📈 Price History

Ratio Health

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By Category

Shareholding

About

On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific.

Key Ratios Snapshot

📊 Sector Averages

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

'record quarter', 'beating expectations', and provided specific growth figures (38% constant currency growth, 61.5% gross margin). They raised guidance across all metrics and expressed strong confidence in the brand's trajectory.

Q3 2025

Mixed

'exceptional', 'incredibly strong growth', and 'premium strategy in action' to describe the quarter's results. They provided specific figures such as 24.9% reported net sales growth, 34.5% constant currency growth, 65.7% gross margin, and 22.6% adjusted EBITDA margin. The tone was assured and data-driven, with no hedging language.

Q4 2025

Mixed

'record gross profit margin', 'already exceeding our 2026 aspirations', and 'strongest product pipeline in terms of innovation', consistently reinforcing premium positioning and outperformance.

Q1 2026 latest

Mixed

'record first quarter', 'reaffirmation of premium strategy', and provided precise figures (26.4% constant currency growth, 64.2% gross margin, 21% adjusted EBITDA margin). They also raised full-year guidance with specific percentages (gross margin at least 64.5%, EBITDA margin 19.5-20%).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is substantially stronger after this call. On delivered record Q1 revenue and margins, raised full-year profitability guidance, and demonstrated that its premium strategy is scaling without dilution. The company is expanding into new categories (apparel, lifestyle) and geographies (APAC, LatAm) while maintaining full-price discipline and high ASPs. Key watch items for next quarter: D2C growth trajectory, initial sell-through of SURREAL-based products, impact of tariffs (especially Vietnam), and further progress in sneaker/lifestyle segments. The strong cash position and operational leverage suggest the thesis is intact with upside potential.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED On Q1 2026 net sales CHF 831.9M, +26.4% CC, gross margin 64.2%

Revenue & Profitability

Net sales were CHF 831.9 million, growing 26.4% at constant currency and 14.5% reported. Gross profit margin was 64.2%, up from 59.9% a year ago. Adjusted EBITDA margin reached 21%, up 450 basis points year-over-year. Net income was not explicitly provided. Cash position exceeded CHF 1 billion. Capital expenditures were CHF 23.6 million (2.8% of sales).

Outlook

Management remains confident despite an unpredictable macroeconomic backdrop, reiterating 2026 constant currency net sales growth guidance of at least 23%. They highlighted a promotional market but emphasized commitment to full-price discipline. The guidance assumes 20% incremental tariff rates from Vietnam, excluding potential refunds. Demand is strong across regions, with D2C, APAC, and apparel expected to outperform.

Growth Drivers

Key growth levers include D2C channel (28.7% constant currency growth), Asia-Pacific (61.4% constant currency), apparel (57.5% constant currency), and sneaker franchises like Cloudtilt and Cloudmonster. New retail stores, the LightSpray commercial rollout, and the upcoming SURREAL superfoam platform are expected to drive further growth. Tennis and training verticals also contributed.

Balance Sheet & CapEx

Capital expenditures were CHF 23.6 million (2.8% of net sales), up from 1.7% a year ago, primarily for store expansion. A new LightSpray factory in Busan, South Korea increased production capacity thirtyfold. Management also mentioned using AI tools to accelerate innovation and design, and investing in warehouse automation to reduce distribution costs.

Margins

Q1 gross profit margin was 64.2%, up 430 basis points year-over-year, driven by scale, full-price discipline, and supply chain efficiencies. Full-year gross margin guidance was raised to at least 64.5%. Adjusted EBITDA margin for Q1 was 21%, and full-year guidance was raised to 19.5%–20%, meaningfully above prior expectations. Scale gains and automation offset higher tariff costs.

Key Risks

Management and analysts flagged macroeconomic uncertainty, an increasing promotional landscape, and tariff headwinds (20% incremental from Vietnam assumed in guidance) as risks. The company also noted a leadership transition (CEO and CFO changes) and geopolitical situation in the Middle East impacting EMEA, though the region still grew strongly. No other specific risks were detailed.

Generated by AI · Q1 2026 results · Not investment advice

📊 Analysis Methodology

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