On Holding AG rated Buy on strong Q2 sales growth, premium brand, and expanding product lines.

On Holding AG received a Buy rating due to its premium brand status, strong direct-to-consumer (DTC) sales growth of 34.3%, and expanding product categories, especially in apparel and accessories. The company reported a Q2 FY2026 gross margin of 65.4% and 21.6% constant-currency sales growth. Management aims for high-teens sales growth through 2029, maintaining a gross margin above 65% and an adjusted EBITDA margin over 22%. Risks include wholesale channel challenges and macroeconomic headwinds, but the company's strong cash position and valuation support its premium status.

ON Holding AG trades at USD 32.55 on Pluang as of Oct 30, 2026 09:51 WIB, showing a 1.91% gain for the day. The stock's market cap is $10.67 billion with a 52-week range between $26.76 and $50.63. Pluang users mostly buy, with 74% of orders favoring purchases over sales.