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On Holding AG ( (ONON) ) has issued an update.
On Holding AG reported on March 3, 2026 that it surpassed CHF 3.0 billion in net sales in 2025, a 30% year-on-year increase, with constant-currency growth of 35.6% and cash topping CHF 1.0 billion. The company expanded its gross margin to 62.8% and adjusted EBITDA margin to 18.8%, driven by structural efficiencies and its premium positioning, while scaling its own retail network to nearly 70 stores and lifting apparel and accessories to 7% of sales.
Fourth-quarter 2025 net sales rose 22.6% to CHF 743.8 million, with strong double-digit growth in both direct-to-consumer and wholesale channels and record Q4 gross margin of 63.9%, but reported and adjusted net income and EPS declined for both the quarter and full year. Management highlighted particularly strong momentum in Asia-Pacific and multi-category expansion, and said the company enters 2026 in a strong financial position after filing its 2025 Form 20-F and related reports with U.S. regulators.
Full-year growth was broad-based across regions and product categories, with APAC sales nearly doubling and apparel and accessories growing much faster than the core footwear business. Despite margin expansion and higher adjusted EBITDA, net income and earnings per share fell, reflecting higher reinvestment and other factors even as the company continues to position itself as a leading premium global sportswear brand.
The most recent analyst rating on (ONON) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on On Holding AG stock, see the ONON Stock Forecast page.
Spark’s Take on ONON Stock
According to Spark, TipRanks’ AI Analyst, ONON is a Outperform.
On Holding AG’s strong financial performance and positive earnings call sentiment are the primary drivers of the stock score. Technical indicators support a bullish outlook, although high valuation metrics and cash flow challenges present some risks.
To see Spark’s full report on ONON stock, click here.
More about On Holding AG
On Holding AG is a Swiss sportswear company focused on premium performance products, best known for its running and training shoes and expanding apparel and accessories lines. Listed on the NYSE under the ticker ONON, the company targets global growth across direct-to-consumer and wholesale channels, with a strong presence in Europe, the Americas and rapidly growing demand in Asia-Pacific.
Average Trading Volume: 4,715,834
Technical Sentiment Signal: Buy
Current Market Cap: $15.44B
For a thorough assessment of ONON stock, go to TipRanks’ Stock Analysis page.