On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores. The company was founded in 2010 and is headquartered in Zurich, Switzerland.
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Competitive advantage assessment
Key strengths
Scale Supporting ProfitabilityProfitability at scale is strong (score 0.92), demonstrating competitive advantages.
ROIC Sustainably Above PeersROIC at 91.7th percentile exceeds peers and WACC, demonstrating superior capital allocation.
Key risks
Volatile Margins Suggest CyclicalityMargin volatility is high (stability score 0.15), suggesting cyclical exposure or competitive pressure.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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On Holding AG ranks #4 of 15
scored companies in Footwear & Accessories by moat score — the top 27%.
The widest moat in the group is Deckers Outdoor Corporation (DECK)
at 84/100.
Moat scores for companies ranked near ONON in Footwear & Accessories
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 64
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 65
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 63
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 76
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 92
· 15% of the moat score
Scale matters only when it converts into economics.
On Holding AG (ONON) scores 66 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #4 of 15 scored companies in Footwear & Accessories, the top 27%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 14 companies in Footwear & Accessories. Its strongest defense is Scale & Market Position (92/100) and its weakest is Pricing Power (46/100).
How does On Holding AG compare with other Footwear & Accessories companies?
On Holding AG ranks #4 of 15 scored companies in Footwear & Accessories by moat score. The widest moat in Footwear & Accessories is Deckers Outdoor Corporation (DECK) at 84/100. The companies ranked closest are Weyco Group, Inc. (WEYS) at 74 just above it and Nike, Inc. (NKE) at 60 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 14 companies in Footwear & Accessories. The defenses are then weighted to produce the overall score out of 100.
Why is On Holding AG scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for On Holding AG?
The Corporate Default template measures 6 defenses, and ONON scores: Pricing Power (46), Cost Advantage (64), Customer Stickiness (65), Capital Efficiency (63), Resilience (76), Scale & Market Position (92). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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