On Holding (ONON) Is Up 15.0% After Raising 2025 Earnings Guidance on Strong Q3 Results

• On Holding AG recently increased its full-year 2025 earnings guidance after reporting third quarter sales of CHF794.4 million and net income of CHF118.9 million, marking significant year-over-year growth in both metrics.
• This upward revision in outlook highlights strong momentum across On Holding's product lines and international markets during a period of heightened industry competition.
• With management raising its net sales growth target for 2025, we will explore how this enhanced outlook alters On Holding's investment narrative.

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On Holding Investment Narrative Recap

Owning shares of On Holding means believing that the brand can sustain rapid international growth, maintain strong momentum in its premium product segments, and succeed with direct-to-consumer strategies, even as competitive pressures escalate. The recent guidance raise on expected 2025 net sales growth reinforces short-term enthusiasm and strengthens the key catalyst of accelerating top-line expansion. However, this update does not materially change the most pressing risk, whether continuous premium pricing is sustainable without harming demand or margin stability.

Among recent announcements, the November 2025 upward revision of full-year guidance is most relevant. It underscores management’s confidence in On’s ability to grow globally and capitalize on market share gains. Yet as international scaling accelerates, investors should weigh how On balances aggressive expansion, including regional store rollouts and product launches, against the risk that execution missteps or shifting trends could pressure future earnings.

In contrast, while sales guidance has climbed again, investors should be cautious of the longer-term effects if core buyers begin to push back against...

Read the full narrative on On Holding (it's free!)

On Holding's narrative projects CHF 5.0 billion revenue and CHF 561.2 million earnings by 2028. This requires 22.9% yearly revenue growth and a CHF 425.3 million earnings increase from the current CHF 135.9 million.

Uncover how On Holding's forecasts yield a $62.29 fair value, a 50% upside to its current price.

Exploring Other Perspectives

Twenty-one fair value estimates from the Simply Wall St Community span CHF36.13 to CHF95.79. As expectations for direct-to-consumer and global growth drive optimism, consider how competitive pricing pressure could affect future results and explore how your view fits into this wide range of perspectives.

Explore 21 other fair value estimates on On Holding - why the stock might be worth over 2x more than the current price!

Build Your Own On Holding Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your On Holding research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.
• Our free On Holding research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate On Holding's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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