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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 $3.6B
LTM EBITDA $611M
$18.7B
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 (LTM) of $3.6B and a last 12-month EBITDA of $611M.
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| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $3.6B | XXX | $2.3B | XXX | XXX | XXX |
| Gross Profit | $2.2B | XXX | $1.4B | XXX | XXX | XXX |
| Gross Margin | 61% | XXX | 61% | XXX | XXX | XXX |
| EBITDA | $611M | XXX | $400M | XXX | XXX | XXX |
| EBITDA Margin | 17% | XXX | 17% | XXX | XXX | XXX |
| EBIT | $406M | XXX | $212M | XXX | XXX | XXX |
| EBIT Margin | 11% | XXX | 9% | XXX | XXX | XXX |
| Net Profit | $347M | XXX | $242M | XXX | XXX | XXX |
| Net Margin | 10% | XXX | 10% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, On's stock price is $59.
On has current market cap of $19.4B, and EV of $18.7B.
See On trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $18.7B | $19.4B | XXX | XXX | XXX | XXX | $1.09 |
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Start Free TrialAs of May 30, 2025, On has market cap of $19.4B and EV of $18.7B.
On's trades at 8.1x EV/Revenue multiple, and 46.7x EV/EBITDA.
Equity research analysts estimate On's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
On has a P/E ratio of 67.0x.
See valuation multiples for On and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $19.4B | XXX | $19.4B | XXX | XXX | XXX |
| EV (current) | $18.7B | XXX | $18.7B | XXX | XXX | XXX |
| EV/Revenue | 6.2x | XXX | 8.1x | XXX | XXX | XXX |
| EV/EBITDA | 36.7x | XXX | 46.7x | XXX | XXX | XXX |
| EV/EBIT | 55.3x | XXX | 88.3x | XXX | XXX | XXX |
| EV/Gross Profit | 10.2x | XXX | n/a | XXX | XXX | XXX |
| P/E | 67.0x | XXX | 79.9x | XXX | XXX | XXX |
| EV/FCF | 54.8x | XXX | 41.9x | 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.
Start Free TrialOn's last 12 month revenue growth is 31%
On's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.4M for the same period.
On's rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
On's rule of X is 95% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for On and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 31% | XXX | 39% | XXX | XXX | XXX |
| EBITDA Margin | 17% | XXX | 17% | XXX | XXX | XXX |
| EBITDA Growth | 35% | XXX | 108% | XXX | XXX | XXX |
| Rule of 40 | 39% | XXX | 48% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 95% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.7M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.4M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 32% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 52% | 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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Start Free Trial| 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 $19.4B |
| What is the current revenue of On? | On's last 12 months revenue is $3.6B. |
| What is the current revenue growth of On? | On revenue growth (NTM/LTM) is 31%. |
| What is the current EV/Revenue multiple of On? | Current revenue multiple of On is 6.2x. |
| Is On profitable? | Yes, On is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of On? | On's last 12 months EBITDA is $611M. |
| What is On's EBITDA margin? | On's last 12 months EBITDA margin is 17%. |
| What is the current EV/EBITDA multiple of On? | Current EBITDA multiple of On is 36.7x. |
| What is the current FCF of On? | On's last 12 months FCF is $410M. |
| What is On's FCF margin? | On's last 12 months FCF margin is 11%. |
| What is the current EV/FCF multiple of On? | Current FCF multiple of On is 54.8x. |
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