Cash flow On Holding AG

Equities

ONON

CH1134540470

Footwear

Market Closed - Nyse Other stock markets 01:30:02 17/03/2026 am IST			Pre-market 06:16:14 pm
39.25 ^USD	+3.32%		39.06	-0.48%

04/03	Truist Cuts Price Target on On Holding to $55 From $65, Keeps Buy Rating	MT
04/03	Abercrombie & Fitch forecasts muted sales on tariff jitters, Middle East tensions	RE

20473d5f4debb92411c.0o4W_ZVWVCXobLVbCGSQihwJYdbOdJfNs6B72EYVvXM.ufdJiKUYAHS7O4MDTAfBv1l4BaCiB_S5gNcsvyknxxy34iXF4zI4VKQ63g

Published financial data: ON HOLDING AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	72Cr	122.21Cr	179.21Cr	231.83Cr	301.4Cr
Total Revenues	72Cr	122.21Cr	179.21Cr	231.83Cr	301.4Cr
Cost of Goods Sold, Total	29Cr	54Cr	72Cr	91Cr	112.03Cr
Gross Profit	43Cr	68Cr	106.73Cr	140.57Cr	189.37Cr
Selling General & Admin Expenses, Total	57Cr	60Cr	89Cr	119.47Cr	151.71Cr
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	57Cr	60Cr	89Cr	119.47Cr	151.71Cr
Operating Income	-14Cr	8.5Cr	18Cr	21Cr	38Cr
Interest Expense, Total	-24.28L	-42L	-65L	-1.53Cr	-2.14Cr
Interest And Investment Income	-	57L	1.15Cr	2.35Cr	3.09Cr
Net Interest Expenses	-24.28L	15L	50L	82L	95L
Currency Exchange Gains (Loss)	-1.49Cr	-65L	-11Cr	6.77Cr	-17Cr
Other Non Operating Income (Expenses)	-11.14L	-21L	-43L	-72L	-77L
EBT, Excl. Unusual Items	-16Cr	7.79Cr	6.91Cr	28Cr	21Cr
EBT, Incl. Unusual Items	-16Cr	7.79Cr	6.91Cr	28Cr	21Cr
Income Tax Expense	1.06Cr	2.02Cr	-1.05Cr	3.74Cr	15L
Earnings From Continuing Operations	-17Cr	5.77Cr	7.96Cr	24Cr	20Cr
Net Income to Company	-17Cr	5.77Cr	7.96Cr	24Cr	20Cr
Net Income - (IS)	-17Cr	5.77Cr	7.96Cr	24Cr	20Cr
Preferred Dividend and Other Adjustments	-1T	-	-	-	-
Net Income to Common Incl Extra Items	-17Cr	5.77Cr	7.96Cr	24Cr	20Cr
Net Income to Common Excl. Extra Items	-17Cr	5.77Cr	7.96Cr	24Cr	20Cr
Per Share Items
Net EPS - Basic	-0.59	0.18	0.25	0.75	0.62
Basic EPS - Continuing Operations	-0.59	0.18	0.25	0.75	0.62
Basic Weighted Average Shares Outstanding	29Cr	32Cr	32Cr	32Cr	33Cr
Net EPS - Diluted	-0.59	0.18	0.25	0.74	0.61
Diluted EPS - Continuing Operations	-0.59	0.18	0.25	0.74	0.61
Diluted Weighted Average Shares Outstanding	29Cr	32Cr	32Cr	33Cr	33Cr
Normalized Basic EPS	-0.35	0.15	0.14	0.54	0.39
Normalized Diluted EPS	-0.35	0.15	0.13	0.53	0.38
Supplemental Items
EBITDA	-13Cr	10Cr	21Cr	25Cr	42Cr
EBITA	-14Cr	8.91Cr	18Cr	22Cr	38Cr
EBIT	-14Cr	8.5Cr	18Cr	21Cr	38Cr
Effective Tax Rate - (Ratio)	-6.67	25.93	-15.2	13.37	0.73
Total Current Taxes	70.51L	3.87Cr	3.57Cr	7.4Cr	7.6Cr
