NIKE, Inc. (NKE)
Sous-évaluéFondamental
64
Prix
$35.40
Capitalisation boursière
$53.39B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Nike designs, markets and sells athletic footwear, apparel and equipment worldwide under the Nike and Converse brands. It owns no factories: production is contracted to independent manufacturers, mostly in Vietnam, Indonesia and China, while Nike keeps design, marketing and distribution in house. Products reach customers through wholesale partners — department stores, sporting goods chains, franchisees — and through Nike's own stores and digital channels.
Comment l'entreprise gagne de l'argent
Revenue comes from selling physical goods, split between wholesale shipments to retail partners and direct sales through Nike-owned stores and e-commerce (Nike Direct). Margins depend on how much of the mix runs through the higher-margin direct channel versus wholesale, and on how much of a premium the brand can charge over competing products — a premium built on marketing spend, athlete endorsement contracts and continuous product turnover.
Chiffre d'affaires par segment
The largest single market, covering the United States and Canada across both wholesale and Nike Direct.
Second-largest region, spanning a wide range of income levels and football-driven demand.
A wide grouping of developed and emerging markets outside the other three regions.
China, Hong Kong and Taiwan; the region with the sharpest recent revenue decline as local competitors gain ground.
A separate footwear brand run as its own operating segment, much smaller than the core Nike business.
Avantage concurrentiel
Marque · ÉtroitDecades of marketing spend and athlete endorsements built a brand that commands a price premium and secures prime shelf space with retailers worldwide. That advantage is real but no longer unchallenged: revenue has declined for two straight fiscal years as Adidas, On, Hoka and other rivals take share, particularly in China.
Ce qui stimule la demande
CycliqueFootwear and apparel are discretionary purchases: households cut back when budgets tighten, and wholesale partners cut orders further in anticipation. Demand also swings with fashion cycles and with how fresh Nike's product line looks against competitors, not only with the economy.
Principaux risques
- Manufacturing concentrated in a few countries — Nike owns no factories and depends on independent contract manufacturers concentrated in Vietnam, Indonesia and China; disruption at a handful of them affects supply broadly.
- Trade policy and tariffs — The company is exposed to tariffs, import duties and other protectionist measures on goods manufactured abroad and sold in the United States and elsewhere.
- Intense competition — The athletic footwear and apparel market includes numerous established and emerging brands competing on price, innovation and marketing reach.
- Currency and commodity volatility — A global business collects revenue and pays costs in many currencies and raw material prices, so exchange-rate and commodity swings move reported results.
- Counterfeiting and IP infringement — The company periodically discovers counterfeit products and infringement of its trademarks and designs, which can dilute the brand and divert sales.
Concentration des clients
No single customer reaches 10% of consolidated revenue, but the top three wholesale customers account for about 29% of U.S. sales and the top three non-U.S. customers for about 16% of international sales, so a handful of large retail chains still matter disproportionately.
Les arguments en faveur
Buyers argue that the Nike brand remains the strongest in the industry, that a renewed focus on sport-led product innovation and tighter wholesale discipline can rebuild margins, and that the recent share losses to smaller rivals are a cyclical stumble rather than a structural decline.
Les arguments contre
Sellers fear that two consecutive years of revenue decline, sharpest in China, show a brand losing relevance to newer competitors, that tariffs on goods made in Vietnam, Indonesia and China compress margins further, and that rebuilding wholesale relationships takes years even if the product turnaround works.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users
The closest global rival to NIKE across performance footwear, sportswear apparel and football/basketball sponsorships, sold to the same consumers through the same wholesale and direct-to-consumer channels.
Through the HOKA brand it takes share from NIKE in premium performance running shoes sold in the same specialty run and athletic retailers.
Competes for the same sport-performance and sport-lifestyle customer in football, running and training, and for the same athlete and team sponsorships in Europe and the Americas.
A fast-growing premium running and training brand competing for the same performance-footwear buyer and increasingly for the same shelf space in North America and Europe.
