$42.50
1.80% day before yesterday
NYSE, Apr 17, 10:29 pm CET
ISIN
CH1134540470
Symbol
ONON
Industry

On Target price 2025 - Analyst rating & recommendation

On Classifications & Recommendation:

Buy
86%
Hold
14%

On Price Target

Target Price $64.93
Price $42.50
Potential
Number of Estimates 25
25 Analysts have issued a price target On 2026 . The average On target price is $64.93. This is higher than the current stock price. The highest price target is , the lowest is .
A rating was issued by 28 analysts: 24 Analysts recommend On to buy, 4 to hold and 0 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 2026 of . Most analysts recommend the On stock at Purchase.

Sales and Margin forecast 2025, 2026 to 2029

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Quarter Annually
Dec '24 2025
Estimates
Revenue Billion $ 2.63 3.52
32.00% 33.58%
EBITDA Margin 13.63% 17.21%
0.34% 26.22%
Net Margin 10.46% 9.01%
129.97% 13.83%

26 Analysts have issued a sales forecast On 2025 . The average On sales estimate is

$3.5b
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. This is
33.49% higher
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than the revenue of the last 12 months(TTM). The highest sales forecast is
$3.6b 36.95%
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, the lowest is
$3.3b 26.13%
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.

This results in the following potential growth metrics:

Revenue Estimates

2024 $2.6b 32.00%
2025
$3.5b 33.58%
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2026
$4.4b 24.22%
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2027
$5.3b 20.72%
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2028
$6.3b 19.90%
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2029
$6.9b 9.61%
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25 Analysts have issued an On EBITDA forecast 2025. The average On EBITDA estimate is

$605m
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. This is
68.39% higher
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than the EBITDA of the last 12 months(TTM). The highest EBITDA forecast is
$642m 78.62%
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, the lowest is
$527m 46.77%
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.

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

EBITDA Estimates

2024 $359m 31.55%
2025
$605m 68.58%
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2026
$779m 28.76%
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2027
$983m 26.22%
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2028
$1.2b 23.82%
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2029
$1.4b 12.72%
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EBITDA Margin

2024 13.63% 0.34%
2025
17.21% 26.22%
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2026
17.84% 3.66%
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2027
18.65% 4.54%
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2028
19.26% 3.27%
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2029
19.81% 2.86%
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12 On Analysts have issued a net profit forecast 2025. The average On net profit estimate is

$317m
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. This is
15.08% higher
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than the net profit for the last 12 months(TTM). The highest net profit forecast is
$383m 39.06%
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, the lowest is
$249m 9.43%
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.

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

Net Profit Estimates

2024 $275m 203.57%
2025
$317m 15.08%
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2026
$426m 34.49%
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2027
$541m 26.98%
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2028
$746m 37.88%
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2029
$968m 29.73%
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Net Margin

2024 10.46% 129.97%
2025
9.01% 13.83%
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2026
9.75% 8.21%
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2027
10.26% 5.23%
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2028
11.80% 15.01%
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2029
13.96% 18.31%
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Earnings per share, P/E ratio and EV/sales Estimates 2025, 2026 to 2029

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Quarter Annually
Dec '24 2025
Estimates
Earnings Per Share $ 0.85 0.98
203.57% 15.29%
P/E 43.45
EV/Sales 3.75

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

$0.98
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. This is
15.29% higher
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than earnings per share in the financial year 2024. The highest EPS forecast is
$1.18 38.82%
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, the lowest is
$0.77 9.41%
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.

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

Earnings Per Share

2024 $0.85 203.57%
2025
$0.98 15.29%
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2026
$1.32 34.69%
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2027
$1.67 26.52%
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2028
$2.30 37.72%
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2029
$2.99 30.00%
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P/E ratio

Current 49.73 58.24%
2025
43.45 12.63%
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2026
32.30 25.66%
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2027
25.44 21.24%
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2028
18.45 27.48%
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2029
14.22 22.93%
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Based on analysts' sales estimates for 2025, 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 5.01 3.73%
2025
3.75 25.15%
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2026
3.02 19.50%
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2027
2.50 17.16%
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2028
2.09 16.60%
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2029
1.90 8.77%
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P/S ratio

Current 5.23 4.95%
2025
3.91 25.09%
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2026
3.15 19.50%
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2027
2.61 17.16%
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2028
2.18 16.60%
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2029
1.99 8.77%
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Current On Upgrades & Downgrades

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Analyst Rating Action Date
Piper Sandler
Locked
Locked
Locked Apr 11 2025
Stifel
Locked
Locked
Locked Apr 10 2025
Telsey Advisory Group
Locked
Locked
Locked Apr 01 2025
Needham
Locked
Locked
Locked Apr 01 2025
Jefferies
Locked
Locked
Locked Apr 01 2025
Barclays
Locked
Locked
Locked Mar 05 2025
Keybanc
Locked
Locked
Locked Mar 05 2025
Analyst Rating Date
Locked
Piper Sandler:
Locked
Locked
Apr 11 2025
Locked
Stifel:
Locked
Locked
Apr 10 2025
Locked
Telsey Advisory Group:
Locked
Locked
Apr 01 2025
Locked
Needham:
Locked
Locked
Apr 01 2025
Locked
Jefferies:
Locked
Locked
Apr 01 2025
Locked
Barclays:
Locked
Locked
Mar 05 2025
Locked
Keybanc:
Locked
Locked
Mar 05 2025

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