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On Holding AG (ONON) stock

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NYSE: ONON NYSE Footwear Next results ~November 10, 2026

B Fundamentals grade

On Holding AG is a US-listed company in the footwear industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$64

Cash-flow model

Base case. Range ~$49–$82 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 79% above it.

Price used: $35.52, November 2, 2026

On Holding AG valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 3 selling8 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds238 adding, 258 cuttingOf 67 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter On Holding AG files

Where On stands after its latest Filing

Revenue for the twelve months was $3.64bn, up 38.1% on a year earlier, faster than the 31.9% growth a quarter earlier. That growth ranks 1 of 10 among the footwear companies we cover. Free-cash-flow margin rose to 9.5% from -1.1% a year earlier. Operating margin widened to 12.5% from -19.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $63.53 a share, against a share price of $33.78.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

On Holding AG's trailing-twelve-month revenue grew 38.1% year on year, with a free-cash-flow margin of 9.5%. Where it stands out: revenue growth of 38.1% ranks 1 of 10 footwear companies we cover. Where it lags: stock pay as % of revenue of 2.2% ranks 9 of 9 footwear companies we cover.

Our discounted-cash-flow model values the business at ~$64 per share in the base case (~$49–$82 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 32.3% while net income fell 10.7%: a 22pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $35.52 is 79% below our value per share of $64.
  • Fast growth. Revenue grew 38.1% over the last 12 months, against a median of 7.3% for footwear companies we cover.
  • Growth speeding up. The growth rate is 6.2 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 3.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $1.3bn.

Things to watch

  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.2% ranks 9 of 9 footwear companies we cover (median 0.8%).
  • Heavily shorted. 13.1% of the shares available to trade are sold short (2.6 days of average volume to cover).

Latest results

Earnings per share
$0.35 against an average estimate of $0.34: beat by 3.3%
Next report
November 10, 2026

On Holding AG's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.2%
  • 1 week+7.1%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.6B
Operating margin
12.5%
Net margin
6.8%

Growth

Revenue growth
+38.1%
Change in growth rate
+6.2 pts

Cash

Free cash flow (TTM)
$346M
FCF margin
9.5%
Stock pay % of revenue
2.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

On Holding AG valuation models and calculator

What the price is pricing in

The share price implies about 8.4% a year of cash-flow growth for five years.That is slower than the 51.7% a year revenue growth On Holding AG has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in8.4%
  • Last 12 months38.1%
  • 3 years a year41.6%
  • 5 years a year51.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($35.50, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$64
Price used
$35.50close November 3, 2026
Implied change
▲ +79%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of On Holding AG's free cash flow after stock-based pay with after-tax interest added back ($388M, FY2025 Q4 TTM), growing 20% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$49–~$82 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of On Holding AG's free cash flow after stock-based pay ( $388M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value On Holding AG as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$64 ~$49–$82 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$11 ~$8.9–$14 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.5 ~$1.5–$3.9 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.2 ~$0.2–$0.3 Left out: out of range vs price (0.01x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$46 ~$11–$64 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare On Holding AG with Footwear in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +28%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −48%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $23$30$39$51$66$86
8.5% $19$24$30$39$49$64
10% $16$20$25$31$40$50

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, before the open.

Analysts' consensus

No analyst estimates are published for On Holding AG: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.34 $0.35 +3.3%
Mar 2026 $0.27 $0.37 +38.0%
Dec 2025 $0.21 $0.25 +17.8%
Sept 2025 $0.27 $0.43 +60.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

31 analysts, Nov 2026
Buy2581%
Hold516%
Sell13%

Monthly trend

  1. Nov 2026817531
  2. Oct 2026817531
  3. Sep 2026716428

Counts of recommendations published by analysts covering On Holding AG, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.1%
of tradable shares
Days to cover
2.62
at average volume
Short interest, 1 month
+43%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
24.2%
of shares
Employees
3,963
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How On Holding AG’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

