On Holding (1ONON) 주식 개요온 홀딩 AG는 전 세계 스포츠 제품의 개발 및 유통을 담당하고 있습니다. 자세히 보기1ONON 펀더멘털 분석스노우플레이크 점수가치 평가2/6미래 성장5/6과거 실적3/6재무 건전성6/6배당0/6강점공정 가치 추정치보다 낮은 32.9% 에서 거래수익은 매년 23.16% 증가할 것으로 예상됩니다.지난 1년간 수익이 20.6% 증가했습니다.위험 분석지난 3개월 동안 주가 변동성이 Italian 시장과 비교해 높았습니다.모든 위험 점검 보기1ONON Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.NEW472,758 membersJoin community and earn perksGain real feedbackFrom our editorial team, personally. Not silence.Grow your followingReal investors. The kind who actually invest, not scroll past.Unlock free accessFree premium subscription for consistent and quality authors.Learn moreCreate NarrativeBLINRODA472,758 investors already sharing narrativesYour Fair Value€Current Price€32.8323.5% 저평가 내재 할인율Growth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-145m7b2016201920222025202620282031Revenue CHF 6.5bEarnings CHF 522.8mAdvancedSet Fair ValueView all narrativesOn Holding AG 경쟁사MonclerSymbol: BIT:MONCMarket cap: €13.7bBrunello CucinelliSymbol: BIT:BCMarket cap: €6.3bDe'LonghiSymbol: BIT:DLGMarket cap: €6.2bOVSSymbol: BIT:OVSMarket cap: €1.6b가격 이력 및 성과On Holding 주가의 최고가, 최저가 및 변동 요약과거 주가현재 주가US$32.8352주 최고가US$43.8052주 최저가US$26.16베타2.121개월 변동6.07%3개월 변동9.07%1년 변동n/a3년 변동n/a5년 변동n/aIPO 이후 변동-10.05%최근 뉴스 및 업데이트공고 • Jul 29On Holding AG to Report Q2, 2026 Results on Aug 11, 2026On Holding AG announced that they will report Q2, 2026 results Pre-Market on Aug 11, 2026New Risk • Jul 28New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.공고 • Jul 17Infinium Powers Ons Cleancloud Breakthrough Supplying the Enaphtha Behind the Worlds First Eva Midsole Made from Captured Carbon Emissions At Commercial ScaleInfinium announced its supply relationship with Borouge International and premium performance sportswear brand On, supporting the commercial launch of On's breakthrough CleanCloud technology. Infinium's eNaphtha, produced from waste CO2 and renewable hydrogen, provides the renewable feedstock used to manufacture the EVA (ethylene-vinyl acetate) material in On's Cloud X 5 - the world's first commercially scaled sportswear midsole made using captured carbon emissions. The collaboration represents a significant milestone in demonstrating how captured carbon can be transformed into everyday consumer products through existing industrial infrastructure. Conventional athletic shoe midsoles are manufactured from EVA or polyurethane foams derived from fossil-based naphtha. By replacing conventional naphtha with Infinium eNaphtha while utilizing existing petrochemical manufacturing assets, the partners have created a practical pathway toward lower-carbon materials without requiring entirely new production systems. Infinium eNaphtha is produced at the company's Project Pathfinder facility in Corpus Christi, Texas. Because it is chemically equivalent to conventional naphtha, it can be processed through existing steam crackers and downstream manufacturing infrastructure without modification - accelerating commercialization while delivering the same quality, performance, and product specifications manufacturers require. Beginning in 2024, Infinium shipped commercial volumes of eNaphtha from its Pathfinder facility to Borouge International's operations in Porvoo, Finland, where the renewable feedstock is converted into e-ethylene which is further transformed into EVA for high-performance footwear applications. This EVA is chemically identical to conventional material, delivering the same molecular structure, physical properties, and performance characteristics. For runners, there is no difference in performance. The difference lies in the carbon source. The collaboration demonstrates a real-world commercial application for renewable eNaphtha within the global petrochemical value chain while advancing On's ambition to eliminate virgin fossil-based feedstocks from its products. The Cloud X 5 represents one of the footwear industry's first large-scale uses of captured carbon as a primary manufacturing feedstock. When On introduced CleanCloud in 2022, the concept had produced just five prototype pairs, with commercial-scale deployment targeted near the end of the decade. Supported by Infinium's commercial eNaphtha supply, On is scaling to over a million pairs of Cloud X 5 shoes - achieving that milestone four years ahead