On Holding Ltd
- 取引所
- 米国株
- 国 / 地域
- USA
- 上場日
- 2021年9月15日
- 従業員数
- 3,963
- 公式サイト
- www.on.com
総合バリュエーションレンジ · 保守的 $27–$29 / 妥当 $36–$53 / 楽観的 $59–$63。$38.88 時点で 妥当な本源的価値レンジ内。
レポート公開時 $38.69（2026年6月17日）
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.
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沿革
On Holding AG was founded in Zurich, Switzerland in 2010 by Olivier Bernhard, David Allemann, and Caspar Coppetti, and has delivered premium athletic footwear, apparel, and accessories since its 2010 market launch. It priced its IPO at 24 USD per Class A share and began trading on the NYSE on September 15, 2021, under a founder-controlled dual-class structure. Net sales grew from CHF 267 million in 2019 to CHF 3.014 billion in 2025, as On evolved from a running-footwear brand into a broader premium performance sportswear company spanning running, training, tennis, all-day wear, and apparel.
業界での地位
On is a Swiss premium performance-sportswear brand and a premium challenger in athletic footwear and apparel, stronger than a niche player though not yet a category leader, competing with incumbents such as Nike, Deckers (HOKA), Amer Sports (Salomon), and Lululemon. In fiscal 2025 it generated CHF 3.014 billion of net sales, up 30.0% reported, with gross margin of 62.8%, above its broader peer set, and a direct-to-consumer mix of 41.8%. Its advantages center on brand, proprietary product technologies such as CloudTec, Speedboard, Helion, and LightSpray, and DTC distribution discipline. The business remains concentrated in footwear, with sales split Americas 57.7%, EMEA 25.3%, and APAC 17.0%.