How Does This Global Sports Brand Operate?
Nike designs and sells athletic footwear, apparel, and related accessories under the Nike brand. The company also operates the Jordan and Converse brands, building product lines that span performance sport and everyday wear. It reaches customers through wholesale partners alongside its own direct-
Are Margins Stable Amid Falling Revenue?
FundamentalsFor the year ended May 31, 2025 (reported in USD), revenue was about USD 46.3 billion, with net income of roughly USD 3.2 billion. Revenue declined 9.8% versus the prior annual period, while the trailing operating picture shows a 40.81% gross margin flowing through to a 6.03% operating margin and a 4.84% net margin.
On the balance-sheet side, the latest annual filing shows total debt at USD 0. Depreciation and amortization was about USD 775 million, alongside capital spending of roughly USD 430 million.
Is The Market Overpricing Current Strength?
DCF / MultiplesAt USD 42.46, the share price sits above the DCF fair-value range implied by the weaker-
Profitability Needs Steadier Revenue
TakeawayOperations are still profitable, but the margin stack is thin. The clean debt position reduces balance-sheet pressure. For the setup to work, revenue needs to stabilize without margin erosion. If profitability slips further, the valuation has less room to absorb it.