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On Holding AG is a premium performance sports brand rooted in technology, design, and impact. Its shoes, apparel, and accessories products are designed predominantly for athletic use, casual, or leisure purposes. It does not manufacture the products or the raw materials and relies instead on third-party suppliers and contract manufacturers. Geographically, it derives a majority of its revenue from the Americas and rest from Europe, Middle East and Africa and Asia-Pacific region.
2010
3.3K+
LTM Revenue $3.3B
LTM EBITDA $554M
$13.2B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
On has a last 12-month revenue of $3.3B and a last 12-month EBITDA of $554M.
In the most recent fiscal year, On achieved revenue of $2.3B and an EBITDA of $400M.
On expects next 12-month revenue of XXX and NTM EBITDA of XXX
See On valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2.3B | XXX | XXX | XXX |
| Gross Profit | $685M | $1.1B | XXX | XXX | XXX |
| Gross Margin | 38% | 46% | XXX | XXX | XXX |
| EBITDA | $141M | $400M | XXX | XXX | XXX |
| EBITDA Margin | 8% | 17% | XXX | XXX | XXX |
| Net Profit | $57.7M | $79.6M | XXX | XXX | XXX |
| Net Margin | 3% | 3% | XXX | XXX | XXX |
| Net Debt | n/a | n/a | XXX | XXX | XXX |
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As of April 15, 2025, On's stock price is $43.
On has current market cap of $14.0B, and EV of $13.2B.
See On trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $13.2B | $14.0B | XXX | XXX | XXX | XXX | $1.12 |
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Sign UpAs of April 15, 2025, On has market cap of $14.0B and EV of $13.2B.
On's trades at 4.6x LTM EV/Revenue multiple, and 26.9x LTM EBITDA.
Analysts estimate On's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for On and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $13.2B | XXX | XXX | XXX |
| EV/Revenue | 5.7x | XXX | XXX | XXX |
| EV/EBITDA | 33.0x | XXX | XXX | XXX |
| P/E | 57.7x | XXX | XXX | XXX |
| P/E/Growth | 1.6x | XXX | XXX | XXX |
| EV/FCF | 29.6x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpOn's NTM/LTM revenue growth is 34%
On's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.4M for the same period.
Over next 12 months, On's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate On's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for On and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 29% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 17% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 184% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 51% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.7M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.4M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 32% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 20% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 52% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Brillia Inc | XXX | XXX | XXX | XXX | XXX | XXX |
| Cettire | XXX | XXX | XXX | XXX | XXX | XXX |
| Merino | XXX | XXX | XXX | XXX | XXX | XXX |
| Premier Investments | XXX | XXX | XXX | XXX | XXX | XXX |
| Step One Clothing | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
On acquired XXX companies to date.
Last acquisition by On was XXXXXXXX, XXXXX XXXXX XXXXXX . On acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was On founded? | On was founded in 2010. |
| Where is On headquartered? | On is headquartered in United States of America. |
| How many employees does On have? | As of today, On has 3.3K+ employees. |
| Who is the CEO of On? | On's CEO is Mr. Martin Hoffmann. |
| Is On publicy listed? | Yes, On is a public company listed on NYS. |
| What is the stock symbol of On? | On trades under ONON ticker. |
| When did On go public? | On went public in 2021. |
| Who are competitors of On? | Similar companies to On include e.g. Brillia Inc, Cettire, Merino, Premier Investments. |
| What is the current market cap of On? | On's current market cap is $14.0B |
| What is the current revenue of On? | On's last 12-month revenue is $3.3B. |
| What is the current EBITDA of On? | On's last 12-month EBITDA is $554M. |
| What is the current EV/Revenue multiple of On? | Current revenue multiple of On is 4.6x. |
| What is the current EV/EBITDA multiple of On? | Current EBITDA multiple of On is 26.9x. |
| What is the current revenue growth of On? | On revenue growth between 2023 and 2024 was 29%. |
| Is On profitable? | Yes, On is EBITDA-positive (as of the last 12 months). |
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