On Holding vs Steven Madden
On Holding is the larger business, with $3.64bn of revenue in fiscal 2025 against $2.53bn for Steven Madden (1.4 times as much). On Holding grew faster (38.1% against 11.0%). On Holding kept more of each dollar of sales as profit: a net margin of 6.8% against 1.9%.
| Latest fiscal year | On HoldingONON, 2025 | Steven MaddenSHOO, 2025 |
|---|---|---|
| Revenue | $3.64bn | $2.53bn |
| Revenue growth | 38.1% | 11.0% |
| Net income | $246m | $49.0m |
| Operating margin | 12.5% | — |
| Net margin | 6.8% | 1.9% |
| Return on equity | 13.7% | 5.7% |
| Free cash flow | $346m | $120m |
| Cash | $1.29bn | $112m |
| Total debt | $0 | $234m |
| Debt to equity | 0.0% | — |
| Dividend per share | — | $0.84 |
| Dividend yield | — | 1.9% |
| Share buybacks | — | $13.5m |
| Employees | — | 6,300 |
| Market value | $10.54bn | $3.19bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | — | 68 (Moderate) |
| Insider trades, 12 months | 8 buys, 9 sales | 0 buys, 20 sales |