On Holding stock gains as buyback and 2029 targets reset the growth case

Published on 09/22/2026 at 08:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

On Holding stock closed at USD 27.32 on September 21, 2026, down 41.22 percent year to date. On targets CHF 5.6 billion in 2029 sales.

ONON, CH1134540470, Illustration mit AI erstellt.

On Holding AG (CH1134540470) closed at USD 27.32 on the NYSE on September 21, 2026, after a 0.22 percent gain, while the stock remained 46.49 percent below its 52-week high of USD 51.08. The company then unveiled a buyback of up to USD 1 billion through 2029 and new long-term financial targets, according to Global Banking and Finance on September 22, 2026.

Buyback meets long-term targets

The repurchase authorization runs through 2029, while On targets at least CHF 5.6 billion of annual net sales by 2029 and an adjusted EBITDA margin of at least 22 percent, according to RTTNews on September 22, 2026. The sales target gives the market a concrete multi-year benchmark, while the margin goal places profitability at the center of the investment case.

For 2026, management reiterated constant-currency net sales growth in the low-20 percent range, a gross margin of at least 65 percent and an adjusted EBITDA margin between 19.5 percent and 20 percent. The company also expects third-quarter constant-currency revenue growth of about 17 percent, with tariff refunds of up to USD 65 million excluded from the outlook, according to RTTNews.

Direct sales widen the margin debate

The latest reported second quarter of 2026 showed EMEA net sales rising 15.4 percent year over year to CHF 228.2 million, while global direct-to-consumer sales increased 26 percent to CHF 388.4 million, according to Zacks on September 21, 2026. Direct-to-consumer sales represented 45.7 percent of quarterly revenue, up from 41.1 percent a year earlier, a quantified shift toward a potentially higher-control distribution mix.

The counter-factor is valuation and estimate pressure. Zacks said ONON had fallen 24.7 percent over the preceding three months against a 15.8 percent decline for the industry, while fiscal 2026 earnings estimates had been reduced by USD 0.05 over 60 days. The stock also ended September 21, 2026, with a year-to-date decline of 41.22 percent, making execution against the 2026 margin and sales targets central to the new strategy.

Stock remains near yearly low

Yahoo Finance data show a September 21, 2026, NYSE close of USD 27.39 in one market snapshot, with a previous close of USD 27.26, volume of 13,283,380 shares, a 52-week range of USD 26.36 to USD 51.08 and an intraday market capitalization of USD 9.131 billion. The comparable market snapshot places the stock only USD 1.03 above its 52-week low.