• In July 2026, Infinium announced it is supplying its waste CO₂- and renewable hydrogen-based eNaphtha to Borouge International and On, enabling the commercial launch of On’s CleanCloud technology in the Cloud X 5, the first commercially scaled sportswear midsole made from captured carbon emissions.
• This collaboration shows how captured carbon can be converted into lower-carbon, fossil-free EVA using existing petrochemical infrastructure, supporting On’s ambition to remove virgin fossil feedstocks from its products while maintaining identical performance for athletes.
• We’ll now explore how scaling CleanCloud to over a million pairs using captured carbon feedstocks could shape On’s broader investment narrative.

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On Holding Investment Narrative Recap

To own On, you need to believe it can keep growing a premium, innovation-led brand while protecting margins as it leans harder into DTC and new technologies. The CleanCloud scale-up via Infinium’s eNaphtha strengthens the product innovation story, but it does not remove near term pressures around high expectations, elevated valuation multiples, and the risk that heavy investment outpaces demand if consumer spending softens.

The leadership appointments of Rebecca Cai as Chief Global Markets Officer and Alice Delahunt as Chief Customer Officer are particularly relevant here. They sit right at the intersection of On’s biggest catalysts: continued international expansion and higher margin DTC growth. How effectively this new commercial team executes on scaling concepts like CleanCloud, while avoiding overexpansion and discounting, will be important for how the near term risk reward evolves.

Yet, while CleanCloud and DTC growth are exciting, investors should also be aware of the risk that rapid expansion in regions like APAC could...

On Holding's narrative projects CHF5.4 billion revenue and CHF661.8 million earnings by 2029.

Uncover how On Holding's forecasts yield a $52.49 fair value, a 41% upside to its current price.

Exploring Other Perspectives

Some of the lowest estimate analysts were already assuming revenue of about CHF 4.9 billion and earnings near CHF 529 million by 2029, yet still saw downside risk if premium demand and innovation adoption, including technologies like CleanCloud, did not keep pace, which shows how widely opinions can differ and why you may want to compare several viewpoints before deciding what you believe.

Explore 16 other fair value estimates on On Holding - why the stock might be worth 27% less than the current price!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your On Holding research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free On Holding research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate On Holding's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.