NKE vs ONON: Nike and On Holding compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Nike is the larger company, worth $51.5B, about 4.2 times On Holding.
- On Holding grew revenue faster over the last year (+30.0% vs -4.3%).
- On earnings, Nike is the cheaper stock (22.9x vs 38.6x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NKE | ONON |
|---|---|---|
| Market cap | $51.5B | $12.2B |
| Share price | $34.71 | $35.09 |
| Revenue (last fiscal year) | $46.4B | $3.0B |
| Free cash flow (last fiscal year) | $2.2B | $281M |
| Revenue growth, last year | -4.3% | +30.0% |
| Revenue growth per year, last 5 fiscal years | -0.2% | +42.8% |
| Operating margin | — | 12.5% |
| Net margin | 6.7% | 6.8% |
| Return on equity | 20.3% | 14.6% |
| P/E (trailing) | 22.9x | 38.6x |
| Price / free cash flow | 15.8x | 48.3x |
| EV / EBITDA | 12.3x | 22.1x |
| FCF growth the price implies | 7.2% | — |
| Dividend yield | 4.6% | — |
| Debt / equity | 1.48x | 0.82x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 0 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Nike
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $46.7B | $4.4B | — |
| 2023 | $51.2B | $4.9B | — |
| 2024 | $51.4B | $6.6B | — |
| 2025 | $46.3B | $3.3B | — |
| 2026 | $46.4B | $2.2B | — |
On Holding
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $725M | -$19M | -19.5% |
| 2022 | $1.2B | -$310M | 7.0% |
| 2023 | $1.8B | $185M | 10.1% |
| 2024 | $2.3B | $446M | 9.1% |
| 2025 | $3.0B | $281M | 12.5% |
Where the revenue comes from
Nike · by segments, 2026
NIKE Brand$45.2B97%
CONVERSE$1.2B3%
On Holding · by products, 2025
Shoes$2.8B93%
Apparel$170M6%
Accessories$40M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NKE in InvestinglyQuestions
Which is bigger, Nike or On Holding?
Nike (NKE), at $51.5B against $12.2B.
Is NKE or ONON cheaper?
By trailing P/E, Nike (22.9x) is cheaper than On Holding (38.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, NKE or ONON?
On Holding: revenue grew +30.0% over the last year, against -4.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.