On Holding AG

ONON: XNYS (USA)

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On Holding: Initiating Coverage With Narrow Moat and USD 47.50 Fair Value Estimate

David Swartz

Feb 9, 2026

On Holding has been the fastest-growing sportswear company in the world since the pandemic as its footwear with CloudTec cushioning has caught on in multiple markets. Over six years, the firm has achieved 50% annual sales growth and lifted its adjusted EBITDA margin to 17% from 12%.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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On Holding AG

On Holding: Initiating Coverage With Narrow Moat and USD 47.50 Fair Value Estimate

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