On Holding AG (ONON)
NYSE:ONON
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On Holding AG
(NYSE:ONON)
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Rating:64Neutral
Price Target:
$38.00
▲(2.84% Upside)
Action:ReiteratedDate:03/27/26
The score is driven by solid underlying financial performance and a strong, margin-supportive 2026 outlook from the latest earnings call, but it is held back by very weak technicals (deep downtrend) and a demanding valuation (high P/E with no dividend support).
Positive Factors
High gross margins
Sustainably high gross margins reflect structural pricing power and product differentiation in premium running footwear. Elevated gross margin (~63%) supports reinvestment in R&D, retail expansion and marketing while providing a durable buffer against cost inflation and margin compression.
Negative Factors
Guidance implies growth deceleration
Management's 2026 guidance signals a meaningful deceleration from 2025's pace, which tests the company's ability to maintain operating leverage and investor expectations. Slower top-line expansion increases reliance on margin improvements and category growth to sustain profit momentum.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustainably high gross margins reflect structural pricing power and product differentiation in premium running footwear. Elevated gross margin (~63%) supports reinvestment in R&D, retail expansion and marketing while providing a durable buffer against cost inflation and margin compression.
Read all positive factors
On Holding AG (ONON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.35B
Dividend YieldN/A
Average Volume (3M)7.39M
Price to Earnings (P/E)44.4
Beta (1Y)1.46
Revenue Growth38.10%
EPS Growth-11.75%
CountryUS
Employees3,254
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)0.62
Shares Outstanding296,873,350
10 Day Avg. Volume6,851,425
30 Day Avg. Volume7,391,577
Financial Highlights & Ratios
PEG Ratio-3.69
Price to Book (P/B)7.43
Price to Sales (P/S)4.22
P/FCF Ratio47.98
Enterprise Value/Market Cap0.75
Enterprise Value/Revenue2.83
Enterprise Value/Gross Profit4.50
Enterprise Value/Ebitda23.36
Forecast
1Y Price Target
$54.42Price Target Upside47.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering21
EPS Forecast (FY)1.28
Revenue Forecast (FY)$3.54B
On Holding AG Business Overview & Revenue Model
Company Description
On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded ...
How the Company Makes Money
On Holding makes money primarily by selling branded products—especially athletic footwear—along with apparel and accessories. Revenue is generated through two main go-to-market channels: (1) direct-to-consumer (DTC), where the company sells throug...
On Holding AG Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where On Holding AG is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where On Holding AG is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyOn Holding AG Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial trajectory—record revenues (>CHF 3.0bn), industry‑leading gross margins (62.8% FY; 63.9% Q4), robust cash generation (>CHF 1.0bn), rapid multi‑category expansion (apparel +~75% CC) and breakthrough manufacturing/product innovations (LightSpray, new foam). Management acknowledged measured near‑term headwinds (tariff/FX uncertainty, higher SG&A share) and an intentional slowdown in reported growth cadence for 2026 as they scale prudently from an elevated base. On balance, the highlights—particularly margin expansion, cash strength, scalable innovation, and broad regional momentum—outweigh the lowlights.Positive Updates
Record Annual Revenue and Strong Growth
On crossed CHF 3.0 billion in net sales for FY2025 (first time >CHF 3.0bn). Full-year growth was ~30% reported and ~35.6% at constant currency (management referenced ~36% CC), with a raised 3-year constant-currency CAGR (2023–2026) implied at least 30.5%.
Negative Updates
Guidance Implies Meaningful Deceleration vs 2025
Management expects ~23% CC growth in 2026 versus ~35.6% CC in 2025, implying a slowdown of roughly 12–13 percentage points in organic growth, which management framed as prudent given a higher base and focus on premium execution.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Strong Growth
On crossed CHF 3.0 billion in net sales for FY2025 (first time >CHF 3.0bn). Full-year growth was ~30% reported and ~35.6% at constant currency (management referenced ~36% CC), with a raised 3-year constant-currency CAGR (2023–2026) implied at least 30.5%.
