NIKE, Inc. (NKE) 10-Year Financial Performance & Capital Metrics

NKE • • Industrial / General

Consumer CyclicalFootwear & AccessoriesAthletic & Performance FootwearAthletic Footwear Leaders

AboutNIKE, Inc., together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks. In addition, it sells a line of performance equipment and accessories comprising bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment, and other equipment for sports activities under the NIKE brand; and various plastic products to other manufacturers. The company markets apparel with licensed college and professional team, and league logos, as well as sells sports apparel. Additionally, it licenses unaffiliated parties to manufacture and sell apparel, digital devices, and applications and other equipment for sports activities under NIKE-owned trademarks. The company sells its products to footwear stores; sporting goods stores; athletic specialty stores; department stores; skate, tennis, and golf shops; and other retail accounts through NIKE-owned retail stores, digital platforms, independent distributors, licensees, and sales representatives. The company was formerly known as Blue Ribbon Sports, Inc. and changed its name to NIKE, Inc. in 1971. NIKE, Inc. was founded in 1964 and is headquartered in Beaverton, Oregon.Show more

Revenue $46.31B -9.8%
EBITDA $4.51B -37.0%
Net Income $3.22B -43.5%
EPS (Diluted) 2.16 -42.1%
Gross Margin 42.73% -4.1%
EBITDA Margin 9.74% -30.1%
Operating Margin 7.99% -34.9%
Net Margin 6.95% -37.4%
ROE 23.29% -41.9%
ROIC 16.68% -37.9%
Debt/Equity 0.83 +0.7%
Interest Coverage 12.81 -47.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 32.7%
✓23 consecutive years of dividend growth
✓Healthy dividend yield of 2.4%
✓Share count reduced 2.8% through buybacks
✓Healthy 5Y average net margin of 10.8%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.23%

5Y4.36%

3Y-0.29%

TTM-5.03%

Profit (Net Income) CAGR

10Y-0.17%

5Y4.86%

3Y-18.95%

TTM-48.34%

EPS CAGR

10Y1.56%

5Y6.19%

3Y-16.8%

TTM-47.22%

ROCE

10Y Avg23.55%

5Y Avg21.44%

3Y Avg18.97%

Latest13.83%

Peer Comparison

Athletic Footwear Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NKENIKE, Inc.	76.96B	64.59	29.90	-9.84%	5.43%	17.92%	4.25%	0.83

