Financial Performance
5Y price score: (1)
The price score is a basic measure of the stock's performance against the S&P 500 Index over a five-year period.
A score of 100 indicates that the stock did as well as the S&P 500 Index.
A score below 100 means the stock underperformed the index, while a score above 100 means it outperformed the S&P 500.
10Y return: (3.5)%
%
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26.3
52-week range
51.0
Your model inputs
Your fair value & Margin of safety
To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.
Forecast:
Valuation
Free Cash Flow Yield
4.6 %
Dividend Yield TTM
-
Market cap $
$ 11,121
Price / Earnings TTM
23.4
Price / Book TTM
4.9
PEG TTM
(1.7)
Earnings growth and return
LTM
5YR
10YR
Total return (price & dividends)
(14.1) %
(1.2) %
(3.5) %
Free cash flow per share growth
141.6 %
796.2 %
-
Earnings per share growth
358.3 %
778.5 %
-
Founded: 2,010
Employees: 3,963
Business Summary:
Q&A
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Latest Earnings Call Takeaways
2026 Q2 (Aug 11, 2026)
1) Strategy & Leadership
- On Holding AG is committed to a long-term premium brand strategy, emphasizing innovation and operational discipline.
- The leadership structure, now featuring Co-CEOs, aims to unify strategic intent with operational execution.
- The company focuses on building brand equity without compromising margins, emphasizing a premium growth model.
2) Financial & Segment Results
- Q2 2026 net sales reached CHF 850 million, reflecting a 22% growth at constant currency.
- Direct-to-consumer (DTC) sales grew 34%, reaching CHF 388 million and accounting for 45.7% of total sales.
- Gross profit margin was over 65%, with an adjusted EBITDA margin close to 20%.
- EMEA showed strong performance with 20.5% growth at constant currency, while the Americas grew 13%. APAC saw a remarkable 54.7% growth.
3) Problems / Headwinds
- The wholesale channel experienced slower sell-through, particularly in the Americas, attributed to a highly promotional environment.
- The company is intentionally managing sell-in to protect full-price integrity, which has impacted short-term wholesale growth.
4) Operational or Product Plans
- On is focusing on innovation, with new products like the Cloudboom Strike 2 and Cloudsurfer 3 set to launch, expected to drive future growth.
- The company is expanding its retail presence, with new flagship stores opened in key markets, including the UAE and Copenhagen.
- Apparel is becoming a significant growth driver, with a 56.2% increase in sales, supported by successful collaborations and innovative materials.
5) Guidance & Outlook / Investor Angle
- For the full year, On expects net sales growth in the low 20% range at constant currency, with a gross margin of at least 65% and an adjusted EBITDA margin of 19.5% to 20%.
- The company is optimistic about sustaining growth through innovation and expanding its DTC channel, despite challenges in wholesale.
- The upcoming Investor Day in September will provide further insights into long-term strategies and growth plans.
Bottom line: On Holding AG is positioned for sustained premium growth, leveraging innovation and a strong DTC channel, despite facing challenges in the wholesale segment. The company's disciplined approach to brand integrity and operational efficiency supports its long-term value creation strategy.
On Holding AG — Financial Overview, Stock Price, Market Cap
On Holding AG is a company. Founded in 2010. As of October 30, 2026, the company's market capitalization is $11121262496 with a current stock price of $33.77.