Loading…
Swiss performance running shoe and apparel brand known for its CloudTec cushioning technology, growing fast internationally.
Swiss performance running shoe and apparel brand known for its CloudTec cushioning technology, growing fast internationally.
Sells through wholesale partners such as running-specialty and sporting-goods stores and through its own online store and shops, and its shoes are made by contract factories in Asia rather than its own. The three founders hold Class B shares with extra votes; the Class A shares traded here carry fewer.
Moat: narrow (brand, IP / patents). Patented CloudTec sole technology and a fast-growing premium brand differentiate it in a crowded category.
Headquarters: Zurich, Switzerland · Founded: 2010 · Employees: 3,963
Size On Holding AG Class A (ONON) is a United States Consumer Discretionary company (Apparel/Footwear) with a market value of $12.3B, the 683rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.36 on 6 Nov 2026.
Performance Over six months the shares gained 6.0%, against +3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 29.3% over the last twelve months (peer median +7.2%); the operating margin is 13.8% (peer median 17.2%).
Valuation It trades at 20.0× forward earnings against a peer median of 15.6× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +52%, so the hurdle is -30 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.5 points above its cost of capital (14.5% WACC).
Short interest Short interest is 11.1% of the free float (15 Oct 2026).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.06B | $3.63B | $2.63B | $1.99B | $1.28B |
| Revenue growth | — | +38% | +32% | +56% | — |
| Gross profit | $2.63B | $2.14B | $1.49B | $1.12B | $675M |
| EBITDA | $735M | $607M | $359M | $273M | $138M |
| Net income | $500M | $245M | $275M | $88.6M | $60.4M |
| Free cash flow | $523M | $319M | $494M | $204M | -$306M |
| Capital expenditure | $122M | $94.6M | $73.7M | $52.4M | $86.8M |
| Total debt | $762M | $733M | $442M | $290M | $184M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| On Holding AG Class A ONON | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% |
| Deckers Brands DECK | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% |
| Nike NKE | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% |
| adidas ADS.DE | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% |
| Lululemon Athletica LULU | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ONON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.8% | +10.0% | 10th lowest of 21 |
| 6-month return | +6.0% | +3.7% | 9th highest of 21 |
| Distance from 52-week high | -26.9% | -13.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +29.3% | +7.2% | 2nd highest of 21 |
| Operating margin | 13.8% | 17.2% | 8th lowest of 21 |
| Forward P/E | 20.0× | 15.6× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 22.0% | 8.4% | 2nd most demanding of 21 |
| Growth delivered (Del g) | +51.6% | +14.3% | highest of 21 |
| Hurdle (Req g minus delivered) | -29.6 pp | -5.9 pp | least demanding of 21 |
| ROIC minus cost of capital | +12.5 pp | +9.1 pp | 10th highest of 21 |
| EV / EBITDA | 15.7× | 9.9× | 2nd most expensive of 19 |
| Net debt / EBITDA | -1.0× | 0.9× | 3rd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| On Holding AG Class A ONON | United States | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% | +51.6% |
| Lululemon Athletica LULU | United States | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% | +20.3% |
| Deckers Brands DECK | United States | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% | +16.5% |
| Moncler MONC.MI | Italy | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% | +16.8% |
| Ryohin Keikaku 7453.T | Japan | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% | +15.3% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Asics 7936.T | Japan | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% | +19.8% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Ralph Lauren RL | United States | $22.4B | +5% | +15% | 17% | 18.6× | 11.0% | +13.0% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Next NXT.L | United Kingdom | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% | +14.3% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| Anta Sports 2020.HK | Hong Kong | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% | +16.9% |