On Holding AG
- Open
- 27.96
- Day high
- 28.12
- Day low
- 27.70
- Prev close
- 27.80
- Volume
- 719K
- Mkt cap
- $9.3B
- P/E (TTM)
- 18.8
- EPS (TTM)
- $1.48
- P/B
- 3.9
- P/S
- 2.3
- Yield
- —
- Per share
- —
- ▲Insiders net buying $3.9M over the last 3 months (2 open-market buys, 1 sale)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
On Holding AG (ONON) is a Consumer Cyclical company listed on NYSE. The stock is down 38% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering ONON.
On Holding AG (ONON) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ONON earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $0.42 | $0.44 | +4.7% | $1.1B | -3.0% |
| May 12, 2026 | $0.34 | $0.47 | +39.6% | $1.0B | +1.3% |
| Mar 3, 2026 | $0.26 | $0.31 | +19.2% | $931M | +12.7% |
| Nov 12, 2025 | $0.33 | $0.50 | +53.7% | $999M | +4.3% |
| Aug 12, 2025 | $0.24 | $-0.11 | -145.6% | $943M | +6.4% |
| Mar 4, 2025 | $0.20 | $0.38 | +90.8% | $668M | +2.2% |
| Aug 13, 2024 | $0.17 | $0.16 | -7.2% | $634M | +1.4% |
| Mar 12, 2024 | $0.11 | $-0.06 | -154.5% | $523M | -0.4% |
| Nov 14, 2023 | $0.16 | $0.22 | +37.5% | $524M | +5.1% |
| Aug 15, 2023 | $0.13 | $0.04 | -69.2% | $495M | +6.1% |
| May 16, 2023 | $0.09 | $0.16 | +77.8% | $459M | +9.8% |
| Mar 17, 2023 | $-0.07 | $-0.65 | -828.6% | $397M | — |
ONON insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 17, 2026 | Bernhard Olivierdirector, officer: Executive Officer | Buy | 65,000 | $30.67 |
| Aug 17, 2026 | Coppetti Caspar Felixdirector, officer: Executive Officer & Co-CEO | Buy | 65,000 | $30.67 |
| Jun 29, 2026 | Miele Lauradirector | Tax | 434 | $36.92 |
| Jun 29, 2026 | Helmersson Helenadirector | Tax | 452 | $36.92 |
| Jun 24, 2026 | Helmersson Helenadirector | Grant | 1,736 | — |
| Jun 24, 2026 | Sluis Frankofficer: CFO | Grant | 20,221 | — |
| Jun 24, 2026 | Miele Lauradirector | Grant | 1,736 | — |
| Jun 24, 2026 | Banse Amydirector | Grant | 1,736 | — |
| Jun 24, 2026 | Durkin Dennis Mdirector | Grant | 2,064 | — |
| Jun 24, 2026 | Perez Alexandredirector | Grant | 2,064 | — |
| Jun 9, 2026 | Maguire Scott Andrewofficer: COO | Sell | 1,534 | $36.08 |
| Jun 9, 2026 | Maguire Scott Andrewofficer: COO | Option | 521 | — |
| Jun 9, 2026 | Maguire Scott Andrewofficer: COO | Option | 1,699 | — |
| Jun 9, 2026 | Maguire Scott Andrewofficer: COO | Option | 1,551 | — |
| Jun 9, 2026 | Maguire Scott Andrewofficer: COO | Option | 3,771 | — |
Source: ONON SEC Form 4 filings, latest Aug 17, 2026. For informational purposes only — not investment advice.
See the full ONON insider & 13F page →ONON research & analysis
[ONON] On Holding Compounds Premium Running Brand Through Brand Scaling And DTC And Apparel Expansion
On Holding AG is a Zurich, Switzerland-headquartered sportswear company that designs, develops, and markets premium performance running and athletic footwear, apparel, and accessories under the On brand. The founding-cycle story of On is the development of a distinctive running-shoe technology and a premium brand positioning, with On having built its brand initially in the performance-running category with a distinctive cushioning technology and design language and the brand having expanded from a running-focused niche toward a broader premium athletic and lifestyle positioning. The business sells the On products through two principal channels: the wholesale channel sells through retail partners including specialty running stores and sporting-goods retailers, and the direct-to-consumer channel sells through On owned retail stores and the On digital commerce platform, with the DTC channel typically carrying a higher margin and a closer brand relationship and the mix shift toward DTC a strategic priority. On selected various aggregate disclosure, the fiscal 2025 financial profile reflects total revenue at the scale characteristic of a fast-growing premium athletic brand, an operating margin profile reflecting the premium positioning and the brand-investment spending, and a balance-sheet position consistent with a well-capitalized growth company. The premium performance running and athletic footwear and apparel brand core franchise anchors revenue, supported by the footwear products producing the principal revenue contribution built around the distinctive On cushioning technology, by the premium-brand positioning producing a degree of differentiation and pricing power, and by the apparel and accessories extending the franchise beyond the core footwear. The multi-cycle brand scaling combined with the direct-to-consumer and the apparel expansion drives the multi-year trajectory, with the brand scaling reflecting the growth of the brand's revenue, geographic reach, consumer awareness, and product range, and the DTC and apparel expansion reflecting the mix shift toward the direct-to-consumer channel that improves margin and brand relationship and the expansion of the apparel offering. Capital structure is conservative with a meaningful net cash or low-leverage position, and a capital allocation framework focused on continued reinvestment in the brand, the product, and the channels. The bull case anchors on the premium-brand momentum, the direct-to-consumer mix shift, and the apparel-expansion opportunity; the bear case anchors on the discretionary nature of athletic spending, the competitive intensity, and the dependence on the sustained brand momentum.
