On Holding (ONON) Stock Overview
Develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. More details
| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 3/6 |
| Past Performance | 6/6 |
| Financial Health | 6/6 |
| Dividends | 0/6 |
Rewards
Risk Analysis
ONON passed our risk checks.
ONON Community Fair Values
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Analyst Price Targets
On Holding AG Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$27.41 |
| 52 Week High | US$51.08 |
| 52 Week Low | US$26.60 |
| Beta | 2.08 |
| 1 Month Change | -14.93% |
| 3 Month Change | -27.98% |
| 1 Year Change | -35.76% |
| 3 Year Change | -9.45% |
| 5 Year Change | -23.88% |
| Change since IPO | -21.69% |
Recent News & Updates
Seeking Alpha • Sep 11
On Holdings: Brand Heat Fears Have Run Ahead Of The Evidence
Summary On Holding’s sell-off looks more like the market pricing brand fatigue, while the evidence still points to franchise fatigue. The real pressure point is the U.S. wholesale sell-out. DTC growth, full-price gross margins, and strong early reception for newer products still argue against broad brand deterioration. The next product cycle is the key test: if sell-out stays weak after the refresh, the problem starts looking structural. Valuation has reset enough that ONON does not need 20%+ growth for the numbers to work. Read the full article on Seeking Alpha
Narrative Update • Sep 04
ONON: Premium Margins And DTC Strength Will Support Future Upside Potential
On Holding's analyst price target has been reduced, with fair value moving from about $74.86 to $65.46 as analysts factor in lower projected revenue growth, modestly softer profit margins, and a slightly reduced future P/E multiple following Q2 revenue shortfalls and updated FY26 guidance. Analyst Commentary Street research on On Holding has turned more cautious on near term growth and wholesale visibility, yet several bullish analysts still highlight solid execution on premium positioning, strong direct to consumer trends, and what they see as appealing upside if management delivers on its long term plans.
Narrative Update • Aug 21
ONON: Soft Americas Wholesale Outlook Will Test Premium Brand Momentum
Analysts have trimmed their average price target on On Holding, with the modeled fair value easing from about $27.06 to $24.90. They cite a slightly higher discount rate, more conservative revenue growth assumptions, and a lower future P/E multiple following recent guidance updates and Q2 results.Recent updates
Seeking Alpha • Sep 11
On Holdings: Brand Heat Fears Have Run Ahead Of The Evidence
Summary On Holding’s sell-off looks more like the market pricing brand fatigue, while the evidence still points to franchise fatigue. The real pressure point is the U.S. wholesale sell-out. DTC growth, full-price gross margins, and strong early reception for newer products still argue against broad brand deterioration. The next product cycle is the key test: if sell-out stays weak after the refresh, the problem starts looking structural. Valuation has reset enough that ONON does not need 20%+ growth for the numbers to work. Read the full article on Seeking AlphaNarrative Update • Sep 04
ONON: Premium Margins And DTC Strength Will Support Future Upside Potential
On Holding's analyst price target has been reduced, with fair value moving from about $74.86 to $65.46 as analysts factor in lower projected revenue growth, modestly softer profit margins, and a slightly reduced future P/E multiple following Q2 revenue shortfalls and updated FY26 guidance. Analyst Commentary Street research on On Holding has turned more cautious on near term growth and wholesale visibility, yet several bullish analysts still highlight solid execution on premium positioning, strong direct to consumer trends, and what they see as appealing upside if management delivers on its long term plans.Narrative Update • Aug 21
ONON: Soft Americas Wholesale Outlook Will Test Premium Brand Momentum
Analysts have trimmed their average price target on On Holding, with the modeled fair value easing from about $27.06 to $24.90. They cite a slightly higher discount rate, more conservative revenue growth assumptions, and a lower future P/E multiple following recent guidance updates and Q2 results.Narrative Update • Aug 06
ONON: Margin Expansion And Premium Brand Positioning Will Drive Future Upside Potential
Analysts have trimmed their fair value estimate for On Holding by about $2 to $74.86, as modestly lower valuation assumptions offset slightly higher expectations for revenue growth, profit margins, and future earnings multiples, aligning with the recent round of reduced but still supportive Street price targets. Analyst Commentary Recent research on On Holding highlights a mix of reduced price targets and still constructive views on execution, profitability, and growth.Narrative Update • Jul 16
ONON: Margin Expansion And Brand Momentum Will Drive Future Upside Potential
On Holding's updated analyst price target has moved lower to reflect a fair value estimate of about $76.81, down from roughly $81.43, as analysts balance slightly softer revenue growth assumptions and a higher discount rate with improved profit margin expectations and a lower future P/E. Analyst Commentary Recent Street research on On Holding highlights a mix of cautious valuation resets and ongoing confidence in the company’s execution, brand momentum, and profitability profile.Narrative Update • Jul 02
ONON: Recalibrated Growth Outlook Will Test Premium Brand Momentum
Analysts have reduced their fair value estimate for On Holding to $27.06 from $42.09. They are recalibrating revenue growth, margin expectations and valuation multiples in light of recent price target revisions that cluster in the $42 to $60 range.
