ONON Should I Buy
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On Holding AG (ONON) is not a strong buy for a beginner investor with a long-term focus at this time. While the company shows growth potential and a stable path of expansion, current technical indicators, mixed analyst sentiment, and macroeconomic challenges suggest waiting for a more favorable entry point.
The MACD is positive and expanding, indicating bullish momentum. However, the RSI is neutral, and the moving averages are bearish (SMA_200 > SMA_20 > SMA_5), suggesting the stock is in a downtrend. The stock is trading near its resistance level (R1: 35.992), which could limit short-term upside.
The company has shown strong revenue growth in 2025/Q4 (22.62% YoY) and gross margin improvement (63.92%, up 2.90% YoY). Analysts highlight product innovation, store openings, and market expansion as long-term growth drivers.
Net income and EPS have declined significantly (-22.88% and -22.22% YoY, respectively). The CEO transition adds uncertainty, and macroeconomic challenges, including tariffs and cost pressures, weigh on the sporting goods sector. Analysts have broadly lowered price targets.
In 2025/Q4, revenue increased by 22.62% YoY, but net income dropped by 22.88%, and EPS fell by 22.22%. Gross margin improved to 63.92%, reflecting operational efficiency despite declining profitability.
Analysts maintain a generally positive outlook with Buy and Outperform ratings, but price targets have been lowered across the board due to macroeconomic challenges, CEO uncertainty, and sector headwinds.
