On Holding AG (ONON) Key Metrics
ONON key metrics, 2019–2025
Fiscal year ended December 31, 2025 · Swiss francsONON returns How much profit the business earns on the capital it uses.
ONON financial health Debt, liquidity and how easily interest is covered.
ONON efficiency & capital use Working capital cycle and where the cash goes.
ONON returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ONON debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ONON key metrics in Swiss francs
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||
| Return on equity (ROE) | 13.5% | 19.6% | 7.8% | 6.3% | −31.1% | −17.8% | −2.3% |
| Return on invested capital (ROIC) | 38.1% | 23.5% | 23.7% | 11.6% | −42.8% | −11.5% | 4.3% |
| Return on assets (ROA) | 7.8% | 12.2% | 5.4% | 4.4% | −21.0% | −10.5% | −1.0% |
| Return on tangible assets | 7.3% | 10.5% | 5.2% | 4.4% | −14.4% | −8.4% | −1.1% |
| Free cash flow margin | 8.4% | 19.2% | 10.3% | −25.4% | −2.7% | −7.8% | −5.4% |
| Income quality (OCF / net income) | 1.58 | 2.11 | 2.92 | −3.93 | — | — | — |
| Financial health | |||||||
| Total debt | CHF 581.7M | CHF 347.6M | CHF 229.0M | CHF 160.4M | CHF 180.8M | CHF 23.7M | CHF 20.2M |
| Cash & short-term investments | CHF 1.02B | CHF 968.0M | CHF 512.4M | CHF 397.3M | CHF 676.8M | CHF 100.5M | CHF 17.9M |
| Net debt | −CHF 439.4M | −CHF 620.4M | −CHF 283.4M | −CHF 236.9M | −CHF 496.0M | −CHF 76.8M | CHF 2.3M |
| Debt / equity | 0.36 | 0.25 | 0.21 | 0.17 | 0.21 | 0.10 | 0.31 |
| Debt / assets | 0.20 | 0.15 | 0.14 | 0.12 | 0.15 | 0.06 | 0.14 |
| Net debt / EBITDA | −1.24 | −1.55 | −1.16 | −1.84 | — | — | 0.27 |
| Current ratio | 2.71 | 2.66 | 3.77 | 4.33 | 4.71 | 3.27 | 1.84 |
| Quick ratio | 2.13 | 2.03 | 2.60 | 2.70 | 4.05 | 2.08 | 1.16 |
| Interest coverage | 17.2 | 8.9 | 16.8 | 13.7 | -39.9 | -20.1 | 9.0 |
| Working capital | CHF 1.24B | CHF 1.10B | CHF 845.7M | CHF 808.8M | CHF 759.6M | CHF 195.9M | CHF 54.9M |
| Invested capital | CHF 1.19B | CHF 771.4M | CHF 791.1M | CHF 732.6M | CHF 352.4M | CHF 168.3M | CHF 66.7M |
| Tangible asset value | CHF 1.58B | CHF 1.33B | CHF 1.01B | CHF 899.2M | CHF 790.9M | CHF 190.4M | CHF 58.5M |
| Net current asset value | CHF 760.3M | CHF 774.8M | CHF 632.8M | CHF 638.6M | CHF 576.5M | CHF 144.8M | CHF 40.9M |
| Capital allocation | |||||||
| Dividends paid | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 |
| Dividend payout ratio | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Dividends + buybacks / free cash flow | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Capex / revenue | 2.3% | 2.8% | 2.6% | 6.8% | 5.0% | 4.4% | 3.5% |
| Capex / operating cash flow | 21.6% | 12.7% | 20.3% | — | 214.2% | — | — |
| Capex / depreciation | 0.55 | 0.62 | 0.73 | 1.79 | 1.15 | 1.54 | 1.73 |
| Stock-based compensation / revenue | 2.2% | 2.5% | 1.5% | 3.1% | 26.6% | 11.4% | 7.1% |
| R&D / revenue | — | — | 0.5% | — | — | — | — |
| SG&A / revenue | 50.3% | 51.5% | 47.7% | 49.1% | 78.9% | 58.4% | 51.4% |
| Efficiency | |||||||
| Days sales outstanding | 33.4 | 35.5 | 38.6 | 40.9 | 38.0 | 39.9 | 56.6 |
| Days of inventory on hand | 136.8 | 155.1 | 189.4 | 180.0 | 147.0 | 138.5 | 131.1 |
| Days payables outstanding | 52.4 | 46.3 | 44.3 | 53.3 | 54.2 | 54.5 | 48.3 |
| Cash conversion cycle (days) | 117.8 | 144.3 | 183.7 | 167.6 | 130.8 | 124.0 | 139.4 |
| Receivables turnover | 10.92 | 10.28 | 9.45 | 8.92 | 9.60 | 9.14 | 6.45 |
| Payables turnover | 6.97 | 7.88 | 8.23 | 6.85 | 6.73 | 6.70 | 7.55 |
| Inventory turnover | 2.67 | 2.35 | 1.93 | 2.03 | 2.48 | 2.63 | 2.78 |
| Asset turnover | 1.16 | 1.17 | 1.20 | 0.93 | 0.90 | 1.62 | 1.86 |
| Average receivables | CHF 275.9M | CHF 225.4M | CHF 189.7M | CHF 136.9M | CHF 75.5M | CHF 46.5M | CHF 41.4M |
| Average payables | CHF 160.7M | CHF 115.8M | CHF 88.0M | CHF 78.5M | CHF 43.7M | CHF 29.0M | CHF 16.4M |
| Average inventory | CHF 419.7M | CHF 387.9M | CHF 376.1M | CHF 264.9M | CHF 118.5M | CHF 73.7M | CHF 44.5M |
| Intangibles / total assets | 2.0% | 2.5% | 4.1% | 5.1% | 4.6% | 14.3% | 4.1% |
Computed from ONON's annual financial statements (latest annual report filed March 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Swiss francs; data from EODHD. Averages use the opening and closing balance of each year.
ONON valuation and financial ratios
On earned a return on equity of 13.5% and a return on invested capital of 38.1% in fiscal 2025. It ended the year with CHF 581.7 million of debt and CHF 1.0 billion in cash and short-term investments, a net cash position of CHF 439.4 million.
See the ONON income statement, the ONON chart for price history, or the ONON stock overview for the latest quote and news.
ONON key metrics FAQ
What is On's return on equity?
On's return on equity (ROE) was 13.5% in fiscal 2025: net income of CHF 203.7 million on average shareholders' equity of CHF 1.5 billion.
What is On's ROIC?
On's return on invested capital was 38.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does On have?
On had total debt of CHF 581.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.36 and more cash than debt.
Does On pay a dividend?
On did not pay a dividend in fiscal 2025.
What is On's current ratio?
On's current ratio was 2.71 at the end of fiscal 2025: current assets were 2.71 times current liabilities.