Narrative Update • Jun 18
ONON: Founder Return And Margin Focus Will Support Future Stock Upside
The analyst price target for On Holding has been adjusted slightly lower to $52.49, reflecting a blend of recent Street research in which some analysts raised targets up to $60 while others reduced them into the low $40s, citing solid revenue growth, improved profitability, and shifting market valuations. Analyst Commentary Recent research on On Holding stock shows a mix of optimism about growth and profitability alongside caution about valuation and execution, which helps explain the modest pullback in the blended price target.Narrative Update • Jun 03
ONON: Founder Leadership And Insider Buying Will Support Future Margin Strength
Analysts trimmed their blended price target for On Holding stock to $53.56 from $56.41. This reflects recent reductions in several firm targets, partly offset by select increases and ongoing debate around slightly softer revenue assumptions and stronger margin expectations.Analysis Article • May 15
On Holding AG Just Beat EPS By 40%: Here's What Analysts Think Will Happen Next
It's been a good week for On Holding AG ( NYSE:ONON ) shareholders, because the company has just released its latest...Narrative Update • May 05
ONON: Brand Momentum And Founder Transition Will Support Future Margin Strength
Analysts have trimmed the average price target for On Holding slightly, reflecting modest reductions in fair value and future P/E assumptions, even as they still cite strong brand momentum, solid Q4 execution, and an upgrade from Raymond James as support for the stock. Analyst Commentary Recent research on On Holding reflects a mix of optimism around brand momentum and execution, paired with more cautious views on valuation and guidance.Narrative Update • Apr 19
ONON: Premium Brand Momentum And Founder Led Structure Will Support Future Margins
Narrative update on analyst price target for On Holding The updated analyst price target for On Holding edges higher to around $56.70 from about $56.19, as analysts factor in slightly stronger modeled revenue growth and a modestly lower future P/E multiple, while tempering profit margin expectations and applying a marginally higher discount rate. Analyst Commentary Recent research on On Holding reflects a mix of optimism on long term brand strength and growth potential, alongside more cautious adjustments to price targets and forecasts after the latest quarterly results and updated guidance.Narrative Update • Apr 05
ONON: Brand Momentum And Premium Positioning Will Support Future Margin Expansion
On Holding’s updated analyst price target edges slightly lower to about $56 from roughly $57.70, as analysts factor in modestly higher discount rates, small tweaks to long term profit and growth assumptions, and a slightly lower future P/E multiple following recent target cuts across the Street. Analyst Commentary Recent research updates present a mixed picture, with many firms trimming price targets while still pointing to solid execution and brand strength.Narrative Update • Mar 22
ONON: Brand Momentum And Margin Expansion Will Offset FX And Guidance Headwinds
The analyst price target for On Holding has been trimmed by about $1 to reflect slightly lower revenue growth assumptions and a modestly reduced future P/E multiple, while still incorporating analyst views on solid brand momentum, improving profit margins, and ongoing foreign exchange and guidance-related pressures. Analyst Commentary Recent Street research shows a mixed but generally constructive stance on On Holding, with most firms trimming price targets while still pointing to supportive brand and margin trends, alongside some concerns around guidance, mix, and future profitability.Narrative Update • Mar 07
ONON: Brand Momentum And Margin Expansion Will Support Future Upside
Our updated analyst price target for On Holding ticks lower to $58.65 from $61.90, reflecting slightly softer modeled revenue growth and P/E assumptions, even as analysts highlight brand strength, solid Q4 execution, and improving margin outlooks. Analyst Commentary Research houses are trimming price targets on On Holding, but most still point to a solid brand, supportive margins, and execution that they see as broadly on track, even as they recalibrate their models after Q4 and updated guidance.Narrative Update • Feb 21
ONON: Channel Execution And Margin Discipline Will Support Future Upside
