On Holding Reports Strong Q1 Results, Raises Guidance, and Remains a Buy
On Holding (ONON) delivered robust financial results for the first quarter of 2026, surpassing market expectations and prompting management to raise full-year guidance. The company reported a gross margin of 64.2% and an adjusted EBITDA margin of 21%, both exceeding previous guidance and consensus estimates. A significant driver of this performance was the Asia-Pacific region, where net sales surged by 61% on a constant currency basis, highlighting APAC as a critical growth catalyst for the brand. Following these results, GT Research maintains a bullish stance on the stock, characterizing it as undervalued. The analyst’s updated valuation model suggests potential upside with a target price near $50. The article emphasizes On Holding's strong business model, improved profitability metrics, and effective strategic execution in key international markets. This analysis reinforces the view that the company is well-positioned for continued long-term growth, appealing to investors seeking solid fundamentals and margin expansion in the athletic footwear and apparel sector.
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