Total Deferred Taxes	35.89L	-1.86Cr	-4.62Cr	-3.66Cr	-7.45Cr
Normalized Net Income	-9.97Cr	4.87Cr	4.32Cr	17Cr	13Cr
Interest on Long-Term Debt	24.28L	42L	65L	1.53Cr	2.14Cr
Non-Cash Pension Expense	9T	-3L	0	0	-3L
Supplemental Operating Expense Items
Marketing Expenses	10Cr	13Cr	20Cr	28Cr	38Cr
Selling and Marketing Expenses	25Cr	37Cr	57Cr	73Cr	96Cr
General and Administrative Expenses	12Cr	20Cr	29Cr	39Cr	49Cr
Research And Development Expense From Footnotes	-	-	-	96L	1.06Cr
Stock-Based Comp., SG&A Exp. (Total)	20Cr	3.38Cr	3.18Cr	7.15Cr	6.26Cr
Stock-Based Comp., Other (Total)	-	45L	-	-	40L
Total Stock-Based Compensation	20Cr	3.83Cr	3.18Cr	7.15Cr	6.66Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	65Cr	37Cr	49Cr	92Cr	101.99Cr
Short Term Investments	2.36Cr	2.63Cr	1.78Cr	4.37Cr	3.58Cr
Total Cash And Short Term Investments	68Cr	40Cr	51Cr	97Cr	105.57Cr
Accounts Receivable, Total	9.93Cr	17Cr	20Cr	25Cr	31Cr
Other Receivables	2.69Cr	4.9Cr	2.7Cr	4.54Cr	7.45Cr
Total Receivables	13Cr	22Cr	23Cr	29Cr	38Cr
Inventory	13Cr	40Cr	36Cr	42Cr	42Cr
Prepaid Expenses	1.65Cr	2.1Cr	2.08Cr	4.2Cr	3.36Cr
Other Current Assets, Total	1.1Cr	1.4Cr	2.98Cr	3.9Cr	7.34Cr
Total Current Assets	96Cr	105.15Cr	115.13Cr	175.97Cr	196.24Cr
Gross Property Plant And Equipment	25Cr	29Cr	42Cr	66Cr	94Cr
Accumulated Depreciation	-3.57Cr	-6.17Cr	-11Cr	-21Cr	-30Cr
Net Property Plant And Equipment	21Cr	23Cr	31Cr	45Cr	64Cr
Goodwill	17.91L	18L	18L	18L	18L
Other Intangibles, Total	5.57Cr	6.85Cr	6.28Cr	5.65Cr	5.24Cr
Deferred Tax Assets Long-Term	21.71L	3.17Cr	6.95Cr	11Cr	18Cr
Other Long-Term Assets, Total	-1T	1L	-	1L	-
Total Assets	123.65Cr	138.24Cr	159.3Cr	237.67Cr	283.54Cr
Liabilities
Accounts Payable, Total	4.59Cr	11Cr	6.51Cr	17Cr	15Cr
Accrued Expenses, Total	13Cr	7Cr	14Cr	28Cr	32Cr
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	1.36Cr	2.16Cr	3.87Cr	5.91Cr	8.12Cr
Current Income Taxes Payable	24L	1.39Cr	2.35Cr	6.25Cr	6.32Cr
Other Current Liabilities	1.33Cr	2.62Cr	3.94Cr	8.99Cr	10Cr
Total Current Liabilities	21Cr	24Cr	31Cr	66Cr	72Cr
Long-Term Debt	-	-	-	-	-
Long-Term Leases	17Cr	14Cr	19Cr	29Cr	44Cr
Pension & Other Post Retirement Benefits	58.53L	63L	22L	86L	55L
Deferred Tax Liability Non Current	56.11L	1.79Cr	1.05Cr	1.08Cr	93L
Other Non Current Liabilities	44.42L	72L	99L	1.66Cr	2.35Cr
Total Liabilities	39Cr	41Cr	52Cr	98Cr	120.3Cr
Common Stock, Total	3.35Cr	3.35Cr	3.35Cr	3.37Cr	3.41Cr
Additional Paid In Capital	76Cr	76Cr	76Cr	76Cr	76Cr
