olivLaw · US equity research
On Holding AG ONON
Rubber & Plastics Footwear · SIC 3021 · Vertical: Rubber and plastics products (SIC 30xx)
On Holding AG is a premium sportswear brand headquartered in Zurich that sells through wholesale and direct-to-consumer channels. Net sales grew 30.0% in fiscal 2025, driven by the Americas and Asia-Pacific, while the company expands its owned store network and apparel line.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, On Holding AG (ONON) stock was 38.62 USD (+5.81% on the day), with beta 1.35, 52-week range 26.76–50.63 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 31.45 – 37.70
- above the upper band · %B 1.15 · band width 18.1%
- SMA 50 / 200
- 31.18 / 36.53
- mixed trend
- MACD (12, 26, 9)
- 1.10 / 0.84
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.1% | −1.1% | +22.2 pp | — |
| 3 months | +1.1% | −0.5% | +1.6 pp | — |
| 6 months | +7.1% | +4.4% | +2.7 pp | — |
| Year to date | −16.9% | +12.3% | −29.2 pp | — |
| 1 year | +6.7% | +13.5% | −6.9 pp | +13.2% |
| 3 years | +37.6% | +76.4% | −38.8 pp | +18.3% |
| 5 years | −1.5% | +63.7% | −65.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 267.1 m | 425.3 m | 724.6 m | 1.2 bn | 1.8 bn | 2.3 bn | 3.0 bn |
| Revenue YoY | unavailable | +59.2% | +70.4% | +68.7% | +46.6% | +29.4% | +30.0% |
| Net income | -1.5 m | -27.5 m | -170.2 m | 57.7 m | 79.6 m | 242.3 m | 203.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | +38.0% | +204.4% | −15.9% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -0.6% | -6.5% | -23.5% | 4.7% | 4.4% | 10.5% | 6.8% |
| Free cash flow | -12.7 m | -25.7 m | -7.7 m | -287.3 m | 189.3 m | 450.1 m | 286.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable CHF
- Financial debt
- unavailable CHF
- Net debt
- unavailable CHF
- Equity
- 1.6 bn CHF
- Total assets
- 2.8 bn CHF
- Debt / equity
- unavailable
- Current ratio
- 2.71x
- ROE
- 13.5%
- ROA
- 7.8%
- FCF margin
- 9.5%
Financial statements (source on every figure)
Revenue and net income (CHF)
Margins
Income statement · CHF
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 425.3 m | 724.6 m | 1.2 bn | 1.8 bn | 2.3 bn | 3.0 bn | SEC (XBRL)· 03 Mar 2026verified |
| Cost of revenue | 194.2 m | 294.3 m | 537.2 m | 724.8 m | 912.6 m | 1.1 bn | SEC (XBRL)· 03 Mar 2026verified |
| Gross profit | 231.1 m | 430.3 m | 684.9 m | 1.1 bn | 1.4 bn | 1.9 bn | SEC (XBRL)· 03 Mar 2026verified |
| Research & development | 1.9 m | 5.3 m | 8.2 m | 8.9 m | 9.6 m | 10.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Operating income | -17.1 m | -141.1 m | 85.1 m | 180.2 m | 211.6 m | 377.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Interest expense | 900.0 k | 3.6 m | 6.4 m | 11.3 m | 23.1 m | 29.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Pre-tax income | -24.4 m | -159.6 m | 77.9 m | 69.1 m | 279.6 m | 205.2 m | SEC (XBRL)· 03 Mar 2026verified |
| Income tax | 3.1 m | 10.6 m | 20.2 m | -10.5 m | 37.4 m | 1.5 m | SEC (XBRL)· 03 Mar 2026verified |
| Net income | -27.5 m | -170.2 m | 57.7 m | 79.6 m | 242.3 m | 203.7 m | SEC (XBRL)· 03 Mar 2026verified |
Balance sheet · CHF
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | 710.0 m | 184.6 m | 248.7 m | 629.3 m | — | SEC (XBRL)· 04 Mar 2025verified |
| Inventories | 102.9 m | 134.2 m | 395.6 m | 356.5 m | 419.2 m | 419.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Current assets | 282.3 m | 964.6 m | 1.1 bn | 1.2 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 03 Mar 2026verified |
| Property, plant & equipment, net | 17.0 m | 34.4 m | 77.2 m | 93.6 m | 127.2 m | 148.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Total assets | 382.6 m | 1.2 bn | 1.4 bn | 1.6 bn | 2.4 bn | 2.8 bn | SEC (XBRL)· 03 Mar 2026verified |
| Current liabilities | 86.4 m | 205.0 m | 242.7 m | 305.6 m | 660.4 m | 724.4 m | SEC (XBRL)· 03 Mar 2026verified |
| Equity | 245.1 m | 848.4 m | 969.5 m | 1.1 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 03 Mar 2026verified |
| Shares outstanding at year end | — | 276.9 m | 282.0 m | 284.2 m | 289.3 m | 296.9 m | SEC (XBRL)· 03 Mar 2026verified |
Cash flow · CHF
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.7 m | 16.9 m | -227.0 m | 232.1 m | 510.6 m | 359.5 m | SEC (XBRL)· 03 Mar 2026verified |
| Capex | 11.0 m | 24.6 m | 60.3 m | 42.8 m | 60.5 m | 72.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Free cash flow | -25.7 m ≈ | -7.7 m ≈ | -287.3 m ≈ | 189.3 m ≈ | 450.1 m ≈ | 286.6 m ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Investing cash flow | -18.6 m | -36.4 m | -82.9 m | -47.1 m | -64.9 m | -78.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Financing cash flow | 124.8 m | 595.9 m | 6.3 m | -21.8 m | -55.4 m | -78.5 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.8% | 56 (vs peers) | 20% |
| FCF conversion · Quality | 140.7% | 100 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | 35.1% | 100 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.7x | 100 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
On Holding AG (ONON). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.0 bn CHF in 2025; YoY growth 30.0%; net margin 6.8%; ROE 13.5%.
