On Holding Ag Class A (ONON)
NYSE:ONON
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On Holding AG
(NYSE:ONON)
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Rating:73Outperform
Price Target:
$46.00
▲(24.49% Upside)
Action:Upgraded
Date:05/14/26
Overall score reflects strong fundamentals and a very constructive earnings call with reiterated high-growth and margin guidance, partially offset by weak technical trend (below key moving averages with negative MACD) and some financial quality watch-outs (recent margin softness, rising leverage trend, and cash-flow volatility). Valuation appears moderate based on the provided P/E.
Positive Factors
Sustained multi-year revenue growth & profitability
On has moved from loss-making to consistent profitability with multi-year top-line expansion, reflecting durable demand for its products. This structural revenue momentum improves scale economics, supports reinvestment and reduces execution risk over the next 2–6 months as new cohorts and channel mix continue to expand.
Negative Factors
Rising leverage & cash-flow volatility
Increased debt and intermittent negative cash flow years reduce financial flexibility if demand softens. Even with current positive TTM FCF, the trend toward higher leverage and prior cash volatility could constrain capital allocation, raise refinancing risk and limit opportunistic investments over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained multi-year revenue growth & profitability
On has moved from loss-making to consistent profitability with multi-year top-line expansion, reflecting durable demand for its products. This structural revenue momentum improves scale economics, supports reinvestment and reduces execution risk over the next 2–6 months as new cohorts and channel mix continue to expand.
Read all positive factors
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 (ONON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.87B
Dividend YieldN/A
Average Volume (3M)6.51M
Price to Earnings (P/E)41.1
Beta (1Y)1.50
Revenue Growth36.00%
EPS Growth32.77%
CountryUS
Employees3,254
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)0.77
Shares Outstanding296,873,350
10 Day Avg. Volume4,425,615
30 Day Avg. Volume6,506,123
Financial Highlights & Ratios
PEG Ratio-3.70
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/Revenue3.07
Enterprise Value/Gross Profit4.81
Enterprise Value/Ebitda22.66
Forecast
1Y Price Target
$50.39Price Target Upside36.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)1.4
Revenue Forecast (FY)$3.57B
On Holding AG Business Overview & Revenue Model
Company Description
On Holding AG operates on a global scale, specializing in the design, production, and distribution of a diverse array of athletic merchandise. Its primary offerings encompass high-performance footwear, sportswear, and complementary sports accessor...
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 Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed robust, broad‑based growth and record profitability driven by product innovation, strong D2C and wholesale execution, and exceptional APAC expansion. The company reiterated high gross margin and adjusted EBITDA targets, highlighted numerous product and retail milestones (LightSpray, SuperFoam, Cloud franchises, apparel traction) and maintained a disciplined premium, full‑price strategy. Headwinds cited were manageable (FX, tariffs, inventory cadence, elevated marketing and a leadership transition) and were framed as known or being actively managed. Overall positives (strong top‑line, margin expansion, regional and category outperformance, and a >CHF1B cash position) materially outweigh the lowlights.Positive Updates
Record Quarterly Net Sales
Net sales reached a record CHF 831.9 million (first quarter above CHF 800M), up 26.4% year‑on‑year at constant currency and 14.5% on a reported basis.
Negative Updates
Foreign Exchange Headwinds
Reported growth was materially lower than constant currency growth in several areas due to FX — e.g., Americas reported +3.1% vs +17.1% cc; overall reported net sales growth (14.5%) lagged constant currency (26.4%). Company cited FX as both a headwind and one‑time tailwind effects on margin.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Net Sales
Net sales reached a record CHF 831.9 million (first quarter above CHF 800M), up 26.4% year‑on‑year at constant currency and 14.5% on a reported basis.
