Added to YB: 2026-08-20
Pitch date: 2026-08-20
ONON [bullish]
On Holding AG
-1.12%
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
$8.0B
Pitch Price
$30.36
Price Target
N/A
Dividend
N/A
EV/EBITDA
12.73
P/E
20.33
EV/Sales
2.29
Sector
Textiles, Apparel and Luxury Goods
Category
value
Co-CEOs buy $2mm at shoe company growing 19% at 10x EBITDA
ONON: ONON at 10.1x EV/EBITDA NTM vs 26x 5Y median after a 20%+ earnings-day drop, cheaper than Nike/ASICS/UA (16x/15x/14x) while growing far faster: ~19% est. rev vs 6.6% peers, ~21.5% EBITDA growth. Guidance cut driven by Americas wholesale (25%→12.7%), but DTC (+34% cc) and apparel (+56%) signal intact demand; mgmt chose margin over promo. Both co-CEOs bought ~$2mm on the dip. Crux: wholesale recovery on Cloudsurfer 3 (Oct/Jan) and Max 2 (Apr) refreshes. No debt (0.9x ND/EBITDA), 5.67% FCF yield.
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