Company Profile · Consumer Cyclical

On Holding Ltd

ONON · US
Industry
Athletic Footwear & Apparel
Exchange
US
Country
USA
IPO date
Sep 15, 2021
Employees
3,963
Website
www.on.com
Current Price
$38.88
Live · Jun 18, 2026
Fair Buy
≤ $29
Margin-of-safety entry
Baillie Growth Score
52/100
Medium
Intrinsic Value · Three-Tier Range Current price $38.88 Live · Within the fair intrinsic-value range

Composite valuation range · conservative $27–$29 / fair $36–$53 / optimistic $59–$63. At $38.88, Within the fair intrinsic-value range.

At publication $38.69 (Jun 17, 2026)

Research on this stock
On Holding AG
ONON · US
Hold
On Holding: Premium Growth, Priced for Perfection

On Holding is a Swiss premium performance-sportswear brand built on running footwear, monetizing a proprietary-technology product system through a fast-rising direct-to-consumer channel alongside selective wholesale. The bull-bear core is a rare combination of scale growth and margin expansion: fiscal 2025 net sales of CHF 3.014 billion, up 30.0% reported and 35.6% constant-currency, with gross margin climbing to 62.8% and DTC mix at 41.8%, set against a stock that at roughly 3.1x trailing sales and a trailing P/E near the high-40s already prices in continued near-flawless execution amid Vietnam-tariff and footwear-concentration risk. Rating Hold: premium growth and margin expansion are real, but today's price already demands sustained near-perfect execution, leaving no conservative-entry margin of safety.

Athletic Footwear & Apparel Baillie 52 Jun 17, 2026
About the company

On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.

Financial snapshot
Market cap$12.96B
Revenue (TTM)$3.12B
EBITDA$467.5M
Profit margin8.02%
ROE15.5%
P/E (TTM)41.35
Forward P/E23.42
PEG0.73
EPS$0.94
52-week range$31.41 – $55.95
Analyst target$52.16
Analyst rating4.5 / 5

Data from EODHD, shown in the reporting currency; for reference only, not investment advice.

Background

History

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Industry position

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