Analysts have trimmed their average price target for On Holding by around $0.57 as they factor in softer revenue growth and margin assumptions, following mixed rating changes and commentary on product segmentation and wholesale order trends. Analyst Commentary Recent research on On Holding reflects a split view, with some analysts focusing on long term growth opportunities while others pay closer attention to potential execution risks in product and wholesale channels.Narrative Update • Feb 05
ONON: Beat And Raise Momentum Will Support Future Margin Expansion
Analysts now peg their fair value target for On Holding at about US$62.48, a small move from roughly US$62.32, as they balance recent target hikes tied to strong Q3 execution and margin views with more cautious calls that flag slower wholesale growth, higher direct to consumer costs, and a modest reset to future P/E assumptions. Analyst Commentary Street research on On Holding over the past few months shows a split tape, with several firms lifting price targets after what they describe as strong Q3 execution and a higher margin outlook, while others trim targets or ratings as they reassess wholesale growth and spending on direct to consumer.Narrative Update • Jan 22
ONON: Beat And Raise Execution Will Support Future Margin Resilience
Analysts made only a slight trim to their fair value estimate for On Holding to about $62.32, as a small shift toward higher expected revenue growth and a richer future P/E multiple is being balanced by lower projected profit margins and a marginally higher discount rate, reflecting a blend of recent target cuts and raises across the Street. Analyst Commentary Recent research on On Holding reflects a mix of optimism and caution, with price targets moving both higher and lower around the latest quarterly results and company updates.Narrative Update • Jan 07
ONON: Beat And Raise Momentum Will Support Stronger Margin Upside Ahead
Our updated fair value estimate for On Holding edges up to US$62.34 from US$62.08, as analysts factor in the Q3 beat and raised results, stronger margin assumptions, slightly higher long term revenue growth and profit margins, and a modestly lower forward P/E multiple reflected in recent Street price target revisions across US$52 to US$75. Analyst Commentary Street research around the Q3 update shows a mix of enthusiasm and valuation caution, with price targets clustered in a wide US$52 to US$75 range and ratings skewed toward positive stances.Narrative Update • Dec 18
ONON: Beat And Raise Execution Will Support Premium Multiple Ahead
Analysts have nudged our fair value estimate for On Holding modestly higher to approximately $62 from about $61, reflecting slightly stronger long term revenue growth expectations, a marginally lower discount rate, and confidence in the company’s ability to sustain premium valuation multiples despite mixed but generally constructive changes in Street price targets. Analyst Commentary Street research following the Q3 report reflects a generally constructive stance on On Holding, with most firms acknowledging strong execution, durable growth, and robust brand momentum, even as some temper price targets to better reflect sector wide multiple compression and competitive risk.Narrative Update • Dec 04
ONON: Margin Momentum And Beat And Raise Execution Will Drive Future Upside
Analysts have nudged our fair value estimate for On Holding slightly higher to approximately $61 per share. This reflects a blend of raised and trimmed Street price targets as they highlight continued beat and raise execution, improving margin visibility and robust global demand, partially offset by valuation and broader market concerns.Narrative Update • Nov 20
ONON: Margin Gains And Execution Will Boost Future Performance Despite Sector Headwinds
Analysts have slightly reduced their average price target for On Holding by about $1 to approximately $61. Strong third quarter performance and ongoing margin improvements are balanced by cautious valuation adjustments and heightened competitive risks in the sector.Narrative Update • Nov 05
ONON: Continued Execution Will Drive Future Share Price Upside Amid Increased Competition
The consensus analyst price target for On Holding has decreased from $65.45 to $62.29. Analysts cite heightened competition in footwear, sector valuation adjustments, and risks related to product diversification and the growth rate outlook.Narrative Update • Oct 22
Analyst Commentary Reveals Mixed Views as On Holding Adjusts Guidance and Targets
Analysts have modestly reduced their price target for On Holding, reflecting a decrease from $66.04 to $65.45. This adjustment comes as they weigh heightened competition, sector valuation shifts, and evolving growth dynamics in key markets.Narrative Update • Oct 08
