ONON Class A On Holding AG Class A Ordinary Shares
NYSE · Textiles, Apparel & Luxury Goods · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Mar 3, 2026ONON Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About On Holding AG Class A Ordinary Shares Company overview from Wikipedia
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 ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Not enough fundamentals data to compute this ratio group yet.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ONON | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | 7.8%5Y avg ≈1.8% | ≈1.8% | · | · | |
| ROE | 13.5%5Y avg ≈3.2% | ≈3.2% | · | · | |
| ROIC | 22.9%5Y avg ≈8.8% | ≈8.8% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ONON | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio | 2.75Y avg ≈3.6 | ≈3.6 | · | · | |
| Quick Ratio | 1.45Y avg ≈1.8 | ≈1.8 | · | · | |
| Interest Coverage | 12.75Y avg ≈2.3 | ≈2.3 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ONON | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Inventory Turnover | 2.75Y avg ≈2.3 | ≈2.3 | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| 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
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 2.7 | 3.8 | 4.3 | 4.7 | · | |
| Quick Ratio | 1.4 | 1.4 | 1.6 | 1.5 | 3.2 | · | |
| Interest Coverage | 12.7 | 9.2 | 15.9 | 13.3 | -39.5 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Inventory Turnover | 2.7 | 2.4 | 1.9 | 2.0 | 2.5 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $204M | $242M | $80M | $58M | $-170M | · |
We don't have SEC filings for this ticker yet.
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $204M | $242M | $80M | $58M | $-170M |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.7 | 2.7 | 3.8 | 4.3 | 4.7 |
| Quick Ratio | 1.4 | 1.4 | 1.6 | 1.5 | 3.2 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $287M | $450M | $189M | $-287M | $-8M |
Institutional owners (13F) 565 filers · $8.5B total · As of Sept. 30, 2026
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.
| 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 |
Company insiders 11 insiders · 6 officers · 8 directors
| 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
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
12-Month Price Target
30 analysts · 2026-10-01Mean target $43.46 +40.9%
Latest News Recent headlines mentioning this company
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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