On Holding AG (ONON) - Stock Analysis
Last updated: Jun 15, 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.
Loading chart data...
AI Analyst Overview
Loading chart data...
Valuation Metrics
Fundamental Analysis
Key Financial Insights: ⢠Strong Liquidity ⢠Margin Expansion ⢠Rich Valuation On Holding looks financially healthy with strong liquidity, improving margins, and solid profitability, but its rich valuation leaves limited upside unless execution continues to outperform.
Price Behavior
Key Price Behavior Insights: ⢠Higher Base ⢠Momentum Fade ⢠Resistance Test Support Level: $37.00-$37.10 Resistance Level: $39.60-$40.82 ONON is still mildly constructive over the last month, but fading momentum and repeated stalls near $39.60-$40.82 mean it needs a clean breakout above resistance to confirm the late-May strength.
Sentiment & News
Key News Insights: ⢠Margin expansion ⢠APAC surge ⢠Raised guidance On Holding delivered a strong Q1 2026 beat with margin expansion and raised FY26 guidance, reinforcing bullish momentum despite mixed fund-performance sentiment.
AI Summary
ONON has evolved from a pure growth story into a profitable growth story with improving margins and a strong balance sheet, but at roughly 35x earnings and ~20x EV/EBITDA the stock now hinges on sustained execution and better cash conversion as working-capital, wholesale, and legal overhangs cap upside.
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% |