On Holding grows fast with premium athleisure sneakers, valued reasonably at 22x forward earnings.

On Holding is capitalizing on the athleisure trend by offering premium, comfortable sneakers suitable for performance, leisure, and smart-casual wear. The company shows strong momentum with rapid revenue growth exceeding 20% and high gross margins, making its valuation of about 22 times forward earnings appear reasonable. Risks include fashion cyclicality and management changes, but the founder's ongoing involvement and a strong brand identity provide confidence. This positions On Holding as an attractive growth company with improving profitability in the sneaker and sports apparel market.