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: ⢠Margin Expansion ⢠Strong Cashflow ⢠Inventory Build ONON's improving margins, strong cash generation, and net-cash liquidity support a positive outlook, though elevated inventory, liabilities, and valuation warrant monitoring.
Price Behavior
Key Price Behavior Insights: ⢠Lower highs ⢠Support test ⢠Weak rebound Support Level: $26.75â$27.00 Resistance Level: $27.50â$28.00 ONON remains in a last-month downtrend; watch $26.75â$27.00 support, with a sustained move above $27.50 needed to improve the recovery outlook.
Sentiment & News
Key News Insights: ⢠Wholesale weakness ⢠APAC acceleration ⢠MbappÊ partnership On Holding faces near-term pressure from weak U.S. wholesale demand, tariffs, and costs, but strong DTC, APAC, apparel growth and the MbappÊ partnership support longer-term brand expansion.
AI Summary
ONON's selloff creates an attractive opportunity only if DTC and international growth can offset U.S. wholesale weakness while preserving its 65% gross-margin floor; investors should wait for evidence of healthy inventory sell-through and a credible growth reacceleration plan before treating the valuation reset as a durable entry point.
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% |