On Holding (ONON)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from ONON's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from On Holding's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $725M | $1.2B | $1.8B | $2.3B | $3.0B |
| Net income | -$170M | $58M | $80M | $242M | $204M |
| Free cash flow | -$19M | -$310M | $185M | $446M | $281M |
| EPS (diluted) | — | — | — | — | — |
| Operating margin | -19.5% | 7.0% | 10.1% | 9.1% | 12.5% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own ONON
From each investor's latest 13F filing (what a 13F shows).
Insider buying
Open-market purchases by On Holding's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
Are On Holding insiders buying the stock?
No open-market insider purchases of ONON in the last 12 months, according to SEC Form 4 filings.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.