On Holding Founder and Co-CEO Caspar Coppetti Buys the Dip
Key Points
The open-market acquisition involved 65,000 shares for a total consideration of ~$2.0 million on Aug. 14, 2026.
The transaction increased the executive's direct equity holdings in the Zurich-based footwear company by 3%.
This purchase occurred after shares plunged more than 20% on Q2 earnings results.
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Caspar Felix Coppetti, founder & Co-CEO, purchased 65,000 shares of On Holding AG (NYSE:ONON) at an average price of $30.67 per share on Aug. 14, 2026. SEC Form 4 filing
Transaction summary
| Metric | Value |
|---|---|
| Transaction value | $2.0 million |
| Shares purchased | 65,000 |
| Post-transaction shares (directly held) | 2,440,855 |
| Post-transaction value | $78.64 million |
Transaction value based on SEC Form 4 weighted average purchase price ($30.67); post-transaction value based on Aug. 14, 2026 market close ($32.22).
Key questions
- What was the execution strategy for this capital deployment?
The executive utilized multiple open-market transactions to build the position, with execution prices ranging from $30.57 to $30.78 per share. The final weighted average price of $30.67 was lower than the $32.22 close recorded on the day of the transaction. - How does this move impact the executive's total equity exposure?
The purchase of 65,000 shares expands the total direct position to 2,440,855 shares. This represents 0.73% of the outstanding equity, based on the latest available data for the $10.7 billion market cap company. - What is the current financial profile of the company?
On Holding reported trailing twelve-month revenue of about $4 billion and net income of almost $500 million. The company employs 3,963 people and maintains its headquarters in Zurich, Switzerland, developing performance sports products for global distribution.
Company Overview
| Metric | Value |
|---|---|
| Share Price (as of market close 2026-08-14) | $32.22 |
| Market Capitalization | $10.7 billion |
| Revenue (TTM) | $3.98 billion |
| Net Income (TTM) | $491 million |
Company Snapshot
- On Holding AG develops and distributes performance sports products under the On brand, including athletic footwear, apparel, and accessories across multiple performance categories, such as running, outdoor, training, tennis, and youth segments.
- The company generates revenue through a direct-to-consumer model and wholesale distribution channels, selling its premium performance sports products to athletes and active consumers across global markets, including Europe, North America, and Asia-Pacific.
- The company targets performance-oriented athletes and active lifestyle consumers seeking premium sports footwear and apparel, with particular emphasis on the running and outdoor performance segments.
On Holding AG is a global performance sports brand with a market capitalization of $10.7 billion and TTM revenue of $3.98 billion, representing significant scale within the athletic footwear and apparel sector. The company maintains a disciplined approach to product innovation and brand positioning, competing in the premium performance sports market through differentiated footwear technology and design. With operations spanning multiple continents and a workforce of 3,963 employees, On has established a diversified geographic and product portfolio to capture growth opportunities across developed and emerging markets.
What this transaction means for investors
On Holding has had significant success due to its strong brand recognition. Even as other consumer discretionary companies have had to maintain business through price concessions, On has kept its premium pricing model. Management announced in its second-quarter report that it was taking a bold step to continue that policy.
That entails focusing on increasing higher-margin direct-to-consumer (DTC) sales, while intentionally limiting shipments to retailers. The result will be a drop in sales growth for the remainder of the year. Investors sent the stock plummeting on that revised guidance.
Co-CEO Casper Coppetti appears to be taking the long view, though, adding shares on the 20% drop after the Aug. 11 earnings report. If the company’s strategy works in maintaining strong margins while still growing sales by over 20%, the timing will look prescient to investors in hindsight.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends On Holding. The Motley Fool has a disclosure policy.
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