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	32.38B	34.35B	36.4B	39.12B	37.4B	44.54B	46.71B	51.22B	51.36B	46.31B
Revenue Growth %	0.06%	0.06%	0.06%	0.07%	-0.04%	0.19%	0.05%	0.1%	0%	-0.1%
Cost of Goods Sold+	17.41B	19.04B	20.44B	21.64B	21.16B	24.58B	25.23B	28.93B	28.48B	26.52B
COGS % of Revenue	0.54%	0.55%	0.56%	0.55%	0.57%	0.55%	0.54%	0.56%	0.55%	0.57%
Gross Profit+	14.97B	15.31B	15.96B	17.47B	16.24B	19.96B	21.48B	22.29B	22.89B	19.79B
Gross Margin %	0.46%	0.45%	0.44%	0.45%	0.43%	0.45%	0.46%	0.44%	0.45%	0.43%
Gross Profit Growth %	0.06%	0.02%	0.04%	0.1%	-0.07%	0.23%	0.08%	0.04%	0.03%	-0.14%
Operating Expenses+	10.47B	10.56B	11.51B	12.7B	13.13B	13.03B	14.8B	16.38B	16.58B	16.09B
OpEx % of Revenue	0.32%	0.31%	0.32%	0.32%	0.35%	0.29%	0.32%	0.32%	0.32%	0.35%
Selling, General & Admin	10.47B	10.56B	11.51B	12.7B	13.13B	13.03B	14.8B	16.38B	16.58B	16.09B
SG&A % of Revenue	0.32%	0.31%	0.32%	0.32%	0.35%	0.29%	0.32%	0.32%	0.32%	0.35%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	4.5B	4.75B	4.45B	4.77B	3.12B	6.94B	6.67B	5.92B	6.31B	3.7B
Operating Margin %	0.14%	0.14%	0.12%	0.12%	0.08%	0.16%	0.14%	0.12%	0.12%	0.08%
Operating Income Growth %	0.08%	0.05%	-0.06%	0.07%	-0.35%	1.23%	-0.04%	-0.11%	0.07%	-0.41%
EBITDA+	5.16B	5.46B	5.22B	5.49B	4.23B	7.73B	7.51B	6.77B	7.16B	4.51B
EBITDA Margin %	0.16%	0.16%	0.14%	0.14%	0.11%	0.17%	0.16%	0.13%	0.14%	0.1%
EBITDA Growth %	0.07%	0.06%	-0.05%	0.05%	-0.23%	0.83%	-0.03%	-0.1%	0.06%	-0.37%
D&A (Non-Cash Add-back)	662M	716M	774M	720M	1.12B	797M	840M	859M	844M	808M
EBIT	4.5B	4.75B	4.45B	4.77B	3.12B	6.94B	6.67B	5.92B	6.31B	3.7B
Net Interest Income+	-21M	-55M	-47M	-42M	-82M	-255M	-198M	14M	169M	115M
Interest Income	12M	27M	70M	82M	62M	34M	94M	297M	430M	404M
Interest Expense	33M	82M	117M	124M	144M	289M	292M	283M	261M	289M
Other Income/Expense	121M	137M	-120M	29M	-228M	-276M	-24M	286M	389M	183M
Pretax Income+	4.62B	4.89B	4.33B	4.8B	2.89B	6.66B	6.65B	6.2B	6.7B	3.88B
Pretax Margin %	0.14%	0.14%	0.12%	0.12%	0.08%	0.15%	0.14%	0.12%	0.13%	0.08%
Income Tax+	863M	646M	2.39B	772M	348M	934M	605M	1.13B	1B	666M
Effective Tax Rate %	0.81%	0.87%	0.45%	0.84%	0.88%	0.86%	0.91%	0.82%	0.85%	0.83%
Net Income+	3.76B	4.24B	1.93B	4.03B	2.54B	5.73B	6.05B	5.07B	5.7B	3.22B
Net Margin %	0.12%	0.12%	0.05%	0.1%	0.07%	0.13%	0.13%	0.1%	0.11%	0.07%
Net Income Growth %	0.15%	0.13%	-0.54%	1.08%	-0.37%	1.26%	0.06%	-0.16%	0.12%	-0.44%
Net Income (Continuing)	3.76B	4.24B	1.93B	4.03B	2.54B	5.73B	6.05B	5.07B	5.7B	3.22B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.16	2.51	1.17	2.49	1.60	3.56	3.75	3.23	3.73	2.16
EPS Growth %	0.17%	0.16%	-0.53%	1.13%	-0.36%	1.23%	0.05%	-0.14%	0.15%	-0.42%
EPS (Basic)	2.21	2.56	1.19	2.55	1.63	3.64	3.83	3.27	3.76	2.17
Diluted Shares Outstanding	1.74B	1.69B	1.66B	1.62B	1.59B	1.61B	1.61B	1.57B	1.53B	1.49B
Basic Shares Outstanding	1.7B	1.66B	1.62B	1.58B	1.56B	1.57B	1.58B	1.55B	1.52B	1.48B
Dividend Payout Ratio	0.27%	0.27%	0.64%	0.33%	0.57%	0.29%	0.3%	0.4%	0.38%	0.71%

