# On Holding AG share price today (On Holding AG, ONON)

> On Holding AG's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. ONON · Consumer Discretionary · Footwear & Accessories · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/onon

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: $36.50 (−1.7% in a year)
- P/E: 24.9×, over 3.8 years
- Revenue (Jun 2026): $850 M (+13.5% on a year ago)
- Profit (Jun 2026): $105 M
- Operating margin: 14.0% (+1.6 points on a year ago)
- ROE: 13%, FY25
- ROIC: 32.3%, against a 15.1% cost of capital: +17.2 points

Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the On Holding AG share price today? On Holding AG's share price was $36.50 at the close on 3 November 2026. It has been falling for 37 weeks. That is 0.1% below its average price over the last 200 trading days. In the last 52 weeks it traded between $27 and $49, and at that close it sat 42% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 13 weeks running. Over the last 5.1 years the share price moved −6% while the S&P 500 moved +71%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 7 August 2026. 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. ## What dividend does On Holding AG pay? 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. ## Which stock lists is On Holding AG on? 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. ## Is On Holding AG profitable? 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. 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. ## How much revenue does On Holding AG make, and is it growing? 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. 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). ## How much of every $100 of sales does On Holding AG keep? 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. 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. ## Is On Holding AG's profit turning into cash? 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. 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. ## Where does On Holding AG's cash go? 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. 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. ## What is On Holding AG's P/E ratio, and how does it compare with its own history? On Holding AG's P/E is 24.9×, 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. Why the multiple is where it is: over the past year earnings per share moved −17.4% while the price moved −1.7%. 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 +9.2% a year; about +68.8% a year came from earnings growth and about −59.6 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. ## Is the On Holding AG business getting better or worse? 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. Why it matters: a lasting rise from a low is what this page is built to show. ## How much does On Holding AG earn on its capital? 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). 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. ## Does On Holding AG have too much debt? 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. ## What is the On Holding AG shareholding pattern? 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. 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 holds the short positions or why, so we show the level without guessing the story. ## How far is On Holding AG from balance-sheet trouble? 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. 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. ## How does On Holding AG rank in its industry? 50.8 out of 100, rank 7 of 13 in Footwear & Accessories, with 74% of the evidence available. On Holding AG scores 50.8 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 + 6.8 = 50.8. 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. ## Which companies is On Holding AG compared with? On Holding AG ranks 7 of 13 Footwear & Accessories companies on the 4-Factor Sector Score, with 50.8 out of 100. 1. [Weyco Group, Inc.](https://www.sectoralpha.in/us/stocks/weys) WEYS · leader · Most evidence points up · 81% evidence 70.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.1/35 · Revenue 0% · Profit 34.6% · Operating margin change 20.9 points · 83% evidence Capital efficiency 16.5/25 · ROCE 15.1% · Operating margin 27.5% · 76% evidence Valuation 14.1/20 · P/E 10.7× · PEG 0.3 · 65% evidence Relative strength 14.8/20 · Lead over its industry 19.9% · Lead over S&P 500 33.6% · 1 year 62.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.1 + 16.5 + 14.1 + 14.8 = 70.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Crocs, Inc.](https://www.sectoralpha.in/us/stocks/crox) CROX · turning · Evidence leans up · 74% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.2/35 · Revenue -2% · Profit 100% · Operating margin change -2.8 points · 62% evidence Capital efficiency 20.1/25 · ROCE 23.3% · Operating margin 24.2% · 76% evidence Valuation 14.9/20 · P/E 10.1× · PEG 0.24 · 65% evidence Relative strength 16.3/20 · Lead over its industry 23.8% · Lead over S&P 500 37.8% · 1 year 94.8% · 100% evidence · 3 of 12 weeks ahead Exact sum: 9.2 + 20.1 + 14.9 + 16.3 = 60.5 · What this means: Relative strength against the index is 37.8%, and revenue and profit growth are weak. 3. [Steven Madden, Ltd.](https://www.sectoralpha.in/us/stocks/shoo) SHOO · quiet · Evidence leans up · 74% evidence 56.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.3/35 · Revenue 18.1% · Profit 58.2% · Operating margin change 2.7 points · 62% evidence Capital efficiency 15.5/25 · ROCE 17.9% · Operating margin 6.7% · 76% evidence Valuation 12.0/20 · P/E 21.5× · PEG 0.37 · 65% evidence Relative strength 5.2/20 · Lead over its industry -9.5% · Lead over S&P 500 0.9% · 1 year 15.2% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23.3 + 15.5 + 12 + 5.2 = 56 · What this means: Earnings are strong; relative strength in its sector is -9.5% and the one-year return is 15.2%. 