Core Thesis - On Holding AG (ONON) is positioned as a compelling long-term investment opportunity due to its strong growth potential, innovative technology, and disciplined capital allocation strategy [1][5]. Company Overview - On Holding AG is a Swiss premium sportswear company founded in 2010, known for its proprietary CloudTec® cushioning technology that enhances running performance [2]. - The company operates in over 80 countries, utilizing both direct-to-consumer and wholesale channels, with flagship stores in major cities like Zurich, New York, Tokyo, and Palo Alto [2]. Financial Performance - In Q3 2025, On reported net sales of CHF 794.4 million, reflecting a year-over-year increase of 24.9%, driven by strong demand across various regions, particularly in Asia-Pacific, which saw over 90% growth [3]. - The company maintains high gross margins of 65.7%, indicating strong profitability [3]. Strategic Positioning - On Holding AG has a narrow economic moat due to its proprietary technology, premium brand positioning, and deepening direct-to-consumer engagement, which enhances customer loyalty [3]. - The management, led by CEO/CFO Martin Hoffmann, focuses on disciplined capital allocation, investing in innovation, brand marketing, and DTC infrastructure while maintaining limited debt and holding CHF 961.8 million in cash [4]. Market Competitiveness - On's global expansion and strong operational efficiency position it favorably against larger competitors such as Nike, Adidas, HOKA, and Lululemon [4]. - The stock trades near its fair value with a PEG ratio of 1.18, supported by projected EPS growth of 25–26% over the next five years [5]. Growth Drivers - The company is experiencing rapid growth in its premium apparel and accessories segment, which now contributes around 7% of sales and has increased by 86.9% year-over-year in Q3 2025 [2]. - Expanding geographic penetration and category diversification are key factors contributing to On's growth potential [5].

FedEx says it plans on issuing refunds to shippers and end consumers if a federal court orders the Trump administration to repay money collected from its many of its sweeping tariffs on U.S. trade partners since last April. On Monday, the logistics giant sued the federal government and U.S. Customs and Border Protection (CBP) for a full refund of the tariffs issued under the International Emergency Economic Powers Act (IEEPA), which were struck down by the Supreme Court on Feb. 20. More from Sourcing Jour ...

By Arriana McLymore NEW YORK, NY, Feb 27 - Toymaker Hasbro on Friday joined ‌hundreds of companies suing for refunds ‌of tariffs paid under President Donald Trump’s emergency ​trade measures, which were deemed illegal by the U.S. Supreme Court last week, according to court documents. The Play-Doh-maker, which did not ‌disclose how much ⁠it has paid in IEEPA tariffs, is requesting full refunds along ⁠with interest. The lawsuit joins more than 2,000 similar cases filed in the U.S. ​Court of ​International ...

With key footwear franchises continuing to selling well, On Holding AG remains a growth story but there could be pressures ahead in 2026. Wall Street expects On Holdings’ brand momentum to continue into the start of the first quarter, but that’s when the impact of tariffs could begin to be felt fully after becoming a headwind in the fourth quarter. More from WWD On is expected to report its fourth quarter and full-year earnings results on Tuesday. Needham’s Tom Nikic believes that On will remain a compe ...

Market Analysis by covering: S&P 500, MercadoLibre Inc, Chewy Inc, On Holding AG. Read 's Market Analysis on Investing.com ...

亚玛芬体育 (AS US) 证券研究报告 基本数据 | 收盘价 (美元 截至 2 月 24 日) | 38.24 | | --- | --- | | 市值 (美元百万) | 21,207 | | 6 个月平均日成交额 (美元百万) | 160.69 | | 52 周价格范围 (美元) | 20.21-42.76 | 股价走势图 (28) (10) 9 28 46 Feb-25 Jun-25 Oct-25 Feb-26 (%) 亚玛芬体育 标普500 资料来源：S&P 4Q25 强劲势头有望延续 2026 年 2 月 25 日│美国 服装 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 25 日│美国 | | 服装 | 目标价(美元): | 44.46 | | 公司公布 | 4Q25 业绩：4Q25 | 营收 21.0 亿美元，同比增长 | 28%（固定汇率 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | | | ...

2026 年 2 月 25 日│美国 服装 证券研究报告 亚玛芬体育 (AS US) 4Q25 强劲势头有望延续 经营预测指标与估值 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 25 日│美国 | | 服装 | 目标价(美元): | 44.46 | | 公司公布 | 4Q25 业绩：4Q25 | 营收 21.0 亿美元，同比增长 | 28%（固定汇率 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | | | 计算同比+26%），由技术服装和户外性能板块引领增长，调整后 | OPM 同 | SFC No. BDO986 | +(852) 3658 6000 | 张霜凝* 研究员 SAC No. S0570525070015 zhangshuangning@htsc.com +(86) 755 8249 2388 | 杨耀* | 联系人 | | --- | --- | | SAC No. S057012407005 ...

2026.02.24 本文字数：2393，阅读时长大约4分钟 作者 |第一财经 刘晓颖 只要不出门旅行，杨亚楠几乎在节日假期都会安排一天带上一家老小去奥特莱斯（下称"奥莱"）购物， 这个春节也不例外。 同杨亚楠一样的人不在少数。近几年，每逢春节、元旦、国庆等节假日，全国各大奥莱都会迎来消费峰 值，停车场排起长龙、热门店铺限流、收银台前排起长队成为常态。 相关数据显示，奥莱已经成为商业零售领域的重要增长极之一。据中国商业联合会奥特莱斯分会统计， 2024年7月至2025年6月间，全国205个品质化奥特莱斯项目实现销售额1800亿元，同比增长8.9%，客流 量近9亿人次，同比增幅达12.5%。 并非"尾货处理站" 对于很多国人来说，去奥莱就是"买买买"。但近几年，随着翻新升级，国内的奥莱已不再是单纯的"尾 货卖场"，更像是一个"可停留、可社交、可放松"的城市生活中转站。 这个春节，杨亚楠的表姐一家在上海游玩了几日。在杨亚楠的建议下，迪士尼的两日行程放在最后，游 玩过乐园后，杨亚楠又带表姐一家去逛了附近的比斯特购物村，"玩了吃了逛了买了，满载而归。" 换而言之，近郊奥特莱斯解决了性价比和高品质的对立，实现了都市便捷 ...

The sharp decline in stocks today as a critical week gets underway. Yes, we have Nvidia earnings looming. A lot more as well to discuss and debate with the investment committee.Joining me for the hour today, Jim Leventhal, Joe Terteranova, Brent Talkington, and Jason Snipe. Let's show you what the markets are doing. We're down more than 700 on the Dow.At least 1% declines across the board. We know the two most important stories of the week. the continued fallout from the Scotas ruling on the tariffs, the Nv ...

Nike (NYSE: NKE) stock continues to falter as the athletic giant tries to find its footing, but its industry peers aren't doing much better. Nike stock is down 15% over the past year, but newcomer On Holding (NYSE: ONON) is down 11%, and Lululemon Athletica has lost half of its value. Nike and On are two sides of the same coin. Nike represents the established industry leader, while On is the new and exciting start-up. Let's see which one is the better buy today. Will AI create the world's first trillionair ...