The estimated value range is 10.77–17.50 CHF per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 140.7%
- Revenue CAGR 3Y: 35.1%
- Interest coverage: 12.7x
- Current ratio: 2.7x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Rubber and plastics products (SIC 30xx) · same major group (2-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENTGEntegris, Inc. | 21.8 bn | 55.7 | 9.6% | 11.1% | −1.4% | +85% / +37% |
| CSLCarlisle Companies Incorporated | 15.4 bn | 22.6 | 41.9% | 13.8% | +0.3% | +25% / +42% |
| DECKDeckers Outdoor Corp | 11.9 bn | 11.8 | 44.3% | 19.0% | +9.8% | +1% / −19% |
| ONONOn Holding AG | 11.5 bn | 56.3 | 13.5% | 6.8% | +30.0% | +7% / +38% |
| WMSAdvanced Drainage Systems, Inc. | 10.9 bn | 24.9 | 26.1% | 14.0% | +5.0% | −5% / +19% |
| ATRAptarGroup, Inc | 9.3 bn | 35.6 | 9.9% | 6.7% | +5.4% | +18% / +16% |
| AWIArmstrong World Industries, Inc. | 7.4 bn | 23.5 | 36.0% | 18.4% | +12.1% | −7% / +107% |
| CROXCrocs, Inc. | 7.3 bn | 11.9 | 49.1% | 16.2% | −1.5% | +88% / +51% |
| NPOEnpro Inc | 5.9 bn | 94.7 | 4.0% | 4.9% | +9.0% | +25% / +116% |
| NWLNewell Brands Inc | 2.5 bn | — | -12.8% | -4.4% | −5.0% | +61% / −23% |
| GTThe Goodyear Tire & Rubber Company | 1.3 bn | — | -63.9% | -14.4% | −3.2% | −47% / −67% |
| MYEMyers Industries, Inc. | 1.1 bn | 37.6 | 9.7% | 3.3% | −1.3% | +58% / +62% |
| KRTKarat Packaging Inc. | 1.1 bn | 21.5 | 31.2% | 10.2% | +10.7% | +143% / +149% |
| SWIMLatham Group, Inc. | 963.2 m | 100.2 | 2.2% | 1.6% | +7.4% | +14% / +262% |
| LWLGLightwave Logic, Inc. | 662.9 m | — | -34.4% | -9,134.4% | +147.7% | −1% / +8% |
| CMTCore Molding Technologies, Inc. | 187.1 m | 26.1 | 4.4% | 2.4% | −9.5% | +12% / +18% |
| DSWLDeswell Industries, Inc. | 46.5 m | 4.4 | 10.0% | 17.3% | −9.3% | −19% / +12% |
| YHGJYunhong Green Cti Ltd. | 9.2 m | — | -29.5% | -14.4% | +9.8% | −29% / −87% |
| NKENIKE, Inc. | — | 19.5 | 21.6% | 6.7% | +0.2% | −37% / −63% |
1- and 3-year price returns: for ONON from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Mar 2026; since then the company filed 6-K (22 Sept 2026), 6-K (11 Aug 2026), 6-K (28 May 2026), 6-K (12 May 2026), 6-K (17 Apr 2026), 6-K (25 Mar 2026).
