ONON vs SHOO: On Holding and Steven Madden compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- On Holding is the larger company, worth $12.2B, about 3.8 times Steven Madden.
- On Holding grew revenue faster over the last year (+30.0% vs +19.2%).
- On Holding keeps more of each dollar of revenue as operating profit (12.5% vs 7.5%).
- On earnings, On Holding is the cheaper stock (38.6x vs 41.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ONON | SHOO |
|---|---|---|
| Market cap | $12.2B | $3.2B |
| Share price | $35.09 | $44.30 |
| Revenue (last fiscal year) | $3.0B | $2.5B |
| Free cash flow (last fiscal year) | $281M | $120M |
| Revenue growth, last year | +30.0% | +19.2% |
| Revenue growth per year, last 5 fiscal years | +42.8% | +8.0% |
| Operating margin | 12.5% | 7.5% |
| Net margin | 6.8% | 5.3% |
| Return on equity | 14.6% | 15.4% |
| P/E (trailing) | 38.6x | 41.5x |
| Price / free cash flow | 48.3x | 26.9x |
| EV / EBITDA | 22.1x | 16.2x |
| FCF growth the price implies | — | 8.9% |
| Dividend yield | — | 1.9% |
| Debt / equity | 0.82x | 0.92x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Steven Madden
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | $153M | 13.1% |
| 2022 | $2.1B | $252M | 13.3% |
| 2023 | $2.0B | $210M | 10.8% |
| 2024 | $2.3B | $172M | 9.9% |
| 2025 | $2.5B | $120M | 3.2% |
Where the revenue comes from
On Holding · by products, 2025
Shoes$2.8B93%
Apparel$170M6%
Accessories$40M1%
Steven Madden · by regions, 2025
Domestic$1.7B66%
International$856M34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ONON in InvestinglyQuestions
Which is bigger, On Holding or Steven Madden?
On Holding (ONON), at $12.2B against $3.2B.
Is ONON or SHOO cheaper?
By trailing P/E, On Holding (38.6x) is cheaper than Steven Madden (41.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, ONON or SHOO?
On Holding: revenue grew +30.0% over the last year, against +19.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.