ONON Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

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Price $30.85
ROE 13.5%
52W Range $26–$51

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About On Holding AG Class A Ordinary Shares Company overview from Wikipedia

05 · wikidata

On Holding AG is a Swiss athletic shoe and performance sportswear company that designs and markets sports clothing and running shoes.

In 2019, On products were sold in 6,000 retailers in 55 countries and the company held 40% of the running shoe market in Switzerland and 10% in Germany. The United States is its biggest single market, where it accounts for 6.6% of the performance running shoe category. Globally, as of 2024, On is estimated to have 2% of the athletic footwear market. As of 2025, On is on its way to a $20 billion market cap, continually growing year-over-year.

History

On was first incorporated as a running shoe company in January 2010. The company was founded by former Swiss Ironman champion Olivier Bernhard with David Allemann and Caspar Coppetti. In 2012, On released the Cloudracer, a performance shoe favoured by Swiss professional triathlete Nicola Spirig. The company claims a proprietary cushioning technology called CloudTec in its shoes.

CloudTec began with Bernhard experimenting with a garden hose, exploring how that shape could offer a brand new type of cushioning. Bernhard, who was a Nike athlete at the time, presented his prototype to Nike but had it rejected. The "clouds" underneath all On shoes are described by the manufacturer as offering cushioning as the foot lands on the floor, before locking together to create a solid foundation for pushing off on the next step.

Within 2 years after its initial public offering (IPO), On had doubled its revenue to nearly $2 billion.

Roger Federer's involvement

Swiss tennis professional Roger Federer became a shareholder in On AG in November 2019. The company released a limited edition lifestyle shoe named "The Roger" in July 2020. Based on sales growth the company was reported to be exploring IPO options for the latter half of 2021. In September 2021, the company's IPO raised approximately $746 million.

Since 2021, On is a listed stock on the NYSE.

Cloudboom

The Cloudboom Strike LS is a performance running shoe launched for the 2024 Olympic Games. It uses an upper construction method in which a single, continuous filament of synthetic material is robotically deposited to create a lightweight and form-fitting upper. Weighing only 6 ounces (170 g), the shoe is comparable in weight to the Nike ZoomX Streakfly.

This upper construction reduces the shoe's required components from 150-200 to seven. The shoe is also promoted for its reduced environmental impact through minimized waste and potential for on-demand manufacturing.

Management

From January 2021 to March 2025, Marc Maurer and Martin Hoffmann jointly served as Co-CEOs until April 2025 when Hoffmann assumed the sole CEO role. Martin Hoffmann held the role of Chief Financial Officer since joining the company in 2013.

The company's founders remain actively involved: David Allemann and Caspar Coppetti serve as Executive Co-Chairmen. Olivier Bernhard focuses on product and innovation.

Operations

On also founded and sponsors the professional running group, On Athletics Club, coached by Dathan Ritzenhein with a roster that contains multiple Olympic finalists. The company also built bobsleigh shoes that were used in the 2022 Winter Olympics.

Currently, David Kilgore, an American professional runner and record holder, competes and works for On Running.

On March 31, 2022, On launched the Cloudmonster. It deviates from the company's previous designs by having a larger sole. Jacob Gallagher of The Wall Street Journal described it as "a maximalist sneaker" and claimed that this design is primarily associated with Hoka, and called Hoka "one of On's main competitors in the specialized running market".

The production of On shoes has been moved from China to Indonesia and Vietnam.

Sponsorships

Over the years, On has significantly expanded its athlete endorsements across multiple sports. In track and field, the brand established the On Athletics Club (OAC), an elite international training initiative supporting middle- and long-distance runners such as Hellen Obiri and Yared Nuguse.

The company also established a major presence in professional tennis by signing multiple competitors, including former multi-time Grand Slam champion Roger Federer (who was given equity in the company), multi-time Grand Slam champion Iga Świątek, US Open finalist Ben Shelton, Roland Garros finalist Flavio Cobolli and ATP young star João Fonseca. Additionally, On maintains a diverse roster of sponsored talent spanning endurance trail running, ultra-marathons, and professional triathlon.

