On Holding AG (ONONN) Stock Price & Analysis
ONONN Stock Chart & Stats
- Day’s Range
- MXN 621.00 - MXN 635.00
- 52-Week Range
- MXN 452.58 - MXN 939.00
- Previous Close
- MXN 621.00
- Volume
- 0
- Average Volume (3M)
- 2,917
- Market Cap
- MXN 209.02B
- Enterprise Value
- MXN 11.16B
- Total Cash (Recent Filing)
- MXN 1.24B
- Total Debt (Recent Filing)
- MXN 562.50M
- Price to Earnings (P/E)
- 23.2
- Beta
- 0.19
- Next Earnings
- Nov 10, 2026 (Est.)
- EPS Estimate
- 8.76
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- N/A
Bulls Say, Bears Say
Bulls Say
Direct-to-consumer Growth
Rapid DTC growth gives On greater control over pricing, customer relationships, merchandising and brand presentation than wholesale alone. A rising owned-channel mix can support durable margin quality, improve consumer data access, and reduce dependence on third-party retail partners.
Strong Margins And Cash Generation
High gross margins combined with substantial free cash flow provide resources to fund product innovation, stores, international expansion and potential shareholder returns. The net-cash position also gives On financial flexibility to absorb operating volatility while continuing to scale.
Innovation And Category Expansion
Broader product and sport-category development can increase customer occasions and reduce reliance on core running footwear. Continued technology launches and successful apparel growth strengthen differentiation, expand the addressable market, and support the brand’s premium positioning.
Bears Say
Wholesale Channel Weakness
Slower wholesale sell-through and promotional pressure can weaken channel productivity, complicate inventory planning and require greater reliance on DTC growth. If the multi-brand environment remains difficult, it could constrain near-term revenue cadence and increase the effort needed to protect premium pricing.
Elevated Inventory
A materially larger inventory base raises the importance of disciplined sell-through and assortment management, particularly while wholesale sell-in is being calibrated. Persistent inventory growth could tie up cash, increase markdown exposure, and pressure margins if demand or channel timing falls short.
Cash-flow Variability
Historical swings in operating and free cash flow show that reported profitability does not always translate consistently into cash generation. Working-capital and investment needs may therefore create periods of lower financial flexibility, requiring careful control as the business expands.
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 (ONONN) Earnings & Revenues
ONONN 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 MX:ONONN earnings summariesONONN Stock 12 Month Forecast
Average Price Target
Technical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 13 | 6 | 3 |
| Technical Analysis | 3 | 6 | 1 |
| Moving Averages | 10 | 0 | 2 |