On Holding AG (NYSE: ONON) — the Swiss performance footwear and apparel company best known for its “Cloud” running shoes — ended the Christmas Eve trading session lower, as investors digested a thin-volume holiday tape and a fresh round of market commentary on options activity, institutional positioning, and Wall Street’s latest price targets. [1]
ONON stock price today: a holiday dip on lighter volume
On Holding shares traded down about 2.9% on December 24, 2025, finishing around $46.49. Day ranges reported across market data feeds clustered near an open around the high-$47s, a low in the mid-$46s, and volume near 2.0 million shares — notably lighter than typical for the name, consistent with the holiday-shortened rhythm of Christmas Eve trading. [2]
The move also keeps ONON within a broad 52-week band that has run roughly from the mid-$30s to mid-$60s, a range that matters because many momentum and valuation narratives around the stock have hinged on whether On can keep premium growth rates while defending elevated margins. [3]
What’s “new” on Dec. 24: options listings and an institutional filing headline
Christmas Eve wasn’t packed with a big company press release or an earnings surprise — but three stock-focused developments stood out in the day’s coverage:
1) New February 2026 ONON options started trading
A Nasdaq-hosted options note flagged that new ONON option contracts for the February 2026 expiration became available on December 24. The piece highlighted example strikes and premiums as a snapshot of how the market is pricing upside participation and downside insurance heading into 2026. [4]
Some of the specific examples cited:
- A $43 put with a bid around $0.50, framed as a way to potentially buy shares at an effective basis near $42.50 (before commissions) if assigned. [5]
- A $53 covered call with a bid around $0.50, framed as potentially boosting returns if shares are called away at expiration. [6]
- Implied volatility in the mid-50% range in the examples, with a trailing-volatility comparison also discussed. [7]
None of this is a “prediction” on its own — but new expirations can matter because they expand the toolkit for hedging and speculation, sometimes improving liquidity and tightening spreads over time (particularly for widely followed consumer growth names).
2) Munro Partners trimming stake: a reminder about 13F time lag
Another widely circulated headline on Dec. 24 focused on Munro Partners trimming its position in On Holding, citing the firm’s filing and summarizing the change in shares held. [8]
Two important context notes for readers:
- These institutional-position headlines often reference 13F filings, which are backward-looking (they report positions as of the quarter-end, not real-time trades).
- A reduction by one manager can reflect rebalancing, risk limits, redemptions, or cross-portfolio repositioning — not necessarily a “fundamentals changed” signal.
Still, the item adds to the day’s tape because ONON is a stock where positioning and sentiment can amplify moves, especially when volume is thin.
3) “What’s next?” trading commentary tied to low volume and valuation
Market commentary published on Dec. 24 also emphasized that ONON’s session came on below-average volume, while reiterating familiar talking points: generally positive analyst sentiment, but with a valuation that remains demanding versus many peers. [9]
Analyst forecasts for On Holding stock: price targets cluster in the low-$60s
Despite the day’s decline, the Street’s consensus tone remains constructive.
- MarketBeat’s compiled view lists ONON at a “Moderate Buy” consensus, with an average 12-month price target around $61.27, and a published target range stretching from roughly the low $30s to the mid-$80s depending on the analyst. [10]
- Investing.com’s consensus page similarly shows an overall “Buy” view, with an average target around 63.06 (also reflecting meaningful upside from the mid-$40s), and a high-end target in the mid-$80s. [11]
That spread is the story: ONON is not priced like a sleepy apparel company. It’s priced like a brand that investors expect to keep compounding — and the analyst community is effectively debating how long the premium-growth chapter can last, not whether it exists.
The fundamental backdrop powering ONON’s bull case: growth plus margin expansion
The biggest reason ONON still commands growth-stock attention is that its recent operating results have combined strong top-line momentum with margin strength that looks more like a “premium brand” than a discount-driven sneaker seller.
