On (ONON)
Builds performance footwear and sportswear around running technology and athlete-tested design.
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Sells performance footwear, apparel, and accessories for running, outdoor, all-day, tennis, and training. A footwear-led portfolio uses Swiss-developed technology platforms and athlete validation, reaches international markets through wholesale and direct channels, and depends on product innovation, premium brand reputation, and third-party manufacturing.
Designs performance footwear, apparel, and accessories across running, outdoor, all-day, tennis, and training. Running remains the foundation, with Cloudsurfer and Cloudmonster among its franchises, while Cloudtilt, Cloud, and THE ROGER extend the portfolio into everyday and tennis use.
Swiss teams lead research, engineering, design, development, and testing. Athlete validation and named technology platforms—including CloudTec, Helion, Speedboard, and LightSpray—connect product development with manufacturing, while wholesale partners, online sales, and owned stores carry the range across international markets.
Execution depends on product innovation, premium brand reputation, athlete and community relationships, and third-party manufacturing and logistics. Founder voting influence remains concentrated through Class B shares, while tariffs, cybersecurity, and continued geographic expansion shape operations.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Wells Fargo | Target | Target: — | Target: $43 |
| Sep 14, 2026 | Berenberg Bank | Target | Target: $31 | Target: $38 |
| Sep 11, 2026 | Guggenheim | Target | Target: $59 | Target: $42 |
| Sep 10, 2026 | Morgan Stanley | Target | Target: $26 | Target: $39 |
| Sep 8, 2026 | BMO Capital | Initiate | Rating: —Target: — | Target: $28 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.51B · Total debt $685.8M · Total assets $3.95B · Shareholders' equity $2.33B
- Revenue
- $1.04B
- Operating income
- $145.6M
- Net income
- $128.0M
Reported in CHF, converted at the latest exchange rate
No dividends on record.
| Institutions | 62.93% | 209.75M shares | |
|---|---|---|---|
| 548 holders · as of Jun 30, 2026 | |||
| Insiders | 17.36% | 57.88M shares | |
| 9 holders · as of Sep 9, 2026 | |||
| Other | 19.71% | 65.70M shares | |
| remainder | |||
333.33M company shares as of Sep 14, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
David AllemannInsider | 13.52% | 45.06M | filed Aug 12, 2025 |
Morgan StanleyInstitution | 6.13% | 20.45M | as of Jun 30, 2026 |
Bamco Inc /NY/Institution | 5.08% | 16.93M | as of Jun 30, 2026 |
FMR LLCInstitution | 4.81% | 16.04M | as of Jun 30, 2026 |
Lone Pine Capital LLCInstitution | 3.98% | 13.28M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Frank Sluis | officer: CFO | −687 | $27.74 |
| Sep 8, 2026 | Scott Andrew Maguire | officer: COO | −1,475 | $27.74 |
| Aug 14, 2026 | Caspar Felix Coppetti | director, officer: Executive Officer & Co-CEO | +65,000 | $30.67 |
| Aug 14, 2026 | Olivier Bernhard | director, officer: Executive Officer | +65,000 | $30.67 |
| Jun 8, 2026 | Scott Andrew Maguire | officer: COO | −1,534 | $36.08 |
- Nike
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- Lululemon Athletica
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- Amer Sports
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| On | $30.89 | +13.07% | $9.11B | 18.8 | 16.3 | 2.3 | +11.6% |
| Nike | $36.92 | +2.27% | $53.42B | 17.2 | 22.2 | 1.2 | −1.1% |
| Deckers Brands | $82.59 | +2.94% | $10.93B | 11.4 | 10.8 | 2.0 | +5.7% |
| Lululemon Athletica | $102.99 | +1.67% | $11.50B | 8.3 | 12.6 | 1.0 | −4.3% |
| Amer Sports | $28.06 | +2.22% | $15.87B | 28.9 | 19.6 | 2.1 | +32.1% |
| Median | 14.3 | 16.1 | 1.6 | +2.3% |