DTC Channel Expansion And Global Reach Will Secure Future Success
The analyst price target for On Holding was revised downward by $0.72 to $66.04. Analysts cite concerns about slower growth and increased competition, even as strong performance continues.Narrative Update • Sep 19
DTC Channel Expansion And Global Reach Will Secure Future Success
On Holding's consensus price target was modestly raised to $66.76 as analysts reflected optimism about sustained earnings outperformance and prudent guidance, though some remain cautious about potential growth deceleration and market limitations, resulting in only a slight upward revision in fair value. Analyst Commentary Bullish analysts expect multiple expansion as the company continues to deliver beat-and-raise earnings reports.Narrative Update • Sep 04
DTC Channel Expansion And Global Reach Will Secure Future Success
Analysts remain divided on On Holding's outlook, with bullish sentiment driven by consistent revenue and earnings beats fueling optimism for valuation upside, while bearish concerns focus on slowing U.S. growth and market saturation risks, resulting in an unchanged consensus price target of $65.86. Analyst Commentary Bullish analysts see potential for On's valuation multiple to expand as the company consistently delivers revenue and earnings beats alongside upward guidance revisions.Seeking Alpha • Mar 30
On Holding: 30% Off Highs, There's Room To Run Now
Summary On Holding AG, despite a recent 30% drop, is in high-growth mode, with strong revenue growth and potential profitability improvements driven by DTC sales and automation. Partnerships with celebrities like Zendaya and Roger Federer bolster On's brand, with Zendaya's upcoming footwear launch likely to drive significant attention and sales. The stock trades at 41x non-GAAP earnings, but strong future EPS and revenue growth projections suggest notable longer-term gains, despite current volatility. While competition and valuation present risks, On Holding's growth momentum and strategic initiatives make it a cautious Buy for long-term investors. Read the full article on Seeking AlphaSeeking Alpha • Feb 20
On Holding: Innovative Disruptor But Needs To Sustain Momentum
Summary On Holding has rapidly expanded from high-performance running shoes to premium apparel, hiking, tennis, and training gear, leveraging innovative CloudTec technology. Despite impressive sales growth and profitability, On Holding's valuation is high, with a P/E GAAP of 114.87 and EV/EBIT of 69.01. The company has shown strong revenue growth since its 2019 IPO, achieving a 44.85% CAGR and positive free cash flow since 2023. It boasts high gross profit margins at 60.18% and a leveraged FCF margin of 15.45%, significantly outperforming sector medians. Read the full article on Seeking AlphaSeeking Alpha • Jan 12
On Holding's Sprint Like Pace Due For A Breather: Examining The Growth Story
Summary On Holding's performance has been spectacular – after a post-IPO lull, shares traded from a low of $16 in October '22 to an impressive high of $59.54 in December '24. Recency bias aside - claims are being made that they’re the next Nike, Lulu, Hoka, etc. Sure, that’s a possibility, but the market cap of the company is already +$17B. I believe that shares are currently overvalued and that a correction is likely to occur to bring the valuation in-line with the growth outlook. Read the full article on Seeking AlphaSeeking Alpha • Jan 02
On Holding: Higher Growth Ahead, Still A Buy
Summary Following the Q3 results, we remain optimistic, as the company reached our 12-month target price. On Holding AG is among the world's fastest-growing athletic wear brands. ON is building a strong brand awareness, which suggests market share growth evolution. Low inventory level, DTC-led strategy, and a best-in-class gross margin make On a buy. Read the full article on Seeking AlphaSeeking Alpha • Dec 17
On Holding: Initiating At 'Buy' Despite Doubling In 2024
Summary On Holding is in a strong uptrend, supported by robust revenue growth and a successful direct-to-consumer strategy, despite high valuation concerns. The stock's valuation at 51X next year's earnings and a PEG ratio of ~2X is high, but growth prospects justify a Buy rating. On's focus on direct-to-consumer sales has boosted margins, with inventory management further supporting profitability and reducing the need for markdowns. Key risks include potential shifts in consumer preference and high valuation, but strong fundamentals and growth potential make On a Buy. Read the full article on Seeking Alpha
