ONON · On Holding AG

Not today. ONON is not on today's radar: no tight base just under a resistance that has been tested again and again.

Bulls: On Holding sells 11x more than in 2019, earns 65 cents of gross margin per franc billed, and holds cash with no debt; gross margin rose from 53.6% in 2019 to 65.4% in the last quarter, with DTC sales through its own website and stores up 34% at constant currency and already almost half of the total. The brand doesn't discount — its entry-level sneaker costs $160 — and is expanding via global (APAC cited as a major growth driver), apparel and e-commerce, with management-guided inventory workthrough keeping 2026 sales lower and setting up a 2027 comeback. Bullish positioning includes $99,800 of $42.5 June 17, 2027 calls bought at $2.00 per contract and a long-running monthly wedge near a breaking point on heavy volume.

Bears: Six weeks after signing Kylian Mbappé, On is paying for a China controversy: the stock fell more than 3.5% before the October 27 open (nearly 5% at one point) after the ambassador's alleged Mao remarks, with multiple Chinese brands dropping him and ON reportedly pulling his marketing in China — a strategic Asia-Pacific growth market. Technically, ONON broke trend again and was rejected at a lower-high/resistance level, still respecting its downtrend. Since its September 15, 2021 IPO close of $35.00, the stock has gone sideways and is now trending negative, and at 16x P/E it is not appealing for retail apparel/footwear versus NKE, DECK and LULU.

Reading from Oct 28, 2026; each post classified by AI, weighted by engagement.

No recent news reading for ONON. The News Sentiment API reads today's headlines on any US stock.

Open-market trades only, from SEC Form 4 filings — option exercises, tax withholding and grants are left out.

• Sold · Maguire Scott Andrew$41K · Sep 8, 2026
• Sold · Sluis Frank$19K · Sep 8, 2026
• Bought · Coppetti Caspar Felix$2.0M · Aug 14, 2026
• Bought · Bernhard Olivier$2.0M · Aug 14, 2026
• Sold · Maguire Scott Andrew$55K · Jun 8, 2026

• 2026-2029 · net sales cagr · 6-K filed Sep 22, 2026

  “Net sales: High-teens constant currency growth and corresponding absolute net sales reaching at least CHF 5.6 billion in 2029 (approaching USD 7 billion) at current FX rates.”

• 2029 · net sales · 6-K filed Sep 22, 2026

  “Net sales: High-teens constant currency growth and corresponding absolute net sales reaching at least CHF 5.6 billion in 2029 (approaching USD 7 billion) at current FX rates.”

• 2026-2029 · gross profit margin · 6-K filed Sep 22, 2026

  “Gross profit margin: Commitment to an industry-leading gross profit margin of 65.0%+ throughout the period.”

• 2029 · adjusted ebitda margin · 6-K filed Sep 22, 2026

  “Adjusted EBITDA margin: Ambition to reach an Adjusted EBITDA margin of 22%+ by 2029.”

Quoted from the outlook the company filed with the SEC.