On Holding AG (ONON) Stock Price & How to Invest
Last updated July 2026
Short answer
ONON is the NYSE-listed Class A share of On Holding AG, the Zurich company behind On running shoes, whose CloudTec sole and refusal to discount turned a 2010 startup into a business doing roughly $3.9 billion of annual sales (CHF ~3.12 billion, converted at recent rates). Investing in it means owning a full-price premium brand still compounding above 20 percent in constant currency, priced at a visible premium to the rest of the footwear group, with the whole argument resting on how long that growth rate holds.
ONON stock price
As of 2026-08-06, On Holding AG (ONON) last closed at $37.63, down 19.6% over the past year. Over the past 52 weeks it has traded between $31.88 and $50.63.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or On Holding AG's investor relations page. Walnut is informational, not investment advice.
What does On Holding AG (ONON) do?
On Holding AG designs and sells performance running shoes, apparel and accessories under the On brand. It was founded in Zurich in 2010 by Olivier Bernhard, a former duathlon world champion, alongside David Allemann and Caspar Coppetti, around a specific idea: hollow rubber pods in the outsole (CloudTec) that compress on landing and lock for push-off. Shoes are still the overwhelming majority of the business, roughly 92 percent of first-quarter 2026 sales, with apparel and accessories the rest. On sells through two channels: wholesale partners such as specialty running retailers and sporting goods chains at about 61 percent of sales, and direct-to-consumer through on.com and its own stores at about 39 percent. Geographically the Americas is still the largest region at roughly 54 percent of sales, EMEA about 25 percent, and Asia-Pacific just over 20 percent and rising fast. Production is outsourced, with roughly 90 percent of footwear made in Vietnam and the remainder in Indonesia, though On has begun operating its own robot-run LightSpray factories in Zurich and Busan. Roger Federer has been a shareholder and product collaborator since 2019, and the THE ROGER line is the brand's main tennis-adjacent lifestyle franchise.
The investment picture is a premium-growth story that has recently been asked to prove its second act. Full-year 2025 net sales reached CHF 3,014.0 million, up 30.0 percent reported and 35.6 percent in constant currency, with gross margin of 62.8 percent and adjusted EBITDA margin of 18.8 percent. For 2026 management guided to at least 23 percent constant-currency growth, gross margin of at least 64.5 percent and adjusted EBITDA margin of 19.5 to 20.0 percent, a deceleration that sent the stock down roughly 14 percent when it landed in March 2026. Weeks later On announced that Martin Hoffmann was stepping down as chief executive and chief financial officer, with co-founders Caspar Coppetti and David Allemann taking over as co-CEOs and Frank Sluis arriving as CFO. First-quarter 2026 results were then better than the guidance implied, with net sales of CHF 831.9 million, gross margin of 64.2 percent and an adjusted EBITDA margin of 21.0 percent. The shares trade near $38, about 20 percent below where they sat a year earlier, at roughly 40 times trailing and about 21 times forward earnings. Second-quarter results are scheduled for August 11, 2026.
What's driving On Holding AG (ONON)?
1. Full-price selling that keeps lifting gross margin
On's gross margin went from 62.8 percent for full-year 2025 to 64.2 percent in the first quarter of 2026, an increase of about 430 basis points year over year, and management guides to at least 64.5 percent for 2026 even after building in a 20 percent incremental US tariff on Vietnamese imports. That expansion comes from mix rather than cost cutting: direct-to-consumer grew faster than wholesale (28.7 percent versus 25.1 percent in constant currency), and the brand has so far avoided the promotional spiral that has compressed margins elsewhere in footwear. Adjusted EBITDA margin of 21.0 percent in the quarter is unusual for a company still growing sales in the mid-twenties.
2. Asia-Pacific has become the growth engine
Asia-Pacific net sales rose 61.4 percent in constant currency in the first quarter of 2026 to CHF 174.0 million, and the region now accounts for more than 20 percent of global sales, up from a rounding error at the time of the 2021 IPO. China and the broader region are where On is opening premium stores and where brand awareness is furthest from saturation. The contrast with the Americas is the whole story of the current growth mix: the Americas grew 17.1 percent in constant currency off a base that is still roughly 54 percent of the company, so incremental growth increasingly depends on markets where On is the newcomer rather than the incumbent.
