ONON - On Holding AG
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$54.75
DETAILS
HIGH:
$85.00
LOW:
$42.00
MEDIAN:
$52.00
CONSENSUS:
$54.75
UPSIDE:
37.53%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 2,878.5 | 2,318.3 | 1,792.1 | 1,222.1 | 724.6 | 425.3 | 267.1 |
| Cost of Revenue | 1,069.9 | 912.6 | 724.8 | 537.2 | 294.3 | 194.2 | 124.0 |
| Gross Profit | 1,808.6 | 1,405.7 | 1,067.3 | 684.9 | 430.3 | 231.1 | 143.1 |
| Operating Expenses | |||||||
| R&D Expenses | 0 | 0 | 8.9 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 1,448.4 | 1,194.2 | 855.2 | 599.8 | 571.4 | 248.2 | 137.4 |
| Other Expenses | 0 | (0.1) | 23 | 0 | 0 | 0 | 0 |
| Operating Expenses | 1,448.4 | 1,194.1 | 887.1 | 599.8 | 571.4 | 248.2 | 137.4 |
| Operating Income | |||||||
| Operating Income | 360.1 | 211.6 | 180.2 | 85.1 | (141.1) | (17.1) | 5.7 |
| Interest Expense | 28.3 | 23.8 | 10.8 | 6.2 | 3.5 | 0.9 | 0.6 |
| Interest Income | 29.5 | 24.2 | 10.9 | 5.5 | 0 | 0 | 0 |
| Profitability | |||||||
| EBITDA | 481.8 | 400 | 206.3 | 128.6 | (125.8) | (12) | 8.6 |
| EBIT | 360.1 | 295.4 | 179.8 | 82.2 | (157.2) | (24.1) | 3.3 |
| Income Before Tax | 196.0 | 279.6 | 69.1 | 77.9 | (159.6) | (24.4) | 3.1 |
| Income Tax Expense | 1.4 | 37.4 | (10.5) | 20.2 | 10.6 | 3.1 | 4.6 |
| Net Income | 194.5 | 242.3 | 79.6 | 57.7 | (170.2) | (27.5) | (1.5) |
| Per Share Data | |||||||
| EPS (Basic) | 0.59 | 0.71 | 0.25 | 0.18 | -0.55 | -0.09 | -0.00 |
| EPS (Diluted) | 0.58 | 0.71 | 0.25 | 0.18 | -0.55 | -0.09 | -0.00 |
| Shares Outstanding | 329.5 | 338.9 | 323.3 | 316.7 | 311.4 | 305.7 | 305.7 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 1,021.1 | 924.3 | 494.6 | 371 | 653.1 | 90.6 | 11.9 |
| Short-Term Investments | 0 | 43.7 | 17.8 | 26.3 | 23.7 | 9.9 | 5.9 |
| Net Receivables | 305.7 | 246.1 | 204.8 | 174.6 | 99.3 | 51.6 | 41.4 |
| Inventory | 420.3 | 419.2 | 356.5 | 395.6 | 134.2 | 102.9 | 44.5 |
| Other Current Assets | 217.5 | 84.4 | 50.6 | 63 | 37.8 | 22.0 | 16.3 |
| Total Current Assets | 1,964.6 | 1,759.7 | 1,151.3 | 1,051.5 | 964.6 | 282.3 | 120.2 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 643.6 | 450.8 | 307.5 | 228.8 | 212.3 | 39.7 | 15.7 |
| Goodwill | 0 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
| Intangible Assets | 54.3 | 56.5 | 62.8 | 68.5 | 55.7 | 52.9 | 4.1 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 107.9 | 69.6 | 31.8 | 2.1 | 0 | 1.8 |
| Total Non-Current Assets | 874.0 | 617 | 441.7 | 330.9 | 271.9 | 100.3 | 23.5 |
| Total Assets | 2,838.6 | 2,376.7 | 1,593 | 1,382.4 | 1,236.5 | 382.6 | 143.6 |
| Current Liabilities | |||||||
| Account Payables | 155.0 | 166.5 | 65.1 | 111 | 45.9 | 41.5 | 16.4 |
| Short-Term Debt | 138.1 | 0 | 0 | 0 | 0 | 0.2 | 14.8 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 368.9 | 152.4 | 62.9 | 40 | 15.9 | 6.4 | 9.4 |
| Total Current Liabilities | 725.2 | 660.4 | 305.6 | 242.7 | 205 | 86.4 | 65.3 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 2.8 | 0 | 0 | 0 | 0 | 0 | 0.2 |
| Deferred Tax Liabilities | 9.3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 26.2 | 36 | 22.6 | 31.4 | 15.9 | 31.9 | 10.6 |
| Total Non-Current Liabilities | 479.1 | 324.5 | 212.9 | 170.2 | 183.1 | 51.1 | 13.9 |
