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On Holding AG

ONON on NYSE. Rubber & plastics footwear. Market value $18.6bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

We can't pin down how many shares it has, so we don't rank it.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$33.13 a share, 26% above its 1-year low

Over the past year the price has ranged from $26.36 to $51.08.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.28bn0.28bn0.28bn0.29bn0.30bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 7% more shares since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
3 March 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

4 long-term investors we follow own it, up from 3 last quarter. 492 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Marc Maurer
    Passive investor
    15.0%
    Since 31 March 2025
  • Martin Hoffmann
    Passive investor
    13.9%−1.1 pts
    Since 30 June 2025
  • David Allemann
    Passive investor
    at least 12.9%−0.9 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Morgan Stanley
    Passive investor
    at least 6.5%
    (filed with 1 related holder)
    Since 31 December 2025
  • Baron Capital Group, Inc.
    Passive investor
    at least 5.7%
    (filed with 3 related holders)
    Since 30 June 2026
  • FMR LLC
    Passive investor
    at least 5.4%−2.7 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • AllianceBernstein L.P.
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Martin Hoffmann
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Maurer Marc
    Passive investor
    Sold down below 5%
    Since 30 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $11m of shares on the open market. 3 sold $995,249, $879,925 of it under preset trading plans.

  • Maguire Scott Andrew
    COO
    Sold
    Date
    8 September 2026
    Shares
    1,475
    Price
    $27.74
    Value
    $40,919
  • Sluis Frank
    CFO
    Sold
    Date
    8 September 2026
    Shares
    687
    Price
    $27.74
    Value
    $19,059
  • Coppetti Caspar Felix
    Executive Officer & Co-CEO, Director
    Bought
    Date
    14 August 2026
    Shares
    65,000
    Price
    $30.67
    Value
    $2m
  • Bernhard Olivier
    Executive Officer, Director
    Bought
    Date
    14 August 2026
    Shares
    65,000
    Price
    $30.67
    Value
    $2m
  • Maguire Scott Andrew
    COO
    Sold
    Date
    8 June 2026
    Shares
    1,534
    Price
    $36.08
    Value
    $55,347
  • Coppetti Caspar Felix
    Executive Officer & Co-CEO, Director
    Bought
    Date
    14 May 2026
    Shares
    60,000
    Price
    $36.63
    Value
    $2m
  • Bernhard Olivier
    Executive Officer, Director
    Bought
    Date
    14 May 2026
    Shares
    60,000
    Price
    $36.63
    Value
    $2m
  • Allemann David Michael
    Executive Officer & Co-CEO, Director
    Bought
    Date
    14 May 2026
    Shares
    60,000
    Price
    $36.63
    Value
    $2m
  • Hoffmann Martin
    CEO
    Sold
    under a preset trading plan
    Date
    27 April 2026
    Shares
    4,150
    Price
    $35.84
    Value
    $148,736
  • Hoffmann Martin
    CEO
    Sold
    under a preset trading plan
    Date
    20 April 2026
    Shares
    4,150
    Price
    $36.56
    Value
    $151,724

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

On Holding AG doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.