Live Research: On Holding (ONON) — Great Growth, Big Questions
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:
Download the Plynk app today to start building your investing confidence. https://plynkinvest.app.link/plynkifb2026
Go to SHOPIFY.COM/beginners to start selling with Shopify today. https://www.shopify.com/beginners
Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting https://quince.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
Interested in how your company sponsor the show? Reach us at equity@einvestingforbeginners.com
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
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:
Download the Plynk app today to start building your investing confidence. https://plynkinvest.app.link/plynkifb2026
Go to SHOPIFY.COM/beginners to start selling with Shopify today. https://www.shopify.com/beginners
Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting https://quince.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
Interested in how your company sponsor the show? Reach us at equity@einvestingforbeginners.com
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Matterfact has every podcast on Apple Podcasts and Spotify: 700K+ channels, 120M+ episodes.
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