On Holding AG

ONON

Apparel - Footwear & Accessories · Consumer Cyclical

Price

$30.02

+0.12 (+0.40%)

Market Cap

$10.01B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

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Share count rising — dilution

+7.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 311.4M (2021) → 333.9M (2025)

Winston Score History

The full picture

On Holding AG is a Swiss athletic footwear and apparel company best known for its running shoes with a distinctive "CloudTec" sole design. It sells sneakers, trail shoes, and performance clothing to runners, athletes, and everyday consumers who want premium sportswear. The brand was founded in Switzerland in 2010 and has grown into a serious competitor against giants like Nike and Adidas.

On makes money by selling its products through its own website, physical stores, and third-party retailers like specialty running shops and department stores. Most revenue comes from North America and Europe, though the company is expanding in Asia. Its strong gross margin of nearly 64% reflects premium pricing and a loyal customer base, which is a meaningful competitive advantage. The key growth driver is continued brand expansion in North America and Asia, but the main risk is that consumer spending on premium athletic goods tends to slow during economic downturns.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+366.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

32.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 1.2B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

On Holding AG is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

65.4%

Premium pricing power — 65.4% gross margin

Profit after running costs

Operating Margin

14.0%

Healthy — 14.0% operating margin

Return on the money invested

ROCE

23.3%

Exceptional — 23.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+19.0%

Fast-growing sales (+19.0% YoY)

Profit growth

EPS YoY

+202.5%

Earnings growing fast (+202.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

129%

Turns 129% of profit into real cash

Spare cash per sale

FCF Margin

13.1%

Converts sales into free cash efficiently (13.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

13.80x

Comfortably covers interest (13.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.8x

Growth-priced — P/E 24.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+10.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.8 → 14.7)

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Dividends

Not applicable for this business.

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