On Holding AG ONON
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Full analysis: 12 Aug 2026
Latest news check: 7 Jun 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Existing positions may be maintained while new positions await clearer signs of stabilized growth.
Mixed signals with strong margins but lowered guidance and negative price reaction support the hold signal.
Market sentiment
5/10
↓
Trend: Declining
The market reacts negatively to the lowered guidance despite strong margins and DTC momentum.
Price context
The price sits 23 % below the 52-week high yet 22 % above the low following the earnings reaction, reflecting short-term growth uncertainty while leaving room for fundamentals-driven recovery.
Risk assessment
5/10
Dilution:
Low
Strong cash position and positive cash flow
Jurisdiction:
Low
Switzerland-based with diversified global sales
Execution:
Medium
Strategy to protect premium positioning requires precise execution
Recent changes
- The company reported record revenue and clear margin expansion in Q1 2026, with D2C growing faster than wholesale and acceleration in APAC and Apparel.
About 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.
Sector:
Premium sportswear and footwear
Type:
Retail
Next report
15 Nov 2026
Q3
Catalysts
Aug 2026
Q3 report
Medium
Nov 2026
LightSpray launch
High
Horizon:
Bull case
Strong margins and DTC growth provide support despite temporary slowdown in the US.
Bear case
Lowered full-year guidance and weakness in Americas create uncertainty around growth pace.
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. |
We monitor these factors. Follow the company to get email when any of them hit.
Signal rationale (informational)
Mixed signals with strong margins but lowered guidance and negative price reaction support the hold signal.
Recent news
- Q2 results showed record margins but lowered full-year guidance to low-20 % growth. The stock fell sharply after the report due to the slowdown in US wholesale.
Key figures
Revenue
Q2 2026
CHF 850M
Revenue TTM
TTM
CHF 3.1B
EBITDA
Q2 2026
CHF 168M
Net income
Q2 2026
CHF 105M
Cash
Q2 2026
CHF 1.2B
Gross margin
Q2 2026
65.4%
Price & valuation
Last close
USD 38.78
1 week
+1.5 %
3 months
+9.6 %
12 months
-22.1 %
From 52w high
-23.4 %
From 52w low
+21.6 %
Exchange
NYSE
Type
Retail
Sector
Premium sportswear and footwear
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.