On Holding AG

On Holding is a Swiss premium sports footwear and apparel brand, initially focused on running and known for its CloudTec technology. It has grown rapidly through a combination of wholesale and direct-to-consumer sales, expanding into tennis, training, outdoor activities and, more recently, football.

M1 review · 24 September 2026 · 9.2/10. The 23 September NYSE close was $30.16. Performance versus the 24 August opening price ($30.00) is +0.53%. This performance benchmark is separate from the canonical Day 0 close. The published original score remains 9.4/10. The thesis remains 9+: catalysts have improved, while the long-term chart is not yet repaired.

Initial signal purchases

On 14 August 2026, co-founder and Co-CEO Caspar Coppetti and co-founder and Executive Officer Olivier Bernhard each bought 65,000 shares at $30.67. Each purchase was approximately $1.994 million: 130,000 shares and approximately $3.99 million in total, in open-market transactions, code P.

Subsequent purchases

The review identifies no material new open-market purchase after 14 August. September included small sales linked to vesting, including CFO Frank Sluis selling 687 shares at $27.74 on 8 September. Given its size and context, the review does not consider this a material reversal of the founders’ signal.

The price has barely moved since the signal, but information has improved: a football launch on 18 September, Kylian Mbappé as global ambassador, Thierry Henry leading the category, and the 22 September Investor Day with 2029 targets and a buyback of up to $1 billion. The $30.16 close remains below the founders’ $30.67 purchase price.

Q2 sales grew 21.6% in constant currency, DTC 34.3% and Asia-Pacific 54.7%. Gross margin was 65.4% and adjusted EBITDA margin 19.8%. Cash at the end of June was CHF 1.206 billion. The premium brand combines technical products, innovation and a growing direct-to-consumer channel.

Targets presented on 22 September call for high-teens annual constant-currency sales growth through 2029 and at least CHF 5.6 billion of sales that year. Running, sneakers and apparel remain central, with football and golf extending the opportunity. Slower growth in the Americas warrants monitoring.

At the $30.16 reference close, the review records approximately 20.6x trailing P/E, 16.5x forward P/E, a 0.68 PEG and 15.2x EV/EBITDA. It also records approximately $838 million of net cash and $531 million of TTM FCF. These are review-date metrics, not live quotes.

On 14 May 2026, the three founders each bought 60,000 shares: David Allemann at approximately $36.63, Caspar Coppetti at $36.64 and Olivier Bernhard at $36.63, totalling approximately $6.59 million. August purchases reinforce a pattern of accumulation before and after the correction.

Football entry, the Mbappé partnership and golf expansion. Investor Day added a buyback authorisation of up to $1 billion through the end of 2029, gross margin of at least 65%, adjusted EBITDA margin of at least 22% and sales of at least CHF 5.6 billion in 2029. Delivery depends on execution.

Key risks are a slowdown in the Americas, intense competition and preserving premium positioning when entering football and golf. Volatility remains high, with beta close to 2. The 7.7/10 Risk axis assesses relative resilience; 10 means lower risk.

ONON rose 7.58% on 22 September and 2.62% on 23 September, with well-above-average Investor Day volume. RSI is around 56. The $30.16 close remains below the 50-day average (~$32.10) and the 200-day average (~$38.64). Momentum improved but does not yet confirm a full recovery.

The long-term trend is not yet repaired: the share remains approximately 34% below its year-earlier level and well below its 200-day average. A potential base is forming, without a confirmed structural uptrend.

ONON · NYSE · USD. Class A ordinary shares.

M1: INSIDER9+ maintained — 9.2/10. Supplied weighted base: 9.18; qualitative adjustment: 0.00. The final score is not the arithmetic average of the ten axes. The price remains close to the initial benchmark and below the founders’ purchases, with new catalysts. The long-term trend and North American growth constrain the assessment. The published historical 9.4 Signal Score remains unchanged.