Telsey: 'Momentum for On remained strong in 4Q25'

Telsey analyst Cristina Fernandez reiterated an Outperform rating and $65.00 price target on On Holding AG (NYSE: ONON).

The analyst comments "Momentum for On remained strong in 4Q25, driven by a high sell thru of footwear franchises and balanced growth across regions. All metrics were better than expected and the stronger sales flowed through to the bottom line. Specifically, sales grew ~23% vs. TAG/FactSet (FS) consensus at 20%, with constant currency sales up 30.6% (TAG at 26.5%), the gross margin expanded ~180 bps to 63.9%, better than TAG at 62.5% and FS at 62.4%, and adjusted EBITDA came in at CHF 131MM vs. TAG at CHF 120MM and FS at CHF 115MM, equating to an EBITDA margin of 17.5% vs. TAG at 16.5% and FS at 15.9%. Reported wholesale sales grew 23%, while DTC sales rose ~22%, resulting in a decrease in the mix of sales of 30 bps to 48.5%. Footwear (94% of sales) increased 21%, while apparel growth decelerated to 38% due to a difficult YoY comparison vs. 87% in 3Q25."

For an analyst ratings summary and ratings history on On Holding AG click here. For more ratings news on On Holding AG click here.

Shares of On Holding AG closed at $46.76 yesterday.

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