On Holding stock rises 7.58 percent on buyback plan

Published on 09/23/2026 at 14:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

On Holding stock closed at USD 29.39 on September 22, 2026, after a 7.58 percent gain. Q2 sales rose 13.5 percent to CHF 850.3 million.

ONON, CH1134540470, Illustration mit AI erstellt.

On Holding stock (ISIN CH1134540470) closed at USD 29.39 on the NYSE on September 22, 2026, up 7.58 percent from the prior close. The move followed the company's investor day, which introduced a USD 1 billion share repurchase authorization through 2029 and new long-term financial targets.

Buyback changes the capital story

According to Yahoo Finance on September 23, 2026, On authorized a buyback of up to USD 1 billion through the end of 2029. It was the company's first share repurchase program, adding a capital-return element to a growth strategy previously centered on reinvestment.

The same report said On is targeting net sales of at least CHF 5.6 billion by 2029, supported by high-teens constant-currency annual growth. Management also targets a gross profit margin of at least 65 percent and an adjusted EBITDA margin of at least 22 percent by 2029, compared with the 19.5 percent to 20 percent adjusted EBITDA margin outlook for fiscal year 2026.

Q2 shows the margin test

In the second quarter of 2026, net sales increased 13.5 percent year over year to CHF 850.3 million, while net income reached CHF 105.0 million after a loss of CHF 40.9 million in the same quarter of 2025, according to Yahoo Finance. Direct-to-consumer sales grew 26 percent and apparel sales increased 47.7 percent during that period.

A separate September 22, 2026 report from TradingNews put second-quarter gross margin at a record 65.4 percent, up from 61.5 percent a year earlier. Adjusted EBITDA rose 23.5 percent to CHF 168.1 million, producing a 19.8 percent margin versus 18.2 percent in the prior-year quarter.

Analysts raise the bar

Needham raised its price target from USD 37 to USD 40 while retaining a Buy rating on September 23, 2026, as reported by Investing.com. Telsey also reiterated an Outperform rating and a USD 43 target after the investor day, according to Investing.com on September 23, 2026.

The immediate counter-factor is execution. On expects third-quarter 2026 constant-currency sales growth of 17 percent, below the low-20 percent constant-currency growth outlook for the full fiscal year, leaving the final quarter dependent on wholesale orders and seasonal demand. The company also said its full-year guidance excludes up to USD 65 million in tariff refunds expected in the third quarter.

Stock closes at USD 29.39

On Holding stock closed at USD 29.39 on the NYSE on September 22, 2026, after gaining 7.58 percent. The quoted 52-week range was USD 26.37 to USD 51.08, with market capitalization of USD 9.13 billion and volume of 25.38 million shares as of the September 22, 2026 market snapshot.