ONON
Consumer CyclicalOn Holding AG · Apparel - Retail · $13B
What is On Holding AG?
On Holding AG is a Zurich-based sports brand known for its distinctive athletic footwear, apparel, and accessories sold across global markets through retail, online, and its own stores.
On Holding designs and distributes performance sports products worldwide. Revenue flows through independent retailers, distributors, direct-to-consumer online channels, and branded stores. The brand targets runners and fitness-oriented consumers seeking premium athletic gear, competing in a crowded but growing global sportswear market.
On Holding was founded in 2010 and is headquartered in Zurich, Switzerland.
- Athletic footwear
- Performance apparel
- Sports accessories
Is ONON a Good Stock to Buy?
UQS Score rates ONON as Good overall.
On Holding's standout pillars are Growth and Risk — the brand is expanding at a pace that stands out within the consumer cyclical sector, while its risk profile remains relatively contained for a company at this stage.
The Moat pillar is rated Weak, reflecting the intense competition in athletic footwear where brand loyalty is hard to sustain long-term.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does ONON pay dividends?
No — On Holding AG does not currently pay a dividend.
On Holding does not currently pay a dividend. As a growth-oriented brand still scaling its global footprint, the company reinvests available capital into product development, market expansion, and distribution infrastructure rather than returning cash to shareholders.
When does ONON report earnings?
On Holding AG reports earnings on a quarterly cadence, typical for US-listed equities.
The company has demonstrated strong top-line momentum in recent periods, consistent with its Growth pillar rating. Expanding direct-to-consumer channels have been a notable contributor to overall performance.
For the most recent quarter's results, visit On Holding AG's investor relations page directly.
ONON Price History
+21.9% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in On Holding AG?
Based on On Holding AG's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does On Holding AG do?
On Holding AG designs and sells athletic footwear, apparel, and accessories globally. Products reach consumers through independent retailers, online channels, and branded stores. The company is headquartered in Zurich, Switzerland, and targets performance-focused athletes and lifestyle consumers.
Does ONON pay dividends?
No, ONON does not currently pay a dividend. On Holding is in a growth phase and prioritizes reinvesting capital into brand building, product innovation, and geographic expansion rather than distributing cash to shareholders.
When does ONON report earnings?
On Holding reports on a quarterly cadence. Specific upcoming dates are not covered by our data source — check the company's investor relations page for the latest schedule.
Is ONON a good stock to buy?
UQS Score rates ONON as Good. The Growth and Risk pillars are strong points, while the Moat pillar is rated Weak. The complete pillar breakdown is available to Pro members at uqs-score.com.
Is ONON overvalued?
ONON's Valuation pillar is rated Neutral, suggesting the market is pricing in meaningful growth expectations without being clearly stretched or deeply discounted relative to fundamentals. Full valuation metrics are available to Pro members.
What is ONON's market cap bracket?
On Holding AG is classified as a large-cap company, reflecting its significant scale within the global athletic footwear and apparel industry.
Is ONON a long-term quality indicator?
As a long-term quality indicator, ONON scores Good overall. Its strong Growth and Risk ratings are positives for durability, though the Weak Moat rating is worth monitoring — sustainable competitive advantages are critical for long-term compounding.
What sector does ONON belong to?
ONON belongs to the Consumer Cyclical sector. This means its business performance can be sensitive to consumer spending trends and broader economic cycles, which is typical for premium athletic lifestyle brands.
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Pro Analysis
ONON — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 58.6 | 58.9 | 28.0 | 80.3 | 97.2 | 41.8 | -0.6 |
| May 15, 2026 | 59.2 | 59.4 | 28.0 | 80.3 | 97.2 | 44.8 | +0.6 |
| May 7, 2026 | 58.6 | 55.9 | 28.0 | 80.3 | 93.9 | 49.6 | -0.2 |
| May 6, 2026 | 58.8 | 55.9 | 28.0 | 80.3 | 93.9 | 51.2 | 0.0 |
| May 3, 2026 | 58.8 | 55.9 | 28.0 | 80.3 | 93.9 | 51.0 | +0.3 |
| Apr 28, 2026 | 58.5 | 55.9 | 28.0 | 80.3 | 93.9 | 49.3 | 0.0 |
| Apr 26, 2026 | 58.5 | 55.9 | 28.0 | 80.3 | 93.9 | 49.5 | +0.1 |
| Apr 19, 2026 | 58.4 | 55.9 | 28.0 | 80.3 | 93.9 | 48.7 | -0.4 |
| Apr 18, 2026 | 58.8 | 55.9 | 28.0 | 80.3 | 93.9 | 51.3 | -1.1 |
| Apr 14, 2026 | 59.9 | 55.9 | 28.0 | 80.3 | 93.9 | 58.2 | -0.1 |
ONON — Pillar Breakdown
Quality
— 58.9/100 (25%)On Holding AG shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 80.3/100 (20%)On Holding AG is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 97.2/100 (15%)On Holding AG carries minimal financial risk with conservative leverage and strong solvency.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 41.8/100 (15%)On Holding AG has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 28/100 (25%)On Holding AG operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for ONON.
Score Composition
Financial Data
More Stock Analysis
How is the ONON UQS Score Calculated?
The UQS (Unified Quality Score) for On Holding AG is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses On Holding AG's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether On Holding AG is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.