Professional
Added to YB: 2025-10-28
Pitch date: 2025-10-24
ONON [neutral]
On Holding AG
-20.5%
current return
Author Info
M Squared Capital is a former sell-side analyst in the Retail/Consumer industry sharing analysis on retail/consumer stocks. Sign up for the newsletter.
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
$9.1B
Pitch Price
$42.35
Price Target
N/A
Dividend
N/A
EV/EBITDA
17.23
P/E
45.24
EV/Sales
2.85
Sector
Textiles, Apparel and Luxury Goods
Category
growth
ONON: Good Story But Just Doesn't Turn Us On
ONON added to coverage: Warning signs flashing despite promotional activity across wholesale channels. China growth inflection key to offset Western market deceleration. Apparel business nascent. Approaching troublesome $3B sales barrier that few athletic brands break through easily. Only 6 brands in history meaningfully surpassed $5B: Nike, Adidas, Puma, Lulu, UA, New Balance.