ONON

Key Takeaways

What the static valuation models miss about On is the brand. They read a 10.2% trailing operating margin and a 40x earnings base and call the price rich. What they cannot price is a premium performance brand compounding revenue above 20% with a 64% gross margin and a return on invested capital near 28%. Only the growth-DCF reaches the price. Asset, earnings-power and peer-multiple methods all land below $38.87; the bet is on durable compounding the static frames structurally cannot capture. Bac

Institutional ownership

485 institutional managers reported holding ONON in 13F filings for the quarter ended 2026-03-31. Together they hold about 68% of the company; the top 10 hold 36%. 73 opened new positions that quarter. Held by FMR (Fidelity), Morgan Stanley, UBS, among others. On the short side, 19.7M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (4.3 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Insider activity

No open-market insider buys on file at ONON over the trailing three years. Absence is a fact about the company, not a signal. 9 officers and directors are on file.

Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.

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