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On Holding AG ONON

Consumer Cyclical — Footwear & Accessories
Insider Buys (last 12m)
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
10.58
Total sells
1.00
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — 3 — — 2 —
Sell — — — — — 2 4 — 1 — — 2
Insider Ownership
64.58%

Capital & Financial Ratios

Market Cap
9,000.00
Revenue
4,058.92
Net Income
490.28
Free Cash Flow
529.61
Net Debt
(1,023.75)
Current Ratio
2.83
Debt/Equity
0.25
P/E ratio
18.54
P/S ratio
4.27
P/B ratio
7.17
Past 5Y EPS Growth
—
This Y EPS Growth
75.47%
Next Y EPS Growth
17.71%
Next 5Y EPS Growth
36.11%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2025 ‡‡‡
2024 ‡‡‡
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 589.03 1,113.98 1,302.47 1,624.27
Receivables 228.13 279.55 368.62 473.22
Inventory 397.11 476.17 506.70 598.36
Other 68.17 129.15 190.95 205.48
1,282.43 1,998.84 2,368.62 2,901.33
2023 2024 2025 Q'26
Payables 72.51 189.13 186.84 266.98
ST’ Debt — — — —
Other 241.60 422.90 513.10 543.57
340.41 750.15 874.35 1,024.89
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow — ‡‡‡ ‡‡‡
Earnings — ‡‡‡ ‡‡‡‡‡
Book Value — ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 1,061.59 1,075.89 — —
—
’25 808.27 908.18 992.60 928.85
3,637.90
’24 580.92 627.71 734.67 690.06
2,633.36
’23 454.11 494.24 543.83 —
1,996.22
’22 255.22 302.05 339.53 383.85
1,280.64
’21 — 347.32 237.55 444.69
792.78
’20 — 176.95 — 278.94
453.62
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 37.13 285.52 — —
—
’25 (13.46) 121.47 199.87 126.04
433.92
’24 92.59 110.30 192.05 185.04
579.99
’23 (0.65) 4.32 121.62 —
258.54
’22 (68.42) (62.36) (31.84) (75.26)
(237.87)
’21 — 32.66 (41.90) (16.15)
18.54
’20 — (2.21) — (15.71)
(15.71)
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 13.27 249.66 — —
—
’25 (26.92) 99.29 173.03 93.64
339.05
’24 82.19 91.96 168.57 163.55
506.27
’23 (11.24) (8.45) 112.04 —
205.96
’22 (86.10) (72.93) (54.60) (111.22)
(324.85)
’21 — 22.13 (60.02) (16.15)
(21.11)
’20 — (2.21) — (27.43)
(35.55)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.40 0.39 — —
—
’25 0.19 (0.15) 0.42 0.26
0.74
’24 0.32 0.10 0.10 0.31
0.84
’23 0.15 0.01 0.20 —
0.28
’22 0.04 0.16 0.06 (0.08)
0.19
’21 — 0.01 0.04 —
(0.65)
’20 — (0.11) — 0.02
(0.10)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.6
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — — — — ‡‡‡‡ 15.44 16.60 25.78 34.38 — — —
Low Price
— — — — — ‡‡‡‡‡ 40.22 37.08 60.12 64.05 — — —
High Price
— — — — ‡‡‡‡‡ ‡‡‡‡‡ 1,701 2,353 3,254 3,963 — — —
Employees
— — — ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.75 0.85 0.81 0.92 — — —
Revenue/Emp
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,280.64 1,996.22 2,633.36 3,637.90 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 56.04% 59.56% 60.63% 62.83% — — —
Gross Margin
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 81.63 76.97 317.60 247.68 — — —
EBT
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.37% 3.86% 12.06% 6.81% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
— ‡‡‡ — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 60.46 88.67 275.23 245.87 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 48.62 72.29 118.82 153.77 — — —
Depreciation
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.04 3.17 4.15 5.73 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
— — — ‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 0.19 0.28 0.85 0.75 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.38) 0.41 0.92 0.68 — — —
Cash Flow/Sh
— — — ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.14) (0.08) (0.12) (0.15) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.52) 0.33 0.80 0.53 — — —
Free CF/Sh
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.62 1.90 2.49 3.10 — — —
Book Value/Sh
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 627.63 629.70 633.90 635.09 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
— — — ‡‡‡ ‡‡‡ ‡‡‡ 81.29 95.57 64.44 64.56 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
— — — ‡‡‡ ‡‡‡ ‡‡‡‡‡ 8.37 8.99 13.18 8.11 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.54 13.62 21.96 14.98 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
— — — ‡‡‡ ‡‡‡ ‡‡‡‡‡ 8.18 8.84 12.91 7.92 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
— — — ‡‡‡ ‡‡‡ ‡‡‡‡‡ (32.24) (879.51) 67.13 84.94 — — —
EV/FCF
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (237.87) 258.54 579.99 433.92 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (86.98) (52.58) (73.72) (94.87) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (324.85) 205.96 506.27 339.05 — — —
FCF
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 847.54 942.03 1,248.69 1,494.27 — — —
Working Cap'
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 184.00 — 327.71 531.44 — — —
Total Debt
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (239.56) (589.03) (786.27) (771.03) — — —
Net Debt
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,015.94 1,196.89 1,580.95 1,970.31 — — —
Sh' Equity
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.32% 5.50% 12.30% 8.03% — — —
ROA
— — — ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.18% 20.65% 18.89% 23.72% — — —
ROIC
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.22% 8.01% 19.82% 13.85% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