4. [Wolverine World Wide, Inc.](https://www.sectoralpha.in/us/stocks/www) WWW · leader · Too little evidence to rank firmly · 58% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.0/35 · Revenue n/a · Profit n/a · Operating margin change 1.3 points · 45% evidence Capital efficiency 11.7/25 · ROCE 14.1% · Operating margin 9.9% · 76% evidence Valuation 9.8/20 · P/E 12.8× · PEG n/a · 15% evidence Relative strength 15.5/20 · Lead over its industry 2.4% · Lead over S&P 500 14.1% · 1 year 35.9% · 100% evidence · 11 of 12 weeks ahead Exact sum: 18 + 11.7 + 9.8 + 15.5 = 55 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Forward Industries, Inc.](https://www.sectoralpha.in/us/stocks/fwdi) FWDI · breaking out · Evidence leans up · 64% evidence 53.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 100% · Profit n/a · Operating margin change 95.8 points · 62% evidence Capital efficiency 3.6/25 · ROCE 2.1% · Operating margin -6.8% · 76% evidence Valuation 11.5/20 · P/E -31.7× · PEG n/a · 15% evidence Relative strength 12.1/20 · Lead over its industry -9.4% · Lead over S&P 500 1.3% · 1 year -40.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.8 + 3.6 + 11.5 + 12.1 = 53 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Rocky Brands, Inc.](https://www.sectoralpha.in/us/stocks/rcky) RCKY · turning · Evidence leans up · 81% evidence 51.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 9.1% · Profit 52.6% · Operating margin change -4.4 points · 83% evidence Capital efficiency 8.1/25 · ROCE 7% · Operating margin 2.4% · 76% evidence Valuation 15.0/20 · P/E 10.8× · PEG 0.2 · 65% evidence Relative strength 12.6/20 · Lead over its industry 13.6% · Lead over S&P 500 26.5% · 1 year 75.2% · 100% evidence · 9 of 12 weeks ahead Exact sum: 15.8 + 8.1 + 15 + 12.6 = 51.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. On Holding AG this page ONON · basing · Evidence leans up · 74% evidence 50.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue 18.4% · Profit 100% · Operating margin change 1.6 points · 62% evidence Capital efficiency 16.1/25 · ROCE 18.2% · Operating margin 14% · 76% evidence Valuation 6.5/20 · P/E 23.9× · PEG 1.89 · 65% evidence Relative strength 6.8/20 · Lead over its industry -19.3% · Lead over S&P 500 -9.9% · 1 year 4.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.4 + 16.1 + 6.5 + 6.8 = 50.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Deckers Outdoor Corporation](https://www.sectoralpha.in/us/stocks/deck) DECK · basing · Evidence leans down · 85% evidence 49.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.4/35 · Revenue 6.3% · Profit 4.4% · Operating margin change 0.4 points · 95% evidence Capital efficiency 21.2/25 · ROCE 44.1% · Operating margin 23.2% · 76% evidence Valuation 13.0/20 · P/E 10× · PEG 0.87 · 65% evidence Relative strength 1.5/20 · Lead over its industry -27.5% · Lead over S&P 500 -19.1% · 1 year 2.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 13.4 + 21.2 + 13 + 1.5 = 49.1 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [Fossil Group, Inc.](https://www.sectoralpha.in/us/stocks/fosl) FOSL · leader · Too little evidence to rank firmly · 58% evidence 46.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.5/35 · Revenue n/a · Profit n/a · Operating margin change -3.7 points · 45% evidence Capital efficiency 5.7/25 · ROCE 4.8% · Operating margin 3.5% · 76% evidence Valuation 11.3/20 · P/E -11.7× · PEG n/a · 15% evidence Relative strength 17.5/20 · Lead over its industry 26% · Lead over S&P 500 39.8% · 1 year 252.1% · 100% evidence · 11 of 12 weeks ahead Exact sum: 11.5 + 5.7 + 11.3 + 17.5 = 46 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 10. [NIKE, Inc.](https://www.sectoralpha.in/us/stocks/nke) NKE · basing · Evidence leans down · 85% evidence 40.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.1/35 · Revenue -1.2% · Profit 6.8% · Operating margin change 0 points · 95% evidence Capital efficiency 15.2/25 · ROCE 15.4% · Operating margin 7.9% · 76% evidence Valuation 5.1/20 · P/E 18.7× · PEG 2.6 · 65% evidence Relative strength 5.0/20 · Lead over its industry -33.9% · Lead over S&P 500 -26.1% · 1 year -37% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.1 + 15.2 + 5.1 + 5 = 40.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Birkenstock Holding plc](https://www.sectoralpha.in/us/stocks/birk) BIRK · basing · Evidence leans down · 81% evidence 40.0 out of 100 Growth Capital Valuation Relative
12. [Designer Brands Inc.](https://www.sectoralpha.in/us/stocks/dbi) DBI · quiet · Evidence leans down · 67% evidence 35.3 out of 100 Growth Capital Valuation Relative
13. Vera Bradley, Inc. VRA · Too little evidence to rank firmly · 47% evidence 44.1 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/us/sectors/footwear-accessories), all 13 compared on one page. ## Which companies are close to On Holding AG in size? On Holding AG is the 2nd largest of 12 Footwear & Accessories companies on Sector Alpha by market value (scores of 3 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.](https://www.sectoralpha.in/us/stocks/nke) $57.2 billion
2. On Holding AG $12.2 billion
3. [Deckers Outdoor Corporation](https://www.sectoralpha.in/us/stocks/deck) $11.2 billion
4. [Crocs, Inc.](https://www.sectoralpha.in/us/stocks/crox) $7 billion
5. [Birkenstock Holding plc](https://www.sectoralpha.in/us/stocks/birk) $6.3 billion
6. [Steven Madden, Ltd.](https://www.sectoralpha.in/us/stocks/shoo) $3.2 billion
7. [Wolverine World Wide, Inc.](https://www.sectoralpha.in/us/stocks/www) $1.8 billion