of its original target. Every step of the supply chain - from Infinium's Pathfinder production facility through Borouge International's petrochemical operations and On's manufacturing partners - is ISCC PLUS certified. This internationally recognized certification provides verified chain-of-custody tracking, ensuring the traceability of sustainably produced feedstocks throughout the manufacturing process.New Risk • May 26New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.Valuation Update With 7 Day Price Move • May 25Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €38.22, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €52.84 per share.Recent Insider Transactions • May 17Co-Founder recently bought €1.9m worth of stockOn the 14th of May, Caspar Coppetti bought around 60k shares on-market at roughly €31.39 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Caspar's only on-market trade for the last 12 months.더 많은 업데이트 보기Recent updates공고 • Jul 29On Holding AG to Report Q2, 2026 Results on Aug 11, 2026On Holding AG announced that they will report Q2, 2026 results Pre-Market on Aug 11, 2026New Risk • Jul 28New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.공고 • Jul 17Infinium Powers Ons Cleancloud Breakthrough Supplying the Enaphtha Behind the Worlds First Eva Midsole Made from Captured Carbon Emissions At Commercial ScaleInfinium announced its supply relationship with Borouge International and premium performance sportswear brand On, supporting the commercial launch of On's breakthrough CleanCloud technology. Infinium's eNaphtha, produced from waste CO2 and renewable hydrogen, provides the renewable feedstock used to manufacture the EVA (ethylene-vinyl acetate) material in On's Cloud X 5 - the world's first commercially scaled sportswear midsole made using captured carbon emissions. The collaboration represents a significant milestone in demonstrating how captured carbon can be transformed into everyday consumer products through existing industrial infrastructure. Conventional athletic shoe midsoles are manufactured from EVA or polyurethane foams derived from fossil-based naphtha. By replacing conventional naphtha with Infinium eNaphtha while utilizing existing petrochemical manufacturing assets, the partners have created a practical pathway toward lower-carbon materials without requiring entirely new production systems. Infinium eNaphtha is produced at the company's Project Pathfinder facility in Corpus Christi, Texas. Because it is chemically equivalent to conventional naphtha, it can be processed through existing steam crackers and downstream manufacturing infrastructure without modification - accelerating commercialization while delivering the same quality, performance, and product specifications manufacturers require. Beginning in 2024, Infinium shipped commercial volumes of eNaphtha from its Pathfinder facility to Borouge International's operations in Porvoo, Finland, where the renewable feedstock is converted into e-ethylene which is further transformed into EVA for high-performance footwear applications. This EVA is chemically identical to conventional material, delivering the same molecular structure, physical properties, and performance characteristics. For runners, there is no difference in performance. The difference lies in the carbon source. The collaboration demonstrates a real-world commercial application for renewable eNaphtha within the global petrochemical value chain while advancing On's ambition to eliminate virgin fossil-based feedstocks from its products. The Cloud X 5 represents one of the footwear industry's first large-scale uses of captured carbon as a primary manufacturing feedstock. When On introduced CleanCloud in 2022, the concept had produced just five prototype pairs, with commercial-scale deployment targeted near the end of the decade. Supported by Infinium's commercial eNaphtha supply, On is scaling to over a million pairs of Cloud X 5 shoes - achieving that milestone four years ahead of its original target. Every step of the supply chain - from Infinium's Pathfinder production facility through Borouge International's petrochemical operations and On's manufacturing partners - is ISCC PLUS certified. This internationally recognized certification provides verified