NIKE, Inc.
$37.99
+0.23 (+0.61%) · delayed · Nov 13, 2026
Five-year price
52w $31.97 to $69.14
- Market cap
- $56.3B
- Enterprise value
- $56.6B
- P/E
- 18.1×
- 14.3× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 3.9%
- ROIC
- —
- Debt / equity
- 0.53
- Piotroski F
- 5/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 32.1%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 91% (5y avg)
- ○Growing revenueRevenue CAGR 5y 0.8%
- ●Shrinking share countDiluted shares -8.0% over 5y
Value
0
- ○P/E below 15P/E 18.1
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 3.9%
- ○Price below Graham NumberGraham Number $21.78
- ○P/B below 3P/B 3.8
Safety
50
- ○Debt / equity below 0.5D/E 0.53
- ●Debt payable in < 4 yrs of earningsNet debt $0.4B
- –Interest coverage > 8xCoverage n/ax
- ●Current ratio > 1.5Current ratio 1.96
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $46.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.96
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 29%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 14.3
- ○P/E × P/B ≤ 22.5Product 54.0
Valuation lab
What do you have to believe?
At $37.99, the market is pricing in about 9.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $379M · 1481M shares · 5y revenue CAGR 0.8%
Intrinsic value
$20.53
Price
$37.99
Premium paid
85%
What the price implies
The market is paying for 9.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
52% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 34,350 | 36,397 | 39,117 | 37,403 | 44,538 | 46,710 | 51,217 | 51,362 | 46,309 | 46,398 |
| Gross profit | 15,312 | 15,956 | 17,474 | 16,241 | 19,962 | 21,479 | 22,292 | 22,887 | 19,790 | 19,911 |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 4,886 | 4,325 | 4,801 | 2,887 | 6,661 | 6,651 | 6,201 | 6,700 | 3,885 | 3,900 |
| Income tax | 646 | 2,392 | 772 | 348 | 934 | 605 | 1,131 | 1,000 | 666 | 792 |
| Net income | 4,240 | 1,933 | 4,029 | 2,539 | 5,727 | 6,046 | 5,070 | 5,700 | 3,219 | 3,108 |
| EPS (diluted) | 2.51 | 1.17 | 2.49 | 1.60 | 3.56 | 3.75 | 3.23 | 3.73 | 2.16 | 2.10 |
| Diluted shares | 1,692 | 1,659 | 1,618 | 1,592 | 1,609 | 1,611 | 1,570 | 1,530 | 1,488 | 1,481 |
Who owns it