Equity · Consumer cyclical
On Holding AG (ONON) perpetual futures
ONON perpetual futures on 1 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ONONUSDT.
On Holding AG develops and distributes performance sports products, including athletic footwear, apparel and accessories under the On brand, selling through wholesale and direct-to-consumer channels worldwide.
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Trading data
Perpetual market activity
1/1 live markets
Trading data
Perpetual market activity
Spot performance
MEXCTradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kNo sufficient depth · 0 of 1 venues absorb $10k
No fresh book data: MEXC
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
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ONONHighest volume
ONONFunding history
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Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
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Catalysts
No unusual perp activity right now.
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6Company events
6Peer comparison
Similar listed perpsRevenue mix
Latest annualAnalysts
Price targetsAnalyst rating history
RatingsOwnership
Institutional · 2026-Q3Reference market activity
ONON-PERPPrice performance
11Insider activity
FY2026 Q3Insider transactions
25Director Durkin reported 723 Class A shares disposed via tax withholding (F) at $30.16, leaving 103,755 shares owned.
Director Helena Helmersson reported a tax-withholding (F) disposition of 633 Class A shares of On Holding AG at $30.16 on 2026-09-24, leaving 6,189 shares owned.
Director Laura Miele reported a disposition of 609 Class A shares for tax withholding (F-InKind) at $30.16 on 2026-09-24, leaving 10,720 shares owned.
Director Laura Miele acquired 2,433 Class A Shares of On Holding AG via an A-Award grant on 2026-09-21, leaving her with 11,329 shares owned.
Director Durkin Dennis M received an award of 2,892 Class A shares of On Holding AG at $0.00 on 2026-09-21 (SEC code A, a grant, not a purchase), bringing holdings to 104,478 shares.
On Holding AG director Amy Banse received a grant of 2,433 Class A shares at $0.00 on 2026-09-21, leaving 81,914 shares held after the award.
Director Perez Alexandre received an award of 2,892 Class A shares on 2026-09-21, after which he owned 9,778,074 shares.
On September 21, 2026, director Helmersson Helena received an award grant of 2,433 Class A Shares of On Holding AG at $0.00, bringing holdings to 6,822 shares.
On Holding COO Scott Andrew Maguire converted 3,772 RSUs into 3,772 Class A shares and sold 1,475 Class A shares at $27.742, leaving 7,329 Class A shares.
CFO Frank Sluis converted 1,684 restricted stock units into 1,684 Class A shares and sold 687 Class A shares at $27.742.
Filings
PendingTranscripts
Earnings callsFY2026 Q32026-11-10
Earnings calls
AI summary
positiveKey takeaways
- Net sales reached a record CHF 931.4 million, up 17.8% at constant currency, the first quarter above CHF 900 million.
- Underlying gross margin excluding tariff refunds was 66.9%, the highest in company history; adjusted EBITDA margin excluding one-off tariff and freight items was a record 21.9%.
- DTC grew 24.8% cc, nearly twice wholesale's rate, with DTC share at 42.2%, up 2.6 points year-over-year.
- The Cloudsurfer 3 launched in October with select run specialty partners and sold through at more than 4x the Cloudsurfer 2's launch-week rate; partners increased spring '27 orders.
- Apparel grew 38% at constant currency, and the company said it is on track to triple apparel net sales over the next 3 years.
Financial highlights
- Net sales: CHF 931.4 million, +17.8% cc and +17.2% reported.
- Wholesale: CHF 538.2 million, +13.2% cc; DTC: CHF 393.3 million, +24.8% cc; DTC share 42.2%.
- Gross margin: 66.9% excluding CHF 52.6 million tariff refunds; 72.6% reported, with a 320 basis point like-for-like underlying expansion.
- Cash: CHF 1.34 billion, up more than CHF 300 million since the start of the year; inventory CHF 495.7 million, up 30.2% year-over-year with volumes up 16%.
Guidance
- Full-year net sales growth reiterated in the low 20s at constant currency, with Q4 growth expected to accelerate and be predominantly DTC-led.
- Gross margin outlook raised from at least 65% to around 66%, excluding tariff refunds; including refunds, around 67.5%.
- Adjusted EBITDA margin of 19.5%-20% excluding tariff refunds; 21%-21.5% including tariff refunds.
