On Hldg

Stock

ISIN: CH1134540470

Ticker: ONON

CH1134540470

ONON

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Discussion about ONON

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Aktien Stammtisch

@Aktien_Stammtisch

2Wk·

On Holding AG Q2 2025 Earnings Highlights

$ONON (+0.92%)

🔹 EPS: (CHF0.09) 🔴 (Est. CHF0.14)

🔹 Revenue: CHF749.2M 🟢 (Est. CHF703.8M); +32% YoY (+38.2% CC)

FY25 Guidance (Raised)

🔹 Revenue: CHF2.91B 🟡 (Est. CHF2.93B); ≥+31% CC (prev. ≥+28%)

🔹 Gross Margin: 60.5–61.0% (prev. 60.0–60.5%)

🔹 Adj. EBITDA Margin: 17.0–17.5% (prev. 16.5–17.5%)

Regional Sales (YoY)

🔹 EMEA: CHF197.8M; +42.9% (+46.1% CC)

🔹 Americas: CHF432.3M; +16.8% (+23.6% CC)

🔹 Asia-Pacific: CHF119.2M; +101.3% (+110.9% CC)

Product Sales (YoY)

🔹 DTC: CHF308.3M; +47.2% (+54.3% CC) – 41.1% of total sales

🔹 Wholesale: CHF441.0M; +23.1% (+28.8% CC)

🔹 Shoes: CHF704.9M; +29.9% (+36.0% CC)

🔹 Apparel: CHF36.7M; +67.5% (+75.5% CC)

🔹 Accessories: CHF7.7M; +133.3% (+143.2% CC)

Other Metrics:

🔹 Net Income: CHF(40.9)M vs CHF30.8M last year

🔹 Gross Profit: CHF460.8M; +35.4% YoY

🔹 Gross Margin: 61.5% (+160 bps YoY)

🔹 Adjusted EBITDA: CHF136.1M; +50% YoY

🔹 Adjusted EBITDA Margin: 18.2% (+220 bps YoY)

Management Commentary

🔸 “Our Q2 results leave no doubt: On is playing the long game... building a resilient brand for decades ahead.” – Co-Founder David Allemann

🔸 “Premium positioning is coming to life across every consumer touchpoint… strong conviction in our strategy.” – CEO & CFO Martin Hoffmann

1 Comment

Marcelo@Marcelo-80

2Wk

On Holding raised its full-year sales forecast on Tuesday as its focus on brand advertising boosts demand for athletic apparel and footwear, sending the company's shares up about 10 percent in premarket trading.

The Swiss company has captured market share in the U.S. from rivals such as Adidas and Nike by trying to appeal to younger customers through high-profile collaborations and product innovation.

The Roger Federer-endorsed company, which is considered a premium brand, raised prices by around 10 dollars in July, mainly on lifestyle products.

"We are aware that we want to be the most premium brand, and therefore we also have to lead the way in the premium position when it comes to prices," said CEO Martin Hoffmann.

"But now, looking ahead to the rest of the year, we don't need more prices," he added.

On has launched new products, including the Cloudsurfer Max shoes, which retail for $180, as well as its ongoing partnerships with actress Zendaya and musician FKA Twigs.

The company faces a 20 percent tariff on goods from Vietnam, a key insider for its finished products.

"We've been paying 20 percent tariffs on most of our imports into the U.S., and with the latest numbers, those tariffs are going up to 40 percent for Vietnam," Hoffman said.

On expects full-year 2025 net sales of at least CHF 2.91 billion ($3.60 billion), compared to previous expectations of at least CHF 2.86 billion.

The company forecasts an annual adjusted earnings margin before interest, taxes, depreciation and amortization in the range of 17% to 17.5%, compared to the previous expectation of 16.5% to 17.5%.

For the second quarter ended June 30, sales rose 32% to CHF 749.2 million, beating estimates of CHF 705.3 million, according to data compiled by LSEG.

Net sales in the footwear segment rose by 29.9%, while sales in the apparel segment increased by 75.5%.

However, due to the weaker dollar, On reported an adjusted loss per share of CHF 0.09, compared to an estimated profit of CHF 0.21.

•

Dirty30

@Dirty30

3Wk·

Hello dear lovers

$ONON (+0.92%) Listing before GTA VI is definitely wild. In fact, the stock has now been tradable on Scalable since July 25 after my ticket from 2021 was found in the support spam folder. So folks, get in there, you can sink a few euros here too.

04.08

On Hldg

Bought x66 at €41.26

€2,723.16

3 Comments

Cookiebug@Cookiebug

3Wk

Somehow I can't get the reference to GTA VI right

•

View all 2 further answers

Kai

@Kai_

3Mon·

On Holding, the Swiss answer to Nike? 👟

On Holding is one of the most exciting sports and lifestyle stocks in Europe.

The company was founded in Zurich in 2010 and has made a name for itself worldwide with innovative running shoes.

Roger Federer is not only an investor, but also a brand ambassador and the namesake of his own collection.