On 18 September 2026, On announced French football superstar Kylian Mbappé as its Global Ambassador to lead its push into the sport, after representing Nike since 2006; as part of the deal, Mbappé received equity in the company.</ref> Although working behind the scenes with On's football department development since 2025, former France international and Arsenal player Thierry Henry was officially announced as director of football on the same day., and last the Swiss national football team player

Sydney Schertenleib become the Female Football Ambassador and developper for the brand.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorConsumer Discretionary industryTextiles, Apparel & Luxury Goods employees3,963 countryCH

10-Year Performance Revenue, net income, margins and EPS trends

06
Free Cash Flow$287M
2021-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

No data for this ratio group yet

Not enough fundamentals data to compute this ratio group yet.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

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Avg Surprise 3.2%
Next Report Nov 10, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 18, 2026 $0.35 $0.34 1.8%
March 31, 2026 May 19, 2026 $0.41 $0.27 51.5%
Dec. 31, 2025 $0.25 $0.21 20.9%
Sept. 30, 2025 $0.47 $0.25 87.4%
June 30, 2025 $-0.10 $0.22 -146.5%
March 31, 2025 $0.23 $0.22 4.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

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Income Statement 11
Metric Trend 202520242023202220212020
Cost of Revenue $1.12B$913M$725M$537M$294M$194M
Gross Profit $1.89B$1.41B$1.07B$685M$430M$231M
R&D Expense $11M$10M$9M$8M$5M$2M
SG&A Expense $1.52B$1.19B$887M$600M$571M$248M
Operating Income $377M$212M$180M$85M$-141M$-17M
Interest Expense $30M$23M$11M$6M$4M$900.0K
Interest Income $31M$24M$12M$6M$0$0
Pretax Income $205M$280M$69M$78M$-160M$-24M
Income Tax $2M$37M$-10M$20M$11M$3M
Net Income $204M$242M$80M$58M$-170M$-28M
EBITDA $377M$212M$180M$85M$-141M·
Balance Sheet 8
Metric Trend 202520242023202220212020
Cash & Equivalents $1.02B$924M$495M$371M$653M$91M
Inventory $420M$419M$356M$396M$134M$103M
Current Assets $1.96B$1.76B$1.15B$1.05B$965M$282M
PP&E (Net) $149M$127M$94M$77M$34M$17M
Total Assets $2.84B$2.38B$1.59B$1.38B$1.24B$383M
Current Liabilities $724M$660M$306M$243M$205M$86M
Retained Earnings $383M$179M$-63M$-143M$-201M$-30M
Stockholders' Equity $1.63B$1.39B$1.07B$970M$848M$245M
Cash Flow 6
Metric Trend 202520242023202220212020
Operating Cash Flow $360M$511M$232M$-227M$17M$-15M
CapEx $73M$60M$43M$60M$25M$11M
Investing Cash Flow $-79M$-65M$-47M$-83M$-36M$-19M
Financing Cash Flow $-78M$-55M$-22M$6M$596M$125M
Free Cash Flow $287M$450M$189M$-287M$-8M·
Levered FCF $257M$430M$176M$-292M$-12M·
Profitability 3
Metric Trend 202520242023202220212020
ROA 7.8%12.2%5.3%4.4%-21.0%·
ROE 13.5%19.7%7.8%6.3%-31.1%·
ROIC 22.9%13.2%19.3%6.5%-17.7%·
Liquidity & Solvency 3
Metric Trend 202520242023202220212020
Current Ratio 2.72.73.84.34.7·
Quick Ratio 1.41.41.61.53.2·
Interest Coverage 12.79.215.913.3-39.5·
Efficiency 1
Metric Trend 202520242023202220212020
Inventory Turnover 2.72.41.92.02.5·
Valuation (TTM) 1
Metric Trend 202520242023202220212020
Net Income TTM $204M$242M$80M$58M$-170M·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

