On Holding AG (ONONN) AI Stock Analysis

On Holding AG

(BMV:ONONN)

Rating:―N/A

Action:N/A

Date:―

No summary available

Positive Factors

Strong growth and DTC mixRapid 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.

Negative Factors

Wholesale weaknessSlower 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.

On Holding AG (ONONN) vs. SPDR S&P 500 ETF (SPY)

Market Cap: MXN 11.13B
Dividend Yield: ―
Average Volume (3M): 3,750
Price to Earnings (P/E): 23.2
Beta (1Y): 0.19
Revenue Growth: 17.61%
EPS Growth: 187.97%
Country: Mexico
Employees: 3,963
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Apparel - Footwear & Accessories

On Holding AG Business Overview & Revenue Model

Company Description

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...

On Holding AG Earnings Call Summary

Earnings Call Date:Aug 10, 2026(Q2-2026)|% Change Since:-5.52%|Next Earnings Date:Nov 09, 2026

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.

Positive Updates

Record Quarterly Net Sales

Net sales reached CHF 850 million in Q2 FY2026, up 21.6% at constant currency (13.5% reported), driven by broad-based demand.

Negative Updates

Wholesale Underperformance, Especially in the Americas

Wholesale growth decelerated to 12.7% at constant currency (4.8% reported); Americas growth was only 13.0% at constant currency (4.5% reported), with everyday running franchises selling out below ambitions in a highly promotional multi-brand marketplace.

Company Guidance

The company guided to full‑year net sales growth in the low‑20s percent at constant currency, a full‑year gross margin of at least 65% and a reiterated adjusted EBITDA margin of 19.5%–20% (guidance excludes potential tariff‑refund benefits, which management expects to begin recognizing in Q3); management also said Q3 growth should be lower than Q4 as they deliberately manage wholesale sell‑in while expecting continued very strong DTC momentum and significant DTC mix expansion for the rest of the year (Q2 figures for context: net sales CHF 850m, ~+22% CC; DTC CHF 388m, +34.3% CC and 45.7% of sales; Q2 gross margin 65.4%; Q2 adjusted EBITDA margin 19.8%). Balance‑sheet and operating metrics noted alongside the outlook included net cash just over CHF 1.2bn (cash up CHF 185.2m), capex CHF 28.2m, net working capital improvement of CHF 14.9m and NWC below 20% of sales, and inventory up ~30% (driven mainly by volume and FX).

On Holding AG Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

MX:ONONN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DECK	78Outperform	$10.94B	10.85	43.56%	―	6.30%	11.78%
CROX	76Outperform	$6.88B	11.14	48.76%	―	0.70%	329.45%
BIRK	66Neutral	$5.95B	16.21	12.12%	―	19.55%	19.15%
WWW	66Neutral	$1.71B	16.00	26.26%	1.92%	7.16%	24.85%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
NKE	51Neutral	$57.44B	18.50	21.24%	4.24%	-1.36%	6.80%

* Consumer Cyclical Sector Average

Performance Comparison

MX:ONONN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
MX:ONONN	On Holding Ag Class A	633.00	-39.50	-5.87%
CROX	Crocs	150.52	69.36	85.46%
DECK	Deckers Outdoor	81.99	0.87	1.07%
NKE	Nike Inc	38.67	-21.98	-36.24%
WWW	Wolverine World Wide	20.80	-1.03	-4.73%
BIRK	Birkenstock Holding plc	33.43	-5.93	-15.07%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

On Holding AG AI Stock Analysis