On Holding AG (ONON) Stock Price & Analysis
On Holding AG (ONON) closed at USD 34 on Thursday, October 22, 2026, down 0.64% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 34.22; the Oct 22, 2026 session ranged USD 33.72–34.82 on volume of 10,738,689 shares. Market capitalization is $11.36B, with a 52-week range of USD 26.37–51.08 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:16 UTC.
Also available as compact Markdown for AI agents: nexqual.com/ONON.md
Key facts (ONON)
- 4 of 80 tracked superinvestors hold ONON (13F, Q2 2026): 2 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $696K; 3 not under a Rule 10b5-1 plan ($115K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $10.6M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.97 on a 1–5 scale) (31 analysts), mean target USD 43.8 (range 20.02–72.18).
- Total return with dividends: 1Y -21.4% vs S&P 500 +14.9%; 5Y +2.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-11, EPS estimate USD 0.4, revenue estimate $931M.
Superinvestors (SEC 13F-HR, Q2 2026) (ONON)
4 of 80 tracked investors hold ONON. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 2.88% | $470M | New position |
| Bill Gates | Gates Foundation Trust | 0.05% | $17.7M | Unchanged |
| Polen Capital | Polen Capital Management | 0.02% | $2.1M | Reduced -33.3% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $13K | New position |
Insider sales (SEC Form 4, open-market, last ~7 months) (ONON)
4 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08 | Maguire Scott Andrew | COO | 1,475 | $41K | 16.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08 | Sluis Frank | CFO | 687 | $19K | 40.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Maguire Scott Andrew | COO | 1,534 | $55K | 23.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Hoffmann Martin | CEO | 4,150 | $149K | 0.3% | Yes (adopted May 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-20 | Hoffmann Martin | CEO | 4,150 | $152K | 0.3% | Yes (adopted May 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-13 | Hoffmann Martin | CEO | 4,150 | $141K | 0.3% | Yes (adopted May 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Hoffmann Martin | CEO | 4,150 | $139K | 0.3% | Yes (adopted May 30, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Insider purchases (SEC Form 4, open-market, last ~7 months) (ONON)
5 purchases, $10.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-14 | Bernhard Olivier | Executive Officer | 65,000 | $2.0M | 30.67 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Coppetti Caspar Felix | Executive Officer & Co-CEO | 65,000 | $2.0M | 30.67 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Bernhard Olivier | Executive Officer | 60,000 | $2.2M | 36.63 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Coppetti Caspar Felix | Executive Officer & Co-CEO | 60,000 | $2.2M | 36.64 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Allemann David Michael | Executive Officer & Co-CEO | 60,000 | $2.2M | 36.63 | Too little history (no open-market trades in 2023–2025) |
Analysts (ONON)
Consensus Buy (mean 1.97 on a 1–5 scale), 31 analysts; mean target USD 43.8 (low 20.02, high 72.18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Wolfe Research | Initiated | Outperform | $47 |
| 2026-10-16 | Raymond James | Target raised | Outperform | $38 → $42 |
| 2026-10-01 | JP Morgan | Target raised | Overweight | $41 → $44 |
| 2026-09-24 | BMO Capital | Target raised | Market Perform | $28 → $33 |
| 2026-09-24 | Barclays | Target raised | Overweight | $42 → $44 |
| 2026-09-23 | Needham | Target raised | Buy | $37 → $40 |
| 2026-09-18 | Needham | Reiterated | Buy | $37 |
| 2026-09-17 | B of A Securities | Target lowered | Buy | $46 → $43 |
| 2026-09-16 | BTIG | Reiterated | Buy | $60 |
| 2026-09-09 | BMO Capital | Initiated | Market Perform | $28 |
| 2026-08-12 | Telsey Advisory Group | Target lowered | Outperform | $51 → $43 |
| 2026-08-12 | Stifel | Target lowered | Buy | $60 → $41 |
Total return (dividends reinvested) (ONON)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -21.4% | +2.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -21.4% | +0.4% |
| Volatility (annualized) | 49.7% | 53.1% |
| Max drawdown | -47.1% (Jan 2026→Sep 2026) | -64.3% (Nov 2021→Sep 2022) |
ONON suppliers, customers and competitors (named in its 20-F)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Tenro | “If our license agreement with Tenro AG were to terminate for any reason, we may be required to cease the development, advertisement, promotion and sale of certain of our products.” |
| Partner | UBS Switzerland | “On July 7, 2023, we entered into a CHF 700 million multicurrency credit facility ("credit facility") agreement with On AG, as borrower and guarantor, On Inc., as guarantor, and UBS Switzerland AG, as lead arranger, bookrunner, agent, security agent and lender, and several other lenders party thereto, which replaced our bank overdraft facilities previously reported.” |
Quoted from the company's 20-F filed Mar 3, 2026.
