ONON$33.38

On Holding AG (ONON) demonstrates robust growth, with revenue expanding significantly from $724.6 million in FY2021 to a projected $3,014 million in FY2025, although the growth rate is decelerating from over 70% to 30%. Gross and operating margins show a positive trend, improving from 59.38% to 62.83% and -19.47% to 12.51% respectively, indicating better operational efficiency. Net income experienced a substantial rebound from a loss in FY2021 to a projected $203.7 million in FY2025, albeit with a notable dip in the latest fiscal year. The "Other Non-Operating Income (Expense)" line has been volatile, with a significant expense in FY2023 and a large negative figure in FY2025, warranting closer inspection for one-off items. Assuming ONON operates in the athletic apparel and footwear industry, its margins appear healthy and expanding compared to industry averages. While growth remains strong, the recent deceleration in net income growth and volatility in non-operating items are mild flags, but the overall trajectory remains positive.

On Holding AG's balance sheet exhibits a healthy trajectory, characterized by strong liquidity and expanding asset base. Cash and equivalents have shown significant growth, especially in FY2024 and FY2025, which enhances short-term stability. Total current assets have consistently increased, outpacing total current liabilities, indicating robust working capital. While total liabilities have grown, largely driven by increases in current and long-term leases, the overall leverage remains manageable relative to the substantial growth in total assets and shareholders' equity. The equity base has expanded consistently, reflecting sound capital management. The rise in debt is observable, yet the net cash position remains positive. This balance sheet structure suggests a company with strong financial health and operational stability, aligning well with growth-oriented firms in the consumer goods sector.

On Holding AG's cash flow statement shows a dynamic trend. Operating Cash Flow (CFO) was volatile, with a significant negative in FY 2022 before recovering to strong positives of $232.1 million in FY 2023 and $510.6 million in FY 2024, indicating improved operational efficiency. However, a decline to $359.5 million in FY 2025 warrants attention. Free Cash Flow (FCF) also swung from negative territory to strong positive growth, reaching $450.1 million in FY 2024 before contracting to $286.6 million in FY 2025. Capital expenditures have been consistently negative, indicating ongoing investment in growth without excessive spending relative to operating cash generation. The company primarily used financing cash flow for stock issuance in earlier years, shifting towards more balanced activities, including some debt repayments and other financing outflows in recent periods. While the overall trend for CFO and FCF has improved, the recent slowdown in FY 2025 suggests potential headwinds or a normalization after rapid growth.

On Holding AG demonstrates a healthy financial position, particularly in liquidity, where both the Current Ratio and Quick Ratio have consistently remained above 1.0, indicating strong short-term solvency despite a slight moderation from 2021 highs. Leverage has been well-managed, with Debt/Equity remaining modest and Net Debt/Equity consistently negative, signifying a net cash position. The company has shown good efficiency, maintaining an Asset Turnover above 1.0, and improving its Inventory Turnover from 2.03 in FY22 to 2.67 in the current period, suggesting effective inventory management. Profitability and returns are robust, with ROE and ROIC showing a positive trend and remaining strong, indicating efficient capital utilization and increasing shareholder value. Overall, On Holding AG exhibits good financial health with solid operational performance.

On Holding AG shows a compelling growth trajectory, transitioning from strong historical revenue expansion (70% in 2021-2022) to a more moderated but still robust forecast (around 20-30% through 2027). EPS growth exhibits volatility, with a significant surge in 2024 (199.92%) followed by a dip in 2025, before rebounding strongly in 2026. This indicates potential margin fluctuations or strategic investments. Forward P/E ratios for 2026 (20.07) and 2027 (15.75) appear reasonable, suggesting a valuation that aligns with the projected growth rates, especially given the anticipated EPS recovery. Analyst sentiment is consistently strong, with a consensus of 'Strong Buy' and stable recommendation trends from October 2025 to March 2026, reinforced by deep coverage from 20-30 analysts for the forecast years, indicating high confidence in future performance and price targets ranging from $40 to $85, with an average of $60.14.