Retained Earnings	-19Cr	-11Cr	-2.1Cr	23Cr	44Cr
Treasury Stock	-2.5Cr	-2.61Cr	-2.67Cr	-2.68Cr	-2.67Cr
Comprehensive Income and Other	27Cr	31Cr	33Cr	40Cr	42Cr
Total Common Equity	85Cr	97Cr	107.45Cr	139.18Cr	163.24Cr
Total Equity	85Cr	97Cr	107.45Cr	139.18Cr	163.24Cr
Total Liabilities And Equity	123.65Cr	138.24Cr	159.3Cr	237.67Cr	283.54Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	31Cr	32Cr	32Cr	32Cr	33Cr
ECS Total Common Shares Outstanding	31Cr	32Cr	32Cr	32Cr	33Cr
Book Value / Share	2.72	3.06	3.37	4.3	4.93
Tangible Book Value	79Cr	90Cr	100.99Cr	133.35Cr	157.82Cr
Tangible Book Value Per Share	2.54	2.84	3.17	4.12	4.77
Total Debt	18Cr	16Cr	23Cr	35Cr	52Cr
Net Debt	-50Cr	-24Cr	-28Cr	-62Cr	-53Cr
Debt Equivalent of Unfunded Proj. Benefit Obligation	58.53L	63L	22L	86L	55L
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	14Cr	40Cr	36Cr	45Cr	45Cr
Inventories - Others	-	2L	-	-	-
Machinery, Total	1.92Cr	2.36Cr	5.52Cr	7.88Cr	10Cr
Full Time Employees	1.16T	1.7T	2.35T	3.25T	3.96T
Accumulated Allowance for Doubtful Accounts (Supple)	25.53L	91L	7L	1.07Cr	57L

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-17Cr	5.77Cr	7.96Cr	24Cr	20Cr
Depreciation & Amortization - CF	2.26Cr	3.71Cr	5.49Cr	9.39Cr	12Cr
Amortization of Goodwill and Intangible Assets - (CF)	38.76L	41L	45L	47L	51L
Depreciation & Amortization, Total	2.65Cr	4.12Cr	5.94Cr	9.86Cr	12Cr
Amortization of Deferred Charges, Total - (CF)	49.3L	52L	55L	60L	47L
(Gain) Loss From Sale Of Asset	-	9L	6L	7L	37L
Stock-Based Compensation (CF)	19Cr	3.83Cr	2.73Cr	5.75Cr	6.66Cr
Other Operating Activities, Total	2.97Cr	-1.69Cr	6.75Cr	-3.63Cr	12Cr
Change In Accounts Receivable	-4.7Cr	-7.86Cr	-4.69Cr	-3.01Cr	-9.61Cr
Change In Inventories	-3.18Cr	-27Cr	-1Cr	-2.78Cr	-8.24Cr
Change In Accounts Payable	43.27L	6.58Cr	-4.43Cr	10Cr	-92L
Change in Other Net Operating Assets	80.95L	-6.76Cr	9.34Cr	9.57Cr	2.5Cr
Cash from Operations	1.69Cr	-23Cr	23Cr	51Cr	36Cr
Capital Expenditure	-2.46Cr	-6.03Cr	-4.28Cr	-6.05Cr	-7.29Cr
Sale of Property, Plant, and Equipment	-	-	-	1L	-
Cash Acquisitions	-2L	-	-	-	-
Sale (Purchase) of Intangible assets	-1.16Cr	-2.27Cr	-44L	-45L	-57L
Other Investing Activities, Total	-	1L	1L	-	-
Cash from Investing	-3.64Cr	-8.29Cr	-4.71Cr	-6.49Cr	-7.86Cr
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-1.33Cr	-1.54Cr	-2.55Cr	-5.13Cr	-6.99Cr
Total Debt Repaid	-1.33Cr	-1.54Cr	-2.55Cr	-5.13Cr	-6.99Cr
Issuance of Common Stock	62Cr	2.64Cr	1.01Cr	1.11Cr	1.29Cr