On Holding AG, the Swiss innovator behind CloudTec running shoes, has delivered explosive revenue growth, surging from $269 million in 2019 to $2.63 billion in 2024—an 878% increase driven by global expansion and efficiency gains like revenue per employee rising 58% despite a tripling of headcount. Projections point to $5.8 billion by 2027, with revenue per share forecasted to climb 448% to $17.39, mirroring a stock rebound from 2022 lows of $15 to 2024 highs near $60 amid post-IPO volatility.

Profitability has turned a corner, with 2024 net income hitting $275 million (up 210% YoY), EPS at $0.85, gross margins at a robust 60.6%, and free cash flow swinging to a $507 million positive from prior burns—bolstered by a cash-rich balance sheet. Metrics like ROE at 19.8% and improving ROIC underscore operational leverage in a Nike-dominated market.

Valuations are compressing favorably (forward PE to 24x by 2027, EV/Sales to 3.5x), signaling quality growth at a reasonable price, though not cheap. With neutral insider activity, bullish analyst targets (up to 49% upside), and catalysts like partnerships and DTC shifts, On remains a compelling watch for athleisure investors eyeing 20-30% annual returns on dips.

Read full commentary →

On Holding AG (ONON) Latest News

News by impact score

Fine-tune

18 Sep

4 , 4:10 PM
On Holding AG partners with Kylian Mbappe after the footballer ends his Nike deal. Mbappe partnership delivers major brand visibility and market positioning gains for On in athletic footwear.

4 , 10:41 AM
Soccer star Mbappé selects On Holding AG over Nike potentially shifting sportswear market dynamics and investor sentiment toward ONON. Mbappé endorsement deal elevates On Holding's brand recognition and competitive stance against Nike.

4 stocktwits.com, 9:50 AM
Kylian Mbappé signs with On Holding AG after nearly 20 years with Nike, shifting the top soccer star's endorsement to the Swiss athletic footwear company. Mbappé's move delivers major brand visibility and market positioning gains for On Holding in soccer footwear.

3 stocktwits.com, 1:06 PM
On Holding AG's Kylian Mbappé sponsorship deal produces split Wall Street analyst views on its effects for ONON brand growth and stock trajectory. Mbappé endorsement sparks mixed analyst sentiment on marketing impact without shifting core operations or long-term company path.

3 www.investopedia.com, 10:18 AM
On Holding AG shares rise after the Swiss sneaker maker enters football through deals with Kylian Mbappé and Thierry Henry. Football endorsements with Mbappé and Henry open new sports market exposure that may lift brand visibility and sales.

3 247wallst.com, 9:08 AM
On Holding AG shares rise 5% after Kylian Mbappé joins its football push; Nike shares slip. Mbappé partnership advances On's football strategy and lifts near-term market sentiment.

3 , 8:56 AM
On Holding AG signed Real Madrid star Kylian Mbappé, triggering a premarket stock jump for ONON. Mbappé endorsement expands On Holding brand visibility and sales potential in athletic footwear.

3 247wallst.com, 8:09 AM
Nike's growth has ended, shifting focus to whether the company now qualifies as a dividend play amid slowing expansion. Nike's slowdown as a direct competitor opens moderate room for On Holding to capture share and investor attention.

16 Sep

3 , 3:13 AM
On Holding AG (ONON) may be undervalued by 49% after launching its new FP Movement product line. New product release combined with valuation analysis indicates moderate effects on performance and sentiment without major trajectory shifts.

15 Sep

4 , 9:52 AM
On Holding AG reports surging apparel sales that expand growth opportunities beyond its core footwear business. Surging apparel sales signal expanded revenue streams that can materially lift future financial performance and competitive positioning.

