ONON stock forecast, quote, news & analysis
Founded in Switzerland in 2010, sportswear firm On Holding generates more than 90% of its sales from athletic shoes... Show more
Why On Holding (ONON) Stock Is Up +30% in the Last 30 Days
Key Takeaways
- ONON shares have climbed roughly 30% over the last 30 days, rebounding from about $27 to near $35.
- The rally was triggered by On's 2026 Investor Day, which outlined 2029 financial targets, a new share-buyback program, and entry into the soccer category.
- Over the trailing quarter, the stock is modestly lower after a sharp selloff followed by a rapid recovery.
- Second-quarter results showed record gross margins above 65% and strong direct-to-consumer growth, offset by softer U.S. wholesale trends.
- Analyst views remain divided, with a consensus Buy rating but price targets ranging widely from roughly $20 to above $70.
On Holding (ONON) Company Overview and Market Position
On Holding AG is a Swiss premium sportswear company founded in 2010 and best known for its running shoes featuring the distinctive CloudTec cushioning system. Footwear accounts for more than 90% of sales, with apparel and accessories making up the remainder. The company sells through both wholesale channels and its own direct-to-consumer network across more than 80 countries, and it competes directly with larger global rivals such as NKE and ADDYY. Investors follow ONON for its rapid share gains in athletic footwear, premium pricing power, and industry-leading gross margins.
On Holding (ONON) Stock Price Performance: Last 30 Days vs. Quarter
Over the last 30 days, ONON has advanced roughly 30%, moving from a closing level near $27.26 to about $35.44. The move was driven largely by a sharp upward gap following the company's Investor Day, with shares sustaining gains through October.
The trailing-quarter picture is more volatile. After trading near $37 to $39 in early August, the stock fell to a multi-month low around $26.84 in mid-September before rebounding. Measured from mid-July levels around $37.65, ONON remains down roughly 6% over the quarter, meaning the recent 30-day surge has largely recovered losses from the earlier part of the period rather than reaching new highs.
What Drove ONON Stock Price in the Last 30 Days
The primary catalyst was On Holding's 2026 Investor Day, at which management laid out a multi-year roadmap that investors interpreted as a positive inflection point. The company set 2029 targets including at least CHF 5.6 billion in net sales, a gross margin of 65% or higher, and an adjusted EBITDA margin of at least 22%. Management also reaffirmed its 2026 outlook for low-20% constant-currency sales growth.
On also authorized a share repurchase program of up to $1 billion of Class A shares through the end of 2029, its first buyback, signaling confidence in cash generation. In parallel, the company announced its entry into soccer, naming French star Kylian Mbappé as a global ambassador. The combination of reaffirmed guidance, a new capital-return program, and expansion into a large new category helped reverse negative sentiment that had built up earlier in the year, supported by several analyst reiterations of Buy ratings in the weeks that followed.
What Drove ONON Stock Performance Over the Last Quarter
The broader quarterly trend was shaped by a sharp correction and a subsequent recovery. In August, second-quarter results disappointed parts of the market: while gross margin reached a record 65.4% and direct-to-consumer sales grew strongly, softer U.S. wholesale trends and a lowered fiscal-2026 revenue outlook weighed on the stock, pushing shares from near $39 down to roughly $27 by mid-September.
The September Investor Day marked a turning point. By pairing long-term margin targets with a share buyback and the high-profile soccer expansion, management reframed the narrative around durable premium growth and shareholder returns. The recovery that followed brought shares back toward the mid-$30s, though the stock remains below its 52-week highs and still trades down sharply from levels seen earlier in the year.
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ONON Stock Forecast Drivers: What Investors Should Watch Next
Looking ahead, investors should monitor several factors. Third-quarter results will be a key test, with management guiding to roughly 17% constant-currency sales growth and the potential benefit of up to $65 million in tariff refunds. The pace of recovery in U.S. wholesale and continued momentum in direct-to-consumer channels will indicate whether growth is broadening beyond the premium segment. Execution in soccer and the cost of new category entry, including athlete endorsement spending, will be closely watched, as will the sustainability of gross margins at or above 65%. Broader consumer spending, currency movements, and competitive dynamics from larger footwear brands also remain relevant risks. As with any investment, these factors should be evaluated within a broader portfolio context rather than as standalone signals.
Disclaimer
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ONON in upward trend: price rose above 50-day moving average on October 05, 2026
ONON moved above its 50-day moving average on October 05, 2026 date and that indicates a change from a downward trend to an upward trend. In 39 of 51 similar past instances, the stock price increased further within the following month. The odds of a continued upward trend are 76%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on September 22, 2026. You may want to consider a long position or call options on ONON as a result. In 66 of 89 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 74%.
The 10-day moving average for ONON crossed bullishly above the 50-day moving average on October 07, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 11 of 18 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 61%.
Following a +1.93% 3-day Advance, the price is estimated to grow further. Considering data from situations where ONON advanced for three days, in 208 of 283 cases, the price rose further within the following month. The odds of a continued upward trend are 73%.
The Aroon Indicator entered an Uptrend today. In 114 of 192 cases where ONON Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 59%.
Bearish Trend Analysis
The 10-day RSI Indicator for ONON moved out of overbought territory on October 21, 2026. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 32 similar instances where the indicator moved out of overbought territory. In 25 of the 32 cases, the stock moved lower in the following days. This puts the odds of a move lower at 78%.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 14 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where ONON declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 79%.
ONON broke above its upper Bollinger Band on October 09, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Fundamental Analysis (Ratings)
The Tickeron SMR rating for this company is 40 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Price Growth Rating for this company is 42 (best 1 - 100 worst), indicating steady price growth. ONON’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of 64 (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: ONON's P/B Ratio (5.983) is slightly higher than the industry average of (2.982). ONON has a moderately high P/E Ratio (28.517) as compared to the industry average of (12.714). Projected Growth (PEG Ratio) (0.478) is also within normal values, averaging (0.949). ONON has a moderately low Dividend Yield (0.000) as compared to the industry average of (0.022). ONON's P/S Ratio (4.439) is very high in comparison to the industry average of (1.252).
The Tickeron PE Growth Rating for this company is 93 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. ONON’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 91, placing this stock worse than average.
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Industry WholesaleDistributors