ONON
On Holding AG Consumer Discretionary - Athletic Footwear Investor Relations →
On Holding AG (ONON) closed at $27.26 as of 2026-09-18, trading 28.8% below its 200-week moving average of $38.28. This places ONON in the extreme value zone. The stock is currently moving closer to the line, down from -28.3% last week. With a 14-week RSI of 20, ONON is in oversold territory.
A big spike in selling this week — 2.2x the usual volume, and the price dropped. Sometimes this kind of heavy selling marks the end of a decline. The idea is that the last reluctant holders have finally sold, leaving fewer sellers left to push the price lower.
Over the past 213 weeks of data, ONON has crossed below its 200-week moving average 5 times. On average, these episodes lasted 11 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 $9.1 billion, ONON is a mid-cap stock. The company generates a free cash flow yield of 3.2%. Return on equity stands at 24.0%, indicating strong profitability. The stock trades at 3.9x book value.
Share count has increased 4.6% over three years, indicating dilution. ONON passes our Buffett quality screen: high return on equity, low debt, and positive free cash flow.
Over the past 4.2 years, a hypothetical investment of $100 in ONON would have grown to $141, compared to $204 for the S&P 500. ONON has returned 8.5% annualized vs 18.6% for the index, underperforming the broader market over this period.
In the past 12 months, corporate insiders have made 5 open-market purchases totaling $10,581,880. Multiple insiders purchased within a 30-day window — a cluster buy pattern that historically signals management confidence in the company's prospects. Notably, these purchases occurred while ONON is trading below its 200-week moving average — insiders are buying when the market is most pessimistic.
Free cash flow has been volatile over the past several years, making the quality of earnings harder to assess.
Business Health
Annual financials — how the underlying business has performed over the past several years.
Cash Flow Free cash flow & net income ($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 5 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.
Bean Score Experimental
The Bean Score measures how far a stock's free cash flow yield has deviated from its own quarterly baseline, normalized by the stock's historical behavior. Between earnings dates, FCF is constant — so the score is purely a function of stock price. The levels below show at what prices ONON would reach each dislocation threshold.
Dislocation Price Levels
Prices where ONON's Bean Score would hit each σ threshold. Valid until next earnings report: 2026-11-11.
| Level | σ | Price | Signal |
|---|---|---|---|
| Deep Value | +2σ | $27.53 | Unusually cheap — analysis point |
| Value | +1σ | $31.25 | Cheap vs. own history |
| Fair Value | +0σ | $36.11 | Historical mean behavior |
| Expensive | -1σ | $42.77 | Expensive vs. own history |
| Deep Expensive | -2σ | $52.45 | Unusually expensive — analysis point |
Quarterly FCF & Yield Trailing twelve-month free cash flow and yield at each quarter end
Recent Earnings
| Date | EPS Est. | EPS Actual | Surprise |
|---|---|---|---|
| 2026-08-11 | $0.34 | $0.35 | +3.3% |
| 2026-05-12 | $0.27 | $0.37 | +38.0% |
| 2026-03-03 | $0.21 | $0.25 | +17.8% |
| 2025-11-12 | $0.27 | $0.43 | +60.0% |
Signal Accuracy Collecting Data
The Bean Score system is accumulating weekly data to validate signal accuracy. After 13+ weeks of history, this section will display win rates and average returns for each σ threshold crossing — answering the question: "When this score says cheap or expensive, does the price subsequently move in the expected direction?"
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Theoretical framework — not backtested or forward-tested. The Bean Score uses trailing twelve-month free cash flow yield as a dislocation identifier. It measures whether the market has pushed a stock's yield unusually far from its own baseline behavior. These levels are analysis points: prices at which the yield deviation becomes unusual enough to justify the work. FCF values update quarterly with earnings; between reports, all movement is price-driven.
Dislocation Scores Experimental
Each score measures deviation from ONON's own historical baseline — the same idea as the Bean Score, applied to different fundamentals. Positive means cheaper or more dislocated than this stock's norm. Scores marked σ are normalized by the stock's own variability; pp values are simple deltas from its recent baseline.
Theoretical framework — not backtested. These scores describe how unusual today's readings are for this specific company. Each one is an analysis point, a reason to open the filings. Annual-statement scores (buyback, accruals, FCF vs history) rest on only ~4 yearly data points and are deltas, not sigmas.
Historical Touches
ONON has crossed below its 200-week MA 5 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% | +30.4% |
| Oct 2023 | Oct 2023 | 4 | 9.1% | +105.9% | +8.6% |
| Mar 2026 | May 2026 | 7 | 10.7% | N/A | -15.8% |
| Jun 2026 | Jun 2026 | 1 | 0.1% | N/A | -26.5% |
| Jun 2026 | Ongoing | 13+ | 28.8% | Ongoing | -26.5% |
| Average | 11 | — | +71.8% | — |
Frequently Asked Questions
Is ONON below its 200-week moving average?
Yes. As of 2026-09-18, On Holding AG (ONON) is trading 28.8% below its 200-week moving average of $38.28. The current price is $27.26.
What is ONON's 200-week moving average price?
On Holding AG's 200-week moving average is $38.28 as of 2026-09-18. 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 5 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 11 weeks on average.
Is ONON a good value right now?
Here's what our data says about ONON as of 2026-09-18: The stock is below its 200-week moving average, which is the starting point for our analysis. The 14-week RSI is 20 (oversold). Free cash flow yield is 3.2%. Return on equity is 24.0%. Price-to-book is 3.9x. 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 4.2 years, $100 invested in ONON would have grown to $141, compared to $204 for the S&P 500. That's 8.5% annualized vs 18.6% for the index. ONON has underperformed 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 2026-09-18