NIKE, Inc. NKE

Consumer DiscretionaryTextiles & ApparelUnited States of America

Last close 39.12 USD on Nov 2, 2026, −37.0% year to date

Quant rating

Quant rating D Rank 274 of 344 in Consumer Discretionary

Growth D 282 of 344
Valuation D 266 of 344
Quality A 47 of 344
Revisions D 308 of 344
Momentum D 265 of 344

Wall Street consensus Hold (2.84)Average target 38.42 USD −1.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 58.1B
Enterprise value: 57.6B
52-week range: 31.98 – 69.12
3-year range: 31.98 – 122.64
Dividend yield: 4.24%
Beta (5 years): 1.03
Shares outstanding: 1,485M
Next earnings: Dec 16, 2026

About the company

NIKE, Inc. is engaged in the designing, marketing and distributing of athletic footwear, apparel, equipment and accessories and services for sports and fitness activities. The Company's operating segments include North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA). It sells a line of equipment and accessories under the NIKE Brand name, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment and other equipment designed for sports activities. It also designs products specifically for the Jordan Brand and Converse. The Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on basketball performance and culture using the Jumpman trademark. The Company also designs, distributes and licenses casual sneakers, apparel and accessories under the Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks.

Growth and profitability fiscal year ends May 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	46,398	46,309	51,362	51,217	46,710	–
Revenue growth	0.2%	−9.8%	0.3%	9.6%	4.9%	0.8%
EPS (basic, normalized)	1.58	2.16	3.95	3.23	3.75	–
EPS growth	−26.9%	−45.3%	22.3%	−13.9%	–	–
Gross margin	41.1%	42.7%	44.6%	43.5%	46.0%	43.6%
Net margin	6.7%	7.0%	11.1%	9.9%	12.9%	9.5%
ROE	22.1%	23.3%	40.1%	34.6%	43.1%	32.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,368
Current ratio	2.07x
Long-term debt (mil)	5,893
Net debt (mil)	−475
Total equity (mil)	15,220
Net debt / equity	−0.03x
Net debt / EBITDA	−0.13x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	46,398	+0.2%	1.2x	3,558	−18.7%	16.2x	1.58	−26.9%	24.8x
2027	42,906	−7.5%	1.3x	3,157	−11.3%	18.3x	1.27	−19.7%	30.8x
2028	43,083	+0.4%	1.3x	3,608	+14.3%	16.0x	1.52	+19.6%	25.8x
2029	44,215	+2.6%	1.3x	4,267	+18.3%	13.5x	1.85	+21.7%	21.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	42,906	−1.6%	−6.0%	−8.0%	1.27	−10.1%	−26.1%	−31.9%
2028	43,083	−2.6%	−8.9%	−11.6%	1.52	−12.8%	−30.0%	−35.8%
2029	44,215	−4.2%	−9.6%	−14.7%	1.85	−14.7%	−26.5%	−45.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	12,606	11,589	12,354	11,269	11,097	11,720	12,427	11,279	10,972	11,213
Sales mean (mil)	12,841	11,646	12,128	11,006	10,724	10,998	12,220	11,236	10,859	11,316
Surprise	−1.8%	−0.5%	+1.9%	+2.4%	+3.5%	+6.6%	+1.7%	+0.4%	+1.0%	−0.9%
EPS reported	1.01	0.70	0.78	0.54	0.14	0.49	0.53	0.35	0.20	0.48
EPS mean	0.83	0.52	0.63	0.29	0.13	0.27	0.38	0.28	0.13	0.43
Surprise	+21.2%	+34.6%	+23.1%	+85.4%	+8.6%	+79.8%	+40.6%	+24.1%	+51.6%	+11.1%

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NKE NIKE, Inc.	58.1B	−0.13x	6.7%	3.81x	30.8x	25.8x	18.3x	16.0x
7936 ASICS Corporation	21.6B	–	12.2%	10.75x	26.5x	22.9x	15.0x	13.5x
2020 ANTA Sports Products Ltd	26.9B	–	16.9%	2.50x	12.1x	11.4x	6.8x	6.4x
ADSGn Adidas AG	33.6B	1.23x	5.4%	4.67x	18.1x	14.8x	9.6x	8.3x
RL Ralph Lauren Corporation	23.7B	−0.31x	11.6%	8.71x	21.0x	19.0x	13.5x	12.4x
DECK Deckers Outdoor Corporation	11.3B	−0.90x	18.7%	4.89x	10.9x	10.5x	7.4x	7.3x
Mean		−0.03x	11.9%	5.89x	19.9x	17.4x	11.7x	10.6x
Median		−0.22x	11.9%	4.78x	19.5x	16.9x	11.5x	10.4x

