$29.96
1.66%
NYSE, Sep 25, 04:16 pm EDT. Closed.
ISIN
CH1134540470
Symbol
ONON

On Target price 2026 - Analyst rating & recommendation

On Classifications & Recommendation

Buy
83%
Hold
14%
Sell
3%

On Price Target

Target Price $43.86
Price $29.96
Potential
Number of Estimates 31
31 Analysts have issued a price target On 2027 . The average On target price is $43.86. This is higher than the current stock price. The highest price target is , the lowest is .
A rating was issued by 36 analysts: 30 Analysts recommend On to buy, 5 to hold and 1 to sell.
Analysts don't have a crystal ball either, but they do represent the opinion of the market quite well. You should not take the price potential and the ratings as a recommendation to act. Rather, they serve as an additional building block for your own opinion or stock analysis.
Analyst Estimates: Analysts believe that the On stock has an average upside potential 2027 of . Most analysts recommend the On stock at Purchase.

Sales and Margin forecast 2026, 2027 to 2033

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Select at least one metric to display the chart.


Quarter Annually
Dec '25 2026
Estimates
Revenue Billion $ 3.64 4.32
30.01% 18.68%
EBITDA Margin 16.35% 19.76%
23.61% 20.83%
Net Margin 6.76% 13.51%
35.34% 99.90%

34 Analysts have issued a sales forecast On 2026 . The average On sales estimate is

$4.3b
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. This is
11.07% higher
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than the revenue of the last 12 months(TTM). The highest sales forecast is
$4.5b 16.20%
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, the lowest is
$4.0b 3.93%
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.

This results in the following potential growth metrics:

Revenue Estimates

2025 $3.6b 30.01%
2026
$4.3b 18.68%
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2027
$5.1b 18.23%
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2028
$6.2b 21.00%
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2029
$7.2b 17.22%
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2030
$7.9b 9.49%
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2031
$8.7b 9.62%
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2032
$9.2b 6.03%
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2033
$9.7b 4.78%
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32 Analysts have issued an On EBITDA forecast 2026. The average On EBITDA estimate is

$853m
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. This is
21.27% higher
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than the EBITDA of the last 12 months(TTM). The highest EBITDA forecast is
$961m 36.56%
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, the lowest is
$736m 4.59%
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.

This results in the following potential growth metrics and future EBITDA Margins:

EBITDA Estimates

2025 $595m 60.71%
2026
$853m 43.39%
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2027
$1.0b 20.34%
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2028
$1.3b 26.98%
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2029
$1.4b 7.87%
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2030
$1.5b 5.32%
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2031
$1.6b 6.76%
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2032
$1.6b 3.05%
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2033
$1.7b 4.81%
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EBITDA Margin

2025 16.35% 23.61%
2026
19.76% 20.83%
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2027
20.11% 1.77%
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2028
21.11% 4.97%
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2029
19.42% 8.01%
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2030
18.68% 3.81%
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2031
18.20% 2.57%
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2032
17.69% 2.80%
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2033
17.69% 0.00%
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32 On Analysts have issued a net profit forecast 2026. The average On net profit estimate is

$583m
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. This is
21.93% higher
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than the net profit for the last 12 months(TTM). The highest net profit forecast is
$652m 36.37%
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, the lowest is
$538m 12.40%
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.

This results in the following potential growth metrics and future Net Margins:

Net Profit Estimates

2025 $246m 15.93%
2026
$583m 137.22%
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2027
$682m 16.89%
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2028
$867m 27.21%
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2029
$939m 8.20%
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2030
$1.0b 7.89%
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2031
$1.1b 7.39%
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2032
$1.2b 5.84%
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2033
$1.2b 7.72%
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Net Margin

2025 6.76% 35.34%
2026
13.51% 99.90%
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2027
13.36% 1.11%
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2028
14.04% 5.09%
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2029
12.96% 7.69%
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2030
12.77% 1.47%
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2031
12.51% 2.04%
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2032
12.49% 0.16%
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2033
12.84% 2.80%
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Earnings per share, P/E ratio and EV/sales Estimates 2026, 2027 to 2033

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Select at least one metric to display the chart.


Quarter Annually
Dec '25 2026
Estimates
Earnings Per Share $ 0.74 1.75
16.85% 136.49%
P/E 17.16
EV/Sales 2.09

32 Analysts have issued a On forecast for earnings per share. The average On EPS is

$1.75
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. This is
21.53% higher
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than earnings per share in the financial year 2025. The highest EPS forecast is
$1.95 35.42%
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, the lowest is
$1.61 11.81%
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.

This results in the following potential growth metrics and future valuations:

Earnings Per Share

2025 $0.74 16.85%
2026
$1.75 136.49%
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2027
$2.04 16.57%
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2028
$2.60 27.45%
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2029
$2.81 8.08%
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2030
$3.03 7.83%
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2031
$3.25 7.26%
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2032
$3.44 5.85%
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2033
$3.71 7.85%
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P/E ratio

Current 20.81 76.08%
2026
17.16 17.52%
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2027
14.68 14.45%
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2028
11.54 21.39%
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2029
10.67 7.54%
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2030
9.89 7.31%
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2031
9.21 6.88%
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2032
8.70 5.54%
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2033
8.08 7.13%
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Based on analysts' sales estimates for 2026, the On stock is valued at an EV/Sales of

and an P/S ratio of .

This results in the following potential growth metrics and future valuations:

EV/Sales

Current 2.32 44.36%
2026
2.09 10.12%
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2027
1.76 15.42%
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2028
1.46 17.35%
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2029
1.24 14.69%
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2030
1.14 8.67%
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2031
1.04 8.78%
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2032
0.98 5.68%
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2033
0.93 4.56%
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P/S ratio

Current 2.54 41.26%
2026
2.29 9.97%
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2027
1.93 15.42%
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2028
1.60 17.35%
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2029
1.36 14.69%
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2030
1.24 8.66%
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2031
1.14 8.78%
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2032
1.07 5.69%
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2033
1.02 4.56%
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Current On Upgrades & Downgrades

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Analyst Rating Action Date
Needham
Locked
➜
Locked
Locked Sep 23 2026
Needham
Locked
➜
Locked
Locked Sep 18 2026
B of A Securities
Locked
➜
Locked
Locked Sep 17 2026
BTIG
Locked
➜
Locked
Locked Sep 16 2026
Morgan Stanley
Locked
➜
Locked
Locked Sep 10 2026
BMO Capital
Locked
➜
Locked
Locked Sep 09 2026
Baird
Locked
➜
Locked
Locked Aug 12 2026
Analyst Rating Date
Locked
Needham:
Locked
➜
Locked
Sep 23 2026
Locked
Needham:
Locked
➜
Locked
Sep 18 2026
Locked
B of A Securities:
Locked
➜
Locked
Sep 17 2026
Locked
BTIG:
Locked
➜
Locked
Sep 16 2026
Locked
Morgan Stanley:
Locked
➜
Locked
Sep 10 2026
Locked
BMO Capital:
Locked
➜
Locked
Sep 09 2026
Locked
Baird:
Locked
➜
Locked
Aug 12 2026

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