‹ Browse★ Saved
🛍️ Shopping & Brands
On Holding
(ONON ↗)
on.com ↗
A premium running and sportswear brand founded in the Swiss Alps in 2010, public since 2021, and backed by Roger Federer. It grows ~30% a year and earns a 64% gross margin — a rare mix of speed and profit. This is what a premium challenger looks like.
Updated · Q1 2026 · March 2026
6
Chapters
~17
Min read
CHF 3.1B / yr revenue · public since 2021
🌶️🌶️
Spice: Jalapeño (3/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
What is spice?
Your progress
0 of 6
1
Growth
~3 min
From the Swiss Alps to CHF 3 Billion
On started in 2010 with a shoe sole made of garden-hose offcuts. Fifteen years later it sells CHF 3 billion a year — and it's still accelerating.
›
2
Financial Health
~3 min
Growth AND Profit
Most fast-growing brands burn cash to get big. On does the opposite — it grows 30% and makes serious money doing it.
›
3
Moat
~3 min
Premium, and People Pay It
On's moat isn't a patent. It's a brand so desirable that customers pay full price — and increasingly buy more than just the shoes.
›
4
Management
~2 min
Founder-Led, Federer-Backed
On is still run by the people who started it — and partly owned by the greatest tennis player of all time. In 2026, the CEO seat changes hands.
›
5
Behind the Numbers
~3 min
The Story Behind the Numbers
The income statement says *what* happened. The company's own write-up says *why*.
›
6
Risk
~3 min
Can the Cloud Keep Climbing?
On is brilliant — and priced for brilliance to continue. The risk isn't that it's a bad company. It's that 'great' may already be expected.
↻ Next update · Aug 12
est. Aug 12, 2026 · Q2 2026 · On Investor Relations ↗
›
✦ Reader takes on On Holding
0 comments
Drop your read. See how others are calling this brief.
No one's weighed in yet. Be the first.
↗ Share On Holding
↻ The read keeps updating
You're reading the 6 opening chapters. After that, every time On files a new report, the chapters get updated here.