NIKE, Inc.
NKEJPMorgan downgrades Nike to Underweight, cuts price target to $40
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $46.31B | $51.36B | $51.22B | $46.71B | $44.54B | $37.40B | $39.12B | $36.40B |
| Cost of Revenue | $26.52B | $28.48B | $28.93B | $25.23B | $24.58B | $21.16B | $21.64B | $20.44B |
| Gross Profit | $19.79B | $22.89B | $22.29B | $21.48B | $19.96B | $16.24B | $17.47B | $15.96B |
| Gross Margin | 42.73% | 44.56% | 43.52% | 45.98% | 44.82% | 43.42% | 44.67% | 43.84% |
| Operating Expenses | $16.09B | $16.58B | $16.38B | $14.80B | $13.03B | $13.13B | $12.70B | $11.51B |
| Operating Income | $3.70B | $6.31B | $5.92B | $6.67B | $6.94B | $3.12B | $4.77B | $4.45B |
| Operating Margin | 7.99% | 12.29% | 11.55% | 14.29% | 15.58% | 8.33% | 12.20% | 12.21% |
| Net Income | $3.22B | $5.70B | $5.07B | $6.05B | $5.73B | $2.54B | $4.03B | $1.93B |
| Net Margin | 6.95% | 11.10% | 9.90% | 12.94% | 12.86% | 6.79% | 10.30% | 5.31% |
| EPS (Basic) | $2.17 | $3.76 | $3.27 | $3.83 | $3.64 | $1.63 | $2.55 | $1.19 |
| EBITDA | $4.51B | $7.16B | $6.77B | $7.51B | $7.73B | $4.23B | $5.49B | $5.22B |
| Stock Option Compensation Expense | $709.00M | $804.00M | $755.00M | $638.00M | $611.00M | $429.00M | $325.00M | $218.00M |
| Price To Earnings Ratio | 27.95 | 25.31 | 32.21 | 31.04 | 36.95 | 61.11 | 30.25 | 60.31 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | $89.97B | $144.25B | $163.32B | $187.64B | $211.58B | $155.16B | $121.86B | $116.59B |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Assets | $36.58B | $38.11B | $37.53B | $40.32B | $37.74B | $31.34B | $23.72B | $22.54B |
| Short Term Debt Incl. Current Port. of LT Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $23.37B | $23.68B | $23.53B | $25.04B | $24.97B | $23.29B | $14.68B | $12.72B |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $13.21B | $14.43B | $14.00B | $15.28B | $12.77B | $8.05B | $9.04B | $9.81B |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $13.21B | $14.43B | $14.00B | $15.28B | $12.77B | $8.05B | $9.04B | $9.81B |
| Total Liabilities & Stockholders Equity | $36.58B | $38.11B | $37.53B | $40.32B | $37.74B | $31.34B | $23.72B | $22.54B |
| Book Value Per Share | $8.90 | $9.51 | $9.03 | $9.68 | $8.12 | $5.17 | $5.72 | $6.04 |
| Tangible Book Value Per Share | $8.56 | $9.18 | $8.67 | $9.32 | $7.79 | $4.85 | $5.45 | $5.77 |
| Full-Time Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 8.80% | 14.96% | 13.51% | 14.99% | 15.17% | 8.10% | 16.99% | 8.58% |
| Return on Equity | 24.36% | 39.50% | 36.20% | 39.57% | 44.86% | 31.52% | 44.57% | 19.70% |
| Return on Invested Capital | 11.57% | 18.51% | 16.85% | 19.88% | 20.90% | 11.53% | 25.24% | 11.80% |
| Quick Ratio | 1.50 | 1.69 | 1.81 | 1.84 | 2.01 | 1.59 | 1.39 | 1.63 |
| Current Ratio | 2.21 | 2.40 | 2.72 | 2.63 | 2.72 | 2.48 | 2.10 | 2.51 |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $3.22B | $5.70B | $5.07B | $6.05B | $5.73B | $2.54B | $4.03B | $1.93B |
| Depreciation | $808.00M | $844.00M | $859.00M | $840.00M | $797.00M | $1.12B | $720.00M | $774.00M |
| Other Funds (Non Cash) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Operating Activities | $3.70B | $7.43B | $5.84B | $5.19B | $6.66B | $2.48B | $5.90B | $4.96B |
| Capital Expenditures | $430.00M | $812.00M | $969.00M | $758.00M | $695.00M | $1.09B | $1.12B | $1.03B |
| Net Assets From Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | $2.30B | $2.17B | $2.01B | $1.84B | $1.64B | $1.45B | $1.33B | $1.24B |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Repurchase of Common Pref Stock | $2.98B | $4.25B | $5.48B | $4.01B | $608.00M | $3.07B | $4.29B | $4.25B |
| Sale of Common Pref Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | $3.27B | $6.62B | $4.87B | $4.43B | $5.96B | $1.40B | $4.78B | $3.93B |
| Preferred Dividends (Cash Flow) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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About the company
NIKE, Inc., through its various subsidiaries, operates as a global enterprise focused on the design, development, marketing, and sale of athletic footwear, apparel, equipment, and accessories for all ages and genders. Beyond its primary offerings, the company provides a range of athletic and casual footwear, clothing, and accessories under the notable Jumpman trademark. It also distributes a variety of casual sneakers, apparel, and accessories, featuring well-known brands like Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell. Under the NIKE brand itself, the company supplies a comprehensive line of performance sports gear and accessories, such as bags, socks, sports balls, eyewear, timepieces, digital devices, bats, gloves, and protective equipment. Additionally, NIKE sells various plastic products to other manufacturers. The company also markets sportswear adorned with licensed logos from college and professional sports teams and leagues. Furthermore, it engages in licensing arrangements, allowing unaffiliated parties to manufacture and sell apparel, digital devices, applications, and other sports equipment under NIKE-owned trademarks. Its extensive product catalog reaches consumers globally through diverse channels, including specialized footwear, sporting goods, athletic specialty, department, skate, tennis, and golf stores. Distribution occurs via NIKE's proprietary retail outlets, digital e-commerce platforms, independent distributors, authorized licensees, and sales representatives. Founded in 1964, the company was originally named Blue Ribbon Sports, Inc., before officially becoming NIKE, Inc. in 1971, and maintains its corporate headquarters in Beaverton, Oregon.