In brief
On Holding AG is a premium sportswear brand headquartered in Zurich that sells through wholesale and direct-to-consumer channels. Net sales grew 30.0% in fiscal 2025 1, driven by the Americas and Asia-Pacific, while the company expands its owned store network and apparel line.
SWOT
Strengths
- A premium brand with recognised proprietary technologies such as CloudTec and LightSpray, backed by a large trademark portfolio 1.
- Rapid and diversified growth across channels, categories and regions, with gross margin rising in fiscal 2025 1.
- A strong cash position supports investment in stores and automated distribution 1.
Weaknesses
Opportunities
Risks
- Brand reputationhigh
A quality, labour or ethics incident at a supplier could quickly damage the premium image of the brand 1.
- Supplier dependencehigh
Production concentrated among a few Asian partners could be disrupted by logistics or political problems 1.
- Tariffs and trade policymedium
Changes in tariffs and import rules could raise the cost of purchasing products 1.
- Currency exposuremedium
USD purchases and CHF reporting create exposure to exchange rates, which can affect margins 1.
- Execution of the expansion strategymedium
If new stores, categories or markets underperform, the investments could weigh on profitability 1.
Investment thesis
What would need to be true (bull case)
- If the rapid growth in sales and gross margin is sustained, the company could gradually ease the cost pressure on profit 1.
- If expansion in Asia-Pacific and China continues, the region could become a major growth engine 1.
- If warehouse automation performs as planned, distribution costs could fall over the longer term 1.
What would break the thesis
What to watch
- Trend in net margin and net income versus the prior yearQ1 2027
- Performance of the DTC channel and the China store network2027
- Whether the Beringen automated warehouse becomes fully operational2026
- Tariff and trade policy changes affecting importsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Mar 2026; since then the company filed 6-K (22 Sept 2026), 6-K (11 Aug 2026), 6-K (28 May 2026), 6-K (12 May 2026), 6-K (17 Apr 2026), 6-K (25 Mar 2026).
The business
On designs all its products in Switzerland but owns no significant factories; nearly all production is done by third-party suppliers, concentrated among a few partners. Net sales for fiscal 2025 were 3014.0 million CHF 1, up from 2318.3 million CHF in 2024 1. The company reports a single operating segment and has extended its range from footwear into apparel and accessories 1.
Segments
Market context
The Americas represented 57.7% of fiscal 2025 net sales 1, making it the largest region, while Asia-Pacific grew 96.4% in 2025 1. The global footwear and apparel market is large, and the premium segment offers room to grow, according to the company 1.
The wholesale channel accounted for 58.2% of 2025 sales 1, and the DTC channel for 41.8% 1. The DTC share is growing, which could change margins if owned-store expansion continues 1.
Trends
- Growth in Asia-Pacific and Chinatailwind
APAC sales grew strongly, and China has a large store network, which could support future growth if demand holds 1.
- Expansion of the direct channelmixed
Growing owned stores and e-commerce could improve margins and customer relationships, but it requires heavy investment 1.
- Cost and tariff pressureheadwind
Finished goods are mainly bought in USD, and trade policies and tariffs could raise import costs if they change 1.
- Investment in distribution automationtailwind
The automated warehouses in Atlanta and Beringen could lower handling costs over time if they perform as planned 1.
Competitive position
On operates in a competitive market against large global sportswear companies and specialist performance brands 1. The company says its proprietary technologies and premium positioning let it compete effectively with larger rivals 1.
Competition comes from both wholesalers and direct sellers, and the key factors include brand recognition, technical innovation, design, and price 1.
- Nike, Inc.NKE
Global sportswear leader present in both wholesale and direct sales 1.
- adidas AG
European sportswear giant and direct competitor in running and apparel 1.
- Hoka One One (Deckers Outdoor Corporation)DECK
Running and outdoor specialist and one of the performance competitors named 1.
- lululemon athletica Inc.LULU
Competitor in performance and lifestyle apparel, a category On is expanding into 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- PS’s CEO on Running the Private Terminal and the Power of RestraintSkift · 23 Oct 2026 · EN
- NYT CEO Meredith Kopit Levien on Running a Media Brand in the Age of AIBloomberg Markets · 10 Aug 2026 · EN
- Goldman Sachs CEO David Solomon on Running a Bank in the Age of AIBloomberg Markets · 04 Jun 2026 · EN
SEC filings
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)12 May 2026
- Current report (foreign issuer)17 Apr 2026
- Current report (foreign issuer)25 Mar 2026
- Current report (foreign issuer)03 Mar 2026
- Annual report (foreign issuer)03 Mar 2026
- Current report (foreign issuer)28 Jan 2026
- Current report (foreign issuer)12 Nov 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / On Holding AG · 03 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.