SwitzerlandSep. 16, 2025 11:49 PM ETOn Holding AG (ONON) StockONONKenio Fontes1.19K FollowersOn Holding delivers impressive revenue growth, strong brand power, and premium margins, reminiscent of early-stage Nike and lululemon.ONON's high valuation and sector uncertainties justify a hold rating, despite robust operational execution and ambitious growth guidance.Risks include potential margin compression, macroeconomic headwinds, and limited margin of safety at current prices, even with optimistic growth assumptions.ONON remains a compelling watchlist candidate, but a correction is needed to improve the margin of safety before considering a buy.MoMo Productions/DigitalVision via Getty ImagesSportswear is an interesting industry. It is growing rapidly, supported by secular trends, and still has players that operate very well, such as On Holding AG (NYSE:ONON).The growth table (whose grade is an A) showsThis article was written byKenio Fontes1.19K FollowersEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments