On Holding Ltd (ONON) — Working Capital to Net Assets Ratio
On Holding Ltd (ONON) has a Working Capital to Net Assets ratio of 77.0% as of March 2026. Working capital of $1.36 Billion (current assets of $2.05 Billion minus current liabilities of $686.54 Million) is measured against net assets of $1.77 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See On Holding Ltd leverage flexibility ratio to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
On Holding Ltd Working Capital to Net Assets (2019–2025)
This chart shows how On Holding Ltd's Working Capital to Net Assets ratio has evolved across 7 annual periods from 2019 to 2025. As of March 2026, the ratio stands at 77.0%, reflecting working capital of $1.36 Billion against net assets of $1.77 Billion USD. See ONON cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for On Holding Ltd (2019–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for On Holding Ltd from 2019 to 2025, covering 7 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see On Holding Ltd (ONON) total market value.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 75.8% | $1.24 Billion | $1.63 Billion | $1.96 Billion | $725.22 Million | ▼ -3.1 pp |
| 2024 | 79.0% | $1.10 Billion | $1.39 Billion | $1.76 Billion | $660.40 Million | ▲ +0.3 pp |
| 2023 | 78.7% | $845.70 Million | $1.07 Billion | $1.15 Billion | $305.60 Million | ▼ -4.7 pp |
| 2022 | 83.4% | $808.80 Million | $969.50 Million | $1.05 Billion | $242.70 Million | ▼ -6.1 pp |
| 2021 | 89.5% | $759.60 Million | $848.40 Million | $964.60 Million | $205.00 Million | ▲ +9.6 pp |
| 2020 | 79.9% | $195.90 Million | $245.09 Million | $282.26 Million | $86.36 Million | ▼ -5.2 pp |
| 2019 | 85.2% | $54.85 Million | $64.41 Million | $120.16 Million | $65.30 Million | — |