On Holding AG (ONON) - Stock Analysis
Last updated: Jun 6, 2026
Research Idea
Research content for general circulation. Not individualized advice. Methodology & Disclosures
On Holding demonstrates a compelling short-term growth profile with 25% revenue growth in Q3 2025, record profitability margins, raised guidance for 2025-2026, and robust technical momentum with a ~30% recent price recovery. This combination of operational excellence and positive market sentiment supports strong near-term return potential.
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AI Analyst Overview
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Valuation Metrics
Fundamental Analysis
Key Financial Insights: ⢠Net Cash ⢠Margin Expansion ⢠Expense Drag ONON combines a strong net cash position and improving margins/returns with a still-expensive valuation and heavy expense structure, making it operationally solid but price-sensitive.
Price Behavior
Key Price Behavior Insights: ⢠Higher trend base ⢠Short-term weakness ⢠Key resistance test Support Level: $37.00, then $35.50â$36.00 Resistance Level: $40.82 ONON remains constructive over the last month after rallying from the mid-35s to $40.82, but the recent pullback has turned into lower highs and lower lows, leaving $37.00 and $35.50â$36.00 as key support and $40.82 as resistance.
Sentiment & News
Key News Insights: ⢠Record Sales ⢠APAC Momentum ⢠Tariff Pressure On Holding posted a strong Q1 with record sales and improved margins, but softer DTC, tariff/FX worries, and cautious guidance kept the stock debate alive.
AI Summary
ONON is now best viewed as a high-quality growth operator rather than a pure momentum story: the business is scaling profitably with strong margins and liquidity, but its rich valuation means investors should demand sustained cash conversion and clean execution through tariffs, FX volatility, and a softer consumer backdrop before expecting further rerating.
Description
On Holding AG is a Switzerland-based company that develops and sells sports footwear, apparel and related accessories to customers around the world. It reaches buyers through independent retailers and distributors as well as online channels and its own stores. The firm was founded in 2010 and is headquartered in Zurich.
Idea History
| Date | Close | Ticker | Company | Summary | Status | P/L |
|---|---|---|---|---|---|---|
| Dec 9 | Dec 16 | ONON | On Holding AG | On Holding demonstrates a compelling short-term growth profile with 25% revenue growth in Q3 2025, record profitability margins, raised guidance for 2025-2026, and robust technical momentum with a ~30% recent price recovery. This combination of operational excellence and positive market sentiment supports strong near-term return potential. | Closed | +2.1% |
| Nov 17 | Nov 24 | ONON | On Holding AG | Q3 2025 revenue growth of 24.9%, consecutive guidance raises, strong Asia-Pacific expansion, premium margin maintenance, and 20% post-earnings price rally with strong technical momentum identify On Holding as a strong short-term growth opportunity. | Closed | -1.5% |