Roger Federer earned roughly $130 million in prize money across his career on the ATP Tour. The equity he picked up in 2019 in a then-niche Swiss running label has outrun that number several times over.
The retired tennis star bought a stake of about 2.5% in On Holding for a reported $50 million. When the Zurich-based company went public on the New York Stock Exchange on 15 September 2021 at $24 a share, the listing valued the business at $11.35 billion and put Federer’s holding on paper at close to $300 million, according to a September 2026 analysis by Colombia One.
Five years on the numbers have climbed again. Forbes placed Federer on its 2026 billionaires list at $1.1 billion, built principally on the On holding and his ten-year, $300 million Uniqlo apparel deal signed in 2018.
From poster face to product partner
What separates the On arrangement from a conventional endorsement deal is how deep Federer sits inside the business. He left Nike at the end of 2018 after more than two decades, and instead of signing a straight ambassador contract he took a seat at the design table.
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The result is his own signature line, THE ROGER, co-developed with On’s team and now a recurring bestseller for the brand. On’s own corporate line is that this partnership has delivered real commercial lift.
“Roger’s contribution towards the success and immense popularity of The ROGER Pro is unquestionable and he continues to be one of On’s most admired innovation leaders,” the company told Tennis365.
The financials back the point. On’s net sales rose from CHF 425 million in 2020 to CHF 2.32 billion (about $2.6 billion) in 2024, and the company has guided for net sales above CHF 5.6 billion, roughly $6.8 billion, by 2029.
Not a one-way bet
Federer’s paper wealth also moves with the market. On 11 August 2026, ONON slumped around 19% in a single session after a weak quarterly report, briefly dragging his real-time estimated net worth to $952 million and knocking him off the billionaires list. The stock has since recovered to around $38 a share heading into On’s next earnings release.
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The copy-and-paste generation
The template is already being imitated. Rafael Nadal cashed out about €94 million by selling 44.9% of his Mallorca tennis academy to GPF Capital. Novak Djokovic has launched the SILA wellness line with Austrian brand Waterdrop. Andy Murray’s portfolio runs through British sportswear label Castore, padel operator Game4Padel and a hotel in the Scottish Highlands.
On itself is now stacking the same play on its roster. The brand has brought in Kylian Mbappé as a global ambassador and Thierry Henry as director of football, extending Federer’s model into football.
The commercial engine around him is still ramping. On staged a “Thanks for Playing” event in Shenzhen on 14 October 2026 with Federer on a floating tennis court, drawing 9.6 million livestream viewers and closing with a 2,000-drone display over the city skyline. On publishes its third-quarter 2026 earnings on Tuesday 10 November, with analysts forecasting revenue of $1.11 billion for the quarter.
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