Other Financing Activities, Total	-96L	-47L	-64L	-1.52Cr	-2.15Cr
Cash from Financing	60Cr	63L	-2.18Cr	-5.54Cr	-7.85Cr
Foreign Exchange Rate Adjustments	-1.39Cr	2.15Cr	-3.96Cr	3.94Cr	-11Cr
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	56Cr	-28Cr	12Cr	43Cr	9.57Cr
Supplemental Items
Cash Interest Paid	27.64L	47L	65L	1.53Cr	2.15Cr
Cash Income Tax Paid (Refund)	44.07L	3.1Cr	2.86Cr	4.12Cr	6.4Cr
Levered Free Cash Flow	11Cr	-28Cr	22Cr	42Cr	26Cr
Unlevered Free Cash Flow	11Cr	-28Cr	22Cr	42Cr	28Cr
Change In Net Working Capital	-34.46L	34Cr	-6.11Cr	-18Cr	7.31Cr
Net Debt Issued / Repaid	-1.33Cr	-1.54Cr	-2.55Cr	-5.13Cr	-6.99Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-10.89	4.06	7.55	6.64	9.03
Return on Total Capital	-13.59	4.92	9.24	8.67	12.09
Return On Equity %	-31.14	6.35	7.79	19.65	13.47
Return on Common Equity	-31.14	6.35	7.79	19.65	13.47
Margin Analysis
Gross Profit Margin %	59.38	56.04	59.56	60.63	62.83
SG&A Margin	78.86	49.09	49.52	51.53	50.34
EBITDA Margin %	-17.96	8.44	11.51	10.73	13.93
EBITA Margin %	-18.94	7.29	10.28	9.3	12.66
EBIT Margin %	-19.47	6.96	10.03	9.1	12.5
Income From Continuing Operations Margin %	-23.49	4.72	4.44	10.45	6.76
Net Income Margin %	-23.49	4.72	4.44	10.45	6.76
Net Avail. For Common Margin %	-23.49	4.72	4.44	10.45	6.76
Normalized Net Income Margin	-13.77	3.98	2.41	7.54	4.26
Levered Free Cash Flow Margin	14.82	-23.28	12.22	17.9	8.77
Unlevered Free Cash Flow Margin	15.03	-23.06	12.44	18.31	9.21
Asset Turnover
Asset Turnover	0.9	0.93	1.2	1.17	1.16
Fixed Assets Turnover	5.75	5.54	6.68	6.11	5.51
Receivables Turnover (Average Receivables)	9.6	8.92	9.45	10.28	10.93
Inventory Turnover (Average Inventory)	2.48	2.03	1.93	2.35	2.67
Short Term Liquidity
Current Ratio	4.71	4.33	3.77	2.66	2.71
Quick Ratio	3.92	2.56	2.44	1.91	1.98
Operating Cash Flow to Current Liabilities	0.08	-0.94	0.76	0.77	0.5
Days Sales Outstanding (Average Receivables)	38.01	40.9	38.64	35.59	33.39
Days Outstanding Inventory (Average Inventory)	147	179.99	189.37	155.55	136.68
Average Days Payable Outstanding	49.03	35.86	46.87	43.46	52.31
Cash Conversion Cycle (Average Days)	135.97	185.03	181.14	147.68	117.76
Long Term Solvency
Total Debt/Equity	21.32	16.54	21.31	24.97	31.95
Total Debt / Total Capital	17.57	14.2	17.57	19.98	24.21
LT Debt/Equity	19.71	14.32	17.71	20.73	26.97
Long-Term Debt / Total Capital	16.25	12.28	14.6	16.59	20.44
Total Liabilities / Total Assets	31.39	29.87	32.55	41.44	42.43
EBIT / Interest Expense	-58.11	20.24	27.66	13.79	17.6
