Added to YB: 2026-10-07
Pitch date: 2026-10-02
ONON [bullish]
On Holding AG
+13.79%
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
$30.93
Price Target
32.00 (-9%)
Dividend
N/A
EV/EBITDA
14.74
P/E
23.25
EV/Sales
2.65
Sector
Textiles, Apparel and Luxury Goods
Category
turnaround
On Running ($ONON): Great business, out-of-fashion stock
ONON (monitor): On’s 41% decline reflects fears that restrained U.S. wholesale shipments signal weakening demand, but DTC is still growing above 20% in every region, trailing gross margin rose to 64.8%, ROIC rose from 6% in 2022 to 14.5%, and the balance sheet has no bank debt. The $32 target offers limited upside from $30.20, with a $26 buy point; key risks are permanent shelf-space losses and weak sell-through that forces markdowns.
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