Roger Federer is no longer a billionaire, according to the latest estimates from Forbes, after a sharp decline in the share price of Swiss sportswear company On Holding, in which the former world No. 1 owns a significant stake.
Federer’s estimated net worth fell to $952.4 million as of August 11, according to Forbes. The decline followed an approximately 19% drop in On Holding’s share price, which is estimated to have reduced Federer’s wealth by at least $52 million.
On Holding Misses Market Expectations
The decline in On Holding’s stock came after the company reported its second-quarter financial results. The Swiss sportswear group generated CHF 850.4 million ($1.04 billion) in net sales, representing a 13% year-on-year increase.
However, the figure fell short of analysts’ expectations of CHF 878.4 million ($1.08 billion), triggering a negative reaction in the stock market.
Despite the revenue miss, On Holding reported a significant improvement in profitability. The company posted a net profit of CHF 105 million ($129.4 million), compared with a net loss of CHF 40.9 million ($50.4 million) during the same period a year earlier.
Federer Owns Around 2.5% of On Holding
According to Forbes estimates, Federer owns approximately 2.5% of On Holding. His stake reportedly includes around 296 million Class A shares and 341 million Class B shares.
The Swiss tennis legend became a shareholder of On Holding in 2019, and the investment has played a major role in the growth of his personal fortune. The value of his stake helped Federer surpass the $1 billion wealth threshold in 2025.
Federer’s fortune is therefore closely linked to the performance of the sportswear company’s shares.
Sponsorships Continue to Generate Major Income
Although his professional career ended in 2022 after 24 years, Federer continues to generate substantial income through commercial partnerships and investments.
The 20-time Grand Slam champion earned approximately $131 million in career prize money and remains one of the most valuable athletes in the world from a sponsorship perspective.
His portfolio includes major deals such as his long-term partnership with Uniqlo, alongside his ownership stake in On Holding.
Federer’s recent fall below the billion-dollar mark therefore reflects primarily the changing valuation of his On Holding investment rather than a significant deterioration in his underlying commercial earning power.