The leading domestic sportswear group in Greater China, where it competes head-on with NIKE for the same running, basketball and outdoor consumers.
Privately held US brand competing with NIKE in running and lifestyle sneakers across the same retail doors in North America, Europe and Asia.
Bilan & Liquidités
Chiffre d'affaires
$46.40B
12 derniers mois (au 31/05/2026)
Résultat net
$3.11B
12 derniers mois (au 31/05/2026)
Flux de trésorerie libre
$2.18B
Capitaux propres totaux
$14.87B
Passif total
$23.55B
Ratio de liquidité général
1.96
Couverture des intérêts
-
Dette/EBITDA
2.24
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$54.58
Prix actuel
$35.40
Marge de sécurité
+35.1%
Fourchette de juste valeur
$35.48 - $73.69
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
16.86
ROE
20.9%
Ratio P/B
2.04
P/FCF
13.86
Marge brute
42.9%
ROIC
-
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
-
WACC
8.5%
ROIC − WACC
-
Critères d'analyse fondamentale
Réussi (15)
- Gross Margin 42.9%
- P/FCF 13.86
- P/B Ratio 2.04
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Undervalued)
- ROE 22.0%
- Earnings Surprise avg 47.6%
- Earnings Quality (OCF/NI) 0.92
- Share Dilution -0.7%
- Piotroski F-Score 5/9
Échoué (8)
- EPS shows upward trend
- EPS CAGR -3.16%
- Price CAGR -3.38%
- CapEx intensity
- Price below Graham Number
- Revenue Growth 5Y 0.8%
- Analyst Consensus 39% Buy
- Net Margin Trend 6.7% vs 7.0%
Indisponible (5)
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Modérée : certain écart entre profits et trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Mark G. Parker | Executive Chairman | 69 |
| Mr. Elliott J. Hill | CEO, President & Director | 61 |
| Mr. Venkatesh Alagirisamy | Executive VP & COO | 48 |
| Mr. Robert Leinwand | EVP & Chief Legal Officer | - |
| Ms. Treasure Heinle | Executive VP and Chief Human Resources & People Officer | - |
| Mr. Matthew Friend | Advisor | 47 |
| Mr. Philip H. Knight | Co-Founder & Chairman Emeritus | 87 |
| Mr. David M. Denton | Executive VP, CFO, Interim Corporate Controller & Principal Accounting Officer | 60 |
| Mr. Michael Gonda | EVP & Chief Communications and Strategy Officer | - |
| Ms. Nicole Hubbard Graham | Executive VP & Chief Marketing Officer | - |
Risque d'audit
9
Risque du conseil
9
Risque de rémunération
10
Risque droits des actionnaires
10
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-07-15
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-04-01
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-16
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for NKE, sourced from Markets Gazette.
- 18h agoNEGATIVEAzioni Nike potrebbero scendere dopo utili Q1: i dettagli
Nike is facing significant investor disappointment heading into its Q1 2026 earnings report on October 1st. The consensus forecast anticipates earnings per share of $0.44 on revenues of $11.34 billion, both representing year-over-year declines. Year-to-date, Nike shares have plummeted by 80%. Options market data indicates a prevailing sentiment that the stock is likely to fall further post-earnings, despite ongoing turnaround efforts led by CEO Elliott Hill. The put-to-call ratio on expiring options suggests a bearish outlook among traders.
- 3d agoNEUTRALNike vicino al minimo in 12 anni: gli utili potrebbero cambiare tutto
Nike shares are trading near a 12-year low, closing Friday at $35.75, down 44% year-to-date. Bank of America recently warned that a recovery might take longer than anticipated. The company is set to report its fiscal first-quarter results after market close on Thursday. Wall Street analysts are forecasting earnings per share of $0.44 on revenues of $11.35 billion. Investors will be closely watching CEO Elliott Hill's commentary on distribution strategies and any indications of a turnaround to gauge the stock's future direction.
