On Holding AG develops and distributes sports products worldwide. The company is headquartered in Zurich, Switzerland.
| Revenue (TTM) | $3.22B |
| Gross Profit (TTM) | $2.09B |
| EBITDA | $490.40M |
| Operating Margin | 14.00% |
| Return on Equity | 23.90% |
| Return on Assets | 9.58% |
| Revenue/Share (TTM) | $9.71 |
| Book Value | $7.06 |
| Price-to-Book | 4.03 |
| Price-to-Sales (TTM) | 2.90 |
| EV/Revenue | 2.176 |
| EV/EBITDA | 11.80 |
| Quarterly Earnings Growth (YoY) | 81.10% |
| Quarterly Revenue Growth (YoY) | 13.50% |
| Shares Outstanding | $301.72M |
| Float | $247.03M |
| % Insiders | 24.21% |
| % Institutions | 72.67% |
Volatility is currently contracting
ONON's APAC sales increase 43.1% in Q2 2026, making APAC its fastest-growing region and strengthening the company's global diversification.
ONON's 27.2% monthly slide has reset its valuation, but tariff risks, wholesale restraint and rising costs cloud the near-term opportunity.
ONON's broad growth and stronger DTC mix support momentum, but rising costs, wholesale restraint and U.S. tariffs make the lower valuation a mixed entry point.
ONON raised its 2026 gross-margin floor to 65%, but new U.S. tariffs and restrained wholesale shipments put second-half execution in focus.
Baron Focused Growth Fund rebounded in Q2 from a disappointing start to the year, with the Fund gaining 13.26% compared with a gain of 24.02% for the Russell 2500 Growth Index. We remain steadfast in our commitment to long-term investing in competitively advantaged, growth businesses. As of June 30, 2026, the Fund owned 28 investments.
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
ONON's record DTC mix, full-price gains and margin expansion are reinforcing its premium model despite wholesale softness.
Insider buying is not a perfect signal, but it can be a useful one when executives or major shareholders step in after a stock has weakened. That is especially true when the buying comes from a CEO, a controlling shareholder, or insiders with deep knowledge of the company's long-term prospects.
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On Holding AG faces a sharp post-earnings selloff after lowering FY26 revenue growth guidance, now expecting 'low 20s' percent growth. I downgrade ONON from Strong Buy to Buy, reflecting wholesale channel uncertainty, but maintain a bullish stance due to brand momentum and market share gains. Despite guidance cuts, ONON expects gross margins ≥65% and adjusted EBITDA margins of 19.5–20%, with direct-to-consumer growth offsetting wholesale weakness.
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