profit from every $100 of sales.
$0$100
On
$33.63+1.69% today
-21.2% in 1 year
1-year low $26.761-year high $50.63
Trading in the middle of its range for the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2022 to 2025.
0%20% a year
You pay $46.29 for every $1 of profit it makes in a year.
CheapExpensive
It holds more cash than debt.
No debt5 years
Money in, money out
What On sold, what it kept, and what it did with the cash.
Sales went from CHF 1.22 billion in 2022 to CHF 3.01 billion in 2025, with CHF 204 million of profit last year.
SalesProfit
On vs. similar companies
On grows the fastest of these 5 and is the most expensive for its profits.
| Company | Profit from $100 of sales | Sales growth a year | Price per $1 of profit |
|---|---|---|---|
| On | 46.3× · Expensive | ||
 Burlington Stores | 25.0× · Fair price | ||
 Lululemon Athletica | 7.7× · Cheap | ||
 The Gap | 9.1× · Cheap | ||
 Urban Outfitters | 15.9× · Fair price |
AI analysis
An AI analyst reads On's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of CHF | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 1,222 | 1,792 | 2,318 | 3,014 | |
| 685 | 1,067 | 1,406 | 1,894 | |
| 85 | 180 | 212 | 377 | |
| 129 | 141 | 400 | 355 | |
| 58 | 80 | 242 | 204 | |
| 0.18 | 0.25 | 0.74 | 0.61 | |
| 56.0% | 59.6% | 60.6% | 62.8% | |
| 7.0% | 10.1% | 9.1% | 12.5% | |
| 4.7% | 4.4% | 10.5% | 6.8% |
Balance sheet
| In millions of CHF | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | 1,382 | 1,593 | 2,377 | 2,835 |
| Cash | 371 | 495 | 924 | 1,019 |
| Total debt | 160 | 229 | 348 | 522 |
| Total liabilities | 413 | 519 | 985 | 1,203 |
| 970 | 1,075 | 1,392 | 1,632 | |
| 637 | 644 | 651 | 650 | |
| 5.7% | 4.6% | 13.4% | 8.3% | |
| 6.0% | 7.4% | 17.4% | 12.5% |
Cash flow
| In millions of CHF | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| -227 | 232 | 511 | 360 | |
| 83 | 47 | 65 | 79 | |
| -310 | 185 | 446 | 281 | |
| Dividends paid | 0 | 0 | 0 | 0 |
| – | – | – | – | |
| 38 | 27 | 58 | 67 |
Valuation
- 46.3×
- 25.9×
- 0.92
- 5.9×
- 3.1×
- 33.6×
- 25.2×
- 3.0%
- 2.2%
- 0.0%
Profitability
- 62.8%
- 12.5%
- 6.8%
- 13.5%
- 16.9%
- 3.5%
- 15.9%
- 8.5%
- 18.5%
- –
Growth
- +35.1%
- +50.2%
- −43.2%
- –
- +1.4%
Financial health
- -1.0×
- 0.34
- 20.2%
- 13.4×
- 2.98
- 2.39
- 1.06
How it ranks in Consumer Discretionary
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Top 14%of 982
Top 30%of 996
Bottom 15%of 860
Top 8%of 996
Bottom 38%of 982
What analysts expect
- Average price target
- $55.46
- Range
- $31.00 – $85.00
- 7 analysts
These targets were collected on May 20, 2026 and our analyst feed has not updated since, so we no longer compare them with today's price.
Recent earnings
Our results feed has not updated since May 21, 2026. Results reported after that are not in this table yet.
| Date | EPS | Expected | Surprise |
|---|---|---|---|
| May 12, 2026 | 0.47 | 0.34 | +39.6% |
| Mar 3, 2026 | 0.31 | 0.26 | +19.2% |
| Nov 12, 2025 | 0.50 | 0.33 | +53.7% |
| Aug 12, 2025 | -0.11 | 0.24 | −145.6% |
| May 13, 2025 | 0.23 | 0.23 | +0.2% |
| Mar 4, 2025 | 0.38 | 0.20 | +90.8% |
| Nov 12, 2024 | 0.17 | 0.23 | −25.7% |
| Aug 13, 2024 | 0.16 | 0.17 | −7.2% |
News
Dow Drops To Record Worst Week In Six Months Amid Elevated Yields, Oil — NVDA, TSLA, SPCX, ONON In FocusYahoo Finance · Sep 18, 2026The newest story we have is from Sep 18, 2026.
Insider trades
Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
2/7Passes 2 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
57No pass
Benjamin Graham
33No pass
Philip Fisher
67Pass
Peter Lynch
92Pass
Joel Greenblatt
18No pass
Charlie Munger
50No pass
Terry Smith
56No pass
Questions about On
Is On a good stock to buy?
A business with weak numbers, but the price is high. 2 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the On AI analysis
What does On do?
On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. It is in Apparel - Retail, based in Zurich, Switzerland, with 3,963 employees.
Does On pay a dividend?
No. On does not pay a dividend at the moment.
Is On stock halal?
Yes. On passes our halal screen: its business is permitted and its debt is 6% of its market value, under the 30% limit. How we check
How has On stock done over the past year?
Down 21.2% over the past twelve months, to $33.63. It traded between $26.76 and $50.63 and is 33.6% below its high.
Who are On's competitors?
The largest listed companies in the same industry are Burlington Stores, Lululemon Athletica, The Gap and Urban Outfitters. The peers table on this page compares their profit, growth and price with On's.
Prices: daily closes to Nov 13, 2026. Fundamentals: company reports via invest-like data.