At its Sept. 22 Investor Day, On Holding set targets through 2029 of high-teens constant-currency net-sales CAGR, gross margin of at least 65% and adjusted EBITDA margin of at least 22%. UBS and Citi reiterated Buy ratings, with price targets of $73 and $55.
On Holding said its Run, Sneaker and Apparel businesses would remain key growth drivers, with golf and football as new areas. It targets adjusted EBITDA CAGR above 20% over three years, said it was on track to significantly surpass its 2023 financial targets and reaffirmed its 2026 outlook. Its board authorized share repurchases of up to $1 billion through December 2029.
UBS forecast a 29% five-year earnings-per-share CAGR. Citi said the 2029 sales-growth target was above mid-teens market expectations and viewed near-term athletic-market pressures that reduced fiscal 2026 wholesale sell-in as temporary. The article also cites risks from premium pricing, marketing spending and established competitors.
