On Holding AG

ONONNYSEConsumer Cyclical● Active

$36.92

$-0.17(-0.44%)

Market Cap$12.3B

P/E Ratio—

52W High$58.25

52W Low$31.41

Avg Volume6.9M

Open$36.43

Beta2.10

Overview

On Holding AG (ONON) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ONON · free cash flow · updated Jun 8, 2026

Core FCF metrics

ONON · FCF · TTM · margin & CAGR

Free cash flow was $253.2M for FY2025 (fiscal year ending 2025-12-31), down 43.2% year-over-year The FCF margin was 8.8%.

FY2025 Free Cash Flow$253.2M▼ -43.2% YoY

Trailing 12M (TTM)$307.3Mtrailing 4 quarters sum

FCF Margin8.8%$253.2M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ONON · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$322.8M(70M)$253.2M▼ 43.2%8.8%

FY2024$510.6M(65M)$445.6M▲ +141.0%19.2%

FY2023$232.1M(47M)$184.9M▲ +159.6%10.3%

FY2022−$227.0M(83M)−$310.0M▼ 1506.2%-25.4%

FY2021$16.9M(36M)−$19.3M▲ +42.0%-2.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ONON · P/FCF · FCF yield · FCF per share

On Holding AG (ONON) trades at a FCF yield of 2.99% and a price-to-free-cash-flow ratio of 39.7x. FCF per share stands at $0.93, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

2.99%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.93

TTM FCF ÷ Shares Outstanding

Price / FCF

x39.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x32.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ONON · cash flow statement · operating / investing / financing

For FY2025, On Holding AG generated $322.8M in operating cash flow and spent 70M in capital expenditures, yielding $253.2M in free cash flow.

Operating Activities

+$322.8M

Cash from core business operations

2025-12-31

Investing Activities

−$75.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$54.4M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($322.8M) − |CapEx| (70M) = FCF ($253.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

ONON vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

On Holding AGYOU

ONON

$253.2M-43.2%8.8%

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

On Holding AG (ONON) reported free cash flow of $253.2M for FY2025 (fiscal year ending 2025-12-31), down 43.2% year-over-year. The FCF margin was 8.8%.

Based on available data, On Holding AG has maintained positive free cash flow for at least 3 fiscal year(s). FCF peaked at $445.6M in FY2024.

On Holding AG's FCF yield is 2.99% and price-to-FCF ratio is 39.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ONON free cash flow · 8 questions

On Holding AG free cash flow was $253.2M for FY2025, down 43.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $307.3M.

ONON free cash flowONON FCFONON FCF 2025ONON free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · On Holding AG · On Holding AG SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026