EBITDA / Interest Expense	-47.21	30.05	36.8	20.24	23.33
(EBITDA - Capex) / Interest Expense	-57.35	15.69	30.22	16.28	19.93
Total Debt / EBITDA	-1.58	1.27	0.96	1.12	1.04
Net Debt / EBITDA	4.33	-1.88	-1.18	-2	-1.07
Total Debt / (EBITDA - Capex)	-1.3	2.43	1.17	1.4	1.22
Net Debt / (EBITDA - Capex)	3.56	-3.59	-1.44	-2.49	-1.25
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	70.37	68.66	46.64	29.36	30.01
Gross Profit, 1 Yr. Growth %	86.19	59.17	55.83	31.71	34.72
EBITDA, 1 Yr. Growth %	1.19T	-179.32	99.9	20.6	68.77
EBITA, 1 Yr. Growth %	850.68	-164.94	106.85	17.04	76.96
EBIT, 1 Yr. Growth %	725.13	-160.24	111.53	17.35	78.48
Earnings From Cont. Operations, 1 Yr. Growth %	518.47	-133.9	37.95	204.4	-15.93
Net Income, 1 Yr. Growth %	518.47	-133.9	37.95	204.4	-15.93
Normalized Net Income, 1 Yr. Growth %	552.95	-148.81	-11.3	304.78	-26.64
Diluted EPS Before Extra, 1 Yr. Growth %	469.95	-130.56	36.47	199.92	-17.39
Accounts Receivable, 1 Yr. Growth %	92.26	75.83	17.3	20.17	24.1
Inventory, 1 Yr. Growth %	30.42	194.78	-9.88	17.59	0.14
Net Property, Plant and Equip., 1 Yr. Growth %	434.42	7.77	34.44	46.55	42.61
Total Assets, 1 Yr. Growth %	223.22	11.8	15.23	49.2	19.3
Tangible Book Value, 1 Yr. Growth %	315.34	13.69	12.31	32.04	18.35
Common Equity, 1 Yr. Growth %	246.15	14.27	10.83	29.53	17.29
Cash From Operations, 1 Yr. Growth %	-215.06	-1.44T	-202.25	119.99	-29.59
Capital Expenditures, 1 Yr. Growth %	124.28	145.12	-29.02	41.36	20.5
Levered Free Cash Flow, 1 Yr. Growth %	-1.34T	-364.5	-176.95	89.58	-36.32
Unlevered Free Cash Flow, 1 Yr. Growth %	-1.38T	-358.46	-179.1	90.41	-34.6
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	64.7	69.51	57.26	37.73	29.69
Gross Profit, 2 Yr. CAGR %	73.39	72.15	57.49	43.26	33.2
EBITDA, 2 Yr. CAGR %	243.67	354.31	25.92	55.27	31
EBITA, 2 Yr. CAGR %	391.6	128.27	15.9	55.59	45.7
EBIT, 2 Yr. CAGR %	398.5	122.95	12.88	57.55	44.73
Earnings From Cont. Operations, 2 Yr. CAGR %	975.01	44.85	-31.61	104.92	59.97
Net Income, 2 Yr. CAGR %	975.01	44.85	-31.61	104.92	59.97
Normalized Net Income, 2 Yr. CAGR %	612.12	78.68	-34.2	89.49	72.33
Diluted EPS Before Extra, 2 Yr. CAGR %	868.4	32.03	-35.42	102.32	57.41
Accounts Receivable, 2 Yr. CAGR %	54.81	83.89	43.61	18.72	22.12
Inventory, 2 Yr. CAGR %	73.57	96.1	62.99	2.94	8.52
Net Property, Plant and Equip., 2 Yr. CAGR %	267.59	140	20.37	40.37	44.57
Total Assets, 2 Yr. CAGR %	193.41	90.09	13.5	31.12	33.41
Tangible Book Value, 2 Yr. CAGR %	267.68	117.3	13	21.78	25.01