ONON analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.40 | $0.40 | -0.2% | $931.0M | 16 |
| Next quarter (ends Dec 2026) | $0.31 | $0.30 | +3.3% | $903.2M | 15 |
| Current fiscal year (ends Dec 2026) | $1.43 | $1.41 | +1.2% | $3.51B | 23 |
| Next fiscal year (ends Dec 2027) | $1.70 | $1.74 | -1.9% | $4.18B | 23 |
ONON options: expected move
Options price a move of about ±12.7% (±$4.28) by Nov 13, 2026, which includes earnings on Nov 11, 2026; the earnings reaction alone is priced at about ±8.5%.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 48.6% | ±5.8% |
| Nov 6, 2026 | 14 | 48.2% | ±7.9% |
| Nov 13, 2026 | 21 | 64.1% | ±12.7% |
| Nov 20, 2026 | 28 | 59.7% | ±13.5% |
| Nov 27, 2026 | 35 | 51.6% | ±13.0% |
| Dec 4, 2026 | 42 | 54.8% | ±15.1% |
| Dec 18, 2026 | 56 | 51.9% | ±16.8% |
| Jan 15, 2027 | 84 | 44.7% | ±17.6% |
30-day implied volatility 59.5% vs 33.5% realized over the last 30 trading days. Put/call ratio (volume) 0.46. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:16 UTC)
| Price | USD 34 |
|---|---|
| Change | ▼ 0.64% (down) |
| Previous Close | USD 34.22 |
| Open | USD 34 |
| Day Range | USD 33.72 – 34.82 |
| 52-Week Range | USD 26.37 – 51.08 |
| Volume | 10,738,689 shares |
| Market Cap | $11.36B |
| Exchange | NYQ |
Technical Analysis (ONON)
Nexqual's technical model rates ONON "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:16 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 61.65 (neutral) |
| vs SMA50 | Above (USD 30.55) |
| MACD | 1.31 (positive) |
Analyst Ratings (ONON)
Wall Street analysts rate ONON "Buy" based on 31 analysts, with a mean price target of USD 43.8 (range USD 20.02–72.18), per Nexqual as of October 23, 2026 at 09:16 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 31 |
| Mean Target | USD 43.8 |
| High Target | USD 72.18 |
| Low Target | USD 20.02 |
| Buy / Hold / Sell | 25 / 5 / 1 |
Earnings (ONON)
| Next Earnings Date | 2026-11-11 |
|---|---|
| EPS Estimate | USD 0.4 |
| Revenue Estimate | $931.00M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.35 vs est 0.34 ▲ beat |
| 2026-03-31 | USD 0.37 vs est 0.27 ▲ beat |
| 2025-12-31 | USD 0.25 vs est 0.21 ▲ beat |
| 2025-09-30 | USD 0.43 vs est 0.27 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Financials & Fundamentals (ONON)
| Total Revenue | $3.22B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +13.50% |
| Gross Margin | +64.82% |
| Operating Margin | +14.02% |
| Profit Margin | +12.30% |
| ROE | +23.95% |
| Debt / Equity | 0.29 |
| Current Ratio | 2.83 |
| Total Cash | $1.24B |
| Total Debt | $562.50M |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Financial Health Score (ONON)
Nexqual rates On Holding AG's overall financial health "Strong" across five dimensions, as of October 23, 2026 at 09:16 UTC.
| Growth | Strong — Revenue +30% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 65%, operating 14% (last 12 months) |
| Balance Sheet | Strong — CHF 1.24B cash vs CHF 562M debt, net cash position |
| Cash Flow | Solid — Operating cash flow CHF 525M (TTM) |
| Efficiency | Strong — ROE 24%, ROA 9.6% |
Ownership (ONON)
| Insider Ownership | +24.22% |
|---|---|
| Institutional Ownership | +72.48% |
| Shares Outstanding | 301.72M |
| Float | 248.72M |
| Short % of Float | +11.10% |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Leadership (ONON)
On Holding AG is led by David Allemann, Co-Founder, Co-CEO & Executive Co-Chairman, per Nexqual as of October 23, 2026 at 09:16 UTC.
| Co-Founder, Co-CEO & Executive Co-Chairman | David Allemann |
|---|---|
| Co-Founder, Co-CEO & Executive Co-Chairman | Caspar Coppetti |
| President & COO | Scott Maguire |
| Co-Founder & Executive Director | Olivier Bernhard |
| Chief Financial Officer | Frank Sluis |
Major Backers & Investors (ONON)
Notable institutional backers of On Holding AG include Morgan Stanley, BAMCO Inc., FMR, LLC, according to Nexqual as of October 23, 2026 at 09:16 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Morgan Stanley | 6.89% |
| BAMCO Inc. | 5.7% |
| FMR, LLC | 5.4% |
| BARON SELECT FUNDS-Baron Partners Fund | 4.52% |
| Lone Pine Capital | 4.47% |
| Platinum Paramount Investment Ltd. | 3.81% |
| Sinvest Investments II Ltd. | 2.83% |
| Sands Capital Management, LLC | 2.52% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 1.86% |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| DECK | Deckers Outdoor Corporation | USD 85.28 | ▼ 0.25% |
| CROX | Crocs, Inc. | USD 120.99 | ▲ 2.11% |
| BIRK | Birkenstock Holding plc | USD 33.68 | ▲ 4.21% |
| SHOO | Steven Madden, Ltd. | USD 44.42 | ▼ 0.6% |
| NKE | Nike, Inc. | USD 38.32 | ▲ 2.1% |
| WWW | Wolverine World Wide, Inc. | USD 20.68 | ▲ 2.83% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:16 UTC. This page is informational and not investment advice.
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