On Holding targets CHF 5.6 billion in 2029 sales as ONON stock trades at EUR 30.35

Published on 10/22/2026 at 13:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

On targets CHF 5.6 billion in 2029 sales at 65.00 percent gross margin. On Holding stock costs EUR 30.35 on October 22, 2026.

Growth plan and valuation

On Holding presented a CHF 5.6 billion 2029 sales ambition on October 16, 2026.
The 2029 framework targets a gross margin of 65.00 percent or higher.
On Holding stock trades at EUR 30.35 at 1:07 p.m. CEST at Lang & Schwarz on October 22, 2026.
Raymond James raised its target from USD 38.00 to USD 42.00 on October 16, 2026.

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On Holding targets CHF 5.6 billion in sales by 2029, while its stock was trading at EUR 30.35 at Lang & Schwarz on October 22, 2026. The company also set a gross-margin ambition of at least 65.00 percent for the 2026 to 2029 period, according to Quartr on October 16, 2026.

2029 target puts margins first

The long-range plan gives investors a measurable test: On Holding wants high-teens net sales growth and an adjusted EBITDA margin of at least 22.00 percent by 2029. The plan also includes adjusted EBITDA growth of more than 20.00 percent annually and up to USD 1.00 billion in share repurchases through 2029, according to Quartr.

The operating backdrop was already substantial in the second quarter of 2026. On Holding reported CHF 850.30 million in revenue, up 13.50 percent year over year and 21.60 percent at constant currency, while gross margin reached 65.40 percent versus 61.50 percent a year earlier, Yahoo Finance reported.

What does the target require?

The key question is whether direct-to-consumer growth can support the margin ambition. The channel grew 34.30 percent at constant currency in the second quarter and represented 45.70 percent of sales, giving On more control over pricing and merchandising while increasing its exposure to store and inventory execution.

Analyst target and market value

Raymond James maintained an Outperform rating and raised its price target from USD 38.00 to USD 42.00 on October 16, 2026, according to Benzinga. Barclays also listed a USD 44.00 target and Needham a USD 40.00 target in the October 2026 analyst context, while BMO used USD 33.00, according to Yahoo Finance.

For investors, the contrast is clear: the company is pursuing premium pricing and faster direct sales while the current market capitalization is USD 11.3 billion as of October 21, 2026. The valuation therefore depends on execution, not only on the sales ambition.

Stock price and company profile

On Holding stock was trading at EUR 30.35 at Lang & Schwarz on October 22, 2026 at 1:07 p.m. CEST. The company is listed on the NYSE under ticker ONON, and the primary listing quote was USD 34.22 at the October 21, 2026 session reference. The business sells performance footwear, apparel and accessories under the On brand across more than 90 countries.

The further course of trading is shown by the continuously updated real-time quote of On Holding stock.