ONON
On Holding AGConsumer Cyclical · $9.9B market cap
Verdict
We can't put a fair value on ONON right now. It has fewer than 5 profitable years and uneven cash flow, not enough history to project from yet.
Business quality
4 of 5 clear the 10% bar. What are the Big Five?
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4 of the investors we track hold ONON. In Q2 2026, 2 opened a position and 1 trimmed. Who we track
Stephen Mandel
Lone Pine Capital · as of Q2 2026
$470.4M
13,280,030 shares
Bill & Melinda Gates Foundation Trust
Bill & Melinda Gates Foundation Trust · as of Q2 2026
$17.7M
500,000 shares
Polen Capital Management
Polen Capital Management · as of Q2 2026
$2.1M
58,741 shares
First Eagle Investment Management
First Eagle Investment Management · as of Q2 2026
$13K
380 shares
Moves in Q2 2026
New position: Stephen Mandel, First Eagle Investment Management
Trimmed: Polen Capital Management
Insider activity
Since Sep 5, 2026: no open-market purchases, 2 sales worth $60K and 8 other filings (stock awards, tax withholding and similar). Why purchases matter
Sales
Other filings
About On Holding AG
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis…
Apparel - Footwear & Accessories
Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works