On Holding Investor Day: On Sets Sights On $6.8B Sales Goal By 2029 – ONON Stock Heads For Best Day In Over 10 Months

• Beyond sales, On Holding expects a gross margin of at least 65% and adjusted earnings before interest, tax, depreciation and amortization margin of at least 22% by 2029.
• The company announced its first-ever share buyback, authorizing up to $1 billion in repurchases through the end of 2029.
• Since the last Investor Day in 2023, the firm has raised the average price point of its products to $270 from $145, co-founder and co-CEO Caspar Coppetti told CNBC.

On Holding (ONON) laid out its new long-term targets on Tuesday, betting that its expansion beyond running into sneakers, apparel, soccer and golf can push annual sales close to $7 billion by 2029.

At the time of writing, ONON shares were up over 11%, tracking their biggest single-day gains in more than 10 months.

FY 2029 Forecast, $1B Share Buyback In Focus

At its Investor Day, the Roger Federer-backed sportswear company said it expects net sales to reach at least CHF 5.6 billion ($6.84 billion) by 2029, representing a high-teens constant-currency annual growth rate between 2026 and 2029.

On is also targeting a gross margin of at least 65% and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) margin of at least 22%.

For full-year 2026, the company had previously projected revenue of CHF 3.47 billion to CHF 3.56 billion, compared with Wall Street consensus of roughly CHF 3.51 billion, according to Fiscal.ai data. It expects a gross margin of at least 65% and an adjusted EBITDA margin between 19.5% and 20%.

The company also authorized its first-ever share buyback program of up to $1 billion through the end of 2029.

Mbappé Leads Brand Push

On’s next phase will center on its core running, sneaker, and apparel businesses while adding soccer and golf as new growth categories.

The strategy comes days after On signed French soccer superstar Kylian Mbappé, who will help develop and test footwear and apparel. Soccer legend Thierry Henry is also working with the company as its Director of Football.

On said its strategy, built around product innovation and athlete partnerships with stars such as Roger Federer and Kylian Mbappé, is helping attract new customers while allowing the company to maintain higher prices and limit discounting.

“We’re very happy with how the business is developing, and what’s more, we can translate that desirability through very, very stable pricing. We are the brand with the highest ASP (average selling price) and the lowest discount rates. And in fact, since our last Investor Day three years ago, we have taken the average price point for all from $145 to $270,” On’s co-founder & co-CEO Caspar Coppetti told CNBC on Tuesday.  

Retail Bulls Eye $70

Retail sentiment surrounding ONON on Stocktwits remained ‘extremely bullish’ over the past 24 hours, amid ‘extremely high’ message volumes.

One user believes the stock could climb to $70, more than double its current value.

ONON shares have shed more than 35% of their value so far in 2026.

(Exchange Rate: CHF1 = $1.22)

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