On Holding AG (ONON) AI Stock Analysis

Established in 2010 and based in Zurich, Switzerland, On Holding AG develops and distributes sports products with an emphasis on athletic footwear, apparel, and accessories. The company designs products renowned for lightweight construction, cushioning, and performance-enhancing technologies for professional athletes and recreational enthusiasts. On Holding AG distributes its merchandise globally using an omni-channel approach across independent retailers, distributors, online platforms, and company-branded stores. Through sustained research and development, the business seeks to advance sports innovation and athletic product design.

Annual revenue expanded from $724.6M in FY2021 to $3.01B in FY2025, reflecting a 5-year revenue CAGR of 47.9% from FY2020 to FY2025. Operating margins turned positive after FY2021's -19.5%, rising from 7.0% in FY2022 to 12.5% in FY2025, while gross margins increased from 59.4% to 62.8%. Net income reached $203.7M in FY2025, compared to net income of -$170.2M in FY2021. In the trailing twelve months, revenue totaled $3.22B with EPS of $1.50 and an operating margin of 14.0%. For the latest quarter ending June 30, 2026, quarterly revenue grew 13.5% year-over-year and quarterly earnings rose 81.1%.

As of June 30, 2026, On Holding AG held $1.24B in cash and short-term investments against $562.5M in total debt, yielding net cash of $676.9M. The company reported a current ratio of 2.83, a debt-to-equity ratio of 0.29, and shareholders' equity of $1.91B across $3.24B in total assets. Cash generation remained positive, with operating cash flow of $322.8M and free cash flow of $253.2M in FY2025. Capital expenditures totaled $69.6M in FY2025, while the 5-year share count change was 7.8%.

On Holding AG trades at a trailing P/E of 23.2x and a forward P/E of 15.8x, both above the median of its US-listed Consumer Cyclical peers at 18.0x and 14.1x, respectively. Its price-to-sales ratio of 3.6x also exceeds the peer median of 0.7x, while its EV/EBITDA is 12.8x compared to the peer median of 11.1x. Over the past year, ONON shares declined 17.2%, trailing the S&P 500 return of 16.8%. Over a 5-year span, the stock gained 16.9%, underperforming the S&P 500 return of 83.0%.

Analyst coverage consists of 17 Strong Buy, 8 Buy, 5 Hold, 0 Sell, and 1 Strong Sell recommendations. The mean price target is $44.01, representing a 26.7% upside relative to the last close of $34.75. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $3.51B and EPS of $1.43, an expected EPS growth of 78.9%. The company beat EPS estimates in each of the last 4 quarters, and its next earnings date is November 11, 2026.

This page is an AI-written research summary of On Holding AG (ONON). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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