NYSE · Consumer Cyclical

NIKE, Inc.

NKE · Footwear & Accessories

$43.19

▼ -1.21 (-2.73%)

Data cached · refreshes every 10 min

Mr. Market is currently offering NIKE, Inc. at $43.19.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 42.7%

Operating Margin 8.0%

Net Income Margin 7.0%

Fin. Health B

Years to Pay Off Debt 3.4 yrs

Working Capital vs Long-Term Debt $4.8B

Working Capital $12.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.92x

Cash Flow A

Free Cash Flow $3.3B

CapEx % of Net Income 13.4%

Owner Earnings $4.5B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $64.0B

Enterprise Value $68.9B

P/E (TTM) 28.41

Dividend Yield 3.65%

Exchange NYSE

Key Margins

Gross Profit 42.7%

Operating Margin 8.0%

Net Margin 7.0%

Company Info

Sector Consumer Cyclical

Industry Footwear & Accessories

Employees 77800

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering NIKE, Inc. at $43.19.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $43.19, the stock trades at a 87% premium to its Graham Number of $23.14. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About NIKE, Inc.

NIKE, Inc., together with its subsidiaries, designs, develops, markets, and sells athletic and casual footwear, apparel, equipment, accessories, and services for men, women, and kids in North America, Europe, the Middle East, Africa, Greater China, the Asia Pacific, and Latin America. The company offers its products under the NIKE, Jordan, Jumpman, Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks. It also provides a line of performance equipment and accessories, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment, and other equipment for sports activities, as well as various plastic products to other manufacturers; distributes and licenses casual sneakers, apparel, and accessories; and markets apparel with licensed college and professional team and league logos. In addition, the company offers consumer services and experiences, including sport focused events and activations; fitness and activity apps; sport, fitness, and wellness content; and digital services and features in retail stores. It sells its products to footwear stores; sporting goods stores; athletic specialty stores; department stores; skate, tennis, and golf shops; and other wholesale accounts through NIKE-owned retail stores, independent distributors, licensees, sales representatives, and digital platforms. The company was formerly known as Blue Ribbon Sports, Inc. and changed its name to NIKE, Inc. in May 1971. NIKE, Inc. was founded in 1964 and is headquartered in Beaverton, Oregon.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	42.7% ▼	44.6%	43.5%	46.0%	N/A
Operating Margin %	8.0% ▼	12.3%	11.5%	14.3%	N/A
Net Income %	7.0% ▼	11.1%	9.9%	12.9%	N/A
Diluted EPS	2.16 ▼	3.73	3.23	3.75	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$36.6B	$38.1B	$37.5B	$40.3B	N/A
Total Debt	$11.0B ↓	$12.0B	$12.1B	$12.6B	N/A
Working Capital	$12.8B ▼	$14.8B	$15.9B	$17.5B	N/A
Years to Pay Debt	3.42	2.10	2.40	2.09	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.3B ▼	$6.6B	$4.9B	$4.4B	N/A
Owner Earnings	$4.5B	$7.4B	$6.9B	$7.6B	N/A
CapEx % of Net Income	13.4%	14.2%	19.1%	12.5%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,510,000	7,155,000	6,774,000	7,515,000
Net Income From Continuing Operation Net Minority Interest	3,219,000	5,700,000	5,070,000	6,046,000
Reconciled Depreciation	808,000	844,000	859,000	840,000
Reconciled Cost Of Revenue	26,519,000	28,475,000	28,925,000	25,231,000
EBITDA	4,510,000	7,155,000	6,774,000	7,515,000
EBIT	3,702,000	6,311,000	5,915,000	6,675,000
Net Interest Income	107,000	161,000	6,000	-205,000
Normalized Income	3,219,000	5,700,000	5,070,000	6,046,000
Net Income From Continuing And Discontinued Operation	3,219,000	5,700,000	5,070,000	6,046,000
Total Expenses	42,607,000	45,051,000	45,302,000	40,035,000
Diluted Average Shares	1,487,600	1,529,700	1,569,800	1,610,800
Basic Average Shares	1,484,900	1,517,600	1,551,600	1,578,800
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,219,000	5,700,000	5,070,000	6,046,000
Net Income Common Stockholders	3,219,000	5,700,000	5,070,000	6,046,000
Net Income	3,219,000	5,700,000	5,070,000	6,046,000
Net Income Including Noncontrolling Interests	3,219,000	5,700,000	5,070,000	6,046,000
Net Income Continuous Operations	3,219,000	5,700,000	5,070,000	6,046,000