In its latest quarterly release (for Q3 2025), On reported:
- Net sales up 24.9% year over year to CHF 794.4 million (and higher on a constant-currency basis), with particularly strong growth in Asia-Pacific. [12]
- Gross profit margin rising to 65.7% in the quarter (up from the prior-year period), a key metric investors watch closely because it signals pricing power and product mix strength. [13]
- Updated full-year 2025 guidance pointing to reported net sales around CHF 2.98 billion and gross margin expectations around the low 60% range. [14]
Reuters’ coverage of that quarter captured the logic succinctly: On has argued that demand has stayed resilient even after price increases, reinforcing its “premium lane” positioning in a competitive global footwear market. [15]
That combination — premium demand, expanding distribution, and margin lift — is exactly what long-duration growth investors want. It’s also exactly why valuation becomes the recurring counterargument.
The bear case investors keep circling: valuation, competition, and the macro “mood ring”
On the cautious side of the ledger, there are three themes that tend to reappear whenever ONON slips:
- Valuation risk.
Even supportive market commentary has pointed out that ONON trades at a high earnings multiple versus many consumer peers, meaning the stock can fall hard on modest disappointments or guidance conservatism. [16] - Competitive pressure in performance footwear.
On is competing for attention (and shelf space) in a world that includes Nike, Adidas, Hoka (Deckers), and a long tail of aggressively marketed challengers. Maintaining premium pricing is a superpower — but only as long as consumers keep believing the product is worth it. - Policy, tariffs, and currency crosswinds.
The 2025 footwear landscape has been shaped by tariff headlines and cross-border sourcing realities. On has said it can manage these pressures, but they remain variables that can swing gross margin expectations and investor confidence. [17]
Technical and sentiment checkpoints: what traders will watch after Dec. 24
With ONON closing near $46.5, the stock is sitting in a zone that matters psychologically because it’s close to big round-number “decision points” (mid-$40s) while still well below the 52-week high in the mid-$60s. [18]
In plain English: bulls want proof the dip is just holiday noise inside a bigger uptrend; bears want confirmation that the premium multiple is compressing.
One practical tell to watch when markets reopen with full liquidity is whether volume returns and whether ONON can reclaim recent averages without needing a fresh catalyst.
Next catalyst: ONON’s next earnings date and what matters most
Looking ahead, one of the most important near-term calendar items is the company’s next earnings report. MarketBeat’s earnings page lists March 3, 2026 as an estimated next earnings date (based on historical reporting patterns), noting the company has not confirmed the date yet. [19]
When that report arrives, ONON investors will likely fixate on four questions:
- Did holiday-season demand reinforce (or challenge) the premium thesis?
- Do gross margins remain elevated enough to justify the valuation story?
- What does 2026 guidance say about growth durability, especially internationally?
- How are tariffs, FX, and supply chain dynamics flowing through to pricing and profitability?
Bottom line for Dec. 24, 2025
On Holding stock slipped on Christmas Eve, a session defined more by thin volume and market mechanics than a single blockbuster company headline. But the day’s coverage still added useful signals: new longer-dated options began trading, an institutional-position headline made the rounds, and the analyst consensus stayed broadly positive with price targets clustering around the low-$60s. [20]
For ONON, the narrative remains wonderfully simple — and brutally unforgiving: the market will keep paying a premium as long as On keeps delivering premium growth and premium margins. The next major opportunity to prove that comes with the next earnings cycle in early 2026. [21]
References
1. www.reuters.com, 2. www.investing.com, 3. www.investing.com, 4. www.nasdaq.com, 5. www.nasdaq.com, 6. www.nasdaq.com, 7. www.nasdaq.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. www.investing.com, 12. investors.on-running.com, 13. investors.on-running.com, 14. investors.on-running.com, 15. www.reuters.com, 16. www.marketbeat.com, 17. www.reuters.com, 18. www.investing.com, 19. www.marketbeat.com, 20. www.nasdaq.com, 21. investors.on-running.com
