ONON
On Holding AG
Is ONON Halal?
Permissible athletic-goods core, but current total-assets liquidity and receivables screens fail across the examined methodologies.
What You Should Know
On Holding designs and sells premium performance footwear, apparel and accessories. Debt/assets are 0.00%, liquidity is 36.67%, receivables plus cash are 46.74%, and disclosed interest income is 1.03% of 2025 net sales; product activity remains incompletely allocated for a universal business screen.
⚠️ Concerns
- •Liquidity/assets are 36.67% and exceed the examined total-assets limits
- •Receivables plus cash/assets are 46.74% and exceed the examined MSCI total-assets limit
- •CHF 30.9 million of interest income is primarily from short-term investments
- •Lease liabilities and new warehouse commitments require methodology-specific treatment
- •Sponsorships, marketing, supply-chain labor and product activity require continuing qualitative review
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-13.
0 / 2,835.4
1,039.8 / 2,835.4
1,325.3 / 2,835.4
30.9 / 3,014
- Financial
- Fails
- Overall
- Fails
Debt is 0.00%, receivables plus cash are 46.74% and disclosed interest income is 1.03%, but liquidity is 36.67%, above the examined 33.333% FTSE asset limit. Business activity remains incomplete because the filing does not quantify a universal prohibited-revenue numerator.
- Financial
- Fails
- Overall
- Fails
Debt is 0.00%, while liquidity is 36.67% and receivables plus cash are 46.74%, both above the examined MSCI total-assets limits. This is a calculation against the named method, not an index-membership claim; the business allocation is also incomplete.
- Financial
- Fails
- Overall
- Fails
Debt is 0.00%, but liquidity is 36.67%, above the examined 33% Malaysia SAC financial limit. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security; screened business revenue remains unavailable.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
On Holding designs and distributes premium performance footwear, apparel and accessories. Athletic goods are generally permissible consumer products and no conventional lending, gambling, alcohol or tobacco segment is disclosed.
Limitation: The filing does not quantify every sponsorship, customer, retail, marketing or product-level activity into a universal prohibited-revenue numerator.
Purification
On Holding discloses CHF 30.9 million of interest income, or 1.03% of 2025 net sales, primarily from short-term investments, but does not prescribe a scholar-approved purification percentage or complete activity-level allocation. Readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- The audited balance sheet reports CHF 2,835.4 million of total assets at December 31, 2025. On reported no drawn amounts under its CHF 700 million credit facility; lease liabilities are not entered as conventional debt in this record.
- Cash uses CHF 1,019.9 million of cash and cash equivalents. The filing says this includes current bank accounts, digital wallets and fixed deposits with maturities of three months or less; those instruments are not added again as separate securities.
- Interest-bearing securities use CHF 19.9 million of deposits reported in other current financial assets. Credit-card receivables and other current financial assets are not assumed to be interest-bearing securities without a more specific disclosure.
- Receivables use CHF 305.4 million of trade receivables. Revenue uses CHF 3,014.0 million of 2025 net sales.
- The filing reports CHF 30.9 million of interest income, primarily from short-term investments. It is used for the income screen; foreign-exchange gains and other financial-result items are not treated as interest income.
- On Holding develops and sells performance footwear, apparel and accessories through wholesale and direct-to-consumer channels. The filing does not quantify every customer or marketing activity into a universal prohibited-revenue numerator.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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