Read all positive updates
Company Guidance
On reiterated full‑year guidance of at least 23% constant‑currency net‑sales growth (equivalent to roughly CHF 3.5 billion on current spot rates), with a full‑year gross profit margin of at least 64.5% and an adjusted EBITDA margin of 19.5%–20%; the outlook assumes 20% incremental Vietnam tariffs (excludes potential refunds) and embeds continued strong D2C momentum with D2C, APAC and apparel expected to outperform, marketing spend of about 13.0%–13.5% of sales, and supportive wholesale order books (R‑specialty orders +25% y/y) underpinning the cadence.On Holding AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.13B | 2.88B | 2.32B | 1.79B | 1.22B | 724.60M |
| Gross Profit | 2.00B | 1.81B | 1.41B | 1.07B | 684.90M | 430.30M |
| EBITDA | 424.71M | 345.92M | 400.00M | 206.30M | 128.60M | -125.80M |
| Net Income | 252.18M | 194.54M | 242.30M | 79.60M | 57.70M | -170.20M |
Balance Sheet | ||||||
| Total Assets | 2.95B | 2.84B | 2.38B | 1.59B | 1.38B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 1.02B | 968.00M | 512.40M | 397.30M | 676.80M |
| Total Debt | 598.11M | 581.66M | 347.60M | 229.00M | 160.40M | 180.80M |
| Total Liabilities | 1.19B | 1.20B | 984.90M | 518.50M | 412.90M | 388.10M |
| Stockholders Equity | 1.77B | 1.63B | 1.39B | 1.07B | 969.50M | 848.40M |
Cash Flow | ||||||
| Free Cash Flow | 307.26M | 253.18M | 445.60M | 184.90M | -310.00M | -19.30M |
| Operating Cash Flow | 388.79M | 322.80M | 510.60M | 232.10M | -227.00M | 16.90M |
| Investing Cash Flow | -85.46M | -75.07M | -64.90M | -47.10M | -82.90M | -36.40M |
| Financing Cash Flow | -75.78M | -54.44M | -55.40M | -21.80M | 6.30M | 595.90M |
On Holding AG Technical Analysis
Positive
36.95
Price Trends
36.92
Positive
39.21
Negative
41.59
Negative
Market Momentum
0.32
Positive
55.14
Neutral
61.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONON, the sentiment is Positive. The current price of 36.95 is below the 20-day moving average (MA) of 38.70, above the 50-day MA of 36.92, and below the 200-day MA of 41.59, indicating a neutral trend. The MACD of 0.32 indicates Positive momentum. The RSI at 55.14 is Neutral, neither overbought nor oversold. The STOCH value of 61.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $12.87B | 41.15 | 15.91% | ― | 36.00% | 32.77% | |
67 Neutral | $7.61B | 8.07 | 26.47% | 2.45% | 1.58% | 11.13% | |
65 Neutral | $5.29B | 23.46 | 18.15% | ― | 17.93% | 24.95% | |
63 Neutral | $2.98B | 10.66 | 17.24% | 2.09% | 6.22% | 65.05% | |
63 Neutral | $13.26B | 8.84 | 31.26% | ― | 4.22% | -15.57% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
ONON
On Holding AG
38.88
-14.19
-26.74%
AEO
American Eagle
17.81
8.42
89.59%
GAP
Gap Inc
21.15
0.32
1.54%
BOOT
Boot Barn
174.22
16.92
10.76%
LULU
Lululemon Athletica
111.77
-113.79
-50.45%
On Holding AG Corporate Events
On Holding Shareholders Approve 2025 Results, Board Slate and Share Conversion at May 28 AGM
May 28, 2026
On May 28, 2026, On Holding AG held its Annual General Meeting of Shareholders, where investors approved the 2025 annual and consolidated financial statements, despite a loss of KCHF 67,944 that reduced prior years’ retained profits to KCHF ...
On Holding Posts Record Q1 2026 Results and Raises Profit Outlook
May 12, 2026
On Holding AG reported record results for the quarter ended March 31, 2026, with net sales rising 14.5% year-on-year (26.4% in constant currency) to CHF 831.9 million, its first quarter above CHF 800 million. Growth was broad-based across direct-t...
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.