Positioned as the fastest-growing premium athletic brand globally, On is successfully challenging established giants through a premium pricing strategy and a highly effective direct-to-consumer model, with full-year 2025 net sales projected to reach approximately CHF 2.98 billion, reflecting 34% constant currency growth. The business model emphasizes innovation with significant R&D investments and leverages data analytics to optimize product offerings.
Cyborg Score Rationale
Following Q3 2025 record net sales of CHF 794.4 million and a gross profit margin of 65.7%, the company raised its full-year 2025 guidance to CHF 2.98 billion. Strong execution on premium brand positioning, proprietary technology moat, and high-margin DTC channels create competitive advantage, though intense market competition poses ongoing risk.
Top Insights
Record Q3 2025 performance with CHF 794.4M net sales and 65.7% gross profit margin demonstrates premium positioning advantage
CloudTec® proprietary cushioning technology creates defendable economic moat protecting pricing power and margins
DTC-focused distribution strategy (e-commerce, flagship stores) maintains brand control and margin expansion potential
34% constant currency growth guidance for 2025 indicates market share gains from established competitors like Nike, Adidas, and Hoka
Named Competitors
Hoka One One — Maximalist cushioning performance running shoes
Nike — Diversified athletic footwear and apparel leader
Adidas — Established athletic brand with diverse portfolio
Puma — Athletic and lifestyle footwear competitor
Recent Developments
(November 2025) Raised full-year 2025 net sales guidance to CHF 2.98 billion following record Q3 performance
(Q3 2025) Achieved record quarterly net sales of CHF 794.4 million with 65.7% gross profit margin
(September 2021) Completed IPO on NYSE under ticker ONON
Open the full interactive On Holding AG report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.