# On Holding AG (ONON)

> Source: Nexqual · https://nexqual.com/ONON · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, On Holding AG (ONON), nexqual.com/ONON" · informational, not investment advice.

**Price:** USD 34 (-0.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.22 · day 33.72–34.82 · 52w 26.37–51.08 · market cap $11.4B · NYQ

## Key facts
- 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)
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)
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)
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
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)
|  | 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) |

## Peers (Footwear & Accessories)
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 -0.60% · NKE (Nike, Inc.) USD 38.32 +2.10% · WWW (Wolverine World Wide, Inc.) USD 20.68 +2.83%

## More
Full page: https://nexqual.com/ONON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ONON's own 20-F filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1858985/000185898526000008/onholdingag-20251231.htm):

| 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, bookr…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.40 | $0.40 | -0.2% | $931.0M | 16 |
| Next quarter (ends 2026-12-31) | $0.31 | $0.30 | +3.3% | $903.2M | 15 |
| Current fiscal year (ends 2026-12-31) | $1.43 | $1.41 | +1.2% | $3.51B | 23 |
| Next fiscal year (ends 2027-12-31) | $1.70 | $1.74 | -1.9% | $4.18B | 23 |