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 | 1/6 |
| Future Growth | 5/6 |
| Past Performance | 2/6 |
| Financial Health | 6/6 |
| Dividends | 0/6 |
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$34.54 |
| 52 Week High | US$61.29 |
| 52 Week Low | US$31.41 |
| Beta | 2.23 |
| 1 Month Change | 4.57% |
| 3 Month Change | -24.82% |
| 1 Year Change | -29.38% |
| 3 Year Change | 1.86% |
| 5 Year Change | n/a |
| Change since IPO | -1.31% |
Recent News & Updates
On Holding: A Strong Business, But A Mispriced Stock
Apr 30
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.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.Recent updates
On Holding: A Strong Business, But A Mispriced Stock
Apr 30ONON: 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.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.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.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.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.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.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.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.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.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.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.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.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.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.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.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.On Holding AG Just Missed Earnings With A Surprise Loss - Here Are Analysts Latest Forecasts
Aug 14
Here's Why On Holding (NYSE:ONON) Has Caught The Eye Of Investors
Jul 30On Holding (NYSE:ONON) Is Looking To Continue Growing Its Returns On Capital
Jun 11On Holding AG (NYSE:ONON) Stocks Shoot Up 41% But Its P/E Still Looks Reasonable
May 16On Holding: 30% Off Highs, There's Room To Run Now
Mar 30On Holding: Innovative Disruptor But Needs To Sustain Momentum
Feb 20On Holding's Sprint Like Pace Due For A Breather: Examining The Growth Story
Jan 12On Holding: Higher Growth Ahead, Still A Buy
Jan 02On Holding: Initiating At 'Buy' Despite Doubling In 2024
Dec 17
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.On Holding's Q3 Results Show Sustained Growth And High Upside From LightSpray
Nov 14On Holding: Pricey, But Well Positioned
Oct 06On Holding: This Is An Incredible Brand To Invest In, Even After Its YTD Rally
Sep 26On Holding: A Growth Stock To Buy
Sep 05On Holding: Up 60% YTD, Still More Room To Run
Aug 24On Holding Might Have Run Too Quick Too Fast
Jul 29On Holding: The Next Consumer Apparel Juggernaut?
Jun 258 Reasons To Buy On Holding
Jun 18On Holding: The Story Of David With The Growth Of Goliath
May 18On Holding Needs A Strong First Quarter For Renewed Momentum
May 12Shareholder Returns
| ONON | US Luxury | US Market | |
|---|---|---|---|
| 7D | -4.7% | -2.3% | 0.8% |
| 1Y | -29.4% | -3.0% | 27.8% |
Return vs Industry: ONON underperformed the US Luxury industry which returned -3% over the past year.
Return vs Market: ONON underperformed the US Market which returned 27.8% over the past year.
Price Volatility
| ONON volatility | |
|---|---|
| ONON Average Weekly Movement | 7.1% |
| Luxury Industry Average Movement | 6.8% |
| Market Average Movement | 7.1% |
| 10% most volatile stocks in US Market | 16.3% |
| 10% least volatile stocks in US Market | 3.2% |
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 (7%) 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$11.43b |
| Earnings (TTM) | US$260.59m |
| Revenue (TTM) | US$3.86b |
43.9x
P/E Ratio3.0x
P/S RatioIs ONON overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| ONON income statement (TTM) | |
|---|---|
| Revenue | CHF 3.01b |
| Cost of Revenue | CHF 1.12b |
| Gross Profit | CHF 1.89b |
| Other Expenses | CHF 1.69b |
| Earnings | CHF 203.70m |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
May 12, 2026
| Earnings per share (EPS) | 0.62 |
| Gross Margin | 62.83% |
| Net Profit Margin | 6.76% |
| 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 | 2026/05/03 00:29 |
| End of Day Share Price | 2026/05/01 00:00 |
| Earnings | 2025/12/31 |
| 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 |
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| 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 world class team 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 34 analysts. 26 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 |