Forget $NKE, the kids want a pair of these...

Superstars and rule breakers like Michael Jordan and Andre Agassi helped build Nike into the most powerful shoe brand in the world. Jordan delivered titles and global reach. Agassi had a mullet, wore acid-wash denim shorts at the 1988 U.S. Open, and made tennis loud. He pushed the sport out of country clubs and into pop culture. Together, they helped Nike build dominance by challenging the norm.

That cultural playbook still works. The right athlete, the right product, and the right moment still drive brand identity. But the faces have changed. Most young consumers have never seen Jordan play or Agassi win a major.

They did watch Ben Shelton blast 149-mph serves at the US Open. They saw him go five sets under the lights with Frances Tiafoe. They know Iga Świątek is number one in the world. They recognize Zendaya. They follow Federer. These young athletes aren’t backed by Nike, they’re backed by up-and-coming On Holding (ONON).

The company is delivering elite performance where it matters most. Hellen Obiri wore On to win both the 2023 New York City Marathon and the 2024 Boston Marathon. Kristian Blummenfelt and Gustav Iden compete in On across triathlon circuits, including Ironman and Olympic-level events. Athletes are choosing this gear when the outcome matters. That credibility is difficult to buy.

ONON is also earning the financial results to match. On ended 2024 with its most profitable quarter since going public.

• Revenue rose 35.7% year over year to $688.8 million.

• ross margin reached a record 62.1%.

• Apparel sales crossed $113.6 million for the year.

• Direct-to-consumer sales grew 43% and now make up almost half of total revenue.

Data suggests ONON is keeping up with its prior blistering pace. Web traffic is up 34% year over year on a 30-day moving average, gaining momentum since early Q1. That is especially important for a company with nearly half of sales coming through its own channels. Social media content shows packed stores, new product trials, and strong brand affinity.

LikeFolio’s sentiment data confirms the same trend: high satisfaction, high visibility, and rising interest on the consumer and investor front.

Despite only holding 2% of the global athletic footwear market, On is outperforming much larger brands in digital traction. Nike still commands 34% and Adidas holds ~13%. And the pie is shifting in ONON’s favor.

This is a company that appeals to higher-income customers. It more often than not sells its shoes at full price. Its designs are both functional and aspirational.

On expects revenue to grow 27% in 2025. The company has minimal exposure to tariffs. Only 7% of its apparel and accessories are manufactured in China. The retail footprint is expanding and international growth is a clear focus in the months ahead.

In fact, the stock is up nearly +20% since we featured it on our Bonus Report: Tariff Buying Opportunities.

Here’s how we are playing earnings…

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