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	15.03B	16.06B	15.13B	16.52B	20.56B	26.29B	28.21B	25.2B	25.38B	23.36B
Cash & Short-Term Investments	5.46B	6.18B	5.25B	4.66B	8.79B	13.48B	13B	10.68B	11.58B	9.15B
Cash Only	3.14B	3.81B	4.25B	4.47B	8.35B	9.89B	8.57B	7.44B	9.86B	7.46B
Short-Term Investments	2.32B	2.37B	996M	197M	439M	3.59B	4.42B	3.23B	1.72B	1.69B
Accounts Receivable	3.24B	3.68B	3.5B	4.27B	2.75B	4.46B	4.67B	4.13B	4.43B	4.72B
Days Sales Outstanding	36.54	39.07	35.08	39.86	26.83	36.58	36.47	29.44	31.46	37.18
Inventory	4.84B	5.05B	5.26B	5.62B	7.37B	6.85B	8.42B	8.45B	7.52B	7.49B
Days Inventory Outstanding	101.46	96.92	93.94	94.81	127.07	101.79	121.81	106.68	96.38	103.08
Other Current Assets	0	0	0	0	0	0	0	1.94B	1.85B	2B
Total Non-Current Assets+	6.35B	7.2B	7.4B	7.19B	10.79B	11.45B	12.11B	12.33B	12.73B	13.22B
Property, Plant & Equipment	3.52B	3.99B	4.45B	4.74B	7.96B	8.02B	7.72B	8B	7.72B	7.54B
Fixed Asset Turnover	9.20x	8.61x	8.17x	8.25x	4.70x	5.56x	6.05x	6.40x	6.65x	6.14x
Goodwill	131M	139M	154M	154M	223M	242M	284M	281M	240M	240M
Intangible Assets	281M	283M	285M	283M	274M	269M	286M	274M	259M	259M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	0	0	0	0	0	0	3.77B	4.51B	5.18B
Total Assets+	21.38B	23.26B	22.54B	23.72B	31.34B	37.74B	40.32B	37.53B	38.11B	36.58B
Asset Turnover	1.51x	1.48x	1.62x	1.65x	1.19x	1.18x	1.16x	1.36x	1.35x	1.27x
Asset Growth %	-0.01%	0.09%	-0.03%	0.05%	0.32%	0.2%	0.07%	-0.07%	0.02%	-0.04%
Total Current Liabilities+	5.36B	5.47B	6.04B	7.87B	8.28B	9.67B	10.73B	9.26B	10.59B	10.57B
Accounts Payable	2.19B	2.05B	2.28B	2.61B	2.25B	2.84B	3.36B	2.86B	2.85B	3.48B
Days Payables Outstanding	45.95	39.26	40.69	44.05	38.77	42.12	48.58	36.12	36.54	47.88
Short-Term Debt	45M	331M	342M	15M	251M	2M	510M	6M	1.01B	5M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.6B	1.44B	1.55B	3.21B	2.83B	2.91B	3.21B	3.28B	3.15B	3.56B
Current Ratio	2.80x	2.93x	2.51x	2.10x	2.48x	2.72x	2.63x	2.72x	2.40x	2.21x
Quick Ratio	1.90x	2.01x	1.63x	1.39x	1.59x	2.01x	1.84x	1.81x	1.69x	1.50x
Cash Conversion Cycle	92.05	96.72	88.33	90.62	115.12	96.25	109.7	100	91.3	92.37
Total Non-Current Liabilities+	3.76B	5.38B	6.68B	6.81B	15B	15.3B	14.31B	14.27B	13.09B	12.8B
Long-Term Debt	1.99B	3.47B	3.47B	3.46B	9.41B	9.41B	8.92B	8.93B	7.9B	7.96B
Capital Lease Obligations	0	0	0	0	2.91B	2.93B	2.78B	2.79B	2.57B	2.55B
Deferred Tax Liabilities	1.77B	1.91B	3.22B	3.35B	2.68B	2.96B	2.61B	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	2.96B	2.61B	2.56B	2.62B	2.29B
Total Liabilities	9.12B	10.85B	12.72B	14.68B	23.29B	24.97B	25.04B	23.53B	23.68B	23.37B
Total Debt+	2.04B	3.8B	3.81B	3.48B	13.02B	12.81B	12.63B	12.14B	11.95B	11.02B
Net Debt	-1.1B	-6M	-439M	-987M	4.67B	2.92B	4.05B	4.7B	2.09B	3.55B
Debt / Equity	0.17x	0.31x	0.39x	0.38x	1.62x	1.00x	0.83x	0.87x	0.83x	0.83x
Debt / EBITDA	0.39x	0.70x	0.73x	0.63x	3.07x	1.66x	1.68x	1.79x	1.67x	2.44x
Net Debt / EBITDA	-0.21x	-0.00x	-0.08x	-0.18x	1.10x	0.38x	0.54x	0.69x	0.29x	0.79x
