Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
On Holding AG is a Swiss-based premium sportswear company operating within the athletic footwear, apparel, and accessories industries. The company is best known for its proprietary cushioning technology, CloudTec®, which is designed to deliver a distinctive running experience emphasizing both impact protection and responsiveness. On generates the majority of its revenue from performance running shoes, complemented by growing contributions from lifestyle footwear and technical apparel.
The company serves performance-oriented consumers across running, outdoor, training, and everyday wear segments, with a strong focus on premium positioning and design-led innovation. On was founded in 2010 by former professional athlete Olivier Bernhard together with David Allemann and Caspar Coppetti, initially focusing on running footwear in Switzerland before expanding globally. The company went public in 2021 and has since evolved into a global direct-to-consumer and wholesale athletic brand.
Business Operations
On operates through a vertically integrated business model encompassing product design, brand marketing, and omnichannel distribution, while outsourcing manufacturing to third-party partners primarily in Asia. Its core business is organized around Footwear, Apparel, and Accessories, with Footwear representing the dominant revenue driver. The company sells products through its own e-commerce platforms, branded retail stores, and a network of premium wholesale partners.
Operations are supported by proprietary technologies such as CloudTec® and Speedboard®, which are integral to product differentiation. On maintains strategic partnerships with material suppliers and logistics providers but does not own manufacturing facilities. The company operates wholly owned subsidiaries in key markets to manage regional sales, marketing, and distribution activities.
Strategic Position & Investments
On’s strategy centers on premium brand positioning, innovation-led product development, and expanding its direct-to-consumer channel to enhance margins and customer engagement. Growth initiatives include broadening its apparel offering, expanding lifestyle footwear, and increasing brand visibility through athlete sponsorships and selective marketing partnerships.
The company has invested significantly in sustainable materials and circular product initiatives, including bio-based polymers and recyclable footwear concepts. On has not pursued large-scale acquisitions but continues to invest in product innovation, digital infrastructure, and selective retail expansion. Emerging focus areas include sustainable performance materials and digitally integrated consumer experiences.
Geographic Footprint
On Holding AG is headquartered in Zurich, Switzerland, with operational headquarters in Zurich and Portland, Oregon, United States. The company has a strong presence in Europe and North America, which together account for the majority of revenue, and a growing footprint in Asia-Pacific, particularly in Japan, China, and South Korea.
The company operates globally through a combination of direct subsidiaries and distribution partners, with sales spanning multiple continents. International operations play a central role in growth strategy, with ongoing investments in localized marketing, retail, and e-commerce capabilities across key metropolitan markets.
Leadership & Governance
On was founded by former professional triathlete Olivier Bernhard alongside David Allemann and Caspar Coppetti, who continue to shape the company’s long-term vision. Leadership emphasizes performance innovation, brand authenticity, and disciplined global expansion. The company is governed by a board of directors with experience in consumer brands, finance, and global operations.
Key executives include:
- Caspar Coppetti – Executive Co-Chairman and Co-Founder
- David Allemann – Executive Co-Chairman and Co-Founder
- Martin Hoffmann – Co-CEO and CFO
- Marc Maurer – Co-CEO
- Antonio Denti – Chief Operating Officer
- Alex Griffin – Chief Marketing Officer