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ONON 
On Holding Ltd (ONON)
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Upturn Advisory Summary
12/05/2025: ONON (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
30 Analysts rated it
Highly popular stock, broad analyst coverage, trusted insights, strong investor interest.
1 Year Target Price $61.32
1 Year Target Price $61.32
| 19 | Strong Buy |
| 8 | Buy |
| 3 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -4.76% | Avg. Invested days 39 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/05/2025 |
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 15.89B USD | Price to earnings Ratio 58 | 1Y Target Price 61.32 |
Price to earnings Ratio 58 | 1Y Target Price 61.32 | ||
Volume (30-day avg) 30 | Beta 2.16 | 52 Weeks Range 34.38 - 64.05 | Updated Date 12/6/2025 |
52 Weeks Range 34.38 - 64.05 | Updated Date 12/6/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.83 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-11-12 | When - | Estimate 0.33 | Actual 0.36 |
Profitability
Profit Margin 7.79% | Operating Margin (TTM) 15.71% |
Management Effectiveness
Return on Assets (TTM) 8.93% | Return on Equity (TTM) 15.98% |
Valuation
Trailing PE 58 | Forward PE 29.24 | Enterprise Value 14892305868 | Price to Sales(TTM) 5.53 |
Enterprise Value 14892305868 | Price to Sales(TTM) 5.53 | ||
Enterprise Value to Revenue 4.16 | Enterprise Value to EBITDA 32.44 | Shares Outstanding 296675361 | Shares Floating 231892217 |
Shares Outstanding 296675361 | Shares Floating 231892217 | ||
Percent Insiders 21.73 | Percent Institutions 63.11 |
Upturn AI SWOT
On Holding Ltd
Company Overview
History and Background
On Holding AG was founded in Zurich, Switzerland, in 2010 by Olivier Bernhard, David Allemann, and Caspar Coppetti. The company revolutionized running shoes with its patented CloudTec technology, designed to provide a soft landing and explosive take-off. Initially focused on the European market, On expanded globally, gaining popularity among athletes and recreational runners.
Core Business Areas
- Footwear: Design, development, and distribution of high-performance running shoes and athletic footwear for various activities, including road running, trail running, training, and outdoor.
- Apparel: Development and distribution of performance apparel for running and training, including technical shirts, shorts, jackets, and pants.
- Accessories: Sale of accessories such as socks, bags, and other complementary products.
Leadership and Structure
On Holding is led by co-CEOs Marc Maurer and Martin Hoffmann. The company has a board of directors overseeing the management team. The organizational structure includes departments for product development, marketing, sales, finance, and operations.
Top Products and Market Share
Key Offerings
- Cloudmonster: A cushioned running shoe designed for everyday running and recovery. Known for its maximal cushioning and comfort. Competitors include Hoka Bondi and Brooks Glycerin. Market share data is not publicly disaggregated per shoe model. Estimated revenue impact is a significant portion of the running footwear segment growth.
- Cloudflow: A lightweight and responsive running shoe suitable for tempo runs and races. Favored for its speed and agility. Competitors include Adidas Adizero and Nike Zoom Fly. Market share data is not publicly disaggregated per shoe model. Estimated revenue impact is a significant portion of the performance running footwear segment.
- Cloudnova: A versatile lifestyle shoe suitable for everyday wear and light workouts. Known for its comfort and stylish design. Competitors include Allbirds Wool Runners and Veja V-10. Market share data is not publicly disaggregated per shoe model. Estimated revenue impact is a growing part of the lifestyle footwear revenue.
Market Dynamics
Industry Overview
The athletic footwear and apparel market is experiencing growth, driven by increased health and fitness awareness and the popularity of athleisure trends. The market is highly competitive, with major players focusing on innovation, sustainability, and direct-to-consumer (DTC) sales.
Positioning
On Holding positions itself as a premium performance brand focused on innovation and design. Its competitive advantages include its patented CloudTec technology, strong brand image, and growing DTC channel.
Total Addressable Market (TAM)
The global athletic footwear and apparel market is estimated to be $400+ billion. On Holding is positioned to capture a growing share of the premium performance segment within this large TAM.
Upturn SWOT Analysis
Strengths
- Innovative CloudTec technology
- Strong brand image and awareness
- Growing direct-to-consumer (DTC) channel
- Premium pricing strategy
- Global presence
Weaknesses
- High reliance on footwear sales
- Relatively small market share compared to major players
- Higher price point may deter some consumers
- Supply chain vulnerabilities
Opportunities
- Expanding product line into new categories (e.g., outdoor gear)
- Increasing market share in key regions (e.g., North America, Asia)
- Strengthening partnerships with retailers
- Leveraging digital marketing and social media
- Focusing on sustainability initiatives
Threats
- Intense competition from established brands (Nike, Adidas, Puma)
- Economic downturn impacting consumer spending
- Supply chain disruptions
- Changes in consumer preferences
- Counterfeit products
Competitors and Market Share
Key Competitors
- NKE
- ADDYY
- SKX
Competitive Landscape
On Holding differentiates itself through its CloudTec technology and focus on the premium performance market. Nike and Adidas have broader product portfolios and larger market shares, while Skechers focuses on value-priced footwear. On Holding must continue innovating and building its brand to compete effectively.
Growth Trajectory and Initiatives
Historical Growth: On Holding has experienced rapid revenue growth in recent years, driven by strong demand for its innovative running shoes and expanding global presence. Their focus on brand building and DTC channels has fueled this growth.
Future Projections: Analysts project continued revenue growth for On Holding, driven by increasing market share, product innovation, and expansion into new markets. Profitability is expected to improve as the company scales its operations.
Recent Initiatives: Recent initiatives include launching new shoe models, expanding its retail presence, and investing in marketing and brand awareness campaigns. They are also focused on improving sustainability practices.
Summary
On Holding is a relatively new but rapidly growing company in the athletic footwear market. Its innovative technology and strong brand image are working well, driving revenue growth. However, it faces intense competition from established giants and needs to carefully manage its supply chain and marketing efforts to sustain its momentum. Their relatively small market share means there's a lot of opportunity, but also risks.
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Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Market Research Reports
- Analyst Estimates
- Company Website
Disclaimers:
The information provided is for informational purposes only and should not be considered investment advice. Market share data is estimated and may not be precise. Financial data is based on available information and may be subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About On Holding Ltd
Exchange NYSE | Headquaters - | ||
IPO Launch date 2021-09-15 | CEO & CFO Mr. Martin Hoffmann | ||
Sector Consumer Cyclical | Industry Footwear & Accessories | Full time employees 3254 | Website https://www.on.com |
Full time employees 3254 | Website https://www.on.com | ||
On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores. The company was founded in 2010 and is headquartered in Zurich, Switzerland.
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