Consumer Discretionary · Apparel, Accessories & Luxury Goods · US stock · price as of 22 Oct 2026
Key indicators
Price
$38.32
52-week range
$31.97 – $70.44
Market cap
$56.9B
P/E (trailing)
18.4×
EV / EBITDA
12.4×
Free-cash-flow yield
3.7%
Dividend yield
4.3%
Revenue (last 12 months)
$45.9B
Revenue growth (3y a year)
−3.2%
Operating margin
8.5%
Return on invested capital
19.1%
Net debt / EBITDA
0.2×
Fair value
Fair value (average of valid models)$50.67 middle half of models $44 – $57
Versus priceUndervalued+32% to fair value
P/E multiple
$42.21
P/S multiple
$69.02
EV/EBITDA multiple
$47.14
EV/EBIT multiple
$52.20
EV/revenue multiple
$60.96
10-year DCF, EBITDA exit
$44.36
5-year DCF, EBITDA exit
$44.66
10-year DCF, revenue exit
$45.30
5-year DCF, revenue exit
$46.37
10-year DCF, growth exit
$37.61
5-year DCF, growth exit
$36.38
Dividend discount, stable
$57.55
Dividend discount, multi-stage
$68.72
Earnings power value
$56.87
Model uncertainty
Medium
X-Ray Score
46/ 100 · High confidence · ahead of 34% of sector peers
Valuation67
Growth12
Profitability36
Financial health59
Dividends58
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Nike designs, develops and markets athletic footwear, apparel, equipment and accessories. Its brands include Nike, Jordan and Converse, and its products serve runners, basketball players, footballers and everyday customers. Goods reach shoppers through Nike-owned stores, its websites and apps, and wholesale partners such as sporting goods chains, department stores and independent retailers, with manufacturing carried out by contract factories around the world.
Nike earns revenue from products supplied through its direct channels and through wholesale customers, and from licensing arrangements. Revenue for the last twelve months was $45.9 billion, though revenue growth over the last three years was -3.2% a year, a decline. The operating margin is 8.5%, and the business earns a profit of 19% on the capital invested in it. It carries net debt of 0.2 times EBITDA. The company pays a dividend with a yield of 4.3%.
StocksXray gives NIKE, Inc. an X-Ray Score of 46 out of 100 (high confidence), ahead of 34% of the S&P 500 stocks in its sector. Its strongest lens is valuation (67) and its weakest is growth (12).
Our fair value (the average of the valid models) is $50.67 (range $44.43 to $57.38). At $38.32 the stock trades 24% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
NIKE, Inc. (NKE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$108.85
$97.50
$89.24
$57.96
$45.34
$38.32
Market cap
$175.3B
$153.1B
$136.5B
$86.2B
$67.1B
$56.9B
P/E
29.0×
30.2×
23.9×
26.8×
21.6×
18.4×
EV / revenue
3.8×
3.0×
2.6×
1.9×
1.5×
1.3×
EV / EBITDA
26.5×
22.4×
18.1×
18.6×
14.5×
12.4×
Price / free cash flow
39.6×
31.4×
20.6×
26.4×
30.7×
27.0×
Free-cash-flow yield
2.5%
3.2%
4.8%
3.8%
3.3%
3.7%
Price / book
11.5×
10.9×
9.5×
6.5×
4.5×
3.7×
Dividend yield
1.09%
1.36%
1.62%
2.71%
3.60%
4.28%
Fundamentals checklist ● 5 Good · ● 4 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash0.8%Bad
Free-cash-flow yield3.7%Average
Risk models
Altman Z score3.5×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−13.4%Bad
Free-cash-flow growth (3y)−23.5%Bad
Revenue growth (3y)−3.2%Bad
Growth consistency30%Bad
Balance sheet
Current ratio2.1×Good
Net debt / EBITDA0.2×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.3×Good
EBIT / EV yield6.7%Good
Profitability
Return on invested capital19.1%Average
Operating margin8.5%Bad
Gross profitability52.3%Average
Red flags
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
NIKE, Inc. (NKE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
46,710
51,217
51,362
46,309
46,398
45,891
Gross profit
21,479
22,292
22,887
19,790
19,911
19,766
Operating income
6,651
6,201
6,700
3,885
3,900
3,899
Net income
6,046
5,070
5,700
3,219
3,108
3,093
Diluted EPS ($)
3.75
3.23
3.73
2.16
2.10
2.09
Free cash flow
4,430
4,872
6,617
3,268
2,184
2,105
Gross margin
46.0%
43.5%
44.6%
42.7%
42.9%
43.1%
Operating margin
14.2%
12.1%
13.0%
8.4%
8.4%
8.5%
Net margin
12.9%
9.9%
11.1%
7.0%
6.7%
6.7%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
40,321
37,531
38,110
36,579
38,410
37,794
Cash
8,574
7,441
9,860
7,464
7,563
6,903
Total debt
9,430
8,933
8,909
7,966
7,942
7,893
Equity
15,281
14,004
14,430
13,213
14,865
15,220
Dividend per share ($)
1.19
1.33
1.45
1.57
1.63
1.64
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
