Added to YB: 2026-09-18
Pitch date: 2026-09-15
ONON [neutral]
On Holding AG
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
$7.3B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.50
P/E
18.52
EV/Sales
2.06
Sector
Textiles, Apparel and Luxury Goods
Category
N/A
Opportunity in a Destroyed Sector - Pass: On Holding AG
ONON (pass): On Holding is being passed over as growth has decelerated for five consecutive quarters, operating-margin expansion is slowing, and Google Trends searches for “On” are down 20% year over year. Even assuming EPS grows roughly 17% annually for four years—above Stock Unlock estimates—and assigning a 30x multiple, the modeled IRR remains below 25%, which is judged insufficient for a product showing signs of fad-driven decline or sustained deceleration.
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