[All 12 Footwear & Accessories companies, largest first](https://www.sectoralpha.in/us/sectors/footwear-accessories#all-companies)

### Companies close in size in other industries

1. [lululemon athletica inc.](https://www.sectoralpha.in/us/stocks/lulu) $11.9 billion · Apparel Retail
2. [Generac Holdings Inc.](https://www.sectoralpha.in/us/stocks/gnrc) $11.9 billion · Specialty Industrial Machinery
3. On Holding AG $11.9 billion
4. [Watts Water Technologies, Inc.](https://www.sectoralpha.in/us/stocks/wts) $11.9 billion · Specialty Industrial Machinery
5. [Summit Therapeutics Inc.](https://www.sectoralpha.in/us/stocks/smmt) $11.8 billion · Biotechnology

## What else do people ask about On Holding AG? ### What were On Holding AG's latest quarterly results? On Holding AG reported revenue of $850 M and net profit of $105 M for the Jun 2026 quarter. Earnings per share were $0.31. The operating margin was 14.0%, 1.6 percentage points higher than a year earlier (as of 3 November 2026). ### What is On Holding AG's market cap? On Holding AG's market capitalisation is $12.2 B at a stock price of $36.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is On Holding AG performing? On Holding AG's share price has been falling for 37 weeks. Over the past 13 weeks it has done worse than the S&P 500, for 13 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will On Holding AG's stock price go up? This page does not forecast On Holding AG's stock price. What it shows instead: the stock price is $36.50, and it has been falling for 37 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Is On Holding AG's profit real cash? Yes, over the last 3 years, 210% of On Holding AG's reported profit came in as cash from operations. The latest year was lower at 176%, so the trend is worth watching. In FY25, operating cash was $360 M against reported profit of $204 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 3 November 2026). ### Where is On Holding AG in its business cycle? On Holding AG's FY25 operating margin was 12.5%, against a 5-year range of −19.5% to 12.5%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the On Holding AG story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is On Holding AG a stock worth studying right now? What the numbers show: On Holding AG's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.