Added to YB: 2026-09-29
Pitch date: 2026-09-24
ONON [bullish]
On Holding AG
+14.32%
current return
Author Info
No bio for this author
Company Info
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.
Market Cap
$9.2B
Pitch Price
$30.70
Price Target
49.00 (+40%)
Dividend
N/A
EV/EBITDA
14.74
P/E
23.25
EV/Sales
2.65
Sector
Textiles, Apparel and Luxury Goods
Category
growth
On Holding: The Missing Discount
ONON: On scaled revenue from CHF725M to CHF3.0B at roughly 43% annually while expanding gross margin from 52% to 65% and largely avoiding markdowns, supported by athlete credibility, premium pricing and full-price discipline. At $30.16, the shares trade at 15x 2027 consensus earnings versus a weighted value of about $49, or roughly 17% annualized return. The 2027 tests are whether the refreshed range restores US specialty sell-through without discounts and whether inventory growth converges with sales growth.
Read full article (14 min)