ONON · NYSE · STOCK
On Holding (ONON) Stock Analysis
$35.09
52W $26.36 – $51.08
56/100
$11.70B
24.3
2.08
Is ONON Bullish or Bearish?
Bullish.
Innellis AI committee rates On Holding AG (ONON) Buy with a composite score of 56/100
, based on 6 analysts with 50% agreement.
Last updated October 10, 2026.
What Would Change This View
- Upgrade to Strong Buy
- Requires a committee score of 75.0 — +18.78 from today. Applies on the first day at or above the line; upgrades are never dampened.
- Downgrade to Watch
- Requires the score to fall below 55.0 — -1.22 from today. The band boundary is 60.0, 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. Growth Analyst sees a compelling case — eps growing 188.6% yoy. Portfolio Manager remains cautious — sector concentration is already high (hhi 2796.97). This disagreement is itself the signal — the setup is not clean in either direction.
Bull & Bear Case
Bull Case
- ROE of 23.1% shows genuine earnings power backing the valuation — Value
- EPS growing 188.6% YoY — Growth
- 4 consecutive earnings beats -- consistent execution — Growth
- MACD histogram positive -- bullish momentum — Technical
- News sentiment is positive (+0.20 across 30 articles, 14d) — News
Bear Case
- Price-to-book of 7.8x prices in significant intangible value — Value
- Growth rate is decelerating quarter over quarter -- the trend line matters more than the level — Growth
- RSI at 91 is in overbought territory — Technical
- Price trading above the upper Bollinger Band -- stretched — Technical
- Bollinger bandwidth of 32.7% 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 October 10, 2026
Overall Committee Score
56/100
Agreement
50%
Analysts
6
Conviction
Contested
Sector Rank
Top 48%
of 178 Consumer Cyclical peers
Value Analyst
neutral
59
/ 100 · High confidence
Fair value -- neither a bargain nor obviously overpriced
+ ROE of 23.1% shows genuine earnings power backing the valuation
− Price-to-book of 7.8x prices in significant intangible value
Growth Analyst
bullish
66
/ 100 · High confidence
Strong, accelerating growth with consistent execution
+ EPS growing 188.6% YoY
− Growth rate is decelerating quarter over quarter -- the trend line matters more than the level
Technical Analyst
neutral
48
/ 100 · High confidence
Mixed or range-bound price action
+ MACD histogram positive -- bullish momentum
− RSI at 91 is in overbought territory
Risk Analyst
bearish
35
/ 100 · Low confidence
Elevated risk from leverage, volatility, event exposure, or portfolio concentration -- size accordingly
− Bollinger bandwidth of 32.7% signals elevated volatility
Macro Analyst
bullish
65
/ 100 · Low confidence
Macro backdrop is supportive of risk assets generally, and this name's beta works in its favor
News Analyst
bullish
64
/ 100 · Low confidence
News flow and recent filings/analyst actions are net positive
+ News sentiment is positive (+0.20 across 30 articles, 14d)
Portfolio Manager
bearish
30
/ 100 · Moderate confidence
The existing book itself argues for caution here, independent of how good this specific stock looks
− Sector concentration is already high (HHI 2796.97)
Investment Thesis Evolution
Committee score moved marginally from 56.2 to 56.2.
- New bearish signals: 3 appeared.
- Bullish support removed: 1 signal(s) disappeared.
- New bullish signals: 1 appeared.
- Bearish pressure eased: 2 signal(s) disappeared.
Analyst-level changes:
- News Analyst: +1 bullish signal(s).
- Risk Analyst: +1 bearish signal(s).
- Technical Analyst: +2 bearish signal(s).
Comparing 2026-10-09 to 2026-10-10 (1 day apart).
Technical Analysis
RSI (14)
90.6
Overbought
MACD Histogram
0.745
Bullish Momentum
Trend Direction
Sideways
Weekly: Downtrend
Market Structure
Lh Ll
Support
$34.82
Resistance
$41.41
Bollinger %B
1.01
Above Upper Band
Price vs Moving Averages
EMA 9
$32.47
Above
EMA 21
$30.98
Above
EMA 50
$31.32
Above
EMA 200
$36.59
Below
Fundamental Analysis
Valuation
69
Growth
69
Profitability
74
Financial Health
100
Cash Flow
70
Valuation
P/E Ratio
24.3×
P/B Ratio
5.09×
PEG Ratio
0.12
Dividend Yield
0.00%
52W High
$51.08
52W Low
$26.36
Quality & Growth
ROE
1246.4%
ROA
717.6%
Gross Margin
6481.8%
Operating Margin
1378.9%
Revenue Growth YoY
—
Debt / Equity
0.29
AI Fundamental Assessment
P/E ratio of 24.3 (inexpensive relative to a 15-40x range); Price-to-book of 5.1x; PEG ratio of 0.1 (under 1.0 suggests growth is undervalued relative to price); Return on equity of 12.5%; Return on assets of 7.2%; Net margin of 12.3%; Gross margin of 64.8%; Current ratio of 2.83 (healthy short-term liquidity); Debt-to-equity of 0.29; Free cash flow per share is positive (1.27); Most recent quarter beat estimates by 1.8%; 4 consecutive earnings beats; EPS growth decelerating (+64.0% -> -14.6% QoQ); Analyst estimates rising over recent quarters
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