Gross Margin
Published 2026-08-12
Comparable businesses
ONON peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | ONONOn Holding AGSnapshot 2026-10-06Financial period: 2026-06-30 | DECKDeckers Outdoor CorporationSnapshot 2026-10-06Financial period: 2026-06-30 | BIRKBirkenstock Holding plcSnapshot 2026-10-06Financial period: 2026-06-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$10.75B | US$10.84B | US$5.56B | US$8.20Bn=2 |
| Forward P/EProvider forward earnings estimate | 15.59x | 9.57x | 12.29x | 10.93xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | — | 7.39x | — | — |
| Revenue growthLatest quarter vs prior-year quarter | 13.5% | 5.7% | 13.3% | 9.5%n=2 |
| Operating marginLatest reported quarter | 14.0% | 15.2% | 29.0% | 22.1%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | — | 8.0% | — | — |
| Net debt / EBITDANet debt / trailing EBITDA | -1.38x | -0.85x | 1.92x | 0.53xn=2 |
| Debt / equityTotal debt / positive book equity | 0.29x | 0.21x | 0.69x | 0.45xn=2 |
| Trailing P/ETrailing twelve-month earnings | 21.44x | 11.26x | 15.58x | 13.42xn=2 |
| Price / bookPrice / positive book equity per share | 4.69x | 4.73x | 1.90x | 3.31xn=2 |
| EV / salesEnterprise value / trailing revenue | — | 1.77x | — | — |
| Earnings growthLatest quarter vs prior-year quarter | — | 1.1% | -13.0% | -6.0%n=2 |
| Gross marginTrailing twelve months | 64.8% | 57.8% | 57.5% | 57.6%n=2 |
| Net marginTrailing twelve months | 12.3% | 18.4% | 14.8% | 16.6%n=2 |
| Return on equityProvider trailing return; positive equity only | 24.0% | 42.6% | 12.4% | 27.5%n=2 |
| Free cash flow marginTrailing free cash flow / revenue | 9.0% | 15.8% | 6.8% | 11.3%n=2 |
| Dividend yieldIndicated annual dividend / price | — | — | — | — |
| Earnings payoutProvider trailing dividend payout | 0.0% | 0.0% | 0.0% | 0.0%n=2 |
| Current ratioCurrent assets / current liabilities | 2.83x | 2.75x | 3.78x | 3.26xn=2 |
| BetaProvider historical market sensitivity | 2.08 | 1.12 | 1.30 | 1.21n=2 |
YouTube · Q1 FY2027 · 2026-07-25
YouTube · Q3 FY2026 · 2026-08-14
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-10-06. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for ONON
Q2 20262026-08-12
On Holding (ONON) Q2 2026 Earnings: Down 20% On A Record 65.4% Gross Margin
Presentation · 2026-08-12 · YouTube
Q1 20262026-05-12
ONON Stock: EPS Beats by 38% — Q1 2026 Earnings Analysis
Presentation · 2026-05-12 · YouTube