$44.58
1.46% yesterday
NYSE, Aug 21, 10:20 pm CET
ISIN
CH1134540470
Symbol
ONON

On Target price 2025 - Analyst rating & recommendation

On Classifications & Recommendation:

Buy
88%
Hold
12%

On Price Target

Target Price $67.32
Price $44.58
Potential
Number of Estimates 29
29 Analysts have issued a price target On 2026 . The average On target price is $67.32. This is higher than the current stock price. The highest price target is , the lowest is .
A rating was issued by 34 analysts: 30 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 2032

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Quarter Annually
Dec '24 2025
Estimates
Revenue Billion $ 2.87 3.69
29.36% 28.84%
EBITDA Margin 13.23% 17.06%
0.09% 28.95%
Net Margin 10.45% 10.65%
135.31% 1.90%

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

$3.7b
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. This is
17.75% higher
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than the revenue of the last 12 months(TTM). The highest sales forecast is
$3.9b 25.44%
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, the lowest is
$3.5b 10.50%
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.

This results in the following potential growth metrics:

Revenue Estimates

2024 $2.9b 29.36%
2025
$3.7b 28.84%
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2026
$4.6b 24.44%
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2027
$5.7b 23.84%
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2028
$6.6b 16.08%
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2029
$7.7b 16.45%
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2030
$9.0b 16.91%
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2031
$10.5b 16.35%
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2032
$10.3b 1.16%
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30 Analysts have issued an On EBITDA forecast 2025. The average On EBITDA estimate is

$630m
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. This is
41.33% higher
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than the EBITDA of the last 12 months(TTM). The highest EBITDA forecast is
$690m 54.62%
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, the lowest is
$552m 23.65%
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.

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

EBITDA Estimates

2024 $379m 29.25%
2025
$630m 66.17%
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2026
$818m 29.74%
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2027
$1.0b 27.97%
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2028
$1.4b 29.53%
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2029
$1.6b 17.34%
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EBITDA Margin

2024 13.23% 0.09%
2025
17.06% 28.95%
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2026
17.79% 4.28%
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2027
18.38% 3.32%
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2028
20.51% 11.59%
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2029
20.67% 0.78%
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28 On Analysts have issued a net profit forecast 2025. The average On net profit estimate is

$394m
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. This is
53.13% higher
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than the net profit for the last 12 months(TTM). The highest net profit forecast is
$463m 80.09%
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, the lowest is
$334m 29.88%
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.

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

Net Profit Estimates

2024 $300m 204.40%
2025
$394m 31.32%
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2026
$528m 34.05%
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2027
$707m 34.01%
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2028
$960m 35.75%
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2029
$1.3b 32.52%
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Net Margin

2024 10.45% 135.31%
2025
10.65% 1.90%
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2026
11.48% 7.79%
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2027
12.42% 8.19%
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2028
14.52% 16.91%
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2029
16.53% 13.84%
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Earnings per share, P/E ratio and EV/sales Estimates 2025, 2026 to 2032

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Quarter Annually
Dec '24 2025
Estimates
Earnings Per Share $ 0.91 1.21
203.33% 32.97%
P/E 36.70
EV/Sales 3.70

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

$1.21
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. This is
57.14% higher
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than earnings per share in the financial year 2024. The highest EPS forecast is
$1.43 85.71%
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, the lowest is
$1.03 33.77%
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.

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

Earnings Per Share

2024 $0.91 203.33%
2025
$1.21 32.97%
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2026
$1.63 34.71%
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2027
$2.18 33.74%
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2028
$2.96 35.78%
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2029
$3.93 32.77%
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P/E ratio

Current 57.90 22.42%
2025
36.70 36.61%
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2026
27.38 25.40%
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2027
20.43 25.38%
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2028
15.05 26.33%
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2029
11.36 24.52%
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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 4.36 19.26%
2025
3.70 15.09%
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2026
2.98 19.64%
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2027
2.40 19.25%
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2028
2.07 13.85%
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2029
1.78 14.13%
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2030
1.52 14.46%
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2031
1.31 14.05%
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2032
1.32 1.17%
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P/S ratio

Current 4.59 17.76%
2025
3.89 15.08%
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2026
3.13 19.64%
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2027
2.53 19.25%
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2028
2.18 13.85%
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2029
1.87 14.13%
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2030
1.60 14.46%
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2031
1.37 14.05%
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2032
1.39 1.17%
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Current On Upgrades & Downgrades

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Analyst Rating Action Date
Morgan Stanley
Locked
Locked
Locked Aug 13 2025
Jefferies
Locked
Locked
Locked Aug 13 2025
UBS
Locked
Locked
Locked Aug 13 2025
Barclays
Locked
Locked
Locked Aug 13 2025
Telsey Advisory Group
Locked
Locked
Locked Aug 12 2025
Needham
Locked
Locked
Locked Aug 12 2025
Telsey Advisory Group
Locked
Locked
Locked Aug 07 2025
Analyst Rating Date
Locked
Morgan Stanley:
Locked
Locked
Aug 13 2025
Locked
Jefferies:
Locked
Locked
Aug 13 2025
Locked
UBS:
Locked
Locked
Aug 13 2025
Locked
Barclays:
Locked
Locked
Aug 13 2025
Locked
Telsey Advisory Group:
Locked
Locked
Aug 12 2025
Locked
Needham:
Locked
Locked
Aug 12 2025
Locked
Telsey Advisory Group:
Locked
Locked
Aug 07 2025

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