A Look At On Holding (ONON) Valuation After Strong Results And 2026 Growth Guidance

Simply Wall St.03-04

AdvertisementWhy On Holding’s new guidance matters now On Holding (NYSE:ONON) just paired its latest earnings release with fresh 2026 guidance, telling investors it expects net sales to grow at least ...

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Together, they give you a clearer snapshot of how current sales and profit trends line up with the company’s revenue ambitions for the year ahead.\nSee our latest analysis for On Holding.\nAt...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","ONON":"On Holding AG","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","BK4146":"鞋类","BK4588":"碎股","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","BK4547":"WSB热门概念","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","BK4585":"ETF&股票定投概念","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC"},"translate_title":"强劲业绩和2026年增长指引后的On Holding(ONON)估值一览","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ONON":1.5},"content_text":"AdvertisementWhy On Holding’s new guidance matters now On Holding (NYSE:ONON) just paired its latest earnings release with fresh 2026 guidance, telling investors it expects net sales to grow at least 23% year over year on a constant currency basis. This update comes alongside fourth quarter and full year 2025 figures. Together, they give you a clearer snapshot of how current sales and profit trends line up with the company’s revenue ambitions for the year ahead. See our latest analysis for On Holding. At a share price of $46.76, the stock has had a 3.3% 30 day share price return and a 3.6% 90 day share price return. The three year total shareholder return of about 2x suggests longer term momentum has been much stronger than the last year’s slightly negative total shareholder return. If this guidance has you thinking about where growth brands can go next, it might be a good time to see what else is out there with 19 top founder-led companies. That list can help you surface founder led companies that are still flying under many investors’ radar. With shares near $46.76, a value score of 1, and the stock trading at roughly a 9% discount to one intrinsic estimate and about 33% below the average analyst target, is there still an opportunity here, or is the market already pricing in future growth? Most Popular Narrative: 24.5% Undervalued Against the last close at $46.76, the most followed narrative points to a fair value of about $61.90, using an 8.68% discount rate and detailed long term forecasts.  The acceleration in DTC (Direct-to-Consumer) and e-commerce channels, with DTC reaching new highs (41.1% of sales in Q2 and up 54% YoY), gives On more control over brand, pricing, and customer data while increasing gross and EBITDA margins. This is an operational catalyst likely to further expand profitability as DTC continues its mix shift.  Read the complete narrative. Curious what has to happen for that fair value to make sense? Revenue growth, margin expansion, and a future earnings multiple all need to line up. The narrative spells out those assumptions clearly, but the exact hurdles might surprise you. Result: Fair Value of $61.90 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, if premium pricing starts to push customers away or wholesale order growth in key regions slows, that would support a very different story from this upside case. Find out about the key risks to this On Holding narrative. Another way to look at the valuation The first narrative leans on long term forecasts and a fair value of $61.90, which points to upside from the current $46.76 share price. However, the current P/E of 54.2x tells a different story when you compare it with the available numbers. That 54.2x P/E is far above the US Luxury industry at 20.6x, above peers at 31.8x, and also ahead of the fair ratio of 30.2x that the market could move toward over time. If sentiment cools, could a shift closer to that fair ratio pull the share price down instead of up? See what the numbers say about this price — find out in our valuation breakdown. NYSE:ONON P/E Ratio as at Mar 2026Next Steps If this mix of optimism and caution has you thinking harder about the story, act while the data is fresh and check the 3 key rewards for yourself. Looking for more investment ideas? If this story has your attention, do not stop here, you are missing out on other stocks that fit different goals and risk levels.  Target long term value by scanning a curated set of 45 high quality undervalued stocks that pair quality fundamentals with prices that may not reflect their underlying strength. Strengthen your income stream by reviewing 13 dividend fortresses built around higher yield opportunities that still keep an eye on stability. Prioritise resilience by checking 76 resilient stocks with low risk scores focused on businesses with lower risk scores that can help balance out more volatile positions.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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