- Asia Pacific growth expected closer to the mid- to high 20s corridor through 2029; over the 3-year plan, high-teens growth expected at the high end early and lower end later.
Q&A themes
- Asia Pacific growth pace and China/Japan/Korea dynamics, including deliberate, supply-constrained expansion.
- LightSpray capacity ramp (Switzerland, Korea, Vietnam, Portugal) and the timing of the 10% penetration target.
- U.S. wholesale sell-out improvement, shelf space gains, and spring '27 order books amid a promotional environment.
- DTC momentum drivers and channel mix, including Q4 acceleration expectations and store timing shifts.
Risks
- Management cited a highly promotional environment and softer online traffic, though it maintained full-price discipline.
- Some Q3 wholesale growth came from holiday deliveries pulled forward from Q4, which will have a corresponding impact on Q4.
- Asia Pacific growth is expected to moderate to the mid- to high 20s corridor from the 31.9% reported in Q3.
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 11, 2026, 11:26 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Consumer Cyclical
- Industry
- Apparel - Footwear & Accessories
- Chief executive
- David Allemann
- Employees
- 3,963
- IPO date
- Sep 15, 2021
- Country
- CH
- Exchange
- New York Stock Exchange
Rating factors
- Return on equityi
- 5
- Return on assetsi
- 5
- Debt to equityi
- 3
- Price to earningsi
- 2
- Price to booki
- 1
Company press releases
Congressional disclosures
Market cap history
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| FDGRX | 0.06% | 1.7M |
| NIW | 0.27% | 1.5M |
| CCCRX | 0.26% | 1.4M |
| IWP1*.MX | 0.23% | 1.3M |
| IWP | 0.26% | 1.3M |
| IWR | 0.06% | 968.3K |
| IWR*.MX | 0.06% | 947.9K |
| NBF | 0.03% | 898.8K |
| NIZ | 0.06% | 897.8K |
| IWF | 0.03% | 854.8K |
| FSMDX | 0.06% | 740.7K |
| CBALX | 0.16% | 477.4K |
Analyst track record
How the analysts covering ONON have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 197 | 528 |
| Analysts | 34 | 44 |
| Buy / hold / sell | 176 / 16 / 5 | 472 / 46 / 10 |
| Upgrades / downgrades / initiations | 1 / 2 / 11 | 8 / 6 / 23 |
| Price targets hit / missed | 12 / 165 (7%) | 26 / 452 (5%) |
| Avg. return after a rating (TipRanks) | -28.5% | -31.8% |
| Best / worst call | +73.5% / -59.2% | +73.5% / -60.7% |
After buy calls on this stock: not enough measured cases yet
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 10, 2026 | Janine StichterBTIG | BuyReiterated | $60.00 | article ↗ |
| Nov 11, 2026 | Adrienne YihBarclays | BuyMaintained | $42.00 | article ↗ |
| Nov 11, 2026 | Ashley OwensKeyBanc | BuyMaintained | – | article ↗ |
| Nov 11, 2026 | Richard EdwardsGoldman Sachs | BuyMaintained | $41.00 | article ↗ |
| Nov 10, 2026 | Ike BoruchowWells Fargo | BuyMaintained | $48.00 |
TipRanks data · computed Nov 11, 2026 · 197 ratings
Frequently asked questions
Where can I trade ONON perpetual futures?
On Holding AG (ONON) perpetual futures trade on 1 crypto venues, including MEXC. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade ONON around the clock?
Yes. Unlike the underlying stock, ONON perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on ONON perpetuals?
Right now the ONON perp funding rate is +14.3% annualized (venue median), ranging from +14.3% to +14.3% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the ONON perp price compare to the On Holding AG stock?
The venue-median ONON perp mark is $34.9 versus a reference stock price of $34.9, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a ONON perpetual future?
A ONON perpetual is a derivative that tracks the price of On Holding AG with no expiry date. It lets you take long or short exposure to On Holding AG on crypto venues, around the clock.
What is ONONUSDT perpetual?
ONONUSDT is the symbol most crypto exchanges use for the On Holding AG perpetual settled in USDT (Tether). It tracks the ONON share price through an index, trades 24/7 with leverage and never expires.
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