• On Holding AG recently announced that Frank Sluis will join as Chief Financial Officer on May 1, 2026, succeeding CEO Martin Hoffmann, who has been handling both roles.
• Investors are focusing on Sluis’s experience overseeing more than €30 billion in annual sales at Ahold Delhaize and the positive commentary from major Wall Street banks on On Holding’s growth plans.
• Next, we’ll examine how the appointment of an experienced CFO shapes On Holding’s investment narrative in light of recent analyst enthusiasm.

Find companies with promising cash flow potential yet trading below their fair value.

What Is On Holding's Investment Narrative?

To own On Holding, you have to believe that the brand can keep scaling globally while justifying a premium valuation with consistent revenue and earnings growth. The big near term catalysts still sit in execution: converting strong sales guidance into sustainable profitability, maintaining high gross margins, and proving that recent margin volatility is under control. The appointment of Frank Sluis as CFO fits neatly into this story. His experience running finance for a business with more than €30 billion in annual sales should support tighter financial discipline and help investors read On’s growth plans with a bit more confidence, especially after recent analyst enthusiasm. That said, the news does not fundamentally change the key risk that expectations, and the current earnings multiple, already embed a lot of optimism.

However, one risk that may matter more than the CFO change is valuation pressure if growth cools. Despite retreating, On Holding's shares might still be trading 21% above their fair value. Discover the potential downside here.

Exploring Other Perspectives

Investors in the Simply Wall St Community offer 18 fair value views for On, spanning roughly US$42 to over US$80. Against these varied expectations, the central tension remains whether premium pricing can be maintained if growth momentum slows.

Explore 18 other fair value estimates on On Holding - why the stock might be worth as much as 80% more than the current price!

Build Your Own On Holding Narrative

Disagree with this assessment? Create your own narrative 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 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.