🚀 VC round data is live in beta, check it out!
On Valuation Multiples
Discover revenue and EBITDA valuation multiples for On and similar public comparables like Trent, Deckers Brands, Prada, Moncler and more.
On Overview
About On
Founded in Switzerland in 2010, sportswear firm On Holding AG generates about 93% of its sales from athletic shoes. The brand is best known for its running shoes and its distinctive CloudTec soles. On also produces athletic apparel (6% of sales) and accessories (1%). The firm’s merchandise is available in more than 80 countries and is sold through both wholesale (58% of sales) and company-owned channels (42%). In 2025, On generated about 57% of its sales in North America, 26% in Europe, the Middle East, and Africa, and 17% in the Asia-Pacific region.
Founded
2010
HQ
Employees
3.3K
Website
Financials (LTM)
EV
$15B
On Financials
On reported last 12-month revenue of $4B and EBITDA of $750M.
In the same LTM period, On generated $3B in gross profit, $750M in EBITDA, and $280M in net income.
Revenue (LTM)
On P&L
In the most recent fiscal year, On reported revenue of $4B and EBITDA of $722M.
On expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Profit | $3B | XXX | $2B | XXX | XXX | XXX |
| Gross Margin | 63% | XXX | 63% | XXX | XXX | XXX |
| EBITDA | $750M | XXX | $722M | XXX | XXX | XXX |
| EBITDA Margin | 19% | XXX | 19% | XXX | XXX | XXX |
| EBIT Margin | 14% | XXX | 14% | XXX | XXX | XXX |
| Net Profit | $280M | XXX | $258M | XXX | XXX | XXX |
| Net Margin | 7% | XXX | 7% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
On Stock Performance
On has current market cap of $15B, and enterprise value of $15B.
Market Cap Evolution
On's stock price is $46.76.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $15B | $15B | 0.0% | XXX | XXX | XXX | $0.78 |
Benchmark Trading Valuation Multiples by Industry
Sign up to access valuation multiples like growth-adjusted P/E, Rule of 40, next 12-month EV/Revenue, EBITDA multiples by industry, consensus analyst estimates and many more.
Start Free TrialOn Valuation Multiples
On trades at 3.7x EV/Revenue multiple, and 19.7x EV/EBITDA.
EV / Revenue (LTM)
On Financial Valuation Multiples
As of March 18, 2026, On has market cap of $15B and EV of $15B.
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 55.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $15B | XXX | $15B | XXX | XXX | XXX |
| EV (current) | $15B | XXX | $15B | XXX | XXX | XXX |
| EV/Revenue | 3.7x | XXX | 3.8x | XXX | XXX | XXX |
| EV/EBITDA | 19.7x | XXX | 20.4x | XXX | XXX | XXX |
| EV/EBIT | 27.3x | XXX | 28.3x | XXX | XXX | XXX |
| EV/Gross Profit | 5.9x | XXX | 6.1x | XXX | XXX | XXX |
| P/E | 55.2x | XXX | 59.7x | XXX | XXX | XXX |
| EV/FCF | 45.5x | XXX | 41.4x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified On Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
On Margins & Growth Rates
On's revenue in the last 12 month grew by 18%.
On's revenue per employee in the last FY averaged $1.2M.
On's rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
On's rule of X is 63% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
On Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 18% | XXX | 17% | XXX | XXX | XXX |
| EBITDA Margin | 19% | XXX | 19% | XXX | XXX | XXX |
| EBITDA Growth | 20% | XXX | 18% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 37% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 63% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 11% | XXX | 32% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 16% | XXX | 18% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 0% | XXX | — | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 50% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
On Public Comps
See public comps and valuation multiples for other Clothing & Accessories and Sports & Leisure comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Trent | XXX | XXX | XXX | XXX | XXX | XXX |
| Deckers Brands | XXX | XXX | XXX | XXX | XXX | XXX |
| Prada | XXX | XXX | XXX | XXX | XXX | XXX |
| Moncler | XXX | XXX | XXX | XXX | XXX | XXX |
| Associated British Foods | 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 M&A Activity
On acquired XXX companies to date.
Last acquisition by On was on XXXXXXXX, XXXXX. On acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by On
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
Sign up to see revenue and EBITDA valuation multiples for 150K+ M&A deals.
Start Free TrialOn Investment Activity
On invested in XXX companies to date.
On made its latest investment on XXXXXXXX, XXXXX. On invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by On
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAbout On
| When was On founded? | On was founded in 2010. |
| Where is On headquartered? | On is headquartered in United States. |
| How many employees does On have? | As of today, On has over 3K employees. |
| Who is the CEO of On? | On's CEO is Martin Hoffmann. |
| Is On publicly listed? | Yes, On is a public company listed on NYSE. |
| 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? | On main competitors are Trent, Deckers Brands, Prada, Moncler. |
| What is the current market cap of On? | On's current market cap is $15B. |
| What is the current revenue of On? | On's last 12 months revenue is $4B. |
| What is the current revenue growth of On? | On revenue growth (NTM/LTM) is 18%. |
| What is the current EV/Revenue multiple of On? | Current revenue multiple of On is 3.7x. |
| 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 $750M. |
| What is On's EBITDA margin? | On's last 12 months EBITDA margin is 19%. |
| What is the current EV/EBITDA multiple of On? | Current EBITDA multiple of On is 19.7x. |
| What is the current FCF of On? | On's last 12 months FCF is $324M. |
| What is On's FCF margin? | On's last 12 months FCF margin is 8%. |
| What is the current EV/FCF multiple of On? | Current FCF multiple of On is 45.5x. |
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.