On Holding reported double-digit revenue growth across all major geographic regions in 2025, with EMEA up 18% year-over-year and North America rising 14%. The Swiss running footwear specialist also expanded in lifestyle segments, where sales increased 22%, and secured additional shelf space in 3,500 specialty stores globally. This performance enabled ONON to capture market share from larger competitors, with global running footwear unit shipments growing 20% versus the industry average of 8%. Currency headwinds in the Swiss franc reduced reported revenue by approximately CHF 25 million but did not dent underlying demand.

On Holding delivered a gross margin of 62.3% in fiscal 2025, supported by favorable product mix and lean supply-chain efficiencies. Operating margin improved to 12.1%, compared with 10.4% in the prior year, as SG&A expenses held flat while revenue expanded. The company’s free cash flow conversion rate reached 89%, generating CHF 180 million of free cash flow. This robust cash generation fully funded capital expenditures and working capital needs, allowing ONON to maintain its share count without issuing equity and reducing net debt by CHF 45 million during the year.

Analysts forecast ONON’s forward price-to-earnings ratio at 23x for fiscal 2027 earnings, below the 28x average multiple assigned to larger athletic-footwear peers. On’s trailing twelve-month enterprise value to free cash flow multiple stands at 36x, a premium justified by consensus revenue growth of 17% annually over the next two years and expanding margins. At this valuation, institutional investors holding 48% of shares may view ONON as one of the few growth-at-a-reasonable-price opportunities in the sportswear sector.