To The Moon

The market doesn't like seeing revenue growth slow, but I think the bigger question is what $On Holding AG(ONON)$ is giving up to protect profitability.

Management appears willing to accept some moderation in growth rather than sacrifice margins just to keep the top line moving faster. That tradeoff could become increasingly important over the long term. If margins continue to expand, the earnings power of the business can keep improving even if revenue growth settles at a lower rate.

At around 22x trailing earnings, the valuation also looks much more interesting if margin expansion continues to translate into stronger EPS growth. What looks expensive on today's numbers can look very different a few years from now if the company keeps improving its profitability.

For me, this is the key distinction: companies that keep investing, gaining market share, and expanding their economics are still playing offense. Companies that sacrifice their long-term position simply to defend short-term numbers are playing defense.

The market may be disappointed by slower growth today. But if On can turn that tradeoff into sustained margin expansion, the long-term setup could become much more attractive.

🐯🪙 Share your choice and reasoning in the comments — thoughtful views may receive Tiger Coins!

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