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On Holding Stock Drops After Mbappé's Controversial Comment
On Holding AG (NYSE: ONON) shares are falling Tuesday as Chinese companies end their deals with Kylian Mbappé. Here's what you should know.
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What's Wrong With On Holding Stock?
On Holding's stock has declined 23% in 2026 due to an intentional slowdown in wholesale shipments to promote full-price sales. Despite the near-term headwinds, the company maintains strong fundamentals with 34.3% direct-to-consumer sales growth, 65.4% gross margins, and 56.2% apparel sales growth. Management projects low-20% constant-currency sales growth for 2026 and is expanding into football and golf with a $7 billion sales target. The stock trades at a reasonable 21x trailing earnings with a PEG ratio of 0.49, below analyst consensus price target of $43.55.
Wolfe Research Initiates Coverage On On Holding with Outperform Rating, Announces Price Target of $47