• In recent days, On Holding attracted heightened attention as UBS and Zacks reiterated very positive views ahead of the company’s now-past 3 March 2026 earnings release, citing strong consumer momentum, solid revenue growth and earlier earnings surprises.
• This cluster of upbeat analyst commentary has sharpened focus on how On’s recent operational performance may be reshaping expectations for its long-term growth profile and profitability.
• Now, we’ll examine how this rising analyst optimism around operational strength and upcoming results could influence On Holding’s existing investment narrative.

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On Holding Investment Narrative Recap

To own On Holding, you need to believe its premium brand, product innovation and DTC focus can justify a high valuation and support durable growth. The immediate catalyst is the 3 March 2026 Q4 2025 earnings release, which sits at the center of the recent analyst optimism. The biggest near term risk is that expectations for continued revenue and earnings momentum are now elevated, so any disappointment could magnify share price volatility.

The most relevant recent announcement is On’s 10 February 2026 confirmation of its Q4 2025 earnings date. With analysts already highlighting prior earnings surprises and solid revenue growth, this specific release has become a focal point for testing the bullish thesis on margins, DTC progress and international scaling. How the company’s reported sales and profitability compare with these expectations may either reinforce, or start to question, the current enthusiasm embedded in the shares.

Yet beneath the upbeat commentary, the risk that heavy reliance on premium pricing could eventually face pushback is something investors should be aware of...

On Holding’s narrative projects CHF5.0 billion revenue and CHF561.2 million earnings by 2028. This requires 22.9% yearly revenue growth and an earnings increase of about CHF425 million from CHF135.9 million today.

Uncover how On Holding's forecasts yield a $61.90 fair value, a 30% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were assuming revenue could climb toward CHF 5.5 billion and earnings to about CHF 725 million by 2028, which is far more upbeat than consensus and could be challenged if the recent focus on Asia Pacific expansion leaves results more exposed to regional slowdowns or shocks.

Explore 16 other fair value estimates on On Holding - why the stock might be worth just $45.33!

The Verdict Is Yours

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• 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.