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Switzerland's March CPI of 0.3% YoY (vs 0.5% expected) bolsters SNB rate cut odds, lifting US-listed Swiss-exposed names like NVS, UBS, ALC, LOGI, MTD, and ONON. These firms offer diversified plays on pharma stability, banking recovery, and consumer/industrial growth, with NVS leading conviction. Lower rates promise earnings acceleration amid attractive valuations.
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On Holding AG company profile
Overview
On Holding AG (NYSE:ONON) is a Swiss premium athletic footwear and apparel company founded in 2010 and headquartered in Zurich, Switzerland. The company went public on September 15, 2021, and has rapidly established itself as a premium player in the global sportswear market. On Holding is known for its distinctive CloudTec cushioning technology and has positioned itself as a performance-focused brand targeting serious athletes and active consumers. The company has experienced remarkable growth since its founding, evolving from a startup focused on running shoes to a comprehensive athletic brand with global reach across over 80 countries.
Business
On Holding operates in the global athletic footwear and apparel industry, competing with established giants like Nike, Adidas, and newer premium brands. The company's core business revolves around designing, developing, and distributing high-performance athletic products, primarily focusing on running but expanding into tennis, training, and lifestyle categories. The company's flagship innovation is CloudTec technology, a distinctive cushioning system featuring hollow pods on the sole that compress upon impact and then spring back, providing what the company describes as a "landing soft, push-off firm" experience. This technology differentiates On's shoes from traditional foam-based cushioning systems used by competitors. On Holding's business is structured around two main product categories: 1. Athletic Footwear (approximately 93-95% of revenue): The company offers various shoe franchises including Cloud series (lifestyle and everyday wear), Cloudmonster (maximum cushioning running), Cloudsurfer (versatile training), and Cloudrunner (performance running). The company has also developed innovative manufacturing processes like LightSpray technology, which creates seamless uppers through robotic spraying. 2. Apparel (approximately 5-7% of revenue): This growing segment includes running, training, and tennis apparel designed to complement the footwear offerings. The apparel business has shown strong growth, reaching over CHF 100 million in annual sales. The company distributes its products through multiple channels: independent retailers and distributors (wholesale), direct-to-consumer online sales, and company-owned retail stores. The brand has built its reputation around performance innovation, sustainability initiatives, and premium positioning, targeting serious athletes and performance-conscious consumers rather than the mass market.
Revenue model
On Holding generates revenue through direct product sales across multiple distribution channels, operating on a traditional wholesale and retail business model. The company makes money by selling athletic footwear and apparel at premium price points, typically positioning its products above mass-market competitors. The company's revenue streams include: 1. Wholesale sales (approximately 60-65% of revenue): On sells products to independent retailers, specialty running stores, and distributors who then sell to end consumers. This channel provides broad market reach with lower operational overhead. 2. Direct-to-Consumer (D2C) sales (approximately 35-40% of revenue): This includes online sales through the company's website and sales through company-owned retail stores. D2C sales typically generate higher margins as they eliminate middleman markups. The company's paying customers are end consumers who purchase athletic footwear and apparel, primarily serious runners, athletes, and performance-conscious individuals willing to pay premium prices for innovative products. On has also built partnerships with professional athletes and celebrities like Zendaya and Roger Federer to enhance brand visibility. Several factors influence On Holding's margins and profitability. Positive margin drivers include the company's premium positioning allowing higher prices, growing direct-to-consumer sales that bypass wholesale markups, economies of scale as production volumes increase, and innovative technologies like LightSpray that may reduce manufacturing costs. Negative margin pressures come from intense competition in athletic footwear requiring continuous R&D investment, rising raw material and labor costs, potential tariffs on imported goods, currency fluctuations affecting international operations, and the need for substantial marketing investments to build brand awareness globally. The company's gross margins have consistently remained around 60%, reflecting successful premium positioning, while the business model's scalability is evident in improving EBITDA margins as the company grows.