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Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Net Income $204M $242M $80M $58M $-170M

Institutional owners (13F) 565 filers · $8.5B total · As of Sept. 30, 2026

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Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 565
Value held $8.5B
New positions 94
Exited positions 90
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
94 (-13 vs prior Q) 90 (-18 vs prior Q) 166 (-1 vs prior Q) 188 (-11 vs prior Q) +3.9M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
MORGAN STANLEY $724,237,110 20,447,122 8.55% Shares
BAMCO INC /NY/ $599,652,453 16,929,770 7.08% Shares
FMR LLC $568,106,162 16,039,135 6.71% Shares
LONE PINE CAPITAL LLC $470,378,663 13,280,030 5.55% Shares
PeakShares LLC $446,894,000 12,617 5.27% Shares
PLATINUM PARAMOUNT INVESTMENT LTD. $400,672,740 11,312,048 4.73% Shares
Sinvest Investments II Ltd. $297,528,000 8,400,000 3.51% Shares
SANDS CAPITAL MANAGEMENT, LLC $265,120,223 7,485,043 3.13% Shares
CITADEL ADVISORS LLC $251,487,561 7,100,157 2.97% Shares
BlackRock, Inc. $196,082,391 5,535,923 2.31% Shares
JANE STREET GROUP, LLC $185,711,133 5,243,115 2.19% Shares
UBS Group AG $178,306,795 5,034,071 2.10% Shares
MARSHALL WACE, LLP $123,714,512 3,492,787 1.46% Shares
GOLDMAN SACHS GROUP INC $119,651,814 3,378,086 1.41% Shares
AMERIPRISE FINANCIAL INC $112,995,415 3,214,087 1.33% Shares
NORGES BANK $112,754,009 3,183,343 1.33% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $109,610,732 3,094,600 1.29% Call option
Ilex Capital Partners (UK) LLP $107,262,421 3,028,301 1.27% Shares
WELLINGTON MANAGEMENT GROUP LLP $97,462,203 2,751,615 1.15% Shares
STATE STREET CORP $86,626,481 2,445,694 1.02% Shares
Pertento Partners LLP $78,930,353 2,228,412 0.93% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $76,390,314 2,156,700 0.90% Put option
Clearbridge Investments, LLC $74,259,270 2,096,535 0.88% Shares
MILLENNIUM MANAGEMENT LLC $72,512,816 2,047,228 0.86% Shares
Freestone Grove Partners LP $71,670,316 2,023,442 0.85% Shares
JANE STREET GROUP, LLC $68,247,256 1,926,800 0.81% Put option
FEDERATED HERMES, INC. $67,942,785 1,918,204 0.80% Shares
JENNISON ASSOCIATES LLC $67,207,235 1,897,437 0.79% Shares
FRANKLIN RESOURCES INC $67,168,197 1,896,335 0.79% Shares
CITADEL ADVISORS LLC $62,250,650 1,757,500 0.73% Put option
BANK OF AMERICA CORP /DE/ $60,768,979 1,715,669 0.72% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $57,294,000 1,617,574 0.68% Shares
GEODE CAPITAL MANAGEMENT, LLC $53,375,672 1,506,936 0.63% Shares
HSBC HOLDINGS PLC $50,254,348 1,414,388 0.59% Shares
JANE STREET GROUP, LLC $47,289,242 1,335,100 0.56% Call option
Man Group plc $43,963,269 1,241,199 0.52% Shares
ExodusPoint Capital Management, LP $38,439,449 1,085,247 0.45% Shares
VANGUARD GROUP INC $37,518,562 807,198 0.44% Shares
AMERICAN CENTURY COMPANIES INC $36,590,135 1,033,036 0.43% Shares
Impax Asset Management Group plc $36,584,822 1,032,886 0.43% Shares
Verition Fund Management LLC $36,153,513 1,020,709 0.43% Shares
Walleye Trading LLC $35,848,582 1,012,100 0.42% Call option
Walleye Capital LLC $35,183,040 993,310 0.42% Shares
D. E. Shaw & Co., Inc. $32,590,792 920,124 0.38% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $30,566,964 862,986 0.36% Shares
BARCLAYS PLC $29,575,700 835,000 0.35% Call option
Balyasny Asset Management L.P. $29,433,205 830,977 0.35% Shares
Walleye Trading LLC $29,359,638 828,900 0.35% Put option
Pictet Asset Management Holding SA $28,461,528 803,544 0.34% Shares
APEIRON CAPITAL Ltd $28,189,078 795,852 0.33% Shares