📈 Growth

Turnover in 2024 was around 2.5 billion euros with growth of 30% compared to the previous year.

The USA is currently the most important market, but Europe and Asia are also gaining in importance.

The gross margin is over 49%.

The company is not yet consistently profitable, but is investing heavily in expansion and brand development.

🛍️ Products and strategy

On combines performance shoes such as the Cloudmonster with lifestyle products and textiles. In addition to online sales and its own stores, On also works with major partners such as Foot Locker and Zalando.

💡 Strengths

Strong brand identity, modern designs, growing direct-to-consumer business and focus on innovation and sustainability.

⚠️ Risks

Strong competition from Nike, Adidas and other brands.

Dependence on growth in the USA is also a risk.

📊 My conclusion

Anyone who believes in the next big global sports brand should take a closer look at the company.

For me $ONON (+0.92%) currently "only" on the watchlist, an exciting stock, but not (yet) a buy.

Source:

https://aktien.guide/aktien/On-CH1134540470

2 Comments

Nom@user28461

2Mon

Isn't there the same problem with Vietnam at Nike (US tariffs)?

•

Show answer

Aktien Stammtisch

@Aktien_Stammtisch

3Mon·

On Holding Q1'25 Earnings Highlights

$ONON (+0.92%)

🔹 Revenue: CHF 726.6M (Est. CHF 680.5M) 🟢; +43.0% YoY

🔹 Adj. EPS: CHF 0.21 (Est. CHF 0.15) 🟢

🔹 Gross Margin: 59.9% vs. 59.7% YoY

🔹 Adj. EBITDA: CHF 119.9M; +54.8% YoY

Segment & Regional Performance

🔹 DTC Sales: CHF 276.9M; +45.3% YoY

🔹 Wholesale Sales: CHF 449.7M; +41.5% YoY

🔹 DTC Share: 38.1% of total revenue

🔹 EMEA Revenue: CHF 168.6M; +33.6% YoY

🔹 Americas Revenue: CHF 437.4M; +32.7% YoY

🔹 Asia-Pacific Revenue: CHF 120.6M; +130.1% YoY

🔹 Shoes: CHF 680.9M; +40.5% YoY

🔹 Apparel: CHF 38.1M; +93.1% YoY

🔹 Accessories: CHF 7.6M; +99.2% YoY

Guidance (FY25)

🔹 Revenue Growth: +28% constant currency → at least CHF 2.86B

🔹 Gross Margin: 60.0% – 60.5%

🔹 Adj. EBITDA Margin: 16.5% – 17.5%

PatitosFortune

@dividend_master_pf

3Mon·

🇨🇭 Swiss Dividend & Defensive Growth Stocks – Ranked

I screened 7 global blue chips with a value/growth balance using my PASS and Buffett-style filters. Here’s the verdict:

🔝 1. Chocoladefabriken Lindt & Sprüngli ($LISP (+0.7%) )

🟩 Score: 89 – Excellent

📈 WB Score: 7 (Grade B)

📌 Insider-led, durable moat, elite brand.

🚨 BUT: Price per share (CHF 12,210!) makes it impractical for my strategy.

🥈 2. Nestlé ($NESN (+0.84%) )

🟨 Score: 75 – Strong

📈 WB Score: 4 (Grade D)

⚖️ Balanced income with global stability. Mildly overvalued but still attractive.

🥉 3. Mondelez ($MDLZ (+0.29%) )

🟨 Score: 70 – Strong

📈 WB Score: 4 (Grade D)

🍫 Snack leader with consistent cash flows. Mildly overvalued, but solid anchor.

⚖️ Honorable Mentions

Roche ($ROG (-0.62%) ) – ⚖️ Fairly priced, insider-led, great pipeline, but slight value trap warning.
Zurich Insurance ($ZURN (+0.92%) ) – Stable, shareholder-friendly.
UBS ($UBSG (-0.2%) ) – Riskier financial play, some trap signals.
On Holding ($ONON (+0.92%)) – Growth potential, but overvalued; needs close monitoring.

🧠 Strategy Notes

✅ Favoring undervalued or stable-yield stocks with clear rotation plans.

❌ LISP is a dream stock, but high entry price makes it unsuitable for my dividend + compounding approach.

But I’m convinced it would make a fine addition to a portfolio and I will keep an eye on it and have it as one of my white whales!

