ON (ONON) Stock Price, News & Analysis

Company Overview

On Holding AG, known simply as On, is a Swiss performance sportswear and footwear company that designs and markets running shoes, apparel and accessories. Founded in 2010 by former professional triathlete Olivier Bernhard alongside David Allemann and Caspar Coppetti, the brand quickly gained recognition for its proprietary CloudTec® cushioning technology, which aims to deliver soft landings followed by explosive take-offs. On’s product lineup spans running, training and lifestyle footwear, as well as technical apparel engineered for athletes and enthusiasts across a range of disciplines.

Headquartered in Zürich, Switzerland, On has grown its international presence through a blend of direct-to-consumer channels and partnerships with specialty retailers. The company operates flagship stores in major cities throughout Europe, North America, Asia and Australia, and supports online shoppers in over 50 markets via its e-commerce platform. By balancing brand-owned retail outlets with a curated network of independent running and sports stores, On emphasizes close ties with the global running community and premium retail partners.

Since completing its initial public offering on the New York Stock Exchange in September 2021 under the ticker ONON, On has directed capital toward product innovation, expansion of its manufacturing footprint and enhancement of its global supply chain. The company continues to invest heavily in research and development, with a particular focus on sustainable materials and environmentally conscious production methods. This strategy underscores On’s commitment to balancing performance innovation with broader industry trends in sustainability.

On’s executive team is led by Chief Executive Officer Marc Maurer, who brought extensive experience in consumer goods and retail when he joined the company in 2019. The founding trio remains actively involved through seats on the board, ensuring that the brand’s athletic heritage and core values continue to shape its growth. Looking ahead, On Holding AG is concentrating on advancing its footwear technologies, broadening its apparel collection and deepening market penetration in key regions worldwide.

Key Stats

• Today's Range: $44.44 to $45.49
• 50-Day Range: $44.30 to $54.35
• 52-Week Range: $34.59 to $64.05
• Volume: 4.56 million shs
• Average Volume: 7.99 million shs
• Market Capitalization: $28.37 billion
• P/E Ratio: 100.12
• Dividend Yield: N/A
• Price Target: $64.20
• Consensus Rating: Moderate Buy

ON Stock Analysis - MarketRank™

ON scored higher than 89% of companies evaluated by MarketBeat, and ranked 34th out of 214 stocks in the retail/wholesale sector. Scores are calculated by averaging available category scores, with extra weight given to analysis and valuation.

Analyst's Opinion

• Score: 4.5 / 5
• Analyst Rating: Moderate Buy

Consensus Rating

ON has received a consensus rating of Moderate Buy. The company's average rating score is 2.91, and is based on 19 buy ratings, 1 hold rating, and 1 sell rating.

Amount of Analyst Coverage

ON has been the subject of 7 research reports in the past 90 days, demonstrating strong analyst interest in this stock.

Earnings and Valuation

• Score: 2.5 / 5
• Proj. Earnings Growth: 30.30%

Earnings Growth

Earnings for ON are expected to grow by 30.30% in the coming year, from $0.66 to $0.86 per share.

Price to Earnings Ratio vs. the Market

The P/E ratio of ON is 100.12, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 270.86.

Price to Earnings Ratio vs. Sector

The P/E ratio of ON is 100.12, which means that it is trading at a more expensive P/E ratio than the Retail/Wholesale sector average P/E ratio of about 27.41.

Price to Earnings Growth Ratio

ON has a PEG Ratio of 4.97. PEG Ratios above 1 indicate that a company could be overvalued.

Price to Book Value per Share Ratio

ON has a P/B Ratio of 16.75. P/B Ratios above 3 indicate that a company could be overvalued with respect to its assets and liabilities.

Short Interest

• Score: 4.0 / 5
• Short Interest Level: Healthy

Percentage of Shares Shorted

8.26% of the float of ON has been sold short.

Short Interest Ratio / Days to Cover

ON has a short interest ratio ("days to cover") of 3.2, which is generally considered an acceptable ratio of short interest to trading volume.

Change versus previous month

Short interest in ON has recently decreased by 10.98%, indicating that investor sentiment is improving significantly.

Dividend

• Score: 0.0 / 5
• Dividend Strength: N/A

Dividend Yield

ON does not currently pay a dividend.

Dividend Growth

ON does not have a long track record of dividend growth.

Sustainability and ESG

• Score: N/A
• Environmental Score: N/A

Percentage of Shares Shorted

8.26% of the float of ON has been sold short.