chain-of-custody tracking, ensuring the traceability of sustainably produced feedstocks throughout the manufacturing process.New Risk • May 26New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.Valuation Update With 7 Day Price Move • May 25Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €38.22, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €52.84 per share.Recent Insider Transactions • May 17Co-Founder recently bought €1.9m worth of stockOn the 14th of May, Caspar Coppetti bought around 60k shares on-market at roughly €31.39 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Caspar's only on-market trade for the last 12 months.Reported Earnings • May 13First quarter 2026 earnings released: EPS: CHF0.31 (vs CHF0.17 in 1Q 2025)First quarter 2026 results: EPS: CHF0.31 (up from CHF0.17 in 1Q 2025). Revenue: CHF831.9m (up 14% from 1Q 2025). Net income: CHF103.3m (up 82% from 1Q 2025). Profit margin: 12% (up from 7.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Luxury industry in Italy.공고 • May 12On Holding AG Provides Earnings Guidance for the Year 2026On Holding AG provided earnings guidance for the year 2026. For the year, the company expects net sales to grow by at least 23% year-over-year on a constant currency basis. At current spot rates, this implies reported net sales of at least CHF 3.51 billion.Buy Or Sell Opportunity • May 06Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 19% to €29.91. The fair value is estimated to be €38.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 42%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.공고 • Apr 29On Holding AG to Report Q1, 2026 Results on May 12, 2026On Holding AG announced that they will report Q1, 2026 results Pre-Market on May 12, 2026공고 • Apr 21On Holding AG, Annual General Meeting, May 28, 2026On Holding AG, Annual General Meeting, May 28, 2026.Buy Or Sell Opportunity • Mar 27Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 30% to €28.90. The fair value is estimated to be €37.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 42%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 25% per annum over the same time period.공고 • Mar 25+ 2 more updatesOn Holding AG Announces CEO Changes, Effective May 1, 2026On Holding AG announced an update to its organizational structure as the company prepares to enter its next growth phase. Designed to even more closely connect founder-led strategic intent with execution, the updated model ensures On remains agile and decisive while continuing to scale. To drive the next phase of global expansion, co-founders David Allemann and Caspar Coppetti will serve as Co-CEOs. Following a successful 13-year tenure at On, Martin Hoffmann has chosen to step down as CEO. Effective May 1, 2026, David Allemann and Caspar Coppetti will assume the roles of Co-CEOs, while continuing as Executive Co-Chairmen of the Board. This facilitates their operational roles and brings the founders’ long-term stewardship into direct alignment with execution responsibility. Co-founder Olivier Bernhard will continue spearheading key performance product initiatives and athlete engagement as an Executive Member of the Board. With the strategic roadmap for continued growth in place, the four partners collectively recognize that this is the right moment for Martin Hoffmann to step down. Following a transformative 13-year tenure as CFO and five years as CEO, during which On evolved from a Swiss startup into a multi-billion dollar global leader, Martin has decided to take a planned hiatus and pursue philanthropic interests. In seamless partnership with the co-founders, Martin engineered the financial framework and strategic discipline and served as the essential link between On’s founder-led vision and the operational scale that transformed the company to the force it is today. He will step down from his roles effective May 1, 2026, will then ensure a smooth onboarding and transition to Frank Sluis, who joins as new CFO on May 1, 2026. Martin will then remain an advisor through March 2027.Reported Earnings • Mar 04Full year 2025 earnings released: EPS: CHF0.62 (vs CHF0.75 in FY 2024)Full year 2025 results: EPS: CHF0.62 (down from CHF0.75 in FY 2024). Revenue: CHF3.01b (up 30% from FY 2024). Net income: CHF203.7m (down 16% from FY 2024). Profit margin: 6.8% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Luxury industry in Italy.