Read all positive updates
Company Guidance
On guided 2026 net sales to grow at least 23% at constant currency (implying a reported target of at least CHF 3.44 billion at current spot rates), which lifts the 2023–2026 constant‑currency CAGR to at least 30.5%; they expect a full‑year gross margin of at least 63% (above 2025’s 62.8%) and an adjusted EBITDA margin of 18.5–19% (versus the 18% Investor Day target). Management said D2C should outperform wholesale (D2C was 41.8% in 2025), apparel should meaningfully outpace overall growth, they expect somewhat stronger growth in H1 with cushioning in H2, and the guidance is framed against the current tariff/FX environment (guidance modeled on the prior ~20% tariff assumption).On Holding AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
73
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.88B | 2.32B | 1.79B | 1.22B | 724.60M |
| Gross Profit | 1.81B | 1.41B | 1.07B | 684.90M | 430.30M |
| EBITDA | 481.82M | 400.00M | 206.30M | 128.60M | -125.80M |
| Net Income | 194.54M | 242.30M | 79.60M | 57.70M | -170.20M |
Balance Sheet | |||||
| Total Assets | 2.84B | 2.38B | 1.59B | 1.38B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 968.00M | 512.40M | 397.30M | 676.80M |
| Total Debt | 581.66M | 347.60M | 229.00M | 160.40M | 180.80M |
| Total Liabilities | 1.20B | 984.90M | 518.50M | 412.90M | 388.10M |
| Stockholders Equity | 1.63B | 1.39B | 1.07B | 969.50M | 848.40M |
Cash Flow | |||||
| Free Cash Flow | 253.18M | 445.60M | 184.90M | -310.00M | -19.30M |
| Operating Cash Flow | 322.80M | 510.60M | 232.10M | -227.00M | 16.90M |
| Investing Cash Flow | -75.07M | -64.90M | -47.10M | -82.90M | -36.40M |
| Financing Cash Flow | -54.44M | -55.40M | -21.80M | 6.30M | 595.90M |
On Holding AG Technical Analysis
Neutral
36.95
Price Trends
40.13
Negative
43.32
Negative
44.14
Negative
Market Momentum
-1.24
Negative
51.71
Neutral
81.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONON, the sentiment is Neutral. The current price of 36.95 is above the 20-day moving average (MA) of 34.79, below the 50-day MA of 40.13, and below the 200-day MA of 44.14, indicating a neutral trend. The MACD of -1.24 indicates Negative momentum. The RSI at 51.71 is Neutral, neither overbought nor oversold. The STOCH value of 81.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ONON.
On Holding AG Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $15.57B | 9.08 | 34.82% | ― | 4.86% | -8.97% | |
66 Neutral | $5.10B | 16.51 | 18.28% | ― | 17.50% | 26.47% | |
64 Neutral | $11.35B | 44.41 | 13.48% | ― | 38.10% | -11.75% | |
64 Neutral | $8.65B | 15.26 | 22.98% | 2.45% | 1.86% | -2.54% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $2.73B | 11.22 | 12.12% | 2.09% | 3.16% | -32.51% |
* Consumer Cyclical Sector Average
ONON
On Holding AG
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-28.86%
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On Holding AG Corporate Events
On Holding AG Sets May 28 Virtual AGM as Founders Take Helm for Next Growth Phase
Apr 17, 2026
On Holding AG has called its 2026 annual general shareholders’ meeting for May 28, 2026, to be held virtually, with prior registration required and the option for shareholders to vote via an independent proxy. The AGM agenda includes approva...
On Holding Reshapes Leadership as Co-Founders Take Co-CEO Roles and Exiting CEO Converts Super-Voting Stake
Mar 25, 2026
On Holding AG announced on March 25, 2026 that it will overhaul its leadership structure as it enters a new growth phase following a record 2025 in which annual net sales topped CHF 3 billion and gross margins hit new highs. Effective May 1, 2026,...
On Holding Tops CHF 3 Billion in 2025 Sales as Margins Hit Record Highs
Mar 3, 2026
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% an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.