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On Holding AG (ONON)

NYSE: ONON · Rubber & Plastics Footwear · 8005 Zurich, CH · filing with the SEC since 2021
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Grade6.1
◀ Past 5.7● Present 6.9▶ Future 5.5
2 est.
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The grade of On Holding AG

Nine metrics read from its own filings, by tense
Headline grade
6.1/10
◀ Past5.730% of the headline
● Present6.940% of the headline
▶ Future5.530% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
7.0/10

Has it survived what it has been through?

No warning events in its filings since 2021.

weight 33% of this tense · 70th percentile among 10 sector filers · read for itself

From the record

On Holding AG's filings since 2021 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
7.0/10

What has it actually done, year after year?

+49.7% a year over 7 filed years; profitable in 4 of 7.

weight 45% of this tense · 70th percentile among 10 sector filers · read for its customers

From the record

On Holding AG's 7 filed years say what it did: revenue went from CHF 267 million in fiscal 2019 to CHF 3.0 billion in fiscal 2025, up 49.7% a year; it rose in 6 of 6 years; it never fell from a peak; net income was positive in 4 of 7 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span49.7%top 15% of its family
  • the share of years revenue rosetop 15% of its family
  • the share of filed years with a profitbottom 25% of its family
  • the deepest fall from a revenue peak0.0%top 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
1.3/10

How has it treated the people who own it?

SI estimate 1.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 13th percentile among 10 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the cash returned against operating cash flow, which ranks in the bottom 13% of 10 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: cash returned against operating cash flow, the one part on file, ranked among 10 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: On Holding AG's shareholder treatment is put at 1.3 of 10 with a confidence of 35 of 100, because read from one part only, the cash returned against operating cash flow, which ranks in the bottom 13% of 10 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

6.9/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
6.8/10

Is it financially healthy right now?

ROE 12%: 12¢ of profit per shareholder dollar. Leverage 42%: owes 42¢ per asset dollar.

weight 45% of this tense · 68th percentile among 10 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, On Holding AG earned about 12 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 67 cents per dollar of everything the company owns. Leverage: it owed about 42 cents per dollar of assets (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 35% of its family
  • return on equitytop 45% of its family
  • gross profit against assetstop 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
7.5/10

How strong is its position in its industry?

top 25% of 10 in its family; net margin 6.8%.

weight 33% of this tense · 75th percentile among 10 sector filers · read for its customers

From the record

On Holding AG's standing among 10 graded names in its industry family: revenue of CHF 3.0 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 6.8% ranks in the top 35%; revenue growth of 35.1% a year over the last 3 filed years ranks in the top 15% (its annual reports).

What it rests on

  • net margin6.8%top 35% of its family
  • three-year revenue growth35.1%top 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
6.0/10

What are the people in charge doing?

SI estimate 6.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 9 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 9 members with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
family median, 9 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: On Holding AG's leadership is put at 6.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 9 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.5/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.3/10

How much room does it have to grow?

top 47% of 10 in its family for room to expand.

weight 45% of this tense · 53rd percentile among 10 sector filers · read for itself

From the record

On Holding AG's room to grow, from the newest filed statements (fiscal 2025): cash of CHF 1.0 billion against no long-term debt tagged leaves 36% of its assets as net cash, top 25% of its family; cash from operations less capital spending is 9.5% of revenue (bottom 45%); a gross margin of 62.8% (top 15%); research spending of 0.4% of revenue (bottom 6%) (its annual report).

What it rests on

  • cash less debt against assets36.0%top 25% of its family
  • cash from operations less capital spending against revenue9.5%bottom 45% of its family
  • gross margin62.8%top 15% of its family
  • research spending against revenue0.4%bottom 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.0/10

What could actually drive growth from here?

bottom 50% of 10 in its family for growth drivers.

weight 33% of this tense · 50th percentile among 10 sector filers · read for its customers

From the record

On Holding AG's growth drivers, from the filed years to fiscal 2025: revenue grew 35.1% a year over the last three filed years against 49.7% over all 7, slowing (bottom 5% of its family); the newest year grew 30% (top 15%); research spending grew 8.9% a year (bottom 44%); capital spending grew 6.5% a year (top 35%) (its annual reports). On Holding AG tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-14.7 points a yearbottom 5% of its family
  • the newest year's revenue growth30.0%top 15% of its family
  • three-year growth of research spending8.9%bottom 44% of its family
  • three-year growth of capital spending6.5%top 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
6.8/10

Did its newest year beat what its own record pointed to?

top 31% of 9 in its family for expectations against reality.

weight 22% of this tense · 69th percentile among 9 sector filers · read for its shareholders

From the record

On Holding AG's newest year against its own record: revenue of CHF 3.0 billion in fiscal 2025 came in 5.6% below the CHF 3.2 billion its prior three years' pace pointed to (bottom 28% of its family); net income of CHF 204 million against a prior three-year average of CHF 127 million (top 6%); a net margin of 6.8% against 6.5% before (top 17%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-5.6%bottom 28% of its family
  • net income against the prior three years' average+61%top 6% of its family
  • net margin against its prior average+0.2 pointstop 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ONON · research, not advice