Common Equity, 2 Yr. CAGR %	262.91	98.89	12.54	19.82	23.26
Cash From Operations, 2 Yr. CAGR %	80.21	292.97	270.59	49.98	24.45
Capital Expenditures, 2 Yr. CAGR %	82.08	134.13	31.9	0.17	30.51
Levered Free Cash Flow, 2 Yr. CAGR %	-	473.43	42.66	20.78	9.88
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	477.07	42.99	22.73	11.59
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	66.01	61.52	47.35	35.11
Gross Profit, 3 Yr. CAGR %	-	68.52	66.53	48.38	40.36
EBITDA, 3 Yr. CAGR %	-	110.78	245.55	24.12	59.64
EBITA, 3 Yr. CAGR %	-	150.36	120.89	16.28	62.41
EBIT, 3 Yr. CAGR %	-	146.46	119.08	14.35	64.24
Earnings From Cont. Operations, 3 Yr. CAGR %	-	239.62	42.51	12.49	52.27
Net Income, 3 Yr. CAGR %	-	239.62	42.51	12.49	52.27
Normalized Net Income, 3 Yr. CAGR %	-	191.44	41.48	20.56	38.11
Diluted EPS Before Extra, 3 Yr. CAGR %	-	206.02	33.5	7.75	50.1
Accounts Receivable, 3 Yr. CAGR %	-	61.54	58.3	35.33	20.49
Inventory, 3 Yr. CAGR %	-	107.09	51.33	46.18	2
Net Property, Plant and Equip., 3 Yr. CAGR %	-	144.2	97.84	28.53	41.11
Total Assets, 3 Yr. CAGR %	-	112.72	60.88	24.34	27.06
Tangible Book Value, 3 Yr. CAGR %	-	148.63	74.39	19.02	20.62
Common Equity, 3 Yr. CAGR %	-	146.9	63.67	17.94	18.97
Cash From Operations, 3 Yr. CAGR %	-	251.7	150.87	211.46	16.56
Capital Expenditures, 3 Yr. CAGR %	-	100.94	57.28	34.98	6.53
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	193.57	56.84	-2.43
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	197.54	57.31	-0.5
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	54.06	47.94
Gross Profit, 5 Yr. CAGR %	-	-	-	57.92	52.3
EBITDA, 5 Yr. CAGR %	-	-	-	86.52	142.57
EBITA, 5 Yr. CAGR %	-	-	-	106.98	86.1
EBIT, 5 Yr. CAGR %	-	-	-	106.07	85.6
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	177.48	49.26
Net Income, 5 Yr. CAGR %	-	-	-	177.48	49.26
Normalized Net Income, 5 Yr. CAGR %	-	-	-	145.33	53.09
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	159.34	42.59
Accounts Receivable, 5 Yr. CAGR %	-	-	-	42.82	42.69
Inventory, 5 Yr. CAGR %	-	-	-	56.58	32.48
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	95.68	74.51
Total Assets, 5 Yr. CAGR %	-	-	-	75.29	49.27
Tangible Book Value, 5 Yr. CAGR %	-	-	-	86.88	52.65
Common Equity, 5 Yr. CAGR %	-	-	-	84.89	46.12
Cash From Operations, 5 Yr. CAGR %	-	-	-	150.1	89.53
Capital Expenditures, 5 Yr. CAGR %	-	-	-	52.1	45.97
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	98.15
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	101