On Holding AG (ONON) Balance Sheet

NYSE: ONONAssets, liabilities, debt and equity over 7 years.

ONON balance sheet, 2025

December 31, 2025 · Swiss francs

CHF 2.84B assets = CHF 1.20B liabilities + CHF 1.63B equity

What it ownsCHF 2.84BCash & ST investments: CHF 1.02B (36.0%)Cash & ST investmentsCHF 1.02B · 36%Receivables: CHF 305.7M (10.8%)Receivables CHF 305.7MInventory: CHF 420.3M (14.8%)InventoryCHF 420.3M · 15%Other current: CHF 217.5M (7.7%)Other current CHF 217.5MPP&E: CHF 643.6M (22.7%)PP&ECHF 643.6M · 23%Goodwill & intangibles: CHF 56.1M (2.0%)Other non-current: CHF 174.3M (6.1%)CHF 174.3M=How it is financedCHF 2.84BCurrent liabilities: CHF 725.2M (25.5%)Current liabilitiesCHF 725.2M · 26%Other LT liabilities: CHF 479.1M (16.9%)Other LT liabilitiesCHF 479.1M · 17%Shareholders’ equity: CHF 1.63B (57.6%)Shareholders’ equityCHF 1.63B · 58%

Both columns are drawn to the same scale: what ONON owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ONON financial health

Current ratio2.71
Comfortable · current assets cover current liabilities 2.71×
Debt / equity0.36
Low leverage · CHF 0.36 of debt for each $1 of equity
Equity / assets57.6%
Equity-funded · of assets funded by shareholders
Cash / debt175.5%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles2.0%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ONON balance sheet trends, 2019–2025

MetricTrendThenLatestChange
Total assetsCHF 143.6M2019CHF 2.84B2025+64.4%/yr
Total liabilitiesCHF 79.2M2019CHF 1.20B2025+57.4%/yr
Shareholders’ equityCHF 64.4M2019CHF 1.63B2025+71.4%/yr
Cash & short-term investmentsCHF 17.9M2019CHF 1.02B2025+96.3%/yr
Total debtCHF 20.2M2019CHF 581.7M2025+75.1%/yr
Net cash (debt)−CHF 2.3M2019CHF 439.4M2025CHF 441.7M
Working capitalCHF 54.9M2019CHF 1.24B2025CHF 1.2B
Current ratio1.8420192.712025+0.87
Debt / equity0.3120190.362025+0.04
Shares outstanding305.7M2019333.9M2025+1.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ONON assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ONON liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ONON debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ONON balance sheet in Swiss francs