Interest Coverage	136.42x	57.91x	37.99x	38.48x	21.63x	24.00x	22.86x	20.90x	24.18x	12.81x
Total Equity+	12.26B	12.41B	9.81B	9.04B	8.05B	12.77B	15.28B	14B	14.43B	13.21B
Equity Growth %	-0.04%	0.01%	-0.21%	-0.08%	-0.11%	0.58%	0.2%	-0.08%	0.03%	-0.08%
Book Value per Share	7.03	7.33	5.91	5.59	5.06	7.93	9.49	8.92	9.43	8.88
Total Shareholders' Equity	12.26B	12.41B	9.81B	9.04B	8.05B	12.77B	15.28B	14B	14.43B	13.21B
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M
Retained Earnings	4.15B	6.91B	3.52B	1.64B	-191M	3.18B	3.48B	1.36B	965M	-727M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	318M	-213M	-92M	231M	-56M	-380M	318M	231M	53M	-258M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	3.1B	3.64B	4.96B	5.9B	2.48B	6.66B	5.19B	5.84B	7.43B	3.7B
Operating CF Margin %	0.1%	0.11%	0.14%	0.15%	0.07%	0.15%	0.11%	0.11%	0.14%	0.08%
Operating CF Growth %	-0.34%	0.18%	0.36%	0.19%	-0.58%	1.68%	-0.22%	0.13%	0.27%	-0.5%
Net Income	3.76B	4.24B	1.93B	4.03B	2.54B	5.73B	6.05B	5.07B	5.7B	3.22B
Depreciation & Amortization	662M	716M	774M	720M	1.12B	797M	840M	859M	844M	775M
Stock-Based Compensation	236M	215M	218M	325M	429M	611M	638M	755M	804M	709M
Deferred Taxes	-80M	-273M	647M	34M	-380M	-385M	-650M	-117M	-497M	-288M
Other Non-Cash Items	98M	-117M	-99M	233M	23M	-138M	-26M	-213M	-138M	70M
Working Capital Changes	-1.58B	-1.14B	1.48B	562M	-1.25B	45M	-1.66B	-513M	716M	-787M
Change in Receivables	60M	-426M	187M	-270M	1.24B	-1.61B	-504M	489M	-329M	-257M
Change in Inventory	-590M	-231M	-255M	-490M	-1.85B	507M	-1.68B	-133M	908M	120M
Change in Payables	0	0	1.51B	1.52B	24M	1.33B	1.36B	-225M	397M	-426M
Cash from Investing+	-1.03B	-1.01B	276M	-264M	-1.03B	-3.8B	-1.52B	564M	894M	-275M
Capital Expenditures	-1.14B	-1.1B	-1.03B	-1.12B	-1.09B	-695M	-758M	-969M	-812M	-430M
CapEx % of Revenue	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6M	-34M	-25M	0	31M	171M	-19M	52M	-15M	8M
Cash from Financing+	-2.67B	-1.94B	-4.83B	-5.29B	2.49B	-1.46B	-4.84B	-7.45B	-5.89B	-5.82B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.02B	-1.13B	-1.24B	-1.33B	-1.45B	-1.64B	-1.84B	-2.01B	-2.17B	-2.3B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	788M	460M	649M	-44M	833M	1.04B	1B	-102M	531M	-85M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.95B	2.54B	3.93B	4.78B	1.4B	5.96B	4.43B	4.87B	6.62B	3.27B
FCF Margin %	0.06%	0.07%	0.11%	0.12%	0.04%	0.13%	0.09%	0.1%	0.13%	0.07%
FCF Growth %	-0.47%	0.3%	0.55%	0.22%	-0.71%	3.26%	-0.26%	0.1%	0.36%	-0.51%
FCF per Share	1.12	1.50	2.37	2.96	0.88	3.70	2.75	3.10	4.33	2.20
FCF Conversion (FCF/Net Income)	0.82x	0.86x	2.56x	1.47x	0.98x	1.16x	0.86x	1.15x	1.30x	1.15x
Interest Paid	70M	98M	125M	153M	140M	293M	290M	347M	381M	389M
Taxes Paid	748M	703M	529M	757M	1.03B	1.18B	1.23B	1.52B	1.3B	1.23B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	30.12%	34.38%	17.4%	42.74%	29.7%	55.01%	43.11%	34.63%	40.09%	23.29%
Return on Invested Capital (ROIC)	31.74%	30.24%	30.62%	41.08%	22.49%	36.62%	28.59%	23.32%	26.87%	16.68%