공고 • Mar 03on Holding Ag Provides Revenue Guidance for 2026On Holding AG provides revenue guidance for 2026. For the period, the company expects net sales to grow by at least 23% year-over-year on a constant currency basis.공고 • Feb 11On Holding AG to Report Q4, 2025 Results on Mar 03, 2026On Holding AG announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Mar 03, 2026공고 • Jan 28On Holding Ag Announces CFO ChangesOn Holding AG announced that Frank Sluis will join the company as Chief Financial Officer (CFO), effective May 1, 2026. Frank Sluis has more than 25 years of experience at leading consumer businesses, including finance leadership positions at Ahold Delhaize, Reckitt Benckiser, and Unilever. Most recently, Frank served as Chief Financial Officer for Europe & Indonesia at Ahold Delhaize, a position he held since 2021. In this role, he managed the financial operations for well over EUR 30 billion in annual net sales and led a large-scale international finance, procurement, and sourcing organization of approximately 800 professionals. Frank was born and raised in the Netherlands and over the course of his professional career has spent significant time internationally, including in the United States. Frank succeeds Martin Hoffmann, who took on an expanded role as sole Chief Executive Officer (CEO) last year, while continuing his CFO responsibilities. Martin will continue to oversee the Finance organization until Frank’s start date to ensure a seamless handover.Buy Or Sell Opportunity • Jan 20Now 20% undervaluedThe stock has been flat over the last 90 days, currently trading at €39.00. The fair value is estimated to be €48.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 34% per annum over the same time period.Valuation Update With 7 Day Price Move • Jan 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €44.40, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 12x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €50.37 per share.Valuation Update With 7 Day Price Move • Dec 11Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €41.10, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 11x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €46.94 per share.Buy Or Sell Opportunity • Nov 27Now 21% undervaluedThe stock has been flat over the last 90 days, currently trading at €40.00. The fair value is estimated to be €50.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 31% per annum over the same time period.주주 수익률1ONONIT LuxuryIT 시장7D4.3%5.2%3.5%1Yn/a12.1%25.6%전체 주주 수익률 보기수익률 대 산업: 1ONON의 Italian Luxury 산업 대비 성과를 판단하기에 데이터가 부족합니다.수익률 대 시장: 1ONON의 Italian 시장 대비 성과를 판단하기에 데이터가 부족합니다.주가 변동성Is 1ONON's price volatile compared to industry and market?1ONON volatility1ONON Average Weekly Movement7.6%Luxury Industry Average Movement4.5%Market Average Movement4.7%10% most volatile stocks in IT Market7.9%10% least volatile stocks in IT Market2.9%안정적인 주가: 1ONON의 주가는 지난 3개월 동안 Italian 시장보다 변동성이 컸습니다.시간에 따른 변동성: 1ONON의 주간 변동성(8%)은 지난 1년 동안 안정적이었지만 Italian 종목 중 상위 75%보다 높습니다.회사 소개설립직원 수CEO웹사이트20103,963David Allemannwww.on.com온 홀딩 AG는 전 세계에 스포츠 제품을 개발 및 유통하는 기업입니다. 이 회사는 고성능 러닝, 아웃도어, 트레이닝, 종일 활동 및 테니스를 위한 운동화, 의류 및 액세서리를 제공합니다. 독립 소매업체와 유통업체, 온라인 및 매장을 통해 제품을 제공합니다.더 보기On Holding AG 기초 지표 요약On Holding의 순이익과 매출은 시가총액과 어떻게 비교됩니까?1ONON 기초 통계시가총액€10.97b순이익 (TTM)€267.37m매출 (TTM)€3.33b40.1x주가수익비율(P/E)3.2x주가매출비율(P/S)1ONON는 고평가되어 있습니까?공정 가치 및 평가 분석 보기순이익 및 매출최근 실적 보고서(TTM)의 주요 수익성 지표1ONON 손익계산서 (TTM)매출CHF 3.12b매출원가CHF 1.13b총이익CHF 1.99b기타 비용CHF 1.74b순이익CHF 250.30m최근 보고된 실적Mar 31, 2026다음 실적 발표일Aug 11, 2026주당순이익(EPS)0.76총이익률63.88%순이익률8.02%부채/자본 비율0%1ONON의 장기 실적은 어땠습니까?과거 실적 및 비교 보기View Valuation기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/08/06 00:26종가2026/08/06 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스On Holding AG는 35명의 분석가가 다루고 있습니다. 이 중 27명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Jonathan KompBairdAdrienne Yih-TennantBarclaysJohn StanselBerenberg32명의 분석가 더 보기
공고 • Jul 29On Holding AG to Report Q2, 2026 Results on Aug 11, 2026On Holding AG announced that they will report Q2, 2026 results Pre-Market on Aug 11, 2026
New Risk • Jul 28New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.