New Narrative • Nov 24
Tactical Growth And Innovation Set To Propel Global Brand And Boost Market Share
Global brand awareness and strategic marketing are set to drive revenue growth through increased consumer engagement and market penetration.Seeking Alpha • Nov 14
On Holding's Q3 Results Show Sustained Growth And High Upside From LightSpray
Summary On Holding reported strong Q3 2024 results, achieving record sales, gross margin, and adjusted EBITDA margin, and raised its FY2024 net sales guidance. LightSpray technology has significant potential to disrupt the shoe market, driving efficiency, innovation, and long-term growth for On. Despite competitive risks, On's market share gains, brand awareness, and innovative technologies position it for sustained revenue growth and market-beating returns. I rate ONON stock a buy, seeing a reasonable valuation, and high growth potential from its innovative LightSpray Technology. Read the full article on Seeking AlphaSeeking Alpha • Oct 06
On Holding: Pricey, But Well Positioned
Summary On Holding shares are up significantly this year despite the lack of upside to the full-year guidance. The market is seemingly looking forward rather than back and has focused on the growth reacceleration in Q2 after five straight quarters of Y/Y revenue growth deceleration. The company is executing well and remains well positioned for long-term value creation. However, the valuation is near the high end of the two-year range and the stock now looks more vulnerable to a pullback, or a prolonged consolidation. Read the full article on Seeking AlphaSeeking Alpha • Sep 26
On Holding: This Is An Incredible Brand To Invest In, Even After Its YTD Rally
Summary On Holdings, a Swiss running shoe maker, has seen its shares nearly double this year as it captures market share from struggling Nike. Despite On's premium valuation after a sharp YTD rally, I rate it a buy due to its forward-looking strategy and ambitious growth plans. The company is nearly doubling its sales in China, and has plenty of opportunity as well to expand beyond footwear into apparel. On aims to double sales by 2026 and achieve an 18%+ adjusted EBITDA margin, showcasing traits of an ascendant brand. Read the full article on Seeking AlphaSeeking Alpha • Sep 05
On Holding: A Growth Stock To Buy
Summary The company delivered supportive Q2 results with lower inventory year-on-year. On Holding's strategy includes expanding into new sports and product categories, leveraging the Paris Olympics, growing in APAC, and enhancing brand loyalty and market share. On's focus on innovation, DTC selling, and premium pricing supports a long-term target price of $55 per share. Read the full article on Seeking AlphaShareholder Returns
| ONON | US Luxury | US Market | |
|---|---|---|---|
| 7D | -2.1% | -4.0% | -0.9% |
| 1Y | -35.8% | -27.6% | 13.9% |
Return vs Industry: ONON underperformed the US Luxury industry which returned -27.6% over the past year.
Return vs Market: ONON underperformed the US Market which returned 13.9% over the past year.
Price Volatility
| ONON volatility | |
|---|---|
| ONON Average Weekly Movement | 7.8% |
| Luxury Industry Average Movement | 6.6% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.3% |
| 10% least volatile stocks in US Market | 2.9% |
Stable Share Price: ONON has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: ONON's weekly volatility (8%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2010 | 3,963 | David Allemann | www.on.com |
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms.
On Holding AG Fundamentals Summary
| ONON fundamental statistics | |
|---|---|
| Market cap | US$9.16b |
| Earnings (TTM) | US$485.16m |
| Revenue (TTM) | US$3.94b |
18.9x
P/E Ratio2.3x
P/S RatioIs ONON overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| ONON income statement (TTM) | |
|---|---|
| Revenue | CHF 3.22b |
| Cost of Revenue | CHF 1.13b |
| Gross Profit | CHF 2.09b |
| Other Expenses | CHF 1.69b |
| Earnings | CHF 396.20m |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 1.19 |
| Gross Margin | 64.82% |
| Net Profit Margin | 12.30% |
| Debt/Equity Ratio | 0% |
How did ONON perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/14 04:14 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
On Holding AG is covered by 35 analysts. 29 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jonathan Komp | Baird |
| Adrienne Yih-Tennant | Barclays |
| John Stansel | Berenberg |