4 www.fool.com, 9:00 AM
On Holding AG forecasts improved profit margins for 2026 driven by its direct-to-consumer channel strategy. DTC channel strategy positions On Holding AG for significantly higher 2026 profit margins and altered growth trajectory.

10 Sep

3 247wallst.com, 10:16 AM
Nike has been removed from the S&P 100 index after losing 80% of its value. Nike's sharp decline and index removal may modestly boost On Holding AG market share as a direct athletic footwear competitor.

3 , 7:13 AM
Morgan Stanley designates On Holding AG (ONON) as its sole preferred sportswear stock. Analyst preference from Morgan Stanley may lift short-term sentiment and trading interest for ONON without altering core operations.

8 Sep

3 247wallst.com, 8:27 AM
Nike stock is plunging but a Wall Street ratings agency forecasts it will double soon, with ripple effects for athletic footwear rivals including On Holding AG. Nike's forecasted rebound would sharpen competition in running and lifestyle shoes and could pressure On Holding AG margins and market share.

7 Sep

3 www.fool.com, 12:03 PM
Wall Street underestimates On Holding AG stock, which could triple over the next seven years based on growth outlook. Bullish long-term valuation forecast may shift investor sentiment without altering core operations.

3 , 11:22 AM
On Holding AG reports robust performance in APAC that strengthens its global market position. APAC strength indicates moderate positive effect on international growth and sentiment.

3 Sep

3 , 9:54 AM
ONON projects higher 2026 margins but faces tariff pressures and sales risks that may limit gains. Tariff and sales risks balance ONON's improved 2026 margin outlook with moderate effects on performance.

1 Sep

3 , 9:21 AM
On Holding AG's direct-to-consumer growth strengthens its premium business model. DTC growth strengthens On Holding's premium positioning with moderate effects on performance.

19 Aug

3 , 10:26 AM
Nike shares hit new lows while insiders buy On Holding AG stock on the dip. Nike decline and insider purchases of ONON may boost short-term sentiment and competitive positioning without altering long-term trajectory.

18 Aug

3 247wallst.com, 11:51 AM
Nike stock declines as one analyst projects 85% returns for On Holding AG. Nike weakness signals potential market share gains and upside for On Holding.

12 Aug

3 wwd.com, 11:12 AM
On Holding AG challenges Nike directly in retail athletic footwear and apparel markets with expanding store presence and product lines. Competition with Nike in retail channels may shift market share for On Holding but remains balanced by broader industry factors.

3 www.thedailyupside.com, 12:01 AM
On Holding AG stock declines as the premium sneaker maker pushes to preserve full-price sales power. Stock decline tied to full-price strategy efforts signals moderate short-term pressure on On Holding AG market performance.

11 Aug

4 , 8:17 PM
On Holding AG shares dropped 17.8% after a mixed Q2 earnings beat paired with lower-end guidance, raising doubts on whether prior growth expectations still hold. Lowered guidance triggered an immediate 17.8% share price drop that signals material revision to growth trajectory and investor sentiment.

4 , 3:00 PM
On Holding AG reported record direct-to-consumer growth in its Q2 2026 earnings call alongside strategic initiatives. Record DTC growth and strategic updates signal major positive shifts in revenue and positioning.

4 , 2:38 PM
On Holding AG stock plunges 16% as growth in the Americas suddenly cools. Abrupt slowdown in Americas growth directly threatens ONON revenue expansion and investor outlook.

4 qz.com, 1:12 PM
On Holding AG missed Q2 2026 sales targets, triggering a 22% stock price drop. Quarterly sales miss and resulting 22% stock drop signal significant negative pressure on near-term financial outlook and investor sentiment.

3 app.moby.co, 10:56 PM
On Holding AG Q2 2026 earnings call reported revenue growth, margin expansion, and raised full-year guidance driven by strong direct-to-consumer sales and new product launches in performance footwear. Quarterly results and guidance updates typically produce moderate near-term share price movement without altering long-term strategy.

3 transcript www.fool.com, 8:43 PM
On Holding AG discussed Q2 2026 financial results, performance metrics and forward guidance during its earnings call. Quarterly earnings calls typically provide performance updates that can shift near-term market views without guaranteeing structural change.

3 transcript www.marketbeat.com, 3:04 PM
ONON Q2 earnings call highlighted financial results and operational updates for On Holding AG. Earnings highlights deliver financial metrics that moderately shape near-term investor views.

3 , 1:21 PM
On Holding AG reported Q2 earnings that missed estimates while raising its FY'26 margin outlook. Q2 earnings miss offset by raised margin guidance creates moderate effects on future performance and sentiment.
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