공고 • Jul 17Infinium Powers Ons Cleancloud Breakthrough Supplying the Enaphtha Behind the Worlds First Eva Midsole Made from Captured Carbon Emissions At Commercial ScaleInfinium announced its supply relationship with Borouge International and premium performance sportswear brand On, supporting the commercial launch of On's breakthrough CleanCloud technology. Infinium's eNaphtha, produced from waste CO2 and renewable hydrogen, provides the renewable feedstock used to manufacture the EVA (ethylene-vinyl acetate) material in On's Cloud X 5 - the world's first commercially scaled sportswear midsole made using captured carbon emissions. The collaboration represents a significant milestone in demonstrating how captured carbon can be transformed into everyday consumer products through existing industrial infrastructure. Conventional athletic shoe midsoles are manufactured from EVA or polyurethane foams derived from fossil-based naphtha. By replacing conventional naphtha with Infinium eNaphtha while utilizing existing petrochemical manufacturing assets, the partners have created a practical pathway toward lower-carbon materials without requiring entirely new production systems. Infinium eNaphtha is produced at the company's Project Pathfinder facility in Corpus Christi, Texas. Because it is chemically equivalent to conventional naphtha, it can be processed through existing steam crackers and downstream manufacturing infrastructure without modification - accelerating commercialization while delivering the same quality, performance, and product specifications manufacturers require. Beginning in 2024, Infinium shipped commercial volumes of eNaphtha from its Pathfinder facility to Borouge International's operations in Porvoo, Finland, where the renewable feedstock is converted into e-ethylene which is further transformed into EVA for high-performance footwear applications. This EVA is chemically identical to conventional material, delivering the same molecular structure, physical properties, and performance characteristics. For runners, there is no difference in performance. The difference lies in the carbon source. The collaboration demonstrates a real-world commercial application for renewable eNaphtha within the global petrochemical value chain while advancing On's ambition to eliminate virgin fossil-based feedstocks from its products. The Cloud X 5 represents one of the footwear industry's first large-scale uses of captured carbon as a primary manufacturing feedstock. When On introduced CleanCloud in 2022, the concept had produced just five prototype pairs, with commercial-scale deployment targeted near the end of the decade. Supported by Infinium's commercial eNaphtha supply, On is scaling to over a million pairs of Cloud X 5 shoes - achieving that milestone four years ahead of its original target. Every step of the supply chain - from Infinium's Pathfinder production facility through Borouge International's petrochemical operations and On's manufacturing partners - is ISCC PLUS certified. This internationally recognized certification provides verified chain-of-custody tracking, ensuring the traceability of sustainably produced feedstocks throughout the manufacturing process.
New Risk • May 26New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.
Valuation Update With 7 Day Price Move • May 25Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €38.22, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €52.84 per share.
Recent Insider Transactions • May 17Co-Founder recently bought €1.9m worth of stockOn the 14th of May, Caspar Coppetti bought around 60k shares on-market at roughly €31.39 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Caspar's only on-market trade for the last 12 months.
공고 • Jul 29On Holding AG to Report Q2, 2026 Results on Aug 11, 2026On Holding AG announced that they will report Q2, 2026 results Pre-Market on Aug 11, 2026
New Risk • Jul 28New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.
