ONON
On Holding AG Consumer Discretionary - Athletic Footwear Investor Relations →
On Holding AG (ONON) closed at $37.66 as of 2026-03-20, trading 4.0% above its 200-week moving average of $36.22. The stock is currently moving closer to the line, down from 5.1% last week. The 14-week RSI sits at 31, indicating neutral momentum.
Over the past 14 weeks, down-weeks have had more trading volume than up-weeks (0.69 buyers-vs-sellers ratio). That means when people are active, they're more often selling than buying. Sellers are still more in control than buyers.
Over the past 187 weeks of data, ONON has crossed below its 200-week moving average 2 times. On average, these episodes lasted 17 weeks. Historically, investors who bought ONON at the start of these episodes saw an average one-year return of +71.8%.
With a market cap of $12.5 billion, ONON is a large-cap stock. The company generates a free cash flow yield of 2.1%. Return on equity stands at 13.5%. The stock trades at 6.0x book value.
Share count has increased 4.6% over three years, indicating dilution.
Over the past 3.7 years, a hypothetical investment of $100 in ONON would have grown to $194, compared to $173 for the S&P 500. That represents an annualized return of 19.9% vs 16.1% for the index — confirming ONON as a market-beating investment and the kind of quality company where buying during 200-week moving average touches has historically been rewarded.
Free cash flow has been volatile over the past several years, making the quality of earnings harder to assess.
Business Health
Annual financials — how the underlying business has performed over the past several years.
Cash Flow Free cash flow & net income ($M)
Revenue Annual revenue ($M) — business growth proxy
Total Debt Balance sheet debt ($M)
ROIC Return on invested capital (%)
FCF Yield Free cash flow / market cap (%) — Yartseva signal
Gross Margin Pricing power & competitive moat (%)
Shares Outstanding Buybacks vs dilution (millions)
Growth of $100: ONON vs S&P 500
Monthly data normalized to $100 at start. Vertical dashed lines mark 200-week MA touches.
What Happens After ONON Crosses Below the Line?
Across 2 historical episodes, buying ONON when it crossed below its 200-week moving average produced an average return of +58.5% after 12 months (median +66.0%), compared to +27.0% for the S&P 500 over the same periods. 100% of those episodes were profitable after one year. After 24 months, the average return was +87.5% vs +57.0% for the index.
Each line shows $100 invested at the moment ONON crossed below its 200-week MA. Bold blue = stock average. Gray dashed = S&P 500 average over same periods.
Historical Touches
ONON has crossed below its 200-week MA 2 times with an average 1-year return of +71.8% after recovery.
| Crossed Below | Recovered | Weeks | Max Depth | 1-Year Return | Return Since Touch |
|---|---|---|---|---|---|
| Aug 2022 | Mar 2023 | 30 | 39.5% | +37.6% | +80.2% |
| Oct 2023 | Oct 2023 | 4 | 9.1% | +105.9% | +50.0% |
| Average | 17 | — | +71.8% | — |
Frequently Asked Questions
Is ONON below its 200-week moving average?
No. On Holding AG (ONON) is currently 4.0% above its 200-week moving average of $36.22. It would need to fall to $36.22 to cross below the line.
What is ONON's 200-week moving average price?
On Holding AG's 200-week moving average is $36.22 as of 2026-03-20. This is the average weekly closing price over roughly the last 4 years, and it acts as a long-term trend line. When a stock drops below this level, it can signal that the price has fallen far enough from the long-term trend to attract value-oriented investors.
What happens when ONON drops below its 200-week moving average?
ONON has crossed below its 200-week moving average 2 times in our data. On average, buying at that moment produced a one-year return of +71.8%. These dips have historically been decent entry points. These episodes lasted 17 weeks on average.
Is ONON a good value right now?
Here's what our data says about ONON as of 2026-03-20: The stock is above its 200-week moving average, so it doesn't currently meet our primary signal. The 14-week RSI is 31. Free cash flow yield is 2.1%. Return on equity is 13.5%. Price-to-book is 6.0x. This is not a buy or sell recommendation — always do your own research.
How does ONON compare to the S&P 500?
Over the past 3.7 years, $100 invested in ONON would have grown to $194, compared to $173 for the S&P 500. That's 19.9% annualized vs 16.1% for the index. ONON has outperformed the broader market over this period.
Not financial advice. This is an educational tool. Past performance does not guarantee future results. Do your own research before making investment decisions.
Data as of week of 2026-03-20