Caleres vs On Holding
On Holding is the larger business, with $3.64bn of revenue in fiscal 2025 against $2.76bn for Caleres (1.3 times as much). On Holding grew faster (38.1% against 1.3%). On Holding kept more of each dollar of sales as profit: a net margin of 6.8% against -0.2%.
| Latest fiscal year | CaleresCAL, 2026 | On HoldingONON, 2025 |
|---|---|---|
| Revenue | $2.76bn | $3.64bn |
| Revenue growth | 1.3% | 38.1% |
| Net income | −$6.7m | $246m |
| Operating margin | — | 12.5% |
| Net margin | -0.2% | 6.8% |
| Return on equity | -1.1% | 13.7% |
| Free cash flow | $39.4m | $346m |
| Cash | $29.8m | $1.29bn |
| Total debt | — | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | $0.28 | — |
| Dividend yield | 2.1% | — |
| Share buybacks | $5.0m | — |
| Employees | 10,000 | — |
| Market value | $448m | $10.80bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 41 (Weak) | — |
| Insider trades, 12 months | 0 buys, 1 sales | 8 buys, 9 sales |