On Holding AG demonstrates robust double-digit revenue growth (13.5% YoY in 2026Q2) with gross margin expanding to 65.4%, driven by pricing power and DTC mix gains. Operating leverage is evident as operating margin improved to 14.0% from 12.4% a year earlier, ...
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth remains strong at 13.5% YoY in 2026Q2, with gross margin expanding to 65.4% from 61.5% a year ago, while operating margin improved to 14.0% from 12.4%, reflecting effective cost control and operating leverage.
Wall Street consensus price target of $54.36 represents a potential upside of +42.8% from current trading price.
The company has a market capitalization of $12.69B, indicating significant investor interest and valuation.
Known for its innovative running shoes and distinct design aesthetic, On Holding AG has a strong brand appeal.
Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Aug 11, 2026 | $0.44+4.7% vs $0.42 | $1.1B-3.0% vs $1.1B |
Q2 2026 May 12, 2026 | $0.47+39.6% vs $0.34 | $1.0B+1.3% vs $1.0B |
Q2 2026 Mar 3, 2026 | $0.31+19.2% vs $0.26 | $938M+2.4% vs $916M |
Q4 2025 Nov 12, 2025 | $0.50+53.7% vs $0.33 | $999M+4.3% vs $957M |
On Holding (ONON) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
On Holding AG (ONON) Analyst/Investor Day Transcript
On's stock was down over 40% in 2026 through trading on Money but bounced after an investor presentation. Management reiterated 2026 guidance and said growth through 2029 would be in the high teens.
The Nasdaq 100 carved out a fresh intraday record by midday Tuesday as the artificial intelligence trade powered ahead.
Benchmark ONON against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for On Holding AG (ONON)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $30.16 | $10.05B | 42.93 | 24.16% | 6.76% | 12.86% | — | |
| $36.05 | $53.35B | 17.17 | 0.19% | 6.7% | 22% | — | |
| $102.28 | $11.61B | 7.71 | 4.86% | 12.78% | 29.73% | — | |
| $78.59 | $10.7B | 11.20 | 9.76% | 18.36% | 41.1% | — | |
| $31.42 | $5.78B | 14.76 | 16.22% | 14.82% | 12.12% | — | |
| $4.53 | $1.93B | -3.91 | -3.86% | -9.96% | -32.12% | — |
On Holding AG (ONON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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On Holding AG (ONON) stock FAQ — growth, dividends, profitability & financials explained
On Holding AG (ONON) reported $3.23B in revenue for fiscal year 2025. This represents a 1110% increase from $267.1M in 2019.
On Holding AG (ONON) grew revenue by 24.2% over the past year. This is strong growth.
Yes, On Holding AG (ONON) is profitable, generating $398.1M in net income for fiscal year 2025 (6.8% net margin).
On Holding AG (ONON) has a return on equity (ROE) of 12.9%. This is reasonable for most industries.
On Holding AG (ONON) generated $424.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
