On Holding AG
ONON · Rubber & Plastics Footwear · EDGAR filings ↗
Reference price $36.08 — last insider sale, 2026-06-08 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
A85Premium global sportswear franchise compounding revenue ~30-48% with high gross margins, strong cash generation and a durable brand.
Strengths
- Top-decile revenue growth (48.6%, 88th pct) with 62.8% gross margin (75th pct) and 12.5% operating margin (74th pct)
- Strong FCF (~$362M, 81st pct), net cash balance sheet (current ratio 2.7), interest coverage 12.7x and ROA 82.9th pct
Risks
- FX translation exposure (CHF reporting) and tariff/trade-policy risk on sourcing
- Premium-brand reliance and execution risk scaling apparel/new categories; ROE a moderate 12.5%
Notable findings
- Material weaknessIf we identify material weaknesses in the future, or otherwise fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our
- Strong balance sheetStrong balance sheet — $1.3B cash & investments
- Insider buyingInsider buying — 6 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$7M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 7 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$935,328, last 6mo) Form 4 ↗
Key metrics
Gross margin
62.8%
Operating margin
12.5%
Net margin
6.8%
Return on equity
12.5%
Return on assets
7.2%
Revenue growth (QoQ)
48.6%
Net-income growth
-3.9%
Interest coverage
12.7×
Current ratio
2.7×
Free cash flow
$362M
Tangible book value
$2.1B
Cash & investments
$1.3B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Banse Amy | Grant | 1.7K | — |
| 2026-06-22 | Perez Alexandre | Grant | 2.1K | — |
| 2026-06-22 | Miele Laura | Grant | 1.7K | — |
| 2026-06-22 | Helmersson Helena | Grant | 1.7K | — |
| 2026-06-22 | Durkin Dennis M | Grant | 2.1K | — |
| 2026-06-08 | Maguire Scott Andrew | Sell | 1.5K | $36.08 |
| 2026-06-05 | Maguire Scott Andrew | Option exercise | 3.8K | — |
| 2026-05-14 | Coppetti Caspar Felix | Buy | 9.1K | $35.97 |
| 2026-05-14 | Coppetti Caspar Felix | Buy | 51K | $36.75 |
| 2026-05-14 | Bernhard Olivier | Buy | 9.1K | $35.97 |
| 2026-05-14 | Bernhard Olivier | Buy | 51K | $36.75 |
| 2026-05-14 | Allemann David Michael | Buy | 9.1K | $35.97 |
| 2026-05-14 | Allemann David Michael | Buy | 51K | $36.75 |
| 2026-04-27 | Hoffmann Martin | Sell | 4.2K | $35.84 |
| 2026-04-20 | Hoffmann Martin | Sell | 4.2K | $36.56 |
| 2026-04-13 | Hoffmann Martin | Sell | 4.2K | $33.95 |
| 2026-04-06 | Hoffmann Martin | Sell | 4.2K | $33.58 |
| 2026-03-30 | Hoffmann Martin | Sell | 4.2K | $32.31 |
| 2026-03-27 | Hoffmann Martin | Option exercise | 11K | $32.68 |
| 2026-03-27 | Hoffmann Martin | Option exercise | 12K | $32.73 |
| 2026-03-26 | Helmersson Helena | Tax withheld | 440 | $35.16 |
| 2026-03-26 | Miele Laura | Tax withheld | 423 | $35.16 |
| 2026-03-24 | Durkin Dennis M | Grant | 2.0K | — |
| 2026-03-24 | Perez Alexandre | Grant | 2.0K | — |
| 2026-03-24 | Miele Laura | Grant | 1.7K | — |
| 2026-03-24 | Helmersson Helena | Grant | 1.7K | — |
| 2026-03-24 | Banse Amy | Grant | 1.7K | — |
| 2026-03-23 | Hoffmann Martin | Sell | 4.2K | $39.79 |
| 2026-03-20 | Hoffmann Martin | Option exercise | 25K | $37.44 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-03 | 2025-12-31 | 0001858985-26-000008 ↗ |
| 20-F | 2025-03-04 | 2024-12-31 | 0001858985-25-000003 ↗ |
| 20-F | 2024-03-12 | 2023-12-31 | 0001858985-24-000012 ↗ |
| 20-F | 2023-03-21 | 2022-12-31 | 0001858985-23-000011 ↗ |
| 20-F | 2022-03-18 | 2021-12-31 | 0001858985-22-000006 ↗ |