On Holding AG (49G) Stock Price & Analysis
49G Stock Chart & Stats
- Day’s Range
- N/A
- 52-Week Range
- N/A
- Previous Close
- N/A
- Volume
- N/A
- Average Volume (3M)
- N/A
- Market Cap
- CHF 9.18B
- Enterprise Value
- CHF 11.16B
- Total Cash (Recent Filing)
- CHF 1.24B
- Total Debt (Recent Filing)
- CHF 562.50M
- Price to Earnings (P/E)
- 23.2
- Beta
- N/A
- Next Earnings
- Nov 10, 2026 (Est.)
- EPS Estimate
- 0.38
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- N/A
Bulls Say, Bears Say
Bulls Say
Strong Growth And DTC Mix
Rapid constant-currency growth and a rising direct-to-consumer mix indicate strong brand demand and greater control over pricing, customer data, and product presentation. Continued DTC expansion can support healthier economics and reduce reliance on third-party retail partners over the next several quarters.
Sustained Profitability
High gross and EBITDA margins demonstrate that On is scaling without sacrificing profitability, supported by premium positioning and favorable product mix. Maintaining these levels would provide meaningful internal funding for innovation, retail expansion, marketing, and geographic growth while strengthening earnings resilience.
Product And Geographic Expansion
Growth across APAC, apparel, training, and lifestyle products broadens On beyond its core running-shoe franchise. Product innovation and planned entry into football and golf could expand the addressable market, diversify revenue sources, and deepen the brand’s relevance across consumer segments.
Bears Say
Wholesale Weakness
Slower wholesale growth and weak sell-through in parts of the Americas create a channel risk that can restrain near-term revenue and increase pressure on inventory management. Although management is protecting full-price positioning, the reset may keep reported growth uneven while the channel is rebuilt.
Elevated Inventory
A materially larger inventory balance raises execution requirements as management deliberately calibrates wholesale sell-in. If demand or channel absorption falls short, On could require more promotions or carry higher working-capital needs, potentially weakening cash conversion and premium pricing.
Tariff Exposure
Higher import tariffs can pressure product economics and cash flow in the U.S. market, while the timing of possible refunds remains uncertain. Until the benefit is realized, management must absorb or offset the cost through pricing, sourcing, or efficiency, creating margin risk over coming quarters.
On Holding AG News
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Company Description
On Holding AG
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
- Sector
- Consumercyclical
- Industry
- Apparel - Footwear & Accessories
- CEO
- David Allemann
- Employees
- 3,963
- Website
- www.on.com
- Address
- FOerrlibuckstrasse 190, Zurich, ZH, 8005, CH
On Holding AG (49G) Earnings & Revenues
49G Earnings Call
Earnings Call SentimentPositive
The call presents a strong set of financial and commercial achievements: double-digit constant-currency revenue growth, exceptional gross margin expansion (65.4%), robust DTC momentum (34.3% CC growth; 45.7% of sales), large APAC and apparel outperformance, meaningful innovation milestones, and a fortified balance sheet (net cash > CHF 1.2bn). The primary near-term challenges are deliberate wholesale sell-in reductions—mainly in the Americas—resulting in moderated wholesale growth, an inventory increase (~30%), and exposure to a promotional wholesale environment and tariff timing. Management frames the wholesale actions as strategic and temporary to protect premium positioning and to set up a stronger innovation-led 2027 rollout. Given the breadth and scale of the operational, product and financial positives versus a limited set of intentional, strategic near-term trade-offs, the overall tone is decidedly favorable.
View all CH:49G earnings summaries