On Holding AG share price today

On Holding AG's share price was $38.62 at the close on 4 November 2026. It has been stalling near its high for 1 week. That is 5.8% above its average price over the last 200 trading days.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today On Holding AG is in stage 3. The phase helps read everything below.

In the last 52 weeks it traded between $27 and $49, and at that close it sat 51% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 1 week in a row.

Over the last 5.1 years the share price moved −1% while the S&P 500 moved +74%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

On Holding AG pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes.

On Holding AG is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list.

On Holding AG earned $105 M of net profit in the Jun 2026 quarter. Full-year FY25 profit was $204 M. That is 12.3% of the quarter's revenue. The same quarter a year earlier lost $40.9 M. 2 of the last 12 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY25 profit was $204 M (−15.9% on the year before).

On average over the last four quarters, profit changed +116.4% and revenue +18.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra dollar of revenue adds more to profit.

On Holding AG reported $850 M of revenue in the Jun 2026 quarter, +13.5% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 4 years it has grown 42.8% a year on average. The last full year, FY25, came in at $3.0 B.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to $3.2 B.

FY25 revenue was $3.0 B, +30.0% on the year before.

Recent pace: the last four quarters grew +18.9% on average, against 42.8% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +18.5%, against +26.8% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +191.6%, against +60.3% a year (accelerating).

On Holding AG's operating margin was 14.0% in the Jun 2026 quarter, 1.6 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 5 years it has been between −19.5% and 12.5%. The latest quarter is above every full year in that period.

Operating margin is what is left from every $100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Across 5 years it has been between −19.5% and 12.5%, and FY25's 12.5% is the highest of them.

Why the margin moved: operating margin changed +1.6 percentage points on the year while gross margin changed +3.9 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

Over the last 3 years, 210% of On Holding AG's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $360 M of operating cash against $204 M of profit. After $72.9 M of spending on assets, $287 M was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason.

What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building.

On Holding AG does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $176 M on assets over the last 3 years. Averaged over those years that is 1.9% of FY25 revenue a year.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn.

Spending on assets: $176 M over the last 3 years.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

On Holding AG's P/E is 26.4×, with too little history to compare. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many dollars the market pays for each dollar of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved −17.4% while the price moved +10.3%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +11.2% a year; about +68.8% a year came from earnings growth and about −57.6 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple.

On Holding AG's business is getting better. Profit growth hit its low 3 quarters ago at −11.9% and has recovered to +191.6%, with ROCE steady at 20.7%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: a lasting rise from a low is what this page is built to show.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the stock price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

On Holding AG earned a ROE of 13% in FY25. That is up from a low of −20% in FY21. Its return on capital used (ROIC) is 17.2 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 6.8% net margin and 1.06× asset turnover (sales divided by assets).

Return on equity (ROE) is the profit the business earns on its shareholders’ money. We do not have the full capital split, so ROE is the longest history we can draw here.

Why the return is what it is (FY25): a 6.8% net margin × 1.06× asset turnover × 1.74× leverage (assets divided by equity) ≈ 12.5% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 32.3% − 15.1% = +17.2 percentage points. The 15.1% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. A gap this wide means each dollar put back into the business creates more than a dollar of value.

The 32.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 40.0%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

On Holding AG has total debt of $563 M against shareholder equity of $1.9 B as of Jun 2026, so its debt is 0.29× its equity, which is very little. Year by year, that ratio went from 0.21 in FY21 to 0.32 in FY25. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

13.2% of On Holding AG's tradable shares are in short positions, which are bets that the price will fall, so a large group of traders is betting against it. At normal trading volumes, closing those positions would take about 2.6 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead.

There is no quarter-by-quarter list of owners here, so we look at short interest: the share of tradable shares held in short positions, which gain if the price falls.

It is a single reading at one point in time; we do not have its history.

Why it is at this level: the figure does not say who has the short positions or why, so we show the level without guessing the story.

For On Holding AG, the Z-score is 7.32. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is well clear of danger. It estimates how far the balance sheet is from trouble; it is not a forecast of failure.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

Why it matters: a Z-score of 7.32 is well clear of the danger zone, so the balance sheet is not the risk here.

49.7 out of 100, rank 7 of 13 in Footwear & Accessories, with 74% of the evidence available.

On Holding AG scores 49.7 out of 100 against the 13 companies it is compared with in Footwear & Accessories, ranking 7. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 21.4 + 16.1 + 6.5 + 5.7 = 49.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

On Holding AG ranks 7 of 13 Footwear & Accessories companies on the 4-Factor Sector Score, with 49.7 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Footwear & Accessories, all 13 compared on one page.

On Holding AG is the 2nd largest of 12 Footwear & Accessories companies on Sector Alpha by market value (scores of 4 November 2026). Just above it: NIKE, Inc. Just below it: Deckers Outdoor Corporation, Crocs, Inc., Birkenstock Holding plc, Steven Madden and Wolverine World Wide, Inc.

Footwear & Accessories companies close in size

1. NIKE, Inc. $60.1 billion
2. On Holding AG $12.9 billion
3. Deckers Outdoor Corporation $11.9 billion
4. Crocs, Inc. $7.3 billion
5. Birkenstock Holding plc $6.6 billion
6. Steven Madden, Ltd. $3.4 billion
7. Wolverine World Wide, Inc. $1.9 billion

All 12 Footwear & Accessories companies, largest first

Companies close in size in other industries

789. Summit Therapeutics Inc. $12.9 billion · Biotechnology
790. Millicom International Cellular S.A. $12.9 billion · Telecom Services
791. On Holding AG $12.9 billion
792. Texas Roadhouse, Inc. $12.9 billion · Restaurants
793. SEI Investments Company $12.9 billion · Asset Management

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.