3. Apparel and accessories as the second product act
Apparel grew 57.5 percent in constant currency in the first quarter of 2026 and accessories grew 86.6 percent, both far ahead of the 24.0 percent constant-currency growth in shoes. The absolute numbers are still small, with apparel at CHF 55.3 million against CHF 763.7 million of footwear, which is exactly why the category matters: management describes apparel as an entry point into the brand rather than an add-on, and every point of apparel mix widens the addressable market beyond a single shoe purchase cycle. Whether On can build apparel into a double-digit share of sales is one of the clearer tests of whether it is a footwear brand or a sportswear house.
4. LightSpray automation as a tariff and speed hedge
LightSpray builds a shoe upper by having robot arms spray material onto a mold, removing most of the cutting, gluing and stitching labor that anchors footwear production in Southeast Asia. On moved the technology from a four-robot pilot line in Zurich to a 32-robot facility in Busan, South Korea, capable of roughly 1,000 pairs a day, and has said the site increases global LightSpray capacity roughly thirtyfold in 2026, with further factories planned in the United States and Europe. If the technology scales beyond halo products such as the LightSpray Cloudmonster 3 Hyper, it addresses tariff exposure, lead times and the concentration of production in Vietnam at the same time.
What are the risks to On Holding AG (ONON)?
The most concrete risk is the deceleration itself: guidance of at least 23 percent constant-currency growth for 2026 is a sharp step down from 35.6 percent in 2025, and the Americas, still more than half the business, grew only 3.1 percent on a reported basis in the first quarter, with analysts flagging maturing wholesale door growth. Leadership changed at both the CEO and CFO seats in 2026, which removes the executive who ran the company through its entire public life just as the growth rate is being tested. Supply is concentrated, with roughly 90 percent of footwear produced in Vietnam and guidance that embeds a 20 percent incremental US tariff, so trade policy moves through the income statement quickly and the LightSpray nearshoring answer is years from being material. Because On reports in Swiss francs, a strong franc keeps reported growth well below constant-currency growth (14.5 percent versus 26.4 percent in the first quarter of 2026), which flatters or penalizes the headline depending on where the dollar sits. Finally, the valuation carries a premium at roughly 40 times trailing earnings against a footwear group trading far lower, founder-held Class B shares concentrate voting control regardless of the public float, and running-brand momentum has historically proven cyclical, which is what short interest of around 6 percent of shares is expressing.
What is the On Holding AG (ONON) forecast?
27 analysts publish price targets on ONON, averaging $52.18 against a $37.61 price as of August 2026, or +38.7%. The published targets run from $24.13 to $83.14, a wide spread, and the ratings split 23 buy, 3 hold, 1 sell. Over the last six months there have been 0 raises and 9 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full ONON forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is ONON a buy or a sell?
We give no verdict on On Holding AG. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Full-price selling that keeps lifting gross margin. On's gross margin went from 62.8 percent for full-year 2025 to 64.2 percent in the first quarter of 2026, an increase of about 430 basis points year over year, and management guides to at least 64.5 percent for 2026 even after building in a 20 percent incremental US tariff on Vietnamese imports. The most optimistic published target, $83.14, assumes this works close to its best case.
The case against. The most concrete risk is the deceleration itself: guidance of at least 23 percent constant-currency growth for 2026 is a sharp step down from 35.6 percent in 2025, and the Americas, still more than half the business, grew only 3.1 percent on a reported basis in the first quarter, with analysts flagging maturing wholesale door growth. The most pessimistic target, $24.13, is roughly what ONON is worth if this bites instead.
Read the full bull and bear case on ONON, including what would have to change to break either one. Walnut is not an investment adviser.
How is On Holding AG (ONON) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see On Holding AG's investor relations page or your broker.