2025202420232022202120202019
Assets
Cash & short-term investmentsCHF 1.02BCHF 968.0MCHF 512.4MCHF 397.3MCHF 676.8MCHF 100.5MCHF 17.9M
Cash & equivalentsCHF 1.02BCHF 924.3MCHF 494.6MCHF 371.0MCHF 653.1MCHF 90.6MCHF 11.9M
Short-term investmentsCHF 59.2MCHF 43.7MCHF 17.8MCHF 26.3MCHF 23.7MCHF 9.9MCHF 5.9M
ReceivablesCHF 305.7MCHF 246.1MCHF 204.8MCHF 174.6MCHF 99.3MCHF 51.6MCHF 41.4M
InventoryCHF 420.3MCHF 419.2MCHF 356.5MCHF 395.6MCHF 134.2MCHF 102.9MCHF 44.5M
Other current assetsCHF 217.5MCHF 126.4MCHF 77.6MCHF 84.0MCHF 54.3MCHF 27.2MCHF 16.3M
Total current assetsCHF 1.96BCHF 1.76BCHF 1.15BCHF 1.05BCHF 964.6MCHF 282.3MCHF 120.2M
Property, plant & equipment (net)CHF 643.6MCHF 450.8MCHF 307.5MCHF 228.8MCHF 212.3MCHF 39.7MCHF 15.7M
Goodwill & intangible assetsCHF 56.1MCHF 58.3MCHF 64.6MCHF 70.3MCHF 57.5MCHF 54.7MCHF 5.9M
Long-term investmentsCHF 0CHF 0CHF 0CHF 0CHF 0CHF 0CHF 0
Other non-current assetsCHF 174.3MCHF 107.9MCHF 69.6MCHF 31.8MCHF 2.1MCHF 5.9MCHF 1.8M
Total assetsCHF 2.84BCHF 2.38BCHF 1.59BCHF 1.38BCHF 1.24BCHF 382.6MCHF 143.6M
Liabilities
Accounts payableCHF 155.0MCHF 166.5MCHF 65.1MCHF 111.0MCHF 45.9MCHF 41.5MCHF 16.4M
Short-term debtCHF 138.1MCHF 59.1MCHF 38.7MCHF 21.6MCHF 13.6MCHF 4.6MCHF 16.9M
Deferred revenue——CHF 23.5M—CHF 3.7MCHF 31.8MCHF 24.7M
Total current liabilitiesCHF 725.2MCHF 660.4MCHF 305.6MCHF 242.7MCHF 205.0MCHF 86.4MCHF 65.3M
Long-term debtCHF 0CHF 0CHF 0CHF 0CHF 0CHF 0CHF 200,000
Lease obligationsCHF 521.5MCHF 347.6MCHF 229.0MCHF 160.4MCHF 180.9MCHF 23.5MCHF 5.2M
Other long-term liabilitiesCHF 479.1MCHF 324.5MCHF 212.9MCHF 170.2MCHF 183.1MCHF 51.1MCHF 13.7M
Total liabilitiesCHF 1.20BCHF 984.9MCHF 518.5MCHF 412.9MCHF 388.1MCHF 137.5MCHF 79.2M
Shareholders' equity
Common stock & paid-in capitalCHF 34.1MCHF 33.7MCHF 33.5MCHF 33.5MCHF 33.5MCHF 2.2MCHF 1.9M
Retained earnings (deficit)CHF 383.0MCHF 232.8M−CHF 21.0M−CHF 109.1M−CHF 189.6M−CHF 27.7M−CHF 191,000
Accumulated other comprehensive incomeCHF 1.29BCHF 395.2MCHF 331.8MCHF 314.3MCHF 272.6MCHF 95.4MCHF 20.5M
Total shareholders' equityCHF 1.63BCHF 1.39BCHF 1.07BCHF 969.5MCHF 848.4MCHF 245.1MCHF 64.4M
Key figures
Total debtCHF 581.7MCHF 347.6MCHF 229.0MCHF 160.4MCHF 180.8MCHF 23.7MCHF 20.2M
Net cash (debt)CHF 439.4MCHF 620.4MCHF 283.4MCHF 236.9MCHF 496.0MCHF 76.8M−CHF 2.3M
Working capitalCHF 1.24BCHF 1.10BCHF 845.7MCHF 808.8MCHF 759.6MCHF 195.9MCHF 54.9M
Tangible book valueCHF 1.58BCHF 1.33BCHF 1.01BCHF 899.2MCHF 790.9MCHF 190.4MCHF 58.5M
Shares outstanding333.9M338.9M323.3M319.8M311.4M305.7M305.7M
Current ratio2.712.663.774.334.713.271.84
Quick ratio1.831.842.352.363.791.760.91
Debt / equity0.360.250.210.170.210.100.31
Equity / assets57.6%58.6%67.5%70.1%68.6%64.1%44.8%

Quarterly columns are labeled by the month the quarter ended. Figures in Swiss francs as reported (latest annual report filed March 3, 2026); data from EODHD.

ONON financial position

At the end of fiscal 2025 (December 31, 2025), On had total assets of CHF 2.8 billion (up 19.4% from a year earlier), total liabilities of CHF 1.2 billion and shareholders' equity of CHF 1.6 billion. It held CHF 1.0 billion in cash and short-term investments against CHF 581.7 million of debt, a net cash position of CHF 439.4 million. Its current ratio was 2.71. In the latest quarter (ended June 30, 2026) total assets were CHF 3.2 billion and equity CHF 1.9 billion.

Related: ONON income statement, ONON cash flow statement, ONON key metrics. See the ONON stock overview for the latest quote and news.

ONON balance sheet FAQ

What are On's total assets?

On reported total assets of CHF 2.8 billion at the end of fiscal 2025 (December 31, 2025), compared with CHF 2.4 billion a year earlier.

How much debt does On have?

On had CHF 581.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.36.

How much cash does On have?

On held CHF 1.0 billion in cash and short-term investments at the end of fiscal 2025; with CHF 581.7 million of debt that is net cash of CHF 439.4 million.

What is On's book value?

On's shareholders' equity (book value) was CHF 1.6 billion at the end of fiscal 2025.

What is On's current ratio?

On had current assets of CHF 2.0 billion and current liabilities of CHF 725.2 million, a current ratio of 2.71 (it can cover its short-term obligations).

How much goodwill does On have?

On carried CHF 56.1 million of goodwill and intangible assets, 2.0% of total assets, at the end of fiscal 2025.

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