On Holding's premium footwear brand demonstrates strong earnings momentum and wide-moat business quality, but near-term technical weakness from a confirmed downtrend warrants caution before adding new positions.
Thesis pillars
- Moat Quality Profile↑Improving
- Earnings Beat Streak↑Improving
- Analyst Upside Sentiment↓Deteriorating
- +2 more pillars — see the Why tab for full reasoning
On Holding AG (ONON) Stock Analysis
Falling Knife setup · Temporary headwind edge
Consumer Cyclical · Footwear & Accessories
Wait for pullback to $29.46. Weak momentum; also below 200-day MA (death cross) — blocks BUY_NOW at $32.23. Engine's entry $29.46 (support + ATR (held)) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Negative momentum; Below 200-MA, MA slope -2.4%/30d (confirmed downtrend).
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic... Read more
Wait for pullback to $29.46. Weak momentum; also below 200-day MA (death cross) — blocks BUY_NOW at $32.23. Engine's entry $29.46 (support + ATR (held)) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Negative momentum; Below 200-MA, MA slope -2.4%/30d (confirmed downtrend). Chart setup: Death cross, below all MAs, RSI 35, MACD bearish. Wide-moat business. Accumulate on weakness. Score 6.0/10, moderate confidence.
Passes 7/9 gates (favorable risk/reward ratio, clean insider activity, no SEC red flags, news boost analyst 0.40, earnings proximity 88d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and death cross (50MA < 200MA). Suitability: speculative.
Recent developments
updated 2026-08-15Recent Developments — On Holding AG
Latest news
- NEWS On Holding: The Market Mistakes A Marathon For A Sprint (NYSE:ONON) - Seeking Alpha — Seeking Alpha negative
- NEWS William Blair downgrades On Holding AG (ONON) to a Hold - The Globe and Mail — The Globe and Mail negative
- NEWS William Blair downgrades On Holding AG (ONON) to a Hold - theglobeandmail.com — theglobeandmail.com negative
- NEWS On Holding AG Stock 12‑Month Price Target Cut to $45.67, Implies 48% Upside - TradingView — TradingView positive
- NEWS On Holding Analysts Slash Their Forecasts After Q2 Results - Benzinga — Benzinga negative
Generated 2026-08-15T13:12:18Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
1 floor-breaker
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $29.46. Weak momentum; also below 200-day MA (death cross) — blocks BUY_NOW at $32.23. Engine's entry $29.46 (support + ATR (held)) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Negative momentum; Below 200-MA, MA slope -2.4%/30d (confirmed downtrend). Chart setup: Death cross, below all MAs, RSI 35, MACD bearish. Wide-moat business. Accumulate on weakness. Target $47.10 (+46.1%), stop $25.80 (−24.9%), A.R:R 4.1:1. Score 6.0/10, moderate confidence.
Take-profit target: $47.10 (+46.2% upside). Target $47.10 (+46.1%), stop $25.80 (−24.9%), A.R:R 4.1:1. Stop-loss: $25.80.
Negative momentum; Below 200-MA, MA slope -2.4%/30d (confirmed downtrend).
On Holding AG trades at a P/E of 22.1 (forward 15.6). TrendMatrix value score: 6.9/10. Verdict: Buy (Wait for Entry).
36 analysts cover ONON with a consensus score of 4.1/5. Average price target: $52.
What does On Holding AG do?On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand...
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.