- Revenue (TTM): ~$3.9B (CHF ~3.12B, converted at roughly 1.25 USD per CHF)
- Net sales growth (FY2025): ~30% reported, ~35.6% constant currency
- Gross margin (Q1 2026): ~64.2%, guided to ~64.5%+ for FY2026
- Adjusted EBITDA margin (Q1 2026): ~21.0%, guided to ~19.5% to 20.0% for FY2026
- Net income (TTM): ~$312M, a margin of roughly 8%
- Market cap: ~$12.5B, or about 40x trailing and 21x forward earnings
These figures reflect the first quarter of 2026, reported on May 12, 2026, with second-quarter results scheduled for August 11, 2026, so the most recent operating data is a quarter old. On reports in Swiss francs while the shares trade in dollars, which means every USD revenue figure moves with the exchange rate and constant-currency growth ran roughly twelve percentage points above reported growth in the last quarter. On other measures the stock trades near 3.3 times sales and about 17.7 times EV/EBITDA, with roughly $1.27 billion of cash against about $676 million of debt that is largely lease liabilities, and no dividend.
Who competes with On Holding AG (ONON)?
Premium performance running specialists
The closest comparison set, and the group On actually competes with on the run-specialty shelf. Deckers Outdoor's Hoka is the most direct analogue, a cushioned-maximalist brand that scaled from niche to multi-billion-dollar on a similar full-price, run-specialty-first path and now carries higher operating margins than On. Asics has re-emerged as a share gainer after years of drift, Brooks (owned by Berkshire Hathaway) holds deep loyalty among high-mileage runners in the United States, New Balance is private but growing across both performance and lifestyle, and Saucony and Altra occupy adjacent technical niches. Running footwear grew roughly 9 percent year over year while lifestyle footwear was flat to down, so this is the part of the market where nearly all the growth sits and where competition for the same specialty doors is most direct.
Global sportswear incumbents
Nike remains the largest running footwear brand at roughly a quarter of the market, with a marketing budget and athlete roster no challenger can match, but its share losses across both wholesale and direct channels are the specific source of the shelf space that On, Hoka, New Balance and Asics have been absorbing. Adidas has recovered through lifestyle franchises more than through running, Puma and Under Armour are both rebuilding, and Skechers has scaled its own performance running line at far lower price points. Amer Sports, with Salomon and Arc'teryx, is the other listed premium-technical challenger following a comparable playbook. The strategic risk from this group is not that they out-innovate On but that a return to heavy promotion by a larger player resets what consumers expect to pay for a performance shoe.
Lifestyle and athleisure crossover
A large share of On's revenue comes from people who never race, which puts the brand in competition with apparel-led athleisure companies for the same discretionary wallet. Lululemon, Alo Yoga and Vuori compete directly with the apparel push that On is treating as its second growth engine, and Adidas terrace silhouettes and Salomon trail-derived sneakers compete for the same style-driven footwear purchase. This category is where On's premium positioning is both an advantage and an exposure: the Cloudtilt and THE ROGER lines earn full price from sneaker-informed buyers today, but fashion-driven demand turns faster than performance demand, and a brand that becomes ubiquitous in cities can lose the scarcity that justified the price.
What stocks are similar to On Holding AG (ONON)?
Other names that sit close to ONON: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in On Holding AG (ONON)
There are three common ways to get ONON exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so ONON sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where ONON fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on On Holding AG (ONON)
On is one of the very few sportswear brands still taking share at full price, and ONON prices that scarcity, so the live question is the durability of the growth rate rather than the quality of the brand.
More on On Holding AG (ONON)
Whether ONON is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ONON a buy or a sell?, and where the stock could go from here in the ONON stock forecast.
For income investors, whether ONON pays a dividend and how the payout looks is covered in does ONON pay a dividend? And to weigh ONON against a peer, read the full side-by-side comparisons: ONON vs DECK and ONON vs BRK-B.
Wondering how ONON fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in On Holding AG with AI
Connect the broker you already use and ask Walnut's AI how ONON fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What exactly does On Holding sell?
