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On Valuation Multiples

Discover revenue and EBITDA valuation multiples for On and similar public comparables like Brillia Inc, Cettire, and Step One Clothing.

On Overview

About On

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.


Founded

2010

HQ

United States of America
Employees

3.3K+

Website

on.com

Financials

LTM Revenue $3.3B

LTM EBITDA $554M

EV

$13.2B

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On Financials

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

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On P&L

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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On Stock Performance

As of April 15, 2025, On's stock price is $43.

On has current market cap of $14.0B, and EV of $13.2B.

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On Stock 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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On Valuation Multiples

As 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

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On Financial Valuation Multiples

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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On Valuation Multiples

On'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

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On Operational Valuation Multiples

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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On Public Comps

See public comps and valuation multiples for Clothing & Accessories comps
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

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On M&A and Investment Activity

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 ).

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Latest Acquisitions by On

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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About On

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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