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      A Comprehensive Breakdown of the Recent Analyst Upgrade for ONON

      By Hasnain R

      Published on

      October 10, 2023

      5:14 PM UTC

      A Comprehensive Breakdown of the Recent Analyst Upgrade for ONON

      On Holding AG (NYSE: ONON) recently received a significant upgrade from financial analysts, marking a notable shift in the investment community’s perspective on the company’s future prospects.

      In the following sections, we will delve into the specifics of this analyst upgrade, the company’s ambitious growth strategies, and the potential effects on its financial performance.

      ONON’s Impressive Performance Since Its IPO

      On Holding AG, a Swiss performance sportswear brand, has made strong strides since its listing on the US stocks market (NYSE) in September 2021. The company has over-delivered on its IPO growth strategies, adding over CHF1bn in Net Sales during this period.

      ONON’s Future Outlook and Ambitions

      In the near future, ONON aims to continue its strong growth trajectory. The company intends to double its expected full-year 2023 net sales by 2026 and increase its adjusted EBITDA margin to 18%+. It seeks to build the most premium, global sportswear brand.

      The Three Pillars of ONON’s Growth Strategy

      ONON’s future growth path will be ignited by three strategic growth pillars:

      • Elevate: This involves further enhancing its market share in running, its brand awareness among its communities, and its performance credibility and sustainability impact.
      • Expand: This includes further expansion of its premium multi-channel distribution, its own retail presence, and its footprint in China.
      • Establish: This focuses on stepping into selected adjacencies, establishing its training community, and light up the tennis court, as well as establishing full head-to-toe looks across all its verticals.

      Financial Ambitions for 2026

      By 2026, ONON aims to achieve the following financial ambitions:

      • Double net sales between 2023 and 2026 to at least CHF 3.55 billion.
      • Exceed a 60% gross profit margin.
      • Reach an 18%+ adjusted EBITDA margin.

      ONON’s Exciting Product Pipeline

      The company has an exciting product pipeline that includes running, training, and tennis footwear and apparel. It sees huge opportunities to increase brand awareness and expand through a multi-channel approach.

      Long-term Targets for the Company

      Beyond the stated ambitions for 2026, the company aims to drive towards an apparel share of 10%+, an own retail share of 10%+, and a China share of 10%+ in relation to its overall net sales.


      The recent analyst upgrade for ONON signifies increased confidence in the company’s potential to continue its strong growth trajectory. The new rating is expected to influence investor decisions and market dynamics, contributing to the company’s promising future outlook.

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