This week's news centers on On's newly unveiled three-year growth plan, targeting at least CHF 5.6 billion in net sales and an adjusted EBITDA margin of 22% or higher by 2029, alongside a $1 billion buyback and expansion into football and golf categories. Coverage also points to continued premium store expansion supporting DTC growth and traffic, along with comparisons to peer Boot Barn on footwear positioning. Trading volume was notably elevated this week, with shares moving between roughly $27.32 and $30.85 across sessions.
On shares closed at $30.00, essentially flat on the day, and remain below both the 50-day average of $31.65 and the 200-day average of $38.38, with the shorter average also under the longer one, reflecting a broader downtrend. The GekkoIndex reads 57.5, placing it in the Neutral zone, down 13.2 points over the last five sessions. Price sits 16.3% below Gekko Fair Value of $35.83.
The next earnings report is scheduled for 11 November 2026, 43 days out and beyond a typical 20-trading-day window. Over the last 90 days, two open-market insider purchases totaling $3,987,582 have been recorded, and one unusual options signal appeared in the last 30 days, with call premium of $1,218,828 against put premium of $185,378. Seasonally, the next 20 trading days have averaged -1.1% over 5 years, rising in 2 of those years, a pattern worth noting alongside the current gap to fair value.
Written by AI and checked automatically against the figures on this page. Generated Sep 29, 2026 from the data above.
On scores 3 supportive, 1 mixed and 2 headwinds across the 6 checklist items with data.
Six things swing traders check before a 20-day hold, read from the latest data.
3 supportive1 mixed2 headwinds
Below 50 and 200-day
Close $30.00 is below the 50-day ($31.65) and 200-day ($38.38) averages, and the 50-day is below the 200-day.
See the chart57.5, Neutral
Reading 57.5 is in the Neutral zone.
See the GekkoIndex16.3% below
Price is 16.3% below Gekko Fair Value (more than 5% below).
See fair valueLeans bullish
Last 90 days: 2 open-market insider purchases. Last 30 days: 1 unusual options signal.
See smart moneyReports in 43 days
Next report Nov 11, 2026, 43 days away — outside a typical 20-trading-day hold.
See earnings−1.1% on average
From this point in the calendar, the next 20 trading days averaged −1.1% over 5 years, rising in 2 of them.
See seasonalityA description of current data, not a recommendation. How this page works
On closed at $30.00 on Sep 28, 2026, −31.7% over the past year, inside a 52-week range of $26.37 to $51.08.
Use the left and right arrow keys to read daily values.
Put ONON on a Gekko watchlist and see its GekkoIndex, Gekko Fair Value and smart money signals update on the chart as they change.
On designs and sells performance sports gear under the On brand, reaching customers across Switzerland, the wider Europe, Middle East and Africa region, the United States, other parts of the Americas, and Asia-Pacific. Its range covers athletic footwear, apparel, and accessories built for activities such as running, outdoor pursuits, all-day wear, training, tennis, and products aimed at young movers. The company is best recognized for this footwear and apparel line marketed to athletes and generally active people.
On reaches its customers through a mix of wholesale partners and direct-to-consumer sales. Its wholesale network includes run specialty stores, general sporting goods retailers, outdoor shops, luxury and street fashion outlets, and lifestyle retailers, while its direct channels include its own retail stores and e-commerce platforms.
On was founded in 2010 and is based in Zurich, Switzerland. Its shares trade on the NYSE under the ticker ONON.
On’s GekkoIndex — Gekko’s 0 to 100 smart money score — reads 57.5, in the Neutral zone, down 13.2 points over five sessions.
Down 13.2 points over five sessions, from the Buying zone.
Reading for Sep 28, 2026
| Zone | Readings | 5 days | 20 days | ||
|---|---|---|---|---|---|
| Buying | 44 | +1.8% | +9.0% | ||
| Accumulation | 252 | +0.1% | +1.2% | ||
| Neutral (current zone) | 331 | +0.1% | +0.2% | ||
| Distribution | 41 | +0.9% | −2.3% | ||
| Selling | 4 | Too few readings yet | |||
Average ONON share-price change over the trading days after each daily reading in its GekkoIndex history. Across every stock Gekko tracks, Neutral readings averaged +1.1% over 20 days. Past behaviour doesn’t guarantee future results.
Neutral zone: No clear directional signal. About the five zones →
On trades 16.3% below Gekko Fair Value of $35.83, so the shares are undervalued on Gekko’s estimate.
Gekko’s own estimate of what On shares are worth, recalculated every trading day.
$35.83
Gekko Fair Value, Sep 26, 2026
16.3% Undervalued
Insiders filed 2 open-market purchases in On worth $3.99M, and no Congress trades were disclosed, in the last 90 days.
Plus buybacks, unusual options and fund positions, each dated to when it became public.
$3.99Min 2 open-market purchases
| Filed | Insider | Type | Value |
|---|---|---|---|
| Aug 17 | Olivier Bernhard Executive Officer | Purchase | $1.99M |
| Aug 17 | Caspar Felix Coppetti Executive Officer & Co-CEO | Purchase | $1.99M |
From Form 4 filings, dated to when each was filed.
No trades in ONON were disclosed by members of Congress in the last 90 days.
From congressional disclosures, which report amounts as ranges.
1signal, 87% of the flagged premium in calls.
Latest: Bullish flow on Sep 10, $1.40M in unusual premium.
1of the funds Gekko tracks holds ONON.