Technical analysis

1M+15.5%
3M−5.2%
1Y−37.4%
3Y−60.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NIKE, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	46,398	46,309	51,362	51,217	46,710	44,538
Cost of revenue	27,319	26,519	28,475	28,925	25,231	24,541
Gross profit	19,079	19,790	22,887	22,292	21,479	19,997
Selling, general & administrative expenses	15,883	16,088	16,197	16,377	14,804	12,811
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−601	–	379	–	–	299
Other operating expenses	0	0	0	0	0	0
Operating income	3,797	3,702	6,311	5,915	6,675	6,887
Net interest income (expense)	51.0	−81.0	93.0	6.0	−205	−262
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	52.0	264	296	280	181	36.0
Net income before taxes	3,900	3,885	6,700	6,201	6,651	6,661
Provision for taxes	792	666	1,000	1,131	605	934
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,108	3,219	5,700	5,070	6,046	5,727
Extraordinary items	–	–	–	–	–	–
Net income	3,108	3,219	5,700	5,070	6,046	5,727
EBIT, normalized	3,196	3,702	6,690	5,915	6,675	7,186
EBITDA, normalized	3,943	4,477	7,534	6,774	7,515	7,983
Basic EPS, normalized	1.58	2.16	3.95	3.23	3.75	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NIKE, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	9,027	9,151	11,582	10,675	12,997	13,476
Receivables	5,931	4,717	4,427	4,131	4,667	4,463
Total inventory	7,501	7,489	7,519	8,454	8,420	6,854
Prepaid expenses	2,144	2,005	1,854	1,942	2,129	1,498
Other current assets	0	0	0	0	0	0
Total current assets	24,603	23,362	25,382	25,202	28,213	26,291
Property, plant & equipment	7,634	7,540	7,718	8,004	7,717	8,017
Goodwill	240	240	240	281	284	242
Intangibles	259	259	259	274	286	269
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	5,674	5,178	4,511	3,770	3,821	2,921
Total assets	38,410	36,579	38,110	37,531	40,321	37,740
Liabilities
Accounts payable	3,600	3,479	2,851	2,862	3,358	2,836
Payable/accrued	–	–	–	–	–	–
Accrued expenses	5,952	5,815	5,639	5,619	6,243	6,172
Short-term debt	0	5.0	6.0	6.0	10.0	2.0
Current portion of long-term debt	2,000	0	1,000	0	500	0
Other current liabilities	995	1,267	1,097	769	619	664
Total current liabilities	12,547	10,566	10,593	9,256	10,730	9,674
Long-term debt	5,942	7,961	7,903	8,927	8,920	9,413
Minority interest	–	–	–	–	–	–
Other liabilities	5,056	4,839	5,184	5,344	5,390	5,886
Total liabilities	23,545	23,366	23,680	23,527	25,040	24,973
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.0	3.0	3.0	3.0	3.0	3.0
Additional paid-in capital	15,158	14,195	13,409	12,412	11,484	9,965
Retained earnings (accumulated deficit)	−155	−727	965	1,358	3,476	3,179
Treasury stock	–	–	–	–	–	–
Other equity	−141	−258	53.0	231	318	−380
Total equity	14,865	13,213	14,430	14,004	15,281	12,767
Total liabilities & shareholders' equity	38,410	36,579	38,110	37,531	40,321	37,740

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NIKE, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	3,108	3,219	5,700	5,070	6,046	5,727
Depreciation, depletion & amortization	747	775	844	859	840	797
Deferred taxes	−96.0	−288	−497	−117	−650	−385
Non-cash items	787	779	666	542	612	473
Changes in working capital	−1,678	−787	716	−513	−1,660	45.0
Cash from operations	2,868	3,698	7,429	5,841	5,188	6,657
Investing activities
Capital expenditures	−684	−430	−812	−969	−758	−695
Other investing cash flows	196	155	1,706	1,533	−766	−3,105
Cash from investing	−488	−275	894	564	−1,524	−3,800
Financing activities
Financing cash flow items	−93.0	−85.0	−136	−102	−151	−136
Cash dividends paid	−2,407	−2,300	−2,169	−2,012	−1,837	−1,638
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	208	−3,435	−3,583	−5,333	−2,848	315
Cash from financing	−2,292	−5,820	−5,888	−7,447	−4,836	−1,459
Foreign exchange effects	11.0	1.0	−16.0	−91.0	−143	143
Net change in cash	99.0	−2,396	2,419	−1,133	−1,315	1,541
Free cash flow	2,184	3,268	6,617	4,872	4,430	5,962

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.