- 6d agoNEGATIVENike: il titolo non ha ancora toccato il fondo, avverte un'analista
Nike Inc. (NKE) shares faced renewed pressure following a downgrade by Bank of America analyst Lorraine Hutchinson to 'underperform'. Hutchinson also slashed her price target for NKE to $30, indicating a potential 15% downside from current levels. This downgrade is particularly impactful as Nike stock has already been a significant disappointment for investors in 2026, trading down approximately 45% from its yearly high. The bearish outlook stems from expectations of continued revenue weakness across key athletic footwear segments.
- 6d agoNEGATIVENike’s stock is one of the worst in the S&P 500 — and BofA says it’s not done sliding
Nike's stock has been among the worst performers in the S&P 500, and Bank of America analysts predict further declines. Their latest report forecasts continued falling sales through May, contradicting earlier expectations of a "spring inflection." This revised outlook suggests ongoing challenges for the sportswear giant, potentially impacting its market share and profitability. Investors are advised to monitor upcoming earnings reports and management guidance for signs of a turnaround strategy or further headwinds.
- 13d agoNEGATIVENike sottotono a Wall Street, Mbappé diventa testimonial della svizzera On
Nike Inc. shares experienced a decline of over 2% on Wall Street following the announcement that Swiss competitor On has signed French football star Kylian Mbappé as a testimonial. Mbappé was previously associated with Nike. This move by On signals an aggressive expansion strategy, potentially impacting Nike's market share and brand appeal, particularly among younger demographics. Investors are watching closely to see how Nike responds to this competitive challenge and if it affects future sales projections.
- 14d agoNEGATIVENike bets on a millennial Arnault heir after bleeding $200 billion and being ousted from the S&P 100
Nike has appointed Alexandre Arnault to its board of directors, a move that comes as the sportswear giant faces significant challenges. The company has seen its market value plummet by approximately $200 billion and was recently removed from the S&P 100 index. Arnault, known for his role in revitalizing luxury brands like Rimowa and Tiffany & Co., joins Nike as it struggles to reignite growth and maintain its cultural relevance among consumers, particularly millennials. Investors will be watching closely to see if this strategic addition can help reverse Nike's recent performance decline.
- 23d agoNEGATIVENike exits the S&P 100 after 18 years and a $200 billion market-cap wipeout
Nike Inc. is set to be removed from the S&P 100 index, a move that follows an 18-year tenure and a significant market capitalization decline of approximately $200 billion. This exclusion, effective September 21st, marks a stark reversal for the sportswear giant, which has experienced a nearly 80% stock price slump over the past five years. The primary driver cited for this prolonged downturn is weakness in the Chinese market, impacting Nike's global performance and investor sentiment. The replacement by a technology company in the S&P 100 underscores the shifting market dynamics and challenges faced by traditional consumer brands.
- 23d agoNEUTRALFrom Nike to Starbucks, Tariff Relief for Stocks Is Fleeting
Nike and Starbucks, among other major US retailers and manufacturers, are experiencing a fleeting benefit from the recent tariff relief implemented by the Trump administration. While this policy shift offers some respite from import duties, the market reaction suggests the positive impact on share prices is minimal. This is largely attributed to the fact that the cumulative losses incurred by these companies during the period of high tariffs significantly outweigh the current gains from their reduction. Investors are likely to remain cautious, awaiting more substantial and sustained positive developments.
- 24d agoNEGATIVENike fuori dall'S&P 100; titolo al minimo in 12 anni — cosa affligge NKE?
Nike Inc. is set to be removed from the S&P 100 index, a move that underscores the sportswear giant's significant market value decline over recent years. The exclusion, effective September 21st, follows an extended period of slowing growth and intensified competition. While Nike will remain in the broader S&P 500, its departure from the S&P 100 signals a notable shift in its market standing. Investors should note this as a bearish indicator reflecting ongoing challenges in Nike's business performance and competitive positioning.
via Markets Gazette