Tax Provision	666,000	1,000,000	1,131,000	605,000
Pretax Income	3,885,000	6,700,000	6,201,000	6,651,000
Other Income Expense	76,000	228,000	280,000	181,000
Other Non Operating Income Expenses	76,000	228,000	280,000	181,000
Net Non Operating Interest Income Expense	107,000	161,000	6,000	-205,000
Total Other Finance Cost	-107,000	-161,000	-6,000	205,000
Operating Income	3,702,000	6,311,000	5,915,000	6,675,000
Operating Expense	16,088,000	16,576,000	16,377,000	14,804,000
Other Operating Expenses			12,317,000	10,954,000	9,911,000
Selling General And Administration	16,088,000	16,576,000	16,377,000	14,804,000
Selling And Marketing Expense	4,689,000	4,285,000	4,060,000	3,850,000
General And Administrative Expense	11,399,000	12,291,000	12,317,000	10,954,000
Other Gand A	11,399,000	12,291,000	12,317,000	10,954,000
Gross Profit	19,790,000	22,887,000	22,292,000	21,479,000
Cost Of Revenue	26,519,000	28,475,000	28,925,000	25,231,000
Total Revenue	46,309,000	51,362,000	51,217,000	46,710,000
Operating Revenue	46,309,000	51,362,000	51,217,000	46,710,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	1,476,000	1,503,000	1,532,000	1,571,000
Share Issued	1,476,000	1,503,000	1,532,000	1,571,000
Net Debt	502,000		1,492,000	856,000
Total Debt	11,018,000	11,952,000	12,144,000	12,627,000
Tangible Book Value	12,714,000	13,931,000	13,449,000	14,711,000
Invested Capital	21,179,000	23,339,000	22,937,000	24,711,000
Working Capital	12,796,000	14,789,000	15,946,000	17,483,000
Net Tangible Assets	12,714,000	13,931,000	13,449,000	14,711,000
Capital Lease Obligations	3,052,000	3,043,000	3,211,000	3,197,000
Common Stock Equity	13,213,000	14,430,000	14,004,000	15,281,000
Total Capitalization	21,174,000	22,333,000	22,931,000	24,201,000
Total Equity Gross Minority Interest	13,213,000	14,430,000	14,004,000	15,281,000
Stockholders Equity	13,213,000	14,430,000	14,004,000	15,281,000
Gains Losses Not Affecting Retained Earnings	-258,000	53,000	231,000	318,000
Other Equity Adjustments	-258,000	53,000	231,000	318,000
Retained Earnings	-727,000	965,000	1,358,000	3,476,000
Additional Paid In Capital	14,195,000	13,409,000	12,412,000	11,484,000
Capital Stock	3,000	3,000	3,000	3,000
Common Stock	3,000	3,000	3,000	3,000
Total Liabilities Net Minority Interest	23,366,000	23,680,000	23,527,000	25,040,000
Total Non Current Liabilities Net Minority Interest	12,800,000	13,087,000	14,271,000	14,310,000
Other Non Current Liabilities	2,289,000	2,618,000	2,558,000	2,613,000
Derivative Product Liabilities					9,413,000
Non Current Deferred Liabilities				2,613,000	2,955,000
Non Current Deferred Taxes Liabilities				2,613,000	2,955,000
Long Term Debt And Capital Lease Obligation	10,511,000	10,469,000	11,713,000	11,697,000
Long Term Capital Lease Obligation	2,550,000	2,566,000	2,786,000	2,777,000
Long Term Debt	7,961,000	7,903,000	8,927,000	8,920,000
Current Liabilities	10,566,000	10,593,000	9,256,000	10,730,000
Current Debt And Capital Lease Obligation	507,000	1,483,000	431,000	930,000
Current Capital Lease Obligation	502,000	477,000	425,000	420,000
Current Debt	5,000	1,006,000	6,000	510,000
Other Current Borrowings		1,000,000		500,000
Current Notes Payable	5,000	6,000	6,000	10,000
Pensionand Other Post Retirement Benefit Plans Current	1,726,000	1,869,000	2,289,000	1,793,000
Current Provisions	1,834,000	1,282,000	994,000	1,412,000
Payables And Accrued Expenses	6,499,000	5,959,000	5,542,000	6,595,000
Current Accrued Expenses	1,753,000	2,011,000	1,911,000	2,530,000
Payables	4,746,000	3,948,000	3,631,000	4,065,000
Dividends Payable	598,000	563,000	529,000	485,000
Total Tax Payable	669,000	534,000	240,000	222,000
Income Tax Payable	669,000	534,000	240,000	222,000
Accounts Payable	3,479,000	2,851,000	2,862,000	3,358,000
Total Assets	36,579,000	38,110,000	37,531,000	40,321,000
Total Non Current Assets	13,217,000	12,728,000	12,329,000	12,108,000
Other Non Current Assets	5,178,000	4,511,000	3,770,000	3,821,000
Non Current Deferred Assets				3,821,000	2,921,000
Non Current Deferred Taxes Assets				3,821,000	2,921,000
Goodwill And Other Intangible Assets	499,000	499,000	555,000	570,000
Other Intangible Assets	259,000	259,000	274,000	286,000
Goodwill	240,000	240,000	281,000	284,000
Net PPE	7,540,000	7,718,000	8,004,000	7,717,000
Accumulated Depreciation	-6,104,000	-5,914,000	-5,634,000	-5,306,000
Gross PPE	13,644,000	13,632,000	13,638,000	13,023,000
Leases	2,037,000	2,023,000	1,876,000	1,712,000
