On Holding AG key statistics and ratios

In fiscal 2025, On Holding AG had return on equity of 13.7%, an operating margin of 12.5%, debt equal to 0.0% of equity and a current ratio of 2.71. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

On Holding AG: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	53.6%	54.3%	59.4%	56.0%	59.6%	60.6%	62.8%
Operating margin	2.1%	−4.0%	−19.5%	7.0%	10.1%	9.1%	12.5%
Net margin	−0.6%	−6.5%	−23.5%	4.7%	4.4%	10.5%	6.8%
Free-cash-flow margin	−4.7%	−6.0%	−1.1%	−23.5%	10.6%	19.4%	9.5%
Return on equity	−2.2%	−17.1%	−30.9%	6.1%	7.6%	19.6%	13.7%
Return on assets	—	−6.8%	−20.9%	4.2%	5.2%	12.2%	7.9%
Asset turnover	—	1.05	0.89	0.90	1.18	1.17	1.17
Current ratio	—	3.27	4.71	4.33	3.77	2.66	2.71
Debt to equity	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	93.3x	n/m	n/m	20.3x	27.7x	13.8x	17.6x
Effective tax rate	—	—	—	25.9%	−15.2%	13.4%	0.7%
R&D as % of revenue	—	0.4%	0.7%	0.7%	0.5%	0.4%	0.4%
Capital spending as % of revenue	2.8%	2.6%	3.4%	4.9%	2.4%	2.6%	2.4%
Free cash flow ÷ net income	—	—	—	−497.9%	237.8%	185.8%	140.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · December 31, 2025

What it owns · $3.6bn

Short-term assets $2.5bnLonger-term assets $1.1bn

What it owes, and who funded it · $3.0bn

Short-term liabilities $913mShareholders' equity $2.1bn

Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $913m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $455m against $26m of interest.

From On Holding AG's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from On Holding AG's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to On Holding AG.