• In recent sessions, On Holding drew attention as analysts raised earnings estimates, with Zacks assigning the company its top #1 (Strong Buy) rank and brokerage recommendations clustering between Strong Buy and Buy amid expectations of a very large near-term earnings per share increase and solid revenue growth.
• This wave of upgraded earnings projections and unusually strong analyst agreement signals a shift in how the market views On’s profit potential and business momentum.
• We’ll now examine how this heightened analyst confidence in On’s earnings outlook could reshape the company’s investment narrative and risk profile.

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On Holding Investment Narrative Recap

To own On Holding, you have to believe its premium brand, product innovation and global DTC push can justify a high earnings multiple and continued reinvestment in growth. The recent jump in earnings estimates and Zacks’ top ranking sharpen the focus on near term execution: the main catalyst is whether upcoming results can validate those higher EPS expectations, while the biggest risk remains that rich pricing and heavy expansion spend could squeeze margins if demand cools.

Among recent announcements, the reiterated 2026 guidance for at least 23% constant currency net sales growth stands out alongside the upgraded analyst forecasts. Together, they anchor the current optimism around higher earnings power, but also raise the bar for On to deliver on its DTC expansion, new product franchises and international growth without slipping into overexpansion or margin pressure if consumer trends or macro conditions soften.

Yet behind the upbeat earnings revisions, investors should be aware of how quickly aggressive store and apparel growth could turn into inventory and discounting risks if...

On Holding's narrative projects CHF5.4 billion revenue and CHF661.8 million earnings by 2029.

Uncover how On Holding's forecasts yield a $52.49 fair value, a 43% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were already modeling revenue of about CHF5.5 billion and earnings near CHF725 million by 2028, which is a far more bullish story than the consensus view and could easily shift again as markets reassess today’s sharp earnings upgrades and the possibility that rapid apparel and DTC growth proves either a powerful tailwind or a meaningful source of margin risk.

Explore 15 other fair value estimates on On Holding - why the stock might be worth 24% less than the current price!

Decide For Yourself

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your On Holding research is our analysis highlighting 3 key rewards 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.