ON (NYSE:ONON) Releases Earnings Results, Beats Expectations By $0.06 EPS

ON (NYSE:ONON) released its quarterly earnings data on Tuesday. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.06, FiscalAI reports. The business had revenue of $937.29 million during the quarter, compared to analyst estimates of $727.55 million. ON had a return on equity of 14.81% and a net margin of 7.45%.

ON Stock Up 0.7%

ONON stock opened at $46.79 on Tuesday. The company has a 50 day moving average of $46.39 and a two-hundred day moving average of $44.44. The company has a market cap of $29.38 billion, a price-to-earnings ratio of 60.77, a PEG ratio of 1.39 and a beta of 2.15. ON has a 12-month low of $34.38 and a 12-month high of $61.29. The company has a quick ratio of 2.05, a current ratio of 2.55 and a debt-to-equity ratio of 0.28.

Key Stories Impacting ON

Here are the key news stories impacting ON this week:

• Positive Sentiment: On said full‑year 2025 net sales topped CHF 3.0 billion for the first time and reported record margins, highlighting stronger-than-expected scale and profitability improvement. On Holding Tops CHF 3 Billion in 2025 Sales as Margins Hit Record Highs
• Positive Sentiment: Q4 results beat expectations: EPS $0.32 vs. $0.26 est and revenue $937.29M vs. $727.55M est; company posted a 7.45% net margin and 14.81% ROE — data that supports higher profitability and justifies a premium multiple. View Press Release
• Positive Sentiment: Options flow showed heavy bullish positioning ahead of the print — ~82,420 calls traded (≈377% above average), indicating elevated trader optimism or hedged bullish bets that can amplify intraday moves. On Holding (NYSE:ONON) NYSE Composite Sees Call Surge
• Neutral Sentiment: The company filed its Form 20‑F and released the full quarter/year report — routine disclosure; useful for model updates but not an incremental catalyst by itself. On Announces Fourth Quarter and Full Year Results, and the Filing of its Annual Report on Form 20-F for 2025
• Negative Sentiment: CNBC noted that while sales and profitability were record highs, the company’s forward guidance fell short of some analyst expectations — a likely reason for any intraday pullback as investors reassess growth trajectory versus valuation. Swiss sneaker maker posts record sales, but guidance falls short of expectations

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ONON. Morgan Stanley increased their price target on ON from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 13th. KeyCorp reduced their price objective on shares of ON from $68.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, January 22nd. Evercore dropped their target price on shares of ON from $68.00 to $50.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Telsey Advisory Group restated an “outperform” rating and set a $65.00 price target on shares of ON in a report on Tuesday. Finally, Bank of America upped their price target on shares of ON from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.86.

Institutional Trading of ON

Several hedge funds and other institutional investors have recently modified their holdings of ONON. Morgan Stanley boosted its position in ON by 40.9% during the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after purchasing an additional 6,997,455 shares during the last quarter. Sinvest Investments II Ltd. purchased a new stake in shares of ON during the 4th quarter worth about $390,432,000. Ameriprise Financial Inc. lifted its holdings in shares of ON by 44.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company’s stock valued at $138,865,000 after buying an additional 1,026,804 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of ON by 13.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,997,473 shares of the company’s stock valued at $126,943,000 after buying an additional 364,091 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of ON by 119.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,738,692 shares of the company’s stock valued at $127,295,000 after buying an additional 1,492,917 shares in the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.