Likefolio’s Andy Swan says the internals of On Holding (ONON) look “really good” based on their data. “This is a company benefitting from the K-shaped economy” because they attract “consumers with money,” he argues. He overviews their margins and what he expects from their earnings report. Andy notes On is expanding into apparel as well. However, he thinks the Street has very high expectations for the report, which could make it more difficult to find upside.