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Performance running shoes first, at roughly 92 percent of sales, plus a fast-growing apparel line and a small accessories business. The technical signature is CloudTec, hollow rubber elements in the outsole that compress on impact, combined with a Speedboard plate that returns energy on push-off. The product range now spans road running (Cloudmonster, Cloudsurfer), trail, training, tennis through THE ROGER franchise with Roger Federer, and increasingly a lifestyle range such as Cloudtilt aimed at buyers who will never enter a race. Distribution splits roughly 61 percent wholesale and 39 percent direct-to-consumer through on.com and On's own retail stores.
How do you invest in On Holding, and what are the Class A and Class B shares?
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On Holding is a Swiss company, but its Class A shares list directly on the NYSE under the ticker ONON, so US investors buy the ordinary listed share rather than an ADR. Founders and early insiders hold Class B registered shares that are not publicly traded and that carry voting power out of proportion to their economic stake, which means control of the company stays with the founding group regardless of how large the public float becomes. Martin Hoffmann's Class B holdings were put forward for conversion into ordinary shares at the 2026 annual general meeting as part of his departure. Anyone weighing ONON is buying an economic interest with limited voting influence.
Why do On's reported and constant-currency growth rates differ so much?
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On reports its financial statements in Swiss francs while earning revenue in dollars, euros, yuan and other currencies. When the franc strengthens, foreign revenue converts into fewer francs, so the reported growth rate comes in below the underlying volume and price growth. In the first quarter of 2026 the gap was unusually wide: net sales rose 14.5 percent reported but 26.4 percent in constant currency, a spread of about twelve percentage points. The same effect runs through the regional lines, where the Americas grew 3.1 percent reported and 17.1 percent in constant currency. Constant currency is the better read on demand, and reported figures are the better read on what actually reaches the income statement.
How exposed is On to US tariffs?
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Directly and materially. Roughly 90 percent of On's footwear is made by third-party manufacturers in Vietnam and the rest in Indonesia, and the company's 2026 gross margin guidance explicitly embeds a 20 percent incremental tariff rate on products imported into the United States from Vietnam, excluding any potential refunds. That On still guides to gross margin of at least 64.5 percent while absorbing that cost says something about its pricing power, but the exposure is structural rather than hedged. The LightSpray robotic factories in Zurich and Busan, with further sites planned in the United States and Europe, are the long-term nearshoring answer, though current capacity of roughly 1,000 pairs a day in Busan is a fraction of total volume.
Why did the stock drop in early 2026?
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Two events in March. On March 3, 2026, the company reported record 2025 results (net sales of CHF 3,014.0 million, up 35.6 percent in constant currency) but guided 2026 constant-currency growth to at least 23 percent, a larger deceleration than the market had modeled, and the shares fell roughly 14 percent. On March 25 the company announced that Martin Hoffmann, who had served as both CEO and CFO, would step down effective May 1, with co-founders Caspar Coppetti and David Allemann returning as co-CEOs, COO Scott Maguire adding the president title and Frank Sluis joining as CFO. Slowing guidance plus a simultaneous change at both top financial and executive seats is what took the stock down roughly 20 percent over the following year.
Does ONON pay a dividend, and what does it do with its cash?
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No. On has never paid a dividend and reinvests cash into retail store openings, marketing and athlete partnerships, product development including the LightSpray automation program, and working capital to support inventory growth. The balance sheet holds roughly $1.27 billion of cash against about $676 million of debt, most of which is lease liabilities from the retail footprint rather than borrowings, leaving enterprise value slightly below market cap. Total return from ONON therefore comes entirely from share price movement, and Swiss withholding tax on dividends is not currently a consideration for US holders because there are no dividends to withhold from.
What are the numbers to watch in the next few quarters?
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Second-quarter 2026 results are due August 11, 2026, and four lines carry most of the information. Americas constant-currency growth shows whether the largest region is stabilizing or continuing to mature. Gross margin against the at-least-64.5-percent full-year guide shows whether the 20 percent tariff assumption is holding. Apparel growth against its CHF 55.3 million quarterly base shows whether the second category is scaling or staying a rounding error. And any change to the at-least-23-percent constant-currency full-year guide is the single number the market reacted to hardest in March. Adjusted EBITDA margin against the 19.5 to 20.0 percent range is the profitability check on all of it.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with On Holding AG's investor relations page or your broker before making investment decisions.