On Holding AG in five measures

Fundamentals grade B
Growth Profitability Cash Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) On Holding AG
$0 $1B $2B $3B $4B FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $268.8M Revenue (TTM), FY20 Q4: $453.4M Revenue (TTM), FY21 Q4: $792.6M Revenue (TTM), FY22 Q4: $1.3B Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q4: $2.6B Revenue (TTM), FY25 Q4: $3.6B $3.6B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $268.8M
FY20 Q4 $453.4M
FY21 Q4 $792.6M
FY22 Q4 $1.3B
FY23 Q4 $2B
FY24 Q4 $2.6B
FY25 Q4 $3.6B
Revenue growth, TTM YoY On Holding AG
20% 40% 60% 80% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 68.7% Revenue growth, TTM YoY, FY21 Q4: 74.8% Revenue growth, TTM YoY, FY22 Q4: 61.6% Revenue growth, TTM YoY, FY23 Q4: 55.8% Revenue growth, TTM YoY, FY24 Q4: 31.9% Revenue growth, TTM YoY, FY25 Q4: 38.1% 38.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 68.7%
FY21 Q4 74.8%
FY22 Q4 61.6%
FY23 Q4 55.8%
FY24 Q4 31.9%
FY25 Q4 38.1%
Operating margin (TTM) On Holding AG
-20% -10% 0% 10% 20% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: 2.1% Operating margin (TTM), FY20 Q4: -4.0% Operating margin (TTM), FY21 Q4: -19.5% Operating margin (TTM), FY22 Q4: 7.0% Operating margin (TTM), FY23 Q4: 10.1% Operating margin (TTM), FY24 Q4: 9.1% Operating margin (TTM), FY25 Q4: 12.5% 12.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 2.1%
FY20 Q4 -4.0%
FY21 Q4 -19.5%
FY22 Q4 7.0%
FY23 Q4 10.1%
FY24 Q4 9.1%
FY25 Q4 12.5%
FCF margin (TTM) On Holding AG
-40% -20% 0% 20% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: -4.7% FCF margin (TTM), FY20 Q4: -6.0% FCF margin (TTM), FY21 Q4: -1.1% FCF margin (TTM), FY22 Q4: -23.5% FCF margin (TTM), FY23 Q4: 10.6% FCF margin (TTM), FY24 Q4: 19.4% FCF margin (TTM), FY25 Q4: 9.5% 9.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 -4.7%
FY20 Q4 -6.0%
FY21 Q4 -1.1%
FY22 Q4 -23.5%
FY23 Q4 10.6%
FY24 Q4 19.4%
FY25 Q4 9.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar On Holding AG took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.6B
  2. Cost of revenue $1.4B · 37.2%
  3. Gross profit $2.3B · 62.8%
  4. Selling, general and admin $390M · 10.7%
  5. Other operating costs $1.4B · 39.3%
  6. Operating income $455M · 12.5%
  7. Interest and other $207M · 5.7%
  8. Net income $246M · 6.8%

Shares of revenue. Source: On Holding AG's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 269 453 793 1,281 1,996 2,633 3,638
Gross profit 144 246 471 718 1,189 1,597 2,286
Operating income 6 −18 −154 89 201 240 455
Net income −1 −29 −186 60 89 275 246
Growth (year on year)
Revenue — +68.7% +74.8% +61.6% +55.8% +31.9% +38.1%
Operating income — −418.4% — — +125.0% +19.8% +89.3%
Net income — — — — +46.6% +210.5% −10.7%
Margins
Gross margin 53.6% 54.3% 59.4% 56.0% 59.6% 60.6% 62.8%
Operating margin 2.1% −4.0% −19.5% 7.0% 10.1% 9.1% 12.5%
Net margin −0.6% −6.5% −23.5% 4.7% 4.4% 10.5% 6.8%
Free-cash-flow margin −4.7% −6.0% −1.1% −23.5% 10.6% 19.4% 9.5%
Cash flow
Cash from operations −5 −16 18 −238 258 580 434
Capital spending 7 12 27 63 48 69 88
Free cash flow −13 −27 −8 −301 211 511 346
Stock-based pay 19 52 210 40 30 65 80
Free cash flow after stock pay −32 −79 −219 −341 180 446 266
Balance sheet
Cash — 103 714 401 588 1,019 1,285
Total debt — 0 0 0 0 0 0
Net debt (negative = net cash) — −103 −714 −401 −588 −1,019 −1,285

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $3.6bn
Short-term assets $2.5bnLonger-term assets $1.1bn
What it owes, and who funded it · $3.0bn
Short-term liabilities $913mShareholders' equity $2.1bn
  • Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $913m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $455m against $26m of interest.

From On Holding AG's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
0.4%
of revenue

Competitors: side by side with peers

Closest by revenue in footwear
Last 12 months unless stated ONON CROX CAL SHOO DECK BIRK Median
Revenue, last 12 months $3.6bn $4.1bn $2.8bn $2.7bn $5.6bn $2.3bn $2.5bn
Revenue growth, last 12 months 38.1% 0.7% 7.3% 18.2% 6.3% 18.6% 7.2%
Revenue growth, 3-year average — 1.3% −0.1% 12.3% 12.6% — 0.6%
Revenue growth, latest quarter — 4.6% 5.6% 19.1% 3.5% — 6.8%
Gross margin 62.8% 59.4% 46.2% 46.1% 58.9% 59.1% 48.1%
Operating margin 12.5% 22.6% 3.1% 7.5% 23.6% 26.2% 10.7%
Operating margin, 3-year average — 17.6% 4.2% 7.9% 23.4% — 8.4%
Net margin 6.8% 16.2% 1.8% 5.4% 19.0% 16.6% 6.2%
Cash from operations / revenue 11.9% 19.8% 4.1% 9.6% 20.2% 18.3% 10.8%
Free-cash-flow margin 9.5% 18.4% 2.2% 8.2% 18.9% 14.7% 9.2%
Free-cash-flow margin, 3-year average — 19.7% 1.9% 7.8% 18.7% — 8.1%
Stock pay / revenue 2.2% 1.1% 0.4% 1.1% 0.8% −0.2% 0.8%
Change in share count — −11.3% −0.8% 0.7% −7.0% −0.6% −0.6%