Gross Margin	46.24%	44.58%	43.84%	44.67%	43.42%	44.82%	45.98%	43.52%	44.56%	42.73%
Net Margin	11.61%	12.34%	5.31%	10.3%	6.79%	12.86%	12.94%	9.9%	11.1%	6.95%
Debt / Equity	0.17x	0.31x	0.39x	0.38x	1.62x	1.00x	0.83x	0.87x	0.83x	0.83x
Interest Coverage	136.42x	57.91x	37.99x	38.48x	21.63x	24.00x	22.86x	20.90x	24.18x	12.81x
FCF Conversion	0.82x	0.86x	2.56x	1.47x	0.98x	1.16x	0.86x	1.15x	1.30x	1.15x
Revenue Growth	5.8%	6.1%	5.96%	7.47%	-4.38%	19.08%	4.88%	9.65%	0.28%	-9.84%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Footwear	19.87B	21.08B	22.27B	25.88B	24.95B	30.01B	31.24B	35.29B	35.23B	30.97B
Footwear Growth	-	6.09%	5.63%	16.22%	-3.61%	20.28%	4.10%	12.97%	-0.18%	-12.09%
Apparel	10.56B	11.08B	12.13B	13.1B	12.35B	14.38B	15.32B	15.69B	15.98B	15.27B
Apparel Growth	-	4.88%	9.48%	7.97%	-5.72%	16.47%	6.54%	2.40%	1.86%	-4.46%
Product and Service, Other	-	-	-	-	-	-	153M	239M	155M	74M
Product and Service, Other Growth	-	-	-	-	-	-	-	56.21%	-35.15%	-52.26%
Other Products	1.94B	2.19B	2B	-	-	-	-	-	-	-
Other Products Growth	-	12.77%	-8.68%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
North America	14.76B	15.22B	14.86B	15.9B	14.48B	17.18B	18.35B	21.61B	21.4B	19.57B
North America Growth	-	3.06%	-2.37%	7.05%	-8.92%	18.61%	6.83%	17.74%	-0.98%	-8.52%
Europe, Middle East And Africa	-	-	9.24B	9.81B	9.35B	11.46B	12.48B	13.42B	13.61B	12.26B
Europe, Middle East And Africa Growth	-	-	-	6.17%	-4.74%	22.56%	8.93%	7.52%	1.41%	-9.92%
China	3.79B	4.24B	5.13B	6.21B	6.68B	8.29B	7.55B	7.25B	7.54B	6.59B
China Growth	-	11.94%	21.17%	20.92%	7.59%	24.12%	-8.96%	-3.96%	4.10%	-12.71%
Asia Pacific And Latin America	-	-	5.17B	5.25B	5.03B	5.34B	5.96B	6.43B	6.73B	6.25B
Asia Pacific And Latin America Growth	-	-	-	1.70%	-4.30%	6.26%	11.45%	7.99%	4.63%	-7.10%
Western Europe	5.88B	6.21B	-	-	-	-	-	-	-	-
Western Europe Growth	-	5.56%	-	-	-	-	-	-	-	-
Central And Eastern Europe	1.43B	1.49B	-	-	-	-	-	-	-	-
Central And Eastern Europe Growth	-	3.91%	-	-	-	-	-	-	-	-
JAPAN	869M	1.01B	-	-	-	-	-	-	-	-
JAPAN Growth	-	16.69%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

NIKE, Inc. (NKE) has a price-to-earnings (P/E) ratio of 29.9x. This suggests investors expect higher future growth.

Growth & Financials

NIKE, Inc. (NKE) reported $46.51B in revenue for fiscal year 2025. This represents a 99% increase from $23.33B in 2012.

NIKE, Inc. (NKE) saw revenue decline by 9.8% over the past year.

Yes, NIKE, Inc. (NKE) is profitable, generating $2.52B in net income for fiscal year 2025 (7.0% net margin).

Dividend & Returns

Yes, NIKE, Inc. (NKE) pays a dividend with a yield of 2.39%. This makes it attractive for income-focused investors.

NIKE, Inc. (NKE) has a return on equity (ROE) of 23.3%. This is excellent, indicating efficient use of shareholder capital.

NIKE, Inc. (NKE) generated $2.48B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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