ONON Stock Rises Premarket: Retail Says 'Smack That Buy Button'

Retail investors turned ‘extremely bullish’ on On Holding following its quarterly print, with many encouraging a purchase of the sports products company.

• The Swiss sports company posted Q3 net revenue of CHF 931.4 million ($1.14 billion), up 17.2% year-over-year.
• The company maintained its full-year 2026 net sales growth outlook in the low-20% range on a constant-currency basis, adding that it expects fourth-quarter sales growth to accelerate.
• Cantor Fitzgerald initiated coverage of On Holding with an ‘Overweight’ rating and $46 price target, implying an upside of more than 32% from the stock’s last close. 

Shares of On Holding AG (ONON) rose more than 1% in premarket trading on Wednesday following its strong third-quarter (Q3) results. 

Retail investors turned ‘extremely bullish’ on the stock following its quarterly print, with many encouraging a purchase of the sports products company. 

Retail Sees A Buying Opportunity

ONON stock slipped to its lowest level since August on Tuesday, sliding more than 7.5% at close despite reporting record quarterly sales and raising its full-year gross margin outlook. However, the company left its full-year revenue growth forecast unchanged.

One retail investor called the decline in prices a “buying opportunity.”

Another user said, “$ONON smack that buy button, can tell these guys know how to run a company. No concerns here.”

A third user said, “$ONON is killing it... this needs to be green when the markets open. $ONON is doing the ON playbook on all fronts.”

ONON Stock: Q3 Earnings Snapshot

The Swiss sports company posted Q3 net revenue of CHF 931.4 million ($1.14 billion), up 17.2% year-over-year, or 17.8% on a constant-currency basis. The figure was in line with analysts’ expectations. 

Direct-to-consumer sales increased 25%, while apparel sales climbed 38.7%. Net income rose 36.9% to CHF 162.8 million, with diluted earnings per share climbing to CHF 0.48 from CHF 0.36 a year earlier.

The company maintained its full-year 2026 net sales growth outlook in the low-20% range on a constant-currency basis, adding that it expects fourth-quarter sales growth to accelerate amid holiday season and new products. 

On also raised its full-year gross margin outlook to around 66% excluding U.S. tariff refunds, up from its previous forecast of at least 65%. Including the refunds, it expects a margin of about 67.5%.

Analyst Stance

Prior to the earnings, Cantor Fitzgerald initiated coverage of On Holding with an ‘Overweight’ rating and $46 price target. The target implies an upside of more than 32% from the stock’s last close. 

The analyst said that On's premium innovation and strong full-price sell-through support projected 18% EBITDA and 23% free cash flow CAGR through FY29, with revenue, gross margin and adjusted EBITDA margin expected to approach or exceed management's long-term targets. 

ONON stock has lost 25% of its value in 2026. 

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