On Holding Falls as Investors Look Past Q3 Beat to One-Time Tariff Benefit and Unchanged Core Outlook

2026-11-10

Investivoq PriceTracker

On Holding AG (ONON) is down 8.6% today. Here is some analysis on what might have caused this price movement.

Analysis: The selloff appears tied to concerns about earnings quality rather than a simple headline miss. On posted strong third-quarter results, but a sizable U.S. tariff refund boosted profitability, while underlying full-year sales guidance stayed in the low-20% constant-currency growth range and the comparable EBITDA outlook was not raised.

Details:

Third-quarter net sales rose 17.2% to CHF 931.4 million, with direct-to-consumer growth of 25.0% outpacing wholesale growth of 13.2%.

Reported gross margin reached 72.6%, but the quarter included CHF 52.6 million of U.S. tariff refunds, making the profit beat look less durable than the headline figures suggested.

For full-year 2026, the company reiterated net sales growth in the low-20% range on a constant-currency basis instead of lifting that core revenue outlook after the quarter.

The company did raise its gross margin view on a comparable basis to around 66%, but investors may have focused more on slowing wholesale momentum and the lack of a broader upgrade after strong expectations had built into the stock.

Sources:

On, SEC, Yahoo Finance

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$ONON Insider Trading Activity

$ONON insiders have traded $ONON stock on the open market 11 times in the past 6 months. Of those trades, 8 have been purchases and 3 have been sales.

Here’s a breakdown of recent trading of $ONON stock by insiders over the last 6 months:

CASPAR FELIX COPPETTI (Executive Officer & Co-CEO) has made 3 purchases buying 125,000 shares for an estimated $4,191,892 and 0 sales.
OLIVIER BERNHARD (Executive Officer) has made 3 purchases buying 125,000 shares for an estimated $4,191,889 and 0 sales.
DAVID MICHAEL ALLEMANN (Executive Officer & Co-CEO) has made 2 purchases buying 60,000 shares for an estimated $2,198,098 and 0 sales.
SCOTT ANDREW MAGUIRE (COO) has made 0 purchases and 2 sales selling 3,009 shares for an estimated $96,272.
FRANK SLUIS (CFO) sold 687 shares for an estimated $19,058

To track insider transactions, check out Investivoq's insider trading dashboard. You can access data on insider stock transactions through the Investivoq API insider transaction endpoint.

$ONON Hedge Fund Activity

We have seen 250 institutional investors add shares of $ONON stock to their portfolio, and 276 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

LONE PINE CAPITAL LLC added 13,280,030 shares (+inf%) to their portfolio in Q2 2026, for an estimated $470,378,662
FMR LLC removed 9,157,837 shares (-57.1%) from their portfolio in Q3 2026, for an estimated $271,163,553
BAMCO INC /NY/ added 7,215,165 shares (+74.3%) to their portfolio in Q2 2026, for an estimated $255,561,144
ALLIANCEBERNSTEIN L.P. removed 5,622,099 shares (-98.7%) from their portfolio in Q2 2026, for an estimated $199,134,746
ILEX CAPITAL PARTNERS (UK) LLP removed 3,557,699 shares (-54.0%) from their portfolio in Q2 2026, for an estimated $126,013,698
SELECT EQUITY GROUP, L.P. removed 2,466,227 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $87,353,760
UBS GROUP AG removed 2,320,806 shares (-31.6%) from their portfolio in Q2 2026, for an estimated $82,202,948

To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

This article is not financial advice. See Investivoq's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.