Construction In Progress	404,000	193,000	525,000	399,000
Other Properties	2,712,000	2,718,000	2,923,000	2,926,000
Machinery Furniture Equipment	4,647,000	4,930,000	4,695,000	4,486,000
Buildings And Improvements	3,510,000	3,439,000	3,293,000	3,170,000
Land And Improvements	334,000	329,000	326,000	330,000
Current Assets	23,362,000	25,382,000	25,202,000	28,213,000
Other Current Assets	2,005,000	1,854,000	1,942,000	2,129,000
Prepaid Assets				2,129,000	1,498,000
Inventory	7,489,000	7,519,000	8,454,000	8,420,000
Finished Goods	7,489,000	7,519,000	8,454,000	8,420,000
Receivables	4,717,000	4,427,000	4,131,000	4,667,000
Accounts Receivable	4,717,000	4,427,000	4,131,000	4,667,000
Allowance For Doubtful Accounts Receivable	-27,000	-35,000	-35,000	-34,000
Gross Accounts Receivable	4,744,000	4,462,000	4,166,000	4,701,000
Cash Cash Equivalents And Short Term Investments	9,151,000	11,582,000	10,675,000	12,997,000
Other Short Term Investments	1,687,000	1,722,000	3,234,000	4,423,000
Cash And Cash Equivalents	7,464,000	9,860,000	7,441,000	8,574,000
Cash Equivalents	6,243,000	8,638,000	5,674,000	7,735,000
Cash Financial	1,221,000	1,222,000	1,767,000	839,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	3,268,000	6,617,000	4,872,000	4,430,000
Repurchase Of Capital Stock	-2,985,000	-4,250,000	-5,480,000	-4,014,000
Repayment Of Debt	-1,000,000	0	-500,000	0
Capital Expenditure	-430,000	-812,000	-969,000	-758,000
Interest Paid Supplemental Data	389,000	381,000	347,000	290,000
Income Tax Paid Supplemental Data	1,226,000	1,299,000	1,517,000	1,231,000
End Cash Position	7,464,000	9,860,000	7,441,000	8,574,000
Beginning Cash Position	9,860,000	7,441,000	8,574,000	9,889,000
Effect Of Exchange Rate Changes	1,000	-16,000	-91,000	-143,000
Changes In Cash	-2,397,000	2,435,000	-1,042,000	-1,172,000
Financing Cash Flow	-5,820,000	-5,888,000	-7,447,000	-4,836,000
Cash Flow From Continuing Financing Activities	-5,820,000	-5,888,000	-7,447,000	-4,836,000
Net Other Financing Charges	-85,000	-136,000	-102,000	-151,000
Proceeds From Stock Option Exercised	551,000	667,000	651,000	1,151,000
Cash Dividends Paid	-2,300,000	-2,169,000	-2,012,000	-1,837,000
Common Stock Dividend Paid	-2,300,000	-2,169,000	-2,012,000	-1,837,000
Net Common Stock Issuance	-2,985,000	-4,250,000	-5,480,000	-4,014,000
Common Stock Payments	-2,985,000	-4,250,000	-5,480,000	-4,014,000
Net Issuance Payments Of Debt	-1,001,000	0	-504,000	15,000
Net Short Term Debt Issuance	-1,000	0	-4,000	15,000
Net Long Term Debt Issuance	-1,000,000	0	-500,000	0
Long Term Debt Payments	-1,000,000	0	-500,000	0
Investing Cash Flow	-275,000	894,000	564,000	-1,524,000
Cash Flow From Continuing Investing Activities	-275,000	894,000	564,000	-1,524,000
Net Other Investing Changes	8,000	-15,000	52,000	-19,000
Net Investment Purchase And Sale	147,000	1,721,000	1,481,000	-747,000
Sale Of Investment	3,381,000	6,488,000	7,540,000	12,166,000
Purchase Of Investment	-3,234,000	-4,767,000	-6,059,000	-12,913,000
Net PPE Purchase And Sale	-430,000	-812,000	-969,000	-758,000
Purchase Of PPE	-430,000	-812,000	-969,000	-758,000
Operating Cash Flow	3,698,000	7,429,000	5,841,000	5,188,000
Cash Flow From Continuing Operating Activities	3,698,000	7,429,000	5,841,000	5,188,000
Change In Working Capital	-787,000	716,000	-513,000	-1,660,000
Change In Payables And Accrued Expense	-426,000	397,000	-225,000	1,365,000
Change In Payable	-426,000	397,000	-225,000	1,365,000
Change In Account Payable	-426,000	397,000	-225,000	1,365,000
Change In Prepaid Assets	-224,000	-260,000	-644,000	-845,000
Change In Inventory	120,000	908,000	-133,000	-1,676,000
Change In Receivables	-257,000	-329,000	489,000	-504,000
Changes In Account Receivables	-257,000	-329,000	489,000	-504,000
Stock Based Compensation	709,000	804,000	755,000	638,000
Deferred Tax	-288,000	-497,000	-117,000	-650,000
Deferred Income Tax	-288,000	-497,000	-117,000	-650,000
Depreciation Amortization Depletion	808,000	844,000	859,000	840,000
Depreciation And Amortization	808,000	844,000	859,000	840,000
Amortization Cash Flow	33,000	48,000	156,000	123,000
Amortization Of Intangibles	33,000	48,000	156,000	123,000
Depreciation	775,000	796,000	703,000	717,000
Operating Gains Losses	37,000	-138,000	-213,000	-26,000
Net Foreign Currency Exchange Gain Loss	37,000	-138,000	-213,000	-26,000
Net Income From Continuing Operations	3,219,000	5,700,000	5,070,000	6,046,000

