Added to YB: 2026-08-20
Pitch date: 2026-08-18
ONON [bullish]
On Holding AG
-0.51%
current return
Author Info
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Company Info
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.
Market Cap
$8.4B
Pitch Price
$31.42
Price Target
74.00 (+137%)
Dividend
N/A
EV/EBITDA
13.40
P/E
21.30
EV/Sales
2.41
Sector
Textiles, Apparel and Luxury Goods
Category
growth
On Holding: 21.6% Growth for 17x Earnings
ONON: Premium Swiss sportswear compounder. Q2 +21.6% cc growth, record 65.4% GM (best in sportswear), 17.1% ROIC rising, ~$0.8B net cash, PEG 0.70 at 17.3x fwd P/E vs 53x IPO mean. Fell 33% YTD on FX/wholesale discipline, not brand weakness. PT $74 bull/$42 bear. Risks: US consumer, CHF, HOKA/Nike, 6.4% SI.
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