On Holding AG ONON
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The news check keeps the assessment current.
General analysis — not personal advice.
Existing positions may be maintained while new positions await clearer signs of stabilized growth.
Strong margins and the new buyback program provide support but the previously lowered guidance justifies maintaining HOLD signal.
The market reacts positively to the long-term targets and buyback program despite the earlier lowered full-year guidance.
HOLD is the call. Positive is the market mood. Medium risk means some things can go wrong.
Latest change
- 23 Sep 2026 — ▲ Sentiment improves from 5 to 7 driven by positive market reaction to the 2029 targets and buyback program announced at the investor day.
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Show all changes (2) — follow the company freeAbout the company
On Holding AG is a Swiss premium sportswear brand focused on running, outdoor and tennis products. The company uses CloudTec technology and expands through DTC channels and globally with strong presence in APAC.
Bull case
The buyback program and clear 2029 targets reinforce confidence in premium positioning and cash-flow generation.
Bear case
Risk of intensified competition in football and golf plus ongoing uncertainty around growth in the Americas.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| DTC growth | Weaker DTC growth → lower margin expansion and slower profitability improvement. | Stronger DTC growth → higher share of high-margin revenue and improved profitability. |
| APAC expansion | Weaker APAC growth → lower overall revenue growth and reduced geographic diversification. | Stronger APAC growth → higher revenue and increased share of sales from high-growth markets. |
Why this signal
Strong margins and the new buyback program provide support but the previously lowered guidance justifies maintaining HOLD signal.
Recent news
On Holding held its Investor Day on 22 September with 2029 targets including high-teens growth, gross margin of at least 65 percent, adjusted EBITDA margin of at least 22 percent and a share buyback program of up to 1 billion USD. The stock rose 7.58 percent on elevated volume and sentiment turned positive on social media due to the buyback and expansion into football and golf.