On Holding AG

ONON · NYSE

$32.51−$1.49 (−4.38%)TodayMarket closed · Oct 23, 7:52 PM ET

Prev close $34.00

ONON analyst rating

BuyConsensus of 23 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy19
Hold4
Underperform0
Sell0

12-month price target · 33 analysts

Average $45.83 (+41.0% upside)

Low: $24.93
Now: $32.51
High: $76.65

Upgrades and downgrades

The latest rating actions, newest first

ONON analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wolfe Research	Oct 22, 2026	Initiates	Outperform	$47.00	22%
Raymond James	Oct 16, 2026	Maintains	Outperform	$38.00 → $42.00	58%
JP Morgan	Oct 1, 2026	Maintains	Overweight	$41.00 → $44.00	50%
BMO Capital	Sep 24, 2026	Maintains	Market Perform	$28.00 → $33.00	77%
Barclays	Sep 24, 2026	Maintains	Overweight	$42.00 → $44.00	56%
Needham	Sep 23, 2026	Maintains	Buy	$37.00 → $40.00	46%
Needham	Sep 18, 2026	Maintains	Buy	$37.00	46%
B of A Securities	Sep 17, 2026	Maintains	Buy	$46.00 → $43.00	25%
BTIG	Sep 16, 2026	Maintains	Buy	$60.00	51%
Morgan Stanley	Sep 10, 2026	Initiates	Overweight	$39.00	55%

The case for and against

Updated Oct 16, 2026

Bull case

On Holding is well positioned because its premium running-led brand still has substantial global runway, with more than 90% of sales from shoes and strong momentum from product innovation such as CloudSurfer 3 and CloudTec. Management’s FY29 framework points to at least CHF 5.6 billion of revenue, gross margin of at least 65%, and adjusted EBITDA margin of at least 22%, suggesting both scale and operating leverage. Growth should be supported by a more balanced mix of DTC and wholesale, expansion to about 180 stores, and strategic gains in core regions and newer categories like lifestyle and apparel.

Bear case

On Holding is vulnerable to a growth stall, and because the stock already trades at lofty valuation multiples, even a slowdown to sub-20% growth in FY26 and FY27 could trigger a sharp rerating. Its premium economics depend on selling mostly at full price, but a more promotional athletic footwear market, weaker brand heat, higher markdowns, and slower DTC demand could limit gross margin expansion to less than 150 bps in '26 and pressure SG&A leverage. With more than 90% of sales tied to athletic shoes and 58% of revenue in North America, the company also faces concentration risk from competition, tariffs, supplier exposure, and execution issues as it expands distribution.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.