Live Research: On Holding (ONON) — Great Growth, Big Questions
Author: Andrew Sather, Stephen Morris, and Evan Raidt
May 28, 2026
Duration: 55:46
In today’s episode, Andrew and Stephen try something new: researching a company live, on-air, in real time. The company is On Holding (ONON)—a premium Swiss running and lifestyle shoe brand both hosts personally like, but don’t fully understand from an investor’s perspective. They walk through how they’d approach a high-growth stock when they’re still building conviction, using On as the case study.
Along the way, they dig into On’s rapid revenue growth, valuation, and the big questions that matter most: pricing power, competitive advantage, and whether the brand’s “premium/bougie” positioning is durable. They also explore On’s “LightSpray” manufacturing tech, its shift toward direct-to-consumer (DTC) sales, retail expansion (especially in China), and the risks that come with concentration in footwear and a complex global supply chain.
What You Will Learn
How to research a company when you’re outside your circle of competence
Why fast growth doesn’t automatically mean a great investment\
What to look for when evaluating pricing power and a real moat in a competitive category
The upside and risk of shifting from wholesale to DTC, especially with customer concentration
Why “cool story” innovations still need numbers & proof to build conviction
Timestamps
00:00 — Researching a company live (On Holding)
00:31 — On is Swiss: 20-F vs 10-K
01:22 — Product experience: comfort, durability, “dad shoe” energy
05:46 — The bull case: insane revenue growth vs flat stock + valuation tension (PE vs forward PE)
08:55 — The big question: how big can On really get vs saturation & TAM thinking
10:43 — Competition & pricing power: premium positioning doesn’t automatically equal moat
11:18 — “LightSpray” tech: robotic spray manufacturing
21:22 — Ownership/voting control + dilution & why capital returns may never happen
25:38 — DTC shift + Dick’s concentration risk + retail expansion
55:22 — Too risky for now, what would change their mind
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at newsletter@einvestingforbeginners.com or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
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