공고 • Jul 17Infinium Powers Ons Cleancloud Breakthrough Supplying the Enaphtha Behind the Worlds First Eva Midsole Made from Captured Carbon Emissions At Commercial ScaleInfinium announced its supply relationship with Borouge International and premium performance sportswear brand On, supporting the commercial launch of On's breakthrough CleanCloud technology. Infinium's eNaphtha, produced from waste CO2 and renewable hydrogen, provides the renewable feedstock used to manufacture the EVA (ethylene-vinyl acetate) material in On's Cloud X 5 - the world's first commercially scaled sportswear midsole made using captured carbon emissions. The collaboration represents a significant milestone in demonstrating how captured carbon can be transformed into everyday consumer products through existing industrial infrastructure. Conventional athletic shoe midsoles are manufactured from EVA or polyurethane foams derived from fossil-based naphtha. By replacing conventional naphtha with Infinium eNaphtha while utilizing existing petrochemical manufacturing assets, the partners have created a practical pathway toward lower-carbon materials without requiring entirely new production systems. Infinium eNaphtha is produced at the company's Project Pathfinder facility in Corpus Christi, Texas. Because it is chemically equivalent to conventional naphtha, it can be processed through existing steam crackers and downstream manufacturing infrastructure without modification - accelerating commercialization while delivering the same quality, performance, and product specifications manufacturers require. Beginning in 2024, Infinium shipped commercial volumes of eNaphtha from its Pathfinder facility to Borouge International's operations in Porvoo, Finland, where the renewable feedstock is converted into e-ethylene which is further transformed into EVA for high-performance footwear applications. This EVA is chemically identical to conventional material, delivering the same molecular structure, physical properties, and performance characteristics. For runners, there is no difference in performance. The difference lies in the carbon source. The collaboration demonstrates a real-world commercial application for renewable eNaphtha within the global petrochemical value chain while advancing On's ambition to eliminate virgin fossil-based feedstocks from its products. The Cloud X 5 represents one of the footwear industry's first large-scale uses of captured carbon as a primary manufacturing feedstock. When On introduced CleanCloud in 2022, the concept had produced just five prototype pairs, with commercial-scale deployment targeted near the end of the decade. Supported by Infinium's commercial eNaphtha supply, On is scaling to over a million pairs of Cloud X 5 shoes - achieving that milestone four years ahead of its original target. Every step of the supply chain - from Infinium's Pathfinder production facility through Borouge International's petrochemical operations and On's manufacturing partners - is ISCC PLUS certified. This internationally recognized certification provides verified chain-of-custody tracking, ensuring the traceability of sustainably produced feedstocks throughout the manufacturing process.
New Risk • May 26New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.
Valuation Update With 7 Day Price Move • May 25Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €38.22, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €52.84 per share.
Recent Insider Transactions • May 17Co-Founder recently bought €1.9m worth of stockOn the 14th of May, Caspar Coppetti bought around 60k shares on-market at roughly €31.39 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Caspar's only on-market trade for the last 12 months.
Reported Earnings • May 13First quarter 2026 earnings released: EPS: CHF0.31 (vs CHF0.17 in 1Q 2025)First quarter 2026 results: EPS: CHF0.31 (up from CHF0.17 in 1Q 2025). Revenue: CHF831.9m (up 14% from 1Q 2025). Net income: CHF103.3m (up 82% from 1Q 2025). Profit margin: 12% (up from 7.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Luxury industry in Italy.
공고 • May 12On Holding AG Provides Earnings Guidance for the Year 2026On Holding AG provided earnings guidance for the year 2026. For the year, the company expects net sales to grow by at least 23% year-over-year on a constant currency basis. At current spot rates, this implies reported net sales of at least CHF 3.51 billion.
Buy Or Sell Opportunity • May 06Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 19% to €29.91. The fair value is estimated to be €38.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 42%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.
공고 • Apr 29On Holding AG to Report Q1, 2026 Results on May 12, 2026On Holding AG announced that they will report Q1, 2026 results Pre-Market on May 12, 2026
공고 • Apr 21On Holding AG, Annual General Meeting, May 28, 2026On Holding AG, Annual General Meeting, May 28, 2026.
Buy Or Sell Opportunity • Mar 27Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 30% to €28.90. The fair value is estimated to be €37.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 42%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 25% per annum over the same time period.