Show all 565 institutional owners →

Company insiders 11 insiders · 6 officers · 8 directors

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Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Caspar Felix Coppetti Executive Officer & Co-CEO Aug. 14, 2026 P 2,440,855 3 0 $4,191,416
David Michael Allemann Executive Officer & Co-CEO May 14, 2026 P 2,841,108 2 0 $2,197,868
Martin Hoffmann CEO April 27, 2026 S 1,385,099 0 6 $-879,923
Frank Sluis CFO Sept. 5, 2026 M 997 0 1 $-19,057
Scott Andrew Maguire COO Sept. 5, 2026 M 7,329 0 2 $-96,263
Olivier Bernhard Executive Officer Aug. 14, 2026 P 5,228,184 3 0 $4,191,418
Helena Helmersson Director Sept. 24, 2026 F 6,189 0 0 $0
Laura Miele Director Sept. 24, 2026 F 10,720 0 0 $0
Dennis M Durkin Director Sept. 24, 2026 F 103,755 0 0 $0
Alexandre Perez Director Sept. 21, 2026 A 9,778,074 0 0 $0
Amy Banse Director Sept. 21, 2026 A 81,914 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 18 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
ESIM · Strategy Shares 0.71% 3,546 NS July 31, 2026 N-PORT
IWP · iShares Trust 0.18% 1,274,366 SH Sept. 11, 2026 Daily
IYC · iShares Trust 0.11% 45,277 SH Sept. 11, 2026 Daily
VFQY · VANGUARD WELLINGTON FUND 0.10% 13,899 SH Aug. 19, 2026 Daily
EQAL · Invesco Exchange-Traded Fund Trust … 0.07% 18,581 SH Oct. 2, 2026 Daily
PDN · Invesco Exchange-Traded Fund Trust … 0.05% 5,536 SH Oct. 2, 2026 Daily
IWR · iShares Trust 0.04% 925,303 SH Sept. 11, 2026 Daily
RILA · Spinnaker ETF Series 0.04% 519 NS July 31, 2026 N-PORT
VONG · VANGUARD SCOTTSDALE FUNDS 0.02% 355,795 SH Aug. 19, 2026 Daily
IWF · iShares Trust 0.02% 849,451 SH Sept. 11, 2026 Daily
LRGF · iShares Trust 0.02% 23,529 SH Sept. 11, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.01% 187,132 SH Aug. 19, 2026 Daily
VONE · VANGUARD SCOTTSDALE FUNDS 0.01% 37,963 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.01% 19,132 SH Aug. 19, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.01% 51,167 SH Aug. 19, 2026 Daily
IWB · iShares Trust 0.01% 152,726 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.01% 60,435 SH Sept. 11, 2026 Daily
SMLF · iShares Trust · 101,805 SH Sept. 11, 2026 Daily

ONON Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 36 analysts BUY
Median target $41.90 +35.8%
11 30.6% Strong Buy
19 52.8% Buy
5 13.9% Hold
0 0.0% Sell
1 2.8% Strong Sell

12-Month Price Target

30 analysts · 2026-10-01

Mean target $43.46 +40.9%

Now Current price $30.85
Low$19.96 Mean$43.46 High$71.50

Latest News Recent headlines mentioning this company

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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

25

No open signal right now — no card is filled, and that's honest.

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Source: SEC 20-F filed Mar 3, 2026