Competitive moat
On Holding's competitive moat is moderate but growing, primarily built around brand differentiation and technological innovation rather than traditional economic moats like network effects or switching costs. The company's strongest defensive position comes from its CloudTec technology and distinctive product design, which creates a unique user experience that has generated strong customer loyalty among serious runners and athletes. The brand has successfully established itself in the premium segment of athletic footwear, benefiting from authentic performance credentials and endorsements from professional athletes. This positioning creates some pricing power and customer loyalty, particularly among performance-focused consumers who value the functional benefits of CloudTec cushioning. The company's innovation pipeline, including breakthrough technologies like LightSpray manufacturing, suggests ongoing differentiation potential. However, On Holding's moat faces significant challenges. The athletic footwear industry is dominated by well-established giants like Nike and Adidas, which possess vastly superior financial resources, global distribution networks, and marketing capabilities. These competitors can quickly copy successful innovations or acquire emerging technologies. Additionally, the industry has low barriers to entry for new premium brands, as evidenced by the success of companies like Allbirds and APL in recent years. The company's relatively small scale compared to industry leaders limits its negotiating power with suppliers and retailers. While On has built strong relationships with specialty running retailers, it lacks the comprehensive global distribution network of major competitors. The brand's heavy dependence on running and performance categories also creates vulnerability to shifts in consumer preferences or economic downturns that might reduce demand for premium athletic products. On Holding's moat is best characterized as emerging but not yet deeply entrenched. Success will depend on the company's ability to continue innovating, expand its brand presence globally, and build sustainable competitive advantages before larger competitors can effectively respond to its market positioning.
Risks & safety
On Holding demonstrates a strong financial position with solid margin of safety characteristics, though the premium valuation requires careful consideration. Liquidity and Solvency: • Cash position: CHF 1.03 billion in cash and short-term investments as of Q1 2025 • Current ratio: 2.80, indicating strong short-term liquidity • Debt-to-equity ratio: 0.23, representing minimal debt burden • Free cash flow: Positive CHF 501 million for FY 2024, though negative CHF 29 million in Q1 2025 due to seasonal working capital needs • No significant solvency risk given strong balance sheet Valuation Metrics: • EV/EBITDA: 61.8x (Q1 2025), indicating expensive valuation • Price-to-earnings ratio: 69.5x (FY 2024), reflecting high growth expectations • Price-to-book ratio: 12.1x, suggesting premium to tangible assets • Graham number indicates potential overvaluation relative to conservative metrics Other Considerations: • Strong revenue growth trajectory (33% constant currency growth in FY 2024) • Improving EBITDA margins (16.7% in FY 2024) • High return on equity (17.4% in FY 2024) • Seasonal cash flow patterns typical for retail/wholesale business model
Recent development
Over the past few years, On Holding has executed several key strategic initiatives that have transformed it from a niche running brand into a global premium athletic company. The most significant development has been the company's aggressive global expansion, growing from a primarily European brand to having operations across over 80 countries, with particular success in the Asia Pacific region where growth exceeded 100% in recent quarters. Product Innovation and Technology has been central to the company's strategy. The launch of LightSpray technology represents a manufacturing revolution, using robotic spraying to create seamless shoe uppers, which was recognized as one of Time's 200 best inventions. The company has also expanded its product franchises significantly, launching successful lines like Cloud 6, Cloudmonster, Cloudsurfer, and CloudZone to address different performance and lifestyle segments. Brand Building and Partnerships have accelerated dramatically. On has signed high-profile partnerships with celebrities like Zendaya and maintained its relationship with Roger Federer, while also building a roster of 66+ Olympic athletes. These partnerships have significantly increased brand awareness, particularly among younger demographics and Gen Z consumers. Retail and Distribution Expansion has been another major focus. The company has opened 19+ new retail stores in iconic locations globally and substantially grown its direct-to-consumer channel, which now represents approximately 38% of total sales. This shift toward D2C has improved margins while providing better customer experience and brand control. Category Expansion beyond footwear has gained momentum, with apparel sales growing over 50% annually and reaching over CHF 100 million in revenue. The company is targeting apparel to represent 10% of total revenue and has expanded into tennis and training categories beyond its core running focus. Recent leadership changes include the transition from co-CEO structure to sole CEO leadership under Martin Hoffmann, streamlining decision-making as the company scales globally.
ONON company profile · for informational purposes only — not investment advice.
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