These metrics estimate what NIKE, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$23.14

Margin of Safety

Market Cap ÷ Company Value

1.60

P/B Ratio

3.92

Warren's Owner Earnings

$4.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$46.3B

vs > $1.5B revenue

✅ Strong Financial Condition

2.21x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.65%

vs Uninterrupted dividends

❌ Earnings Growth

-42.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

28.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.92x P/B (P/E×P/B: 111.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-0.00

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$34.29

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	13.4%	14.2%	19.1%	12.5%	N/A
Repurchase of Capital Stock	-$3.0B	-$4.2B	-$5.5B	-$4.0B	N/A
Free Cash Flow	$3.3B ▼	$6.6B ▲	$4.9B ▲	$4.4B •	N/A •
Warren's Owner Earnings	$4.5B	$7.4B	$6.9B	$7.6B	N/A

Peers & Industry

No auto-detected peers for Footwear & Accessories. You can manually compare NKE against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.47%

Low — management has little skin in the game

Return on Equity (ROE)

24.4%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

8.8%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-7.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Mark Parker

Executive Chairman

Age 69

Elliott Hill

CEO, President & Director

Age 61

Pay: $5,297,497

0.165% of net income

Matthew Friend

Executive VP & CFO

Age 46

Pay: $1,267,250

0.039% of net income

Philip Knight

Co-Founder & Chairman Emeritus

Age 87

Pay: $3,069,594

0.095% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.75%	116,993,541
Blackrock Inc.	7.68%	92,156,558
State Street Corporation	4.95%	59,315,606
Capital World Investors	4.09%	49,069,951
Wellington Management Group, LLP	2.65%	31,772,720
Geode Capital Management, LLC	2.20%	26,442,879
JPMORGAN CHASE & CO	1.88%	22,519,758
FMR, LLC	1.80%	21,611,548

Risk Analysis

Beta (Market Risk)

1.12

Moderate volatility — moves slightly more than market

Short Interest

5.9% of float

Moderate short interest

Debt-to-Equity

0.79x

Conservative balance sheet — low financial risk

Current Ratio

2.14x

Strong liquidity — Graham approved

52-Week Price Range

Low: $42.09 Current: $43.19 High: $80.17

Currently at 3% of 52-week range

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