ONON · NYSE · STOCK
On Holding AG
$30.91
52W $30.11 – $52.20
54/100
$10.30B
32.5
2.12
Is ONON Bullish or Bearish?
Mixed.
Innellis AI committee rates On Holding AG (ONON) Watch with a composite score of 54/100
, based on 4 analysts with 50% agreement.
Last updated August 11, 2026.
What Would Change This View
- Upgrade to Buy
- Requires a committee score of 60.0 — +6.28 from today. Applies on the first day at or above the line; upgrades are never dampened.
- Downgrade to Reduce
- Requires the score to fall below 40.0 — -13.72 from today. The band boundary is 45.0, but a one-step downgrade must clear a further margin first. A score oscillating around the line should not change the rating every night.
Executive Summary
The committee is genuinely divided. Macro Analyst sees a compelling case — vix regime is low -- calm backdrop supports risk-taking. Risk Analyst remains cautious — bollinger bandwidth of 18.2% signals elevated volatility. This disagreement is itself the signal — the setup is not clean in either direction.
Bull & Bear Case
Bull Case
- Weekly trend (downtrend) confirms the daily trend -- multi-timeframe agreement — Technical
- VIX regime is low -- calm backdrop supports risk-taking — Macro
- Market regime is bullish (Bull market -- normal position sizing) — Macro
Bear Case
- Price structure making lower highs and lower lows — Technical
- RSI at 24 is in oversold territory (could mean either capitulation or a bounce setup) — Technical
- MACD histogram negative -- bearish momentum — Technical
- Trend and market structure agree -- coherent bearish picture — Technical
- Price trading below the lower Bollinger Band -- stretched to the downside — Technical
- Bollinger bandwidth of 18.2% signals elevated volatility — Risk
Both cases are generated from quantitative data signals, not qualitative or
forward-looking judgement. They summarise what the numbers say today.
Price History (6M)
AI Investment Committee
Committee Consensus
As of August 11, 2026
Overall Committee Score
54/100
Agreement
50%
Analysts
4
Conviction
Contested
Sector Rank
Top 78%
of 178 Consumer Cyclical peers
Technical Analyst
neutral
41
/ 100 · High confidence
Mixed or range-bound price action
+ Weekly trend (downtrend) confirms the daily trend -- multi-timeframe agreement
− Price structure making lower highs and lower lows
Risk Analyst
bearish
35
/ 100 · Low confidence
Elevated risk from leverage, volatility, event exposure, or portfolio concentration -- size accordingly
− Bollinger bandwidth of 18.2% signals elevated volatility
Macro Analyst
bullish
78
/ 100 · Moderate confidence
Macro backdrop is supportive of risk assets generally, and this name's beta works in its favor
+ VIX regime is low -- calm backdrop supports risk-taking
News Analyst
bullish
61
/ 100 · Low confidence
News flow and recent filings/analyst actions are net positive
Portfolio Manager
neutral
55
/ 100 · Moderate confidence
Portfolio-level factors are mixed -- worth a deliberate sizing decision, not a default-size position
+ Portfolio position concentration is currently healthy
− 2 existing position pair(s) are highly correlated already
Technical Analysis
RSI (14)
24.5
Oversold
MACD Histogram
-0.319
Bearish Momentum
Trend Direction
Downtrend
Weekly: Downtrend
Market Structure
Lh Ll
Bollinger %B
-0.40
Below Lower Band
Price vs Moving Averages
EMA 9
$36.36
Below
EMA 21
$36.83
Below
EMA 50
$37.11
Below
EMA 200
$40.20
Below
Fundamental Analysis
Valuation
56
Profitability
67
Financial Health
100
Cash Flow
70
Valuation
P/E Ratio
32.5×
P/B Ratio
4.71×
PEG Ratio
1.24
Dividend Yield
0.00%
52W High
$52.20
52W Low
$30.11
Quality & Growth
ROE
1190.4%
ROA
685.3%
Gross Margin
6388.2%
Operating Margin
1339.0%
Revenue Growth YoY
—
Debt / Equity
0.34
AI Fundamental Assessment
[reduced confidence: limited earnings history] P/E ratio of 32.5 (rich relative to a 15-40x range); Price-to-book of 4.7x; PEG ratio of 1.2 (under 1.0 suggests growth is undervalued relative to price); Return on equity of 11.9%; Return on assets of 6.9%; Net margin of 8.1%; Gross margin of 63.9%; Current ratio of 2.98 (healthy short-term liquidity); Debt-to-equity of 0.34; Free cash flow per share is positive (0.93); Earnings-history trend unavailable; growth based on TTM year-over-year only.
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