On Holding AG’s 9.8% Q4 Gain Fuels 20%+ Revenue CAGR Outlook
On Holding AG shares gained 9.8% in Q4 2025 and contributed 55 basis points to Baron Focused Growth Fund’s performance, despite a 12.62% one-month decline and 23.91% drop over the past year. The fund projects On Holding’s revenue to grow at over 20% CAGR and EBITDA over 30% in coming years.
1. Q4 Performance Highlights
On Holding AG’s stock rose 9.8% in the fourth quarter of 2025, adding 55 basis points to Baron Focused Growth Fund’s quarterly returns. The shares have seen a one-month decline of 12.62% and lost 23.91% over the past 52 weeks, closing at $42.92 on February 5, 2026, with a $14.171 billion market capitalization.
2. Long-Term Growth Projections
Baron Funds expects On Holding to sustain revenue growth at a compound annual rate exceeding 20% and expand EBITDA by over 30% in the next few years, driven by premium pricing, engineered product innovation, category and geographic expansions, and resilient demand despite tariff concerns and competition.