5 Comments

Darth Vader@TheRealDarthVader

3Mon

$CHDVD

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einfach_aktien_

@einfach_aktien_

4Mon·

ON in the share check

$ONON (+0.92%)

If you like the content, you are welcome to visit us on Instagram:

@ einfach.aktien

None

+ 6

1 Comment

saend@saend

4Mon

very cool format 👍

•

Aktien Stammtisch

@Aktien_Stammtisch

5Mon·

On Holding Q4 Earnings Highlights

$ONON (+0.92%)

🔹 EPS: CHF 0.27 (Est. CHF 0.18) 🟢; UP +50% YoY

🔹 Revenue: CHF 606.6M (Est. CHF 594.5M) 🟢; UP +35.7% YoY

Q4 Key Metrics:

🔹 Gross Profit: CHF 376.8M (Est. CHF 367M) 🟢; UP +39.5% YoY

🔹 Gross Margin: 62.1% (Est. 61.7%) 🟢; UP +171 bps YoY

🔹 EBITDA: CHF 99.4M (Est. CHF 97M) 🟢; UP +38.3% YoY

🔹 EBITDA Margin: 16.4% (Est. 16.3%) 🟢; UP +28 bps YoY

🔹 Net Income: CHF 89.5M (Prior CHF -26.8M) 🟢

🔹 Inventory: CHF 419M (Est. CHF 417M) 🟡; UP +17.6% YoY

Segment Performance:

🔹 Wholesale: CHF 310M (Est. CHF 303M) 🟢; UP +28.8% YoY

🔹 Direct-to-Consumer (DTC): CHF 296M (Est. CHF 291M) 🟢; UP +43.1% YoY

Regional Breakdown:

🔹 EMEA: CHF 147M (Est. CHF 137M) 🟢; UP +31.6% YoY

🔹 Americas: CHF 365M (Est. CHF 396M) 🔴; UP +27.9% YoY

🔹 APAC: CHF 74M (Est. CHF 61M) 🟢; UP +117.9% YoY

FY25 Guidance:

🔹 Revenue Growth: 27%+ (Est. 28.2%) 🔴

🔹 Gross Margin: 60.5% (Est. 60.9%) 🔴; DOWN -13 bps YoY

🔹 EBITDA Margin: 17.3% (Est. 17.3%) 🔴; UP +55 bps YoY

🔹 FY25 Revenue Outlook: CHF 2.94B (Est. CHF 2.96B) 🟡

Strategic & Business Updates:

🔹 DTC Growth: Record 48.8% of Q4 Revenue

🔹 Global Expansion: Nearly 50 Own Stores Opened

🔹 Milestone: CHF 100M+ in Apparel Sales

🔹 New Tech: Launched LightSpray™ Innovation

🔹 Brand Momentum: Strengthened via Roger Federer, Zendaya, & FKA twigs Partnerships

CEO David Allemann’s Commentary:

🔸 "2024 was a defining year, elevating On’s presence globally. Our partnerships and continued innovation have made On a beloved brand. Looking ahead, we are confident in sustaining long-term brand love and growth.”

Aktienfox

@Aktienfox

5Mon·

What are you watching this week?

- Monday: $GTLB (-3.06%) , $OKTA (+0.43%) .

- Tuesday: $CRWD (-4.23%) , $FLTR (-0.64%) , $ONON (+0.92%) , $TGT (-0.78%) , $SE-ED .

- Wednesday: $MDB (-1.03%) , $MRVL (-11.09%) , $VEEV (-1.56%) , $ZS (-1.71%) .

- Thursday: $AVGO (-3.47%) , $COST (-0.32%) , $HCP , $HPE (-1.27%) , $27C , $JD. (-3.43%)

3 Comments

Homer@Simpson

5Mon

Boring, just $AVGO and $COST 😂

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The W.

@thewolfofallstreetz

6Mon·

Nike is still "King of the Hill" (by far)

Sales of selected competitors of Nike $NKE (-0.81%) :

Nike(USA): $49.0 billion, -8% in the last quarter compared to the previous year, $NKE (-0.81%)

Adidas*(Germany): $24.6 billion, +7%, $ADS (-1.42%)

Lululemon**(USA): $10.2 billion, +9%, $LULU (-1.31%)

VF Corporation**(USA): $9.9 billion, +2%, $VFC (+1.97%)

Anta Sports*(China): $9.7 billion, +14%, $2020 (+1.86%)

Puma*(Germany): $9.3 billion, +0%, $PUM (+3.02%)

Skechers**(USA): $8.7 billion, +13%, $SKX (-0.04%)

New Balance*(USA): $7.8 bn, unlisted

Under Armour*(USA): $5.4 billion, -6%, $UAA (-0.7%)

Deckers Brands**(USA): $4.6 billion, +17%, $DECK (+0.99%)

ASICS*(Japan): $4.1 billion , +16%, $7936 (-1.57%)

Li Ning*(China): $3.9 bn, +2%, $2331 (+0.63%)

On Holding**(Switzerland): $2.5 billion, +32%, $ONON (+0.92%)

Despite all its problems, Nike is still twice as big as Adidas and somewhat as big as its four main competitors (Adidas, Anta Sports, Puma, New Balance) combined. together.

The Nike share is currently in a 60% drawdown (the worst in 25 years) and is roughly at the level of the COVID-19 low in March 2020.

Attractive risk-reward ratio?

Is Nike a buy, hold or sell for you?

*Main competitor

**Competitor in certain segments

3 Comments

Vinc3🚀@BlockBard

6Mon

I'm thinking back and forth. Since my investment horizon is > 10 years, I'm leaning towards an initial entry in the near future and I'm convinced of Nike in the long term.

•

Show answer

The W.

@thewolfofallstreetz

7Mon·