On Holding Shares Surge 20.8% Ahead of Q3 Earnings

Introduction

On Holding AG is a Swiss athletic shoe and performance sportswear company founded in 2010. The business designs and markets footwear, apparel, and accessories using its proprietary CloudTec® cushioning technology. Following its initial public offering on the New York Stock Exchange (ticker: ONON) in 2021, the company has expanded its global presence across over 6,000 retail outlets in 55 countries.

Corporate Structure

According to its LinkedIn profile, On Holding AG employs between 1,001 and 5,000 people. From January 2021 through March 2025, Marc Maurer and Martin Hoffmann served as co-chief executive officers. Effective April 2025, Martin Hoffmann has assumed the sole CEO role. Founders David Allemann and Caspar Coppetti continue to serve as executive co-chairmen, while Olivier Bernhard focuses on product and innovation. Martin Hoffmann held the position of chief financial officer from 2013 until his appointment as CEO.

Athletic footwear by Carl Barcelo

Developments and News

On November 12, 2025, the stock closed at USD 42.50, reflecting a 20.81% increase from its previous close, with a trading volume of 2,257,602 shares. The company is scheduled to report third-quarter earnings before the market opens on November 12, 2025.
– In June 2024, On signed a partnership with Italian tennis player Flavio Cobolli.
– Since March 2023, the brand has sponsored women’s world number one Iga Świątek as well as men’s players Ben Shelton and João Fonseca.
– On developed specialized bobsleigh shoes utilized during the February 2022 Winter Olympics.
– The Cloudboom Strike LS, launched for the 2024 Olympic Games, features a robotically deposited filament upper, reducing the component count from 150–200 to seven.

Financial and Strategic Analysis

In its 2024 annual report (Form 20-F, filed March 4, 2025), On Holding AG reported CHF 2.32 billion in sales, a 29.4% increase year-on-year, and a net profit of CHF 242.3 million, representing a 204.5% increase. Trailing twelve-month figures (as of November 3, 2025) include revenue of USD 2.72 billion and net income of USD 135.9 million, yielding a profit margin of 5.0%. Other key metrics include:

• Market capitalization: USD 11.906 billion (intraday)
• Trailing price-to-earnings ratio: 70.12
• Price/sales (ttm): 8.11
• Price/book (mrq): 7.89
• Return on equity (ttm): 10.34%
• Total cash (mrq): USD 876.2 million
• Total debt/equity (mrq): 35.63%
• Levered free cash flow (ttm): USD 424.36 million

The company relocated a portion of its production from China to Indonesia and Vietnam to optimize its supply chain. Its forward one-year target estimate stands at USD 62.40 per share.

Market Position and Industry Context

As of 2019, On held 40% of Switzerland’s running shoe market and 10% in Germany. In the United States, it accounted for 6.6% of the performance running shoe category and approximately 2% of the global athletic footwear market. Competing with Nike, Adidas, and Hoka One One, On differentiates itself through proprietary cushioning technologies, partnerships with professional athletes, and sponsorship of the On Athletics Club, which is coached by Dathan Ritzenhein.

tl;dr

On Holding AG’s NYSE stock increased 20.81% to USD 42.50 on November 12, 2025, ahead of its scheduled third-quarter earnings release. The company has expanded its athlete sponsorships and continues to relocate manufacturing to Southeast Asia. Analysts’ one-year target for the stock remains at USD 62.40, reflecting expectations linked to the brand’s growth in performance footwear and upcoming financial results.