On Holding AG

ONON

Apparel - Footwear & Accessories · Consumer Cyclical

Price

$37.20

-1.00 (-2.62%)

Market Cap

$12.40B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

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.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on ONON in the last 12 months.

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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

+21.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-19.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

32.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$1.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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 22%. 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

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Quality

Gross Margin

63.9%

Premium pricing power — 63.9% gross margin

Operating Margin

11.1%

Modest — 11.1% operating margin

ROCE

4.6%

Weak — 4.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+29.8%

Fast-growing sales (29.8% YoY)

EPS YoY

-14.4%

Earnings shrinking (-14.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

174%

Turns 174% of profit into real cash

FCF Margin

9.2%

Modest free cash flow (9.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.09

Conservative — low debt load (0.09)

Interest Cover

12.99x

Comfortably covers interest (13.0x)

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

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Valuation

P/E Ratio (TTM)

60.0x

Expensive — P/E 60.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+38.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (60.0 → 21.3)

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Dividends

Not applicable for this business.

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