CluenexOn Holding AG ONON
On Holding AG scores good on business quality (7.4 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What On Holding AG does
On Holding sells athletic footwear, apparel, and accessories, making its money primarily through wholesale and direct-to-consumer channels globally. The brand relies on its patented CloudTec cushioning technology to attract premium athletic consumers.
- What it does best
On turns inventory into cash faster than traditional peers, posting a gross margin of 64.8% that sits in the top decile of its sector. This pricing power comes from strict distribution control and high consumer demand for its patented shoe designs, making deep discounting unnecessary.
- The main risk
Rapid fashion trends in footwear can quickly reverse brand loyalty, putting its premium price points at risk if consumer tastes shift away from running aesthetics.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins sit at 13.8% while FCF margin ranks in the 76th percentile. Profitability is expanding as higher-margin direct-to-consumer sales scale, proving the business gets more efficient as it grows.
The brand relies on intangible assets and design patents that lock in premium footwear consumers. Sitting in the top decile for gross margins, its pricing power keeps rivals from easily undercutting its product line.
Revenue is growing at 30.0% annually, easily outpacing the broader sector at the 96th percentile. This top-line surge is accelerating compared to historical years as new product lines gain global traction.
With $1.1B in cash and net debt at -$555.0M, the balance sheet carries virtually no risk. Free cash flow reached $429.0M, showing strong cash conversion. The financial position is getting steadily stronger.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
2 insiders bought $4.0M on the open market. 2 sold $60K outside pre-planned sales.
Our sealed record on ONON
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
On Holding AG scores good on the Cluenex quality check (7.4 of 10), measured against its own industry. Profitability is fair, moat fair, growth fast and financial health strong.
In the last 90 days of SEC Form 4 filings: 2 insiders bought $4.0M on the open market. 2 sold $60K outside pre-planned sales.
Nov 10, 2026, before the open.
See ONON today
- Today's verdict on ONON, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “On Holding AG (ONON)”, https://cluenex.com/stocks/onon/, data as of Oct 10, 2026.