On reports on Nov 11, 2026, before the open (43 days away), and beat the EPS estimate in 5 of its last 8 reports.
Nov 11, 2026
Expected before the open, 43 days away
| Reported | EPS | Revenue | Move |
|---|---|---|---|
| Aug 11, 2026 | $0.39 est $0.38 | $1.05B est $1.08B | −20.0% |
| May 12, 2026 | $0.37 est $0.27 | $1.04B est $1.03B | +4.0% |
| Mar 3, 2026 | $0.31 est $0.26 | $938.2M est $916.1M | −7.5% |
| Nov 12, 2025 | $0.50 est $0.33 | $998.6M est $957.0M | +20.5% |
| Aug 12, 2025 | −$0.11 est $0.24 | $942.9M est $885.9M | +5.4% |
| May 13, 2025 | $0.21 est $0.22 | $853.2M est $768.9M | +12.2% |
| Mar 4, 2025 | $0.33 est $0.18 | $667.9M est $653.7M | +9.7% |
| Nov 12, 2024 | $0.11 est $0.23 | $740.8M est $729.5M | 0.0% |
“Move” is the close of the first session after the report compared with the close of the last session before it, so it reads the same whether the company reported before the open or after the close.
Analysts’ average 12-month price target for On is $43.08, +43.6% from the last close, from 23 firms rating the stock in the last 90 days.
Each firm’s latest rating in the last 90 days: 23 firms.
| Date | Firm | Target | vs price |
|---|---|---|---|
| Sep 28 | William Blair | — | — |
| Sep 28 | KeyBanc | $37 | +23.3% |
| Sep 28 | Citi | — | — |
| Sep 25 | Goldman Sachs | $44 | +46.7% |
| Sep 25 | Morgan Stanley | $39 | +30.0% |
Gekko doesn’t publish price predictions. These are analyst targets and historical base rates, which don’t guarantee future results.
Over the next 20 trading days from Sep 29, On averaged −1.1% across the last 5 years, rising in 2 of them.
| Window | Average | Years higher |
|---|---|---|
| Next 5 trading days | −2.1% | 2 of 5 |
| Next 10 trading days | −4.0% | 0 of 5 |
| Next 15 trading days | −5.1% | 1 of 5 |
| Next 20 trading days | −1.1% | 2 of 5 |
| Next 30 trading days | +0.5% | 3 of 5 |
For scale, ONON’s typical 20-trading-day move in either direction is about 10.1%.
On’s market cap is $10.00B, with a P/E ratio of 21 and revenue of $3.22B over the last twelve months.
Coverage of On this week reads neutral: 0 positive, 5 neutral and 0 negative headlines.
On’s 6 largest industry peers by market value, with today’s move, GekkoIndex zone and gap to Gekko Fair Value.
| Stock | GekkoIndex zone | vs Fair Value |
|---|---|---|
| NKENike | Accumulation | 20.3% below |
| RLRalph Lauren | Neutral | 10.3% above |
| LULUlululemon athletica | Accumulation | 37.6% below |
| DECKDeckers Outdoor | Accumulation | 38.3% below |
| LEVILevi Strauss | Accumulation | 1.7% below |
| GILGildan Activewear | Buying | 29.4% below |
A peer links to its own page where one exists.
On’s market cap is $10.00B at the Sep 28, 2026 close of $30.00, with 301.7M shares outstanding. The shares trade on a P/E ratio of 21.
The consensus analyst 12-month price target for On is $43.08, +43.6% from the last close. Of the 23 firms that rated the stock in the last 90 days, 19 rate it a buy, 3 a hold and 1 a sell. Gekko doesn’t publish price predictions of its own.
On Gekko’s estimate On is undervalued: the Sep 28, 2026 close of $30.00 is 16.3% below Gekko Fair Value of $35.83. Gekko Fair Value is recalculated every trading day, and a gap inside 5% either way counts as about fair value.
On is expected to report on Nov 11, 2026, before the market opens (43 days away). Analysts expect earnings of $0.47 per share on revenue of $1.12B. On beat the earnings estimate in 5 of its last 8 reports, moving 9.9% on average across the report.
On’s 52-week high is $51.08 and its 52-week low is $26.37; it closed at $30.00 on Sep 28, 2026, −31.7% over the past year. Over the last five years the shares peaked at $64.05 on Jan 30, 2025.
Gekko describes the data; it does not make buy or sell recommendations. On the swing-trade checklist, 3 of the 6 items with data read as supportive (fair value, smart money and earnings risk), 1 as mixed (gekkoindex) and 2 as headwinds (trend and seasonality). The checklist is a description of current data, not a recommendation.
Gekko flagged 1 unusual options signal in On over the last 30 days, with $1.22M of flagged premium in calls and $185K in puts. The latest, bullish flow, was on Sep 10, 2026 with $1.40M in unusual premium. The signal-by-signal table is in Gekko.
During US trading hours the price at the top of the page is a delayed quote, refreshed every 15 minutes; everything else is rebuilt after each US market close. The GekkoIndex, Gekko Fair Value and the checklist are Gekko’s own, and the Gekko Brief is written by AI from this page’s data and checked against it before it is published. How Gekko’s data works →
Every GekkoIndex reading, insider trade, options bet and Congress disclosure plotted on the chart, plus the 5,800-name screener and trade planning tools.
Join 1,380 other traders using Gekko
Start Your FREE 7 Day Trial → Every feature unlocked. No credit card required.Type a ticker or company name. Press Esc to close.