Median of all 10 companies we cover in footwear. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

10 footwear companies
Measure Company Peer median Rank
Revenue growth Growth 38.1% 7.3% 1 of 10
Change in growth rate Growth +6.2pp +2.4pp 1 of 10
Gross margin Profitability 62.8% 49.1% 1 of 10
Operating margin Profitability 12.5% 12.5% 5 of 10
Net margin Profitability 6.8% 6.8% 5 of 10
Free-cash-flow margin Cash generation 9.5% 9.5% 5 of 10
Stock pay as % of revenue Cash generation 2.2% 0.8% 9 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$7.4B
Institutions reporting
486
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
86 / 92

Top buyers and sellers, Q2 2026: 238 institutions bought and 258 sold ; the biggest buyer was Lone Pine Capital LLC (+13.3M shares) and the biggest seller FMR LLC (−8.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Morgan Stanley $724M 20.4M 9.8% ▼ 9.0%
BAMCO Inc $600M 16.9M 8.1% ▲ 74.3%
FMR LLC $568M 16.0M 7.7% ▼ 33.4%
Lone Pine Capital LLC $470M 13.3M 6.3% New
Platinum Paramount Investment Ltd. $401M 11.3M 5.4% 0.0%
Sinvest Investments Ii Ltd. $298M 8.4M 4.0% 0.0%
Sands Capital Management, LLC $265M 7.5M 3.6% ▲ 18.3%
Citadel Advisors LLC $251M 7.1M 3.4% ▲ 84.6%
Blackrock, Inc. $196M 5.5M 2.6% ▼ 3.9%
Jane Street Group, LLC $186M 5.2M 2.5% ▲ 0.3%
UBS Group AG $178M 5.0M 2.4% ▼ 31.6%
Marshall Wace, LLP $124M 3.5M 1.7% ▲ 176.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not On Holding AG's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $10.6M 8 trades by 3 insiders, last 12 months Insider sales History → $995,245 9 trades by 3 insiders · 88% under pre-set plans
Net ▲ $9.6M net buying
Insider Date Trade Shares Price Value
Sluis Frank CFO September 8, 2026 Sell 687 $27.74 $19,057
Maguire Scott Andrew COO September 8, 2026 Sell 1,475 $27.74 $40,916
Coppetti Caspar Felix Executive Officer & Co-CEO August 14, 2026 Buy 65,000 $30.67 $2M
Bernhard Olivier Executive Officer August 14, 2026 Buy 65,000 $30.67 $2M
Maguire Scott Andrew COO June 8, 2026 Sell 1,534 $36.08 $55,347
Allemann David Michael Executive Officer & Co-CEO May 14, 2026 Buy 9,144 $35.97 $328,910
Allemann David Michael Executive Officer & Co-CEO May 14, 2026 Buy 50,856 $36.75 $1.9M
Coppetti Caspar Felix Executive Officer & Co-CEO May 14, 2026 Buy 9,147 $35.97 $329,018
Coppetti Caspar Felix Executive Officer & Co-CEO May 14, 2026 Buy 50,853 $36.75 $1.9M
Bernhard Olivier Executive Officer May 14, 2026 Buy 9,144 $35.97 $328,910
Bernhard Olivier Executive Officer May 14, 2026 Buy 50,856 $36.75 $1.9M
Hoffmann Martin CEO April 27, 2026 Sell pre-set plan 4,150 $35.84 $148,736

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on On Holding AG was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

On Holding AG in brief

What does On Holding AG do?
On Holding AG is a US-listed company in the footwear industry. Its financial year ends in December.
What is On Holding AG's stock ticker?
On Holding AG trades under the ticker ONON on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is On Holding AG's revenue, and how fast is it growing?
Over its most recent trailing twelve months, On Holding AG reported revenue of $3.6B, 38.1% higher than a year earlier, according to its SEC filings.
What is On Holding AG's free cash flow?
On Holding AG's free-cash-flow margin is 9.5% of revenue over the trailing twelve months, ranking 5 of the 10 footwear companies we cover.
What is On Holding AG's fair value (intrinsic value) per share?
Our discounted-cash-flow model of On Holding AG's free cash flow after stock-based pay gives ~$64 per share in the base case, and ~$49–$82 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are On Holding AG's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Morgan Stanley, BAMCO Inc and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are On Holding AG's competitors?
In our Footwear peer group, the companies closest to On Holding AG are Crocs, Inc., Caleres Inc, Steven Madden, LTD., Deckers Brands and Birkenstock Holding plc. The side-by-side comparison below sets their revenue, margins and growth against On Holding AG's.
Are insiders buying or selling On Holding AG stock?
Over the last 12 months, On Holding AG's directors and officers reported 8 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is On Holding AG's next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — On Holding AG announces its own schedule.