ONON's Flying High: How This Sneaker Giant Defies Tariffs and Thrives in Chaos

The market is a mess. Tariffs, currency wars, and economic uncertainty are sending stocks reeling—but one company is soaring because of it. ONON, the Swiss sportswear innovator, just reported a jaw-dropping 43% revenue surge. This isn’t a fluke. This is a blueprint for how to crush macro headwinds. Let’s break it down.

The DTC Dominance: Control Your Destiny

On isn’t just selling shoes—it’s owning its brand. Direct-to-consumer (DTC) sales now make up 38% of total revenue, up from 22% just two years ago. That’s not a side hustle; that’s a full-blown profit engine. When you control the customer relationship, you control pricing power. And right now, On is pricing like a premium brand should.

While rivals like Nike and Adidas battle margin squeezes, On’s adjusted EBITDA margin hit 16.5%—a record high. How? By focusing on high-margin DTC stores and online sales. Their “Cloud” and “Cloudsurfer” lines aren’t just shoes; they’re status symbols. The Zendaya-backed apparel line? Selling out faster than a Tesla Cybertruck release.

Tariffs? Currency Volatility? Bring It On

The skeptics will say, “But the net income dropped!” True—operating expenses rose due to expansion. But here’s the key: On isn’t just growing; it’s profitably growing.

Look at the numbers:
- Asia-Pacific sales jumped 130%—proof they’re nailing emerging markets.
- Gross margin held steady at 59.9%, despite currency swings and U.S. tariffs.
- They raised 2025 guidance to 28% revenue growth—despite trade risks.

The Secret Sauce: Innovation + Agility = Unstoppable

On’s Cloudsurfer 2 isn’t just a shoe—it’s a tech marvel. The breathable, lightweight design and data-driven comfort metrics are winning over athletes and style hunters alike. Meanwhile, their apparel sales spiked 93%—a category Nike still dominates. On’s saying, “We’ll take that market too, thank you very much.”

And let’s talk agility. While others panic over tariffs, On is building factories in Vietnam and expanding DTC in the U.S. They’re not just reacting—they’re outmaneuvering.

Why This Isn’t a Bubble—It’s a Buying Opportunity

The bears will argue, “43% growth can’t last.” But On’s playbook isn’t a sprint—it’s a marathon. With 38% of the business in high-margin DTC, a 16.5% EBITDA margin, and a product pipeline that’s Zendaya-approved, this is a brand primed to dominate for decades.

Plus, the stock is 50% off its 2021 peak—but fundamentals are stronger now. The valuation? Even at current prices, it’s a steal compared to its growth rate.

The Cramer Call: Buy Now—Before the World Catches On

This isn’t a “trade.” This is a buy-and-hold growth stock in a desert of stagnation. The macro mess? It’s On’s fuel.

Action Plan:
1. Buy ONON now, aiming for $25–$30 targets in 2026.
2. Hedge with puts if you’re nervous—this is volatile, but the trend is your friend.
3. Forget the noise: Tariffs? Currency wars? On’s laughing all the way to the bank.

The market’s chaos? On’s opportunity. Don’t just survive 2025—fly through it.

Disclosure: Not a recommendation for everyone. Consult your financial advisor.