공고 • Mar 25+ 2 more updatesOn Holding AG Announces CEO Changes, Effective May 1, 2026On Holding AG announced an update to its organizational structure as the company prepares to enter its next growth phase. Designed to even more closely connect founder-led strategic intent with execution, the updated model ensures On remains agile and decisive while continuing to scale. To drive the next phase of global expansion, co-founders David Allemann and Caspar Coppetti will serve as Co-CEOs. Following a successful 13-year tenure at On, Martin Hoffmann has chosen to step down as CEO. Effective May 1, 2026, David Allemann and Caspar Coppetti will assume the roles of Co-CEOs, while continuing as Executive Co-Chairmen of the Board. This facilitates their operational roles and brings the founders’ long-term stewardship into direct alignment with execution responsibility. Co-founder Olivier Bernhard will continue spearheading key performance product initiatives and athlete engagement as an Executive Member of the Board. With the strategic roadmap for continued growth in place, the four partners collectively recognize that this is the right moment for Martin Hoffmann to step down. Following a transformative 13-year tenure as CFO and five years as CEO, during which On evolved from a Swiss startup into a multi-billion dollar global leader, Martin has decided to take a planned hiatus and pursue philanthropic interests. In seamless partnership with the co-founders, Martin engineered the financial framework and strategic discipline and served as the essential link between On’s founder-led vision and the operational scale that transformed the company to the force it is today. He will step down from his roles effective May 1, 2026, will then ensure a smooth onboarding and transition to Frank Sluis, who joins as new CFO on May 1, 2026. Martin will then remain an advisor through March 2027.
Reported Earnings • Mar 04Full year 2025 earnings released: EPS: CHF0.62 (vs CHF0.75 in FY 2024)Full year 2025 results: EPS: CHF0.62 (down from CHF0.75 in FY 2024). Revenue: CHF3.01b (up 30% from FY 2024). Net income: CHF203.7m (down 16% from FY 2024). Profit margin: 6.8% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Luxury industry in Italy.
공고 • Mar 03on Holding Ag Provides Revenue Guidance for 2026On Holding AG provides revenue guidance for 2026. For the period, the company expects net sales to grow by at least 23% year-over-year on a constant currency basis.
공고 • Feb 11On Holding AG to Report Q4, 2025 Results on Mar 03, 2026On Holding AG announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Mar 03, 2026
공고 • Jan 28On Holding Ag Announces CFO ChangesOn Holding AG announced that Frank Sluis will join the company as Chief Financial Officer (CFO), effective May 1, 2026. Frank Sluis has more than 25 years of experience at leading consumer businesses, including finance leadership positions at Ahold Delhaize, Reckitt Benckiser, and Unilever. Most recently, Frank served as Chief Financial Officer for Europe & Indonesia at Ahold Delhaize, a position he held since 2021. In this role, he managed the financial operations for well over EUR 30 billion in annual net sales and led a large-scale international finance, procurement, and sourcing organization of approximately 800 professionals. Frank was born and raised in the Netherlands and over the course of his professional career has spent significant time internationally, including in the United States. Frank succeeds Martin Hoffmann, who took on an expanded role as sole Chief Executive Officer (CEO) last year, while continuing his CFO responsibilities. Martin will continue to oversee the Finance organization until Frank’s start date to ensure a seamless handover.
Buy Or Sell Opportunity • Jan 20Now 20% undervaluedThe stock has been flat over the last 90 days, currently trading at €39.00. The fair value is estimated to be €48.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 34% per annum over the same time period.
Valuation Update With 7 Day Price Move • Jan 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €44.40, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 12x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €50.37 per share.
Valuation Update With 7 Day Price Move • Dec 11Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €41.10, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 11x in the Luxury industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €46.94 per share.
Buy Or Sell Opportunity • Nov 27Now 21% undervaluedThe stock has been flat over the last 90 days, currently trading at €40.00. The fair value is estimated to be €50.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 31% per annum over the same time period.