| Total Liabilities | 1,204.4 | 984.9 | 518.5 | 412.9 | 388.1 | 137.5 | 79.2 |
| Stockholders' Equity | |||||||
| Common Stock | 34.1 | 33.7 | 33.5 | 33.5 | 33.5 | 2.2 | 1.9 |
| Retained Earnings | 383.0 | 232.8 | (21) | (109.1) | (189.6) | (27.7) | (0.2) |
| Accumulated Other Comprehensive Income | 1,290.5 | 395.2 | 331.8 | 314.3 | 272.6 | 95.4 | 20.5 |
| Total Stockholders' Equity | 1,634.3 | 1,391.8 | 1,074.5 | 969.5 | 848.4 | 245.1 | 64.4 |
| Total Liabilities & Equity | 2,838.6 | 2,376.7 | 1,593 | 1,382.4 | 1,236.5 | 382.6 | 143.6 |
| Debt Metrics | |||||||
| Total Debt | 581.7 | 347.6 | 229 | 160.4 | 180.8 | 23.7 | 20.2 |
| Net Debt | (439.4) | (576.7) | (265.6) | (210.6) | (472.3) | (66.9) | 8.3 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | 194.5 | 242.3 | 79.6 | 57.7 | (170.2) | (27.5) | (1.5) |
| Depreciation & Amortization | 121.7 | 104.6 | 64.9 | 46.4 | 31.4 | 12.1 | 5.3 |
| Stock-Based Compensation | 0 | 57.5 | 27.3 | 38.3 | 192.4 | 48.6 | 18.8 |
| Change in Working Capital | (162.8) | 141.8 | (7.8) | (353.4) | (66.4) | (55.7) | (33.4) |
| Other Non-Cash Items | 240.6 | (73) | 78.6 | (36.2) | 19.1 | 4.7 | 0.8 |
| Operating Cash Flow | 322.8 | 510.6 | 232.1 | (227) | 16.9 | (14.7) | (5.2) |
| Investing Activities | |||||||
| Capital Expenditure | (69.6) | (65) | (47.2) | (83) | (36.2) | (18.6) | (9.2) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | (0.3) |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | (4.4) | (4.3) | (22.6) | (11.8) | (7.6) | 0 |
| Investing Cash Flow | (75.1) | (64.9) | (47.1) | (82.9) | (36.4) | (18.6) | (9.5) |
| Financing Activities | |||||||
| Net Debt Issuance | 0 | (51.3) | (25.5) | (15.4) | (13.3) | (6.4) | (0.2) |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (66.8) | (4.3) | 3.7 | 21.7 | (9.1) | (2.1) | (0.5) |
| Financing Cash Flow | (54.4) | (55.4) | (21.8) | 6.3 | 595.9 | 124.8 | (0.7) |
| Cash Position | |||||||
| Net Change in Cash | 212.1 | 429.7 | 123.6 | (282.1) | 562.5 | 90.5 | (15.6) |
| Cash at Beginning | 808.9 | 494.6 | 371 | 653.1 | 90.6 | 0.1 | 15.8 |
| Cash at End | 1,021.1 | 924.3 | 494.6 | 371 | 653.1 | 90.6 | 0.1 |
| Free Cash Flow | 253.2 | 445.6 | 184.9 | (310) | (19.3) | (33.3) | (14.4) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 2,878.5 | 2,318.3 | 1,792.1 | 1,222.1 | 724.6 | 425.3 | 267.1 |
| Gross Profit | 1,808.6 | 1,405.7 | 1,067.3 | 684.9 | 430.3 | 231.1 | 143.1 |
| Operating Income | 360.1 | 211.6 | 180.2 | 85.1 | (141.1) | (17.1) | 5.7 |
| Net Income | 194.5 | 242.3 | 79.6 | 57.7 | (170.2) | (27.5) | (1.5) |
| EPS (Diluted) | 0.58 | 0.71 | 0.25 | 0.18 | -0.55 | -0.09 | -0.00 |
| Balance Sheet | |||||||
| Cash & Equivalents | 1,021.1 | 924.3 | 494.6 | 371 | 653.1 | 90.6 | 11.9 |
| Total Assets | 2,838.6 | 2,376.7 | 1,593 | 1,382.4 | 1,236.5 | 382.6 | 143.6 |
| Total Debt | 581.7 | 347.6 | 229 | 160.4 | 180.8 | 23.7 | 20.2 |
| Stockholders' Equity | 1,634.3 | 1,391.8 | 1,074.5 | 969.5 | 848.4 | 245.1 | 64.4 |
| Cash Flow | |||||||
| Operating Cash Flow | 322.8 | 510.6 | 232.1 | (227) | 16.9 | (14.7) | (5.2) |
| Capital Expenditure | (69.6) | (65) | (47.2) | (83) | (36.2) | (18.6) | (9.2) |
| Free Cash Flow | 253.2 | 445.6 | 184.9 | (310) | (19.3) | (33.3) | (14.4) |