ONON

On Holding AG

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Advanced Chart

49.810

+4.09(8.946%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

52.200

Open

52.200

VWAP

49.84

Vol

19.39M

Mkt Cap

16.24B

Low

48.6546

Amount

966.43M

EV/EBITDA(TTM)

35.14

Total Shares

319.30M

14.32B

EV/OCF(TTM)

31.34

P/S(TTM)

5.25

On Holding AG is a Switzerland-based company active in athletic sports accesories industry. The Company provides footwear and sports apparel and is engaged in developing and distributing performance sports products, through independent retailers and global distributors. The Company sells its products trough the internet and its own stores.

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Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2025Q3

FY2025Q4

FY2026Q1

761.42M

+19.76%

0.280

+75%

715.67M

+17.98%

0.218

-33.94%

862.32M

+18.68%

0.288

+37.31%

Estimates Revision

The market is revising Downward the revenue expectations for On Holding AG (ONON) for FY2025, with the revenue forecasts being adjusted by -1% over the past three months. During the same period, the stock price has changed by -13.19%.

Revenue Estimates for FY2025

Revise Downward

-1%

In Past 3 Month

EPS Estimates for FY2025

Revise Downward

-6.96%

In Past 3 Month

Stock Price

Go Down

-13.19%

In Past 3 Month

20 Analyst Rating

33.03% Upside

Wall Street analysts forecast ONON stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ONON is 66.26 USD with a low forecast of 55.00 USD and a high forecast of 75.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

18 Buy

2 Hold

0 Sell

Strong Buy

33.03% Upside

Current: 49.810

Low

55.00

Averages

66.26

High

75.00

33.03% Upside

Current: 49.810

Low

55.00

Averages

66.26

High

75.00

Raymond James

Strong Buy

Outperform

downgrade

$66

2025-07-22

Reason

Raymond James

Price Target

$66

2025-07-22

downgrade

Strong Buy

Outperform

Reason

Raymond James downgraded On Holding to Outperform from Strong Buy with a $66 price target.

Raymond James

Strong Buy -> Outperform

downgrade

$66

2025-07-22

Reason

Raymond James

Price Target

$66

2025-07-22

downgrade

Strong Buy -> Outperform

Reason

Raymond James downgraded On Holding to Outperform from Strong Buy with a $66 price target. The firm cites near-term macro headwinds for the downgrade, but remains bullish on the long-term, the analyst tells investors in a research note. Wholesale should slow quarter over quarter in Q2 on the timing of launches, but Raymond James still sees an attractive runway for growth.

TD Cowen

Buy

downgrade

$63 -> $60

2025-07-22

Reason

TD Cowen

Price Target

$63 -> $60

2025-07-22

downgrade

Buy

Reason

TD Cowen lowered the firm's price target on On Holding to $60 from $63 and keeps a Buy rating on the shares. The firm noted recent investor concerns on durability of the company's growth, incremental FX changes and valuation. On's growt trajectory and EBITDA margin commentary for 2H will likely reassure investors.

Barclays

Adrienne Yih

Overweight

maintain

$52 -> $68

2025-05-14

Reason

Barclays

Adrienne Yih

Price Target

$52 -> $68

2025-05-14

maintain

Overweight

Reason

Barclays analyst Adrienne Yih raised the firm's price target on On Holding to $68 from $52 and keeps an Overweight rating on the shares. The company reported "yet another impressive quarter," with Q1 constant currency sales growth of 40%, driven by broad-based strength, the analyst tells investors in a research note. The firm says On's momentum has continued to build into Q1, with management calling April "the strongest month in the history of the company."

Baird

Outperform

upgrade

$63 -> $70

2025-05-14

Reason

Baird

Price Target

$63 -> $70

2025-05-14

upgrade

Outperform

Reason

Baird raised the firm's price target on On Holding to $70 from $63 and keeps an Outperform rating on the shares. The firm updated its model following Q1 results and raised estimates following a bullish update.

Stifel

Buy

maintain

$57 -> $66

2025-05-14

Reason

Stifel

Price Target

$57 -> $66

2025-05-14

maintain

Buy

Reason

Stifel raised the firm's price target on On Holding to $66 from $57 and keeps a Buy rating on the shares. Fiscal Q1 "standout results further distinguish the company as the winner in the space," says the analyst, who argues that shares have "earned their valuation premium." Foreign exchange volatility is a headwind to reported results, but not underlying brand momentum, adds the analyst in a post-earnings note.

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Valuation Metrics

The current forward P/E ratio for On Holding AG (ONON.N) is 36.14, compared to its 5-year average forward P/E of 56.93. For a more detailed relative valuation and DCF analysis to assess On Holding AG 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

N/A

5Y Average PE

56.93

Current PE

36.14

Overvalued PE

122.36

Undervalued PE

-8.51

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

Fair

5Y Average EV/EBITDA

36.08

Current EV/EBITDA

21.87

Overvalued EV/EBITDA

64.17

Undervalued EV/EBITDA

7.98

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

Fair

5Y Average PS

5.27

Current PS

3.92

Overvalued PS

7.68

Undervalued PS

2.86