Buy ONON by Dec 12, 2026.

On Holding is now trading at \~16x forward earnings against a historical average closer to 30-40x, while expected to grow between 18-20% for the next two years, and while maintaining the best gross margin in sportswear of \~65% Management cut guidance this year, down from at least 23% to low 20s growth, citing that the sector is drowning in inventory and aggressively discounting to clear. Foot Locker (Dick Sporting Goods) revised their guidance in August to a $40–80M operating loss, …