Pomegra
On Holding Stock Jumps 13% on Zurich Investor Day
Why did On Holding stock jump 13%?
On Holding (ONON) stock jumped 13% on Tuesday to $30.84 after the Swiss running brand's Zurich Investor Day set a CHF 5.6 billion 2029 target and launched its first-ever $1 billion buyback.
Key numbers
| ONON 1-Day Move (Sept 22) | +13%intraday high $30.84; down ~35% YTD before event |
|---|---|
| 2029 Net Sales Target | CHF 5.6Broughly $7B USD; high-teens CC CAGR from 2026 |
| Share Buyback Authorization | $1B USDfirst-ever program; runs through end-2029 |
| Gross Margin Floor (2026–2029) | ≥65%Q2 2026 gross margin already at 65.4% |
| Adj. EBITDA Margin Target (2029) | ≥22%adj. EBITDA CAGR above 20% through 2026–2029 |
| Nike Same-Day Move | +2%NKE to $36.81; down ~43% YTD |
What happened
On Holding (ONON) stock jumped 13% on Tuesday to $30.84 after the Swiss running brand's Zurich Investor Day set a CHF 5.6 billion 2029 target and launched its first-ever $1 billion buyback. The company said it expects sales to grow at a high-teens annual pace through 2029 — roughly doubling its current revenue base — while keeping the profit it earns on each item sold above 65%. On also announced it will enter football and golf, two of Nike's biggest product categories, aided by its signing of soccer star Kylian Mbappé just four days before the event. Its full-year 2026 targets were left unchanged: low-20% growth and a gross margin of at least 65%.
Why it matters
On Holding, best known for its cloud-shaped running shoes, is signaling that it wants to become a full sportswear house rather than a running specialist. Its push into football and golf — backed by a deal with the world's most marketable active soccer player — puts it on a direct collision course with Nike and Adidas in their most lucrative sport categories. The $1 billion buyback tells shareholders that management believes the stock, down about 35% this year before the jump, is worth more than the market is pricing it.
Who this affects
- MarketbullishMedium impact
- Sportswear shares rallied; Nike gained 2% on the same day.
- CompanybullishHigh impact
- Shareholders gain from buyback, clear long-term margin targets, and expansion.
- CompetitorsbearishMedium impact
- Nike and Adidas face a well-funded rival entering football and golf.
- IndustrymixedMedium impact
- Premium sportswear gains a challenger with full-sport ambitions.
On Holding vs Nike, Adidas, Deckers
| On HoldingONON:NYSE | $10.1B | +13% | -35% | 15.4x | +14% |
|---|---|---|---|---|---|
| NikeNKE:NYSE | $53.5B | +2% | -43% | 21.0x | -5% |
| AdidasADDYY | $28.7B | — | -18% | 11.9x | +4% |
| Deckers (Hoka/UGG)DECK:NYSE | $10.7B | — | -24% | 10.7x | +11% |
As of 2026-09-24
How we got here
On Holding lists on NYSE in IPO, raising about $746M at $24 a share.
On signs soccer star Kylian Mbappé, ending his roughly 20-year Nike deal.
Zurich Investor Day sets CHF 5.6B 2029 target, $1B buyback, football and golf entry.
ONON jumps 13% to intraday high $30.84; Nike ticks up about 2%.
What to watch
- Q3 2026 results: On guided ~17% constant-currency growth; investors watching for beat.Q4 2026
- First On football boot launch using Lightspray technology, expected in 2027.2027-01-01
- Buyback execution pace against analyst consensus buy ratings and ~$42 price target.Q4 2026
Educational content only. Not investment advice.
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