Short Interest Ratio / Days to Cover

ON has a short interest ratio ("days to cover") of 3.2, which is generally considered an acceptable ratio of short interest to trading volume.

Change versus previous month

Short interest in ON has recently decreased by 10.98%, indicating that investor sentiment is improving significantly.

News and Social Media

• Score: 3.6 / 5
• News Sentiment: 1.51

News Sentiment

ON has a news sentiment score of 1.51. This score is calculated as an average of sentiment of articles about the company over the last seven days and ranges from 2 (good news) to -2 (bad news). This is a higher news sentiment than the 1.02 average news sentiment score of Retail/Wholesale companies.

News Coverage This Week

MarketBeat has tracked 14 news articles for ON this week, compared to 17 articles on an average week.

Search Interest

60 people have searched for ONON on MarketBeat in the last 30 days. This is an increase of 82% compared to the previous 30 days.

MarketBeat Follows

25 people have added ON to their MarketBeat watchlist in the last 30 days. This is an increase of 178% compared to the previous 30 days.

Company Ownership

• Score: 1.7 / 5
• Insider Trading: N/A

Insider Buying vs. Insider Selling

In the past three months, ON insiders have not sold or bought any company stock.

Percentage Held by Insiders

68.57% of the stock of ON is held by insiders. A high percentage of insider ownership can be a sign of company health.

Percentage Held by Institutions

Only 36.39% of the stock of ON is held by institutions.

ONON Stock Analysis - Frequently Asked Questions

How have ONON shares performed this year?

ON's stock was trading at $54.77 at the beginning of 2025. Since then, ONON stock has decreased by 17.7% and is now trading at $45.0530.

How were ON's earnings last quarter?

On Holding AG (NYSE:ONON) released its earnings results on Tuesday, November, 14th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The company's revenue for the quarter was up 46.5% on a year-over-year basis.
Read the conference call transcript.

When did ON IPO?

ON (ONON) raised $591 million in an initial public offering (IPO) on Wednesday, September 15th 2021. The company issued 31,100,000 shares at $18.00-$20.00 per share.

Who are ON's major shareholders?

Top institutional investors of ON include Alliancebernstein L.P. (3.02%), Bank of America Corp DE (0.80%), Winslow Capital Management LLC (0.76%) and Sands Capital Management LLC (0.73%).

How do I buy shares of ON?

Shares of ONON stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.

What other stocks do shareholders of ON own?

Based on aggregate information from My MarketBeat watchlists, some other companies that ON investors own include NVIDIA (NVDA), Invesco QQQ (QQQ), Meta Platforms (META), Broadcom (AVGO), Advanced Micro Devices (AMD), Arista Networks (ANET) and CrowdStrike (CRWD).

Company Calendar

• Last Earnings: 11/14/2023
• Today: 8/31/2025
• Next Earnings (Estimated): 11/11/2025
• Fiscal Year End: 12/31/2025

Industry, Sector and Symbol

• Stock Exchange: NYSE
• Sector: Retail/Wholesale
• Industry: RETAIL - APP/SHOE
• Sub-Industry: Apparel
• Current Symbol: NYSE:ONON
• CIK: 1858985
• Web: www.on-running.com
• Phone: 41-44-225-1555
• Fax: N/A
• Employees: 3,254
• Year Founded: N/A

Price Target and Rating

• Average Price Target for ON: $64.20
• High Price Target: $79.00
• Low Price Target: $40.00
• Potential Upside/Downside: +42.5%
• Consensus Rating: Moderate Buy
• Rating Score (0-4): 2.91
• Research Coverage: 22 Analysts

Profitability

• EPS (Trailing Twelve Months): $0.45
• Trailing P/E Ratio: 100.12
• Forward P/E Ratio: 68.26
• P/E Growth: 4.97
• Net Income: $275.23 million
• Net Margins: 4.45%
• Pretax Margin: 4.83%
• Return on Equity: 8.75%
• Return on Assets: 5.10%

Debt

• Debt-to-Equity Ratio: 0.31
• Current Ratio: 2.53
• Quick Ratio: 2.00

Sales & Book Value

• Annual Sales: $2.63 billion
• Price / Sales: 10.77
• Cash Flow: $0.58 per share
• Price / Cash Flow: 77.86
• Book Value: $2.69 per share
• Price / Book: 16.75

Miscellaneous

• Outstanding Shares: 629,650,000
• Free Float: 197,900,000
• Market Cap: $28.37 billion
• Optionable: Optionable
• Beta: 2.24