Stocks ONON Financial statements
Financial statementsOn Holding AG financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data On Holding AG files with the SEC in its annual reports.
In CHF millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 267 | 425 | 725 | 1,222 | 1,792 | 2,318 | 3,014 |
| Cost of revenue | 124 | 194 | 294 | 537 | 725 | 913 | 1,120 |
| Gross profit | 143 | 231 | 430 | 685 | 1,067 | 1,406 | 1,894 |
| Research and development | 1.85 | 5.3 | 8.2 | 8.9 | 9.6 | 10.6 | |
| Selling, general and administrative | 137 | 248 | 571 | 600 | 887 | 1,194 | 1,517 |
| Selling and marketing | 23.5 | 35.6 | 52.6 | 85.5 | 133 | 168 | 260 |
| Operating income | 5.69 | -17.1 | -141 | 85.1 | 180 | 212 | 377 |
| Interest expense | 0.7 | 0.9 | 3.6 | 6.4 | 11.3 | 23.1 | 29.6 |
| Interest income | 0.05 | 0 | 0 | 5.7 | 11.5 | 23.5 | 30.9 |
| Pre-tax income | 3.15 | -24.4 | -160 | 77.9 | 69.1 | 280 | 205 |
| Income tax | 4.62 | 3.1 | 10.6 | 20.2 | -10.5 | 37.4 | 1.5 |
| Net income | -1.47 | -27.5 | -170 | 57.7 | 79.6 | 242 | 204 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 90.6 | 653 | 371 | 495 | 924 | 1,020 | |
| Inventory | 103 | 134 | 396 | 357 | 419 | 420 | |
| Total current assets | 282 | 965 | 1,052 | 1,151 | 1,760 | 1,962 | |
| Property, plant and equipment | 10.6 | 17 | 34.4 | 77.2 | 93.6 | 127 | 149 |
| Lease right-of-use assets | 5.08 | 22.7 | 178 | 152 | 214 | 324 | 494 |
| Total assets | 383 | 1,237 | 1,382 | 1,593 | 2,377 | 2,835 | |
| Total current liabilities | 86.4 | 205 | 243 | 306 | 660 | 724 | |
| Lease liabilities | 139 | 190 | 289 | 440 | |||
| Total liabilities | 137 | 388 | 413 | 519 | 985 | 1,203 | |
| Retained earnings | -30.4 | -201 | -143 | -63.3 | 179 | 383 | |
| Total equity | 64.4 | 245 | 848 | 970 | 1,075 | 1,392 | 1,632 |
| Total liabilities and equity | 383 | 1,237 | 1,382 | 1,593 | 2,377 | 2,835 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -1.47 | -27.5 | -170 | 57.7 | 79.6 | 242 | 204 |
| Cash from operations | -5.22 | -14.7 | 16.9 | -227 | 232 | 511 | 360 |
| Capital expenditures | -7.43 | -11 | -24.6 | -60.3 | -42.8 | -60.5 | -72.9 |
| Cash from investing | -9.54 | -18.6 | -36.4 | -82.9 | -47.1 | -64.9 | -78.6 |
| Debt repaid | -6.43 | -17.2 | -20.9 | -33.1 | |||
| Stock issued | 0 | 133 | 0.1 | 0 | 0 | 0.2 | 4.3 |
| Cash from financing | -0.69 | 125 | 596 | 6.3 | -21.8 | -55.4 | -78.5 |
| Exchange rate effect | -0.2 | -1 | -13.9 | 21.5 | -39.6 | 39.4 | -107 |
| Free cash flow | -12.7 | -25.7 | -7.7 | -287 | 189 | 450 | 287 |
| Income taxes paid | 2.16 | 5.2 | 4.4 | 31 | 28.6 | 41.2 | 64 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 62.8% | Gross profit / revenue. |
| Operating margin | 12.5% | Operating income / revenue. |
| Pre-tax margin | 6.8% | Pre-tax income / revenue. |
| Net margin | 6.8% | Net income / revenue. |
| FCF margin | 9.5% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 11.9% | Cash from operations / revenue. |
| Effective tax rate | 0.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 7.8% | Net income / average total assets. |
| R&D / revenue | 0.4% | Research and development expense / revenue. |
| SG&A / revenue | 50.3% | Selling, general and administrative expense / revenue. |
| Capex / revenue | 2.4% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 30.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 35.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 47.9% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 34.7% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 40.4% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 52.3% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 78.2% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 64.2% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | -15.9% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 52.3% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -29.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow growth, 1y | -36.3% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Total assets growth, 1y | 19.3% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 27.1% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 49.3% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.71x | Current assets / current liabilities. |
| Quick ratio | 1.41x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.41x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 42.4% | Total liabilities / total assets. |
| Interest coverage | 12.7x | Operating income / interest expense. |
| Working capital | CHF 1.24B | Current assets - current liabilities. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.16x | Revenue / average total assets. |
| Fixed asset turnover | 21.8x | Revenue / average property, plant and equipment. |
| Inventory turnover | 2.67x | Cost of revenue / average inventory. |
| Days inventory | 137 days | 365 x average inventory / cost of revenue. |
| FCF conversion | 140.7% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 20.3% | Capital expenditures / cash from operations, when that is positive. |
What was On Holding AG's revenue in fiscal 2025?
On Holding AG reported revenue of CHF 3.01B for fiscal 2025, 30% higher than the year before.
Was On Holding AG profitable in fiscal 2025?
Yes. Net income was CHF 203.7M, a net margin of 6.8%.
How much free cash flow did On Holding AG generate in fiscal 2025?
Cash from operations of CHF 359.5M minus capital expenditures of CHF 72.9M left free cash flow of CHF 286.6M.