On Holding AG

On Holding AG (ONON) Stock Analysis

$34.750

-0.434 (-1.25%)At close

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High
35.765
Open
35.460
VWAP
34.93
Volume
10.19M
Mkt Cap
12.46B
Low
34.270
Amount
355.95M
EV/EBITDA, TTM
15.32

On Holding AG is a Switzerland-based company active in athletic sports accesories industry. The Company provides footwear and sports apparel and is engaged in developing and distributing performance sports products, through independent retailers and global distributors. The Company sells its products trough the internet and its own stores.

AI analysis of On Holding AG (ONON)

Hold

On Holding AG is currently priced at $34.75, which is below the average analyst price target of $41.75, indicating potential upside. However, the RSI is at 68.82, suggesting the stock is nearing overbought territory. The forward P/E ratio of 15.82 indicates reasonable valuation compared to growth expectations, but the recent 5-day change of -0.97% and a YTD change of -25.99% highlight some volatility and risk. The main risk is the slowing growth rate, with the latest revenue growth falling short of analyst expectations, prompting a downward revision of the full-year growth outlook to the low 20% range.

Valuation Metrics

The current forward P/E ratio for On Holding AG (ONON) is 15.82, compared to its 5-year average forward P/E of 51.16.

Forward P/E

Fair
5Y Average P/E
51.16
Current P/E
15.82
Overvalued
97.10
Undervalued
5.23

Forward EV/EBITDA

Fair
5Y Average EV/EBITDA
30.19
Current EV/EBITDA
15.32
Overvalued
50.77
Undervalued
9.61

Forward P/S

Fair
5Y Average P/S
4.63
Current P/S
2.81
Overvalued
6.77
Undervalued
2.49

Alphio AI Price Scenarios for ONON

Scenario prices are the last monthly forecast band of the current year. Probabilities are fixed model weights (25 / 50 / 25), not guarantees.

B

Bull

Bull · 25%ONON

$89.58

Scenario price

B

Base

Base · 50%ONON

$67.88

Scenario price

B

Bear

Bear · 25%ONON

$59.15

Scenario price

Whales holding ONON

S

Sands Capital Management, LLC

+ HoldingONON

+3.36%

3M Return

B

Baron Capital Group, Inc.

+ HoldingONON

+2.54%

3M Return

I

Ilex Capital Partners (Uk) LLP

+ HoldingONON

-0.03%

3M Return

E

ExodusPoint Capital Management, LP

+ HoldingONON

-0.04%

3M Return

F

Freestone Grove Partners LP

+ HoldingONON

-1.44%

3M Return

Q

Quinn Opportunity Partners LLC

+ HoldingONON

-6.09%

3M Return

Events Timeline

2026-10-01 (ET)

20:00:00

Treasury Yields Fall Back, S&P 500 Rebounds

2026-09-22 (ET)

16:30:00

Dow Falls, Nasdaq Rises as Oil Prices Ease Slightly

12:00:00

Dow Falls Nearly 300 Points, Nasdaq Rises Nearly 100 Points

10:30:00

On Holding Stock Rises 12.7% to $30.80

09:00:00

Alibaba Stock Rises 3% After Unveiling New AI Chip

News

ONON FAQ — answered by Alphio AI

On Holding AG is a Switzerland-based company active in athletic sports accesories industry. The Company provides footwear and sports apparel and is engaged in developing and distributing performance sports products, through independent retailers and global distributors. The Company sells its products trough the internet and its own stores. It operates in the Consumer Cyclicals sector.

On Holding AG is currently priced at $34.75, which is below the average analyst price target of $41.75, indicating potential upside. However, the RSI is at 68.82, suggesting the stock is nearing overbought territory. The forward P/E ratio of 15.82 indicates reasonable valuation compared to growth expectations, but the recent 5-day change of -0.97% and a YTD change of -25.99% highlight some volatility and risk. The main risk is the slowing growth rate, with the latest revenue growth falling short of analyst expectations, prompting a downward revision of the full-year growth outlook to the low 20% range.

Community

More ↗
edgewave479/22/2026

$ONON the 20k weekly $29 calls are still in the OI. Stock up 12% on their investor day today. Going to be up big now. Had some 2027 bull synthetics recently as well

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neonkettle609/22/2026

$ONON | Goldman Sachs Reiterates On Holding at Buy with $42 PT on 2029 Growth and Margin Targets Goldman Sachs stays bullish as category expansion, margin growth, and capital returns drive long-term upside. 🔹 Follow @tenet_research for more analyst insights on other tickers.

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0xLunarbazaar9/22/2026

$ONON On Holding still sees 2026 revenue growth in the low-20% range from $3.01B in 2025. 2026 revenue consensus is $3.51B. It still sees 2026 gross profit margin of at least 65.0% and an adjusted EBITDA margin of 19.5%-20.0%.

Show more
molten_vortex9/22/2026

$ONON On Holding received authorization from its Board of Directors in September 2026 to repurchase up to an aggregate of $1B of its Class A Ordinary shares through the end of December 2029.

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This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.

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