Nike, Inc. key statistics and ratios

In fiscal 2026, Nike, Inc. had return on equity of 22.1%, a net margin of 6.7%, debt equal to 53.4% of equity and a current ratio of 1.96. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Nike, Inc.: financial ratios, annual
Fiscal year	2010May 2010	2011May 2011	2012May 2012	2013May 2013	2014May 2014	2015May 2015	2016May 2016	2017May 2017	2018May 2018	2019May 2019	2020May 2020	2021May 2021	2022May 2022	2023May 2023	2024May 2024	2025May 2025	2026May 2026	LTMAug 2026
Gross margin	46.3%	45.7%	43.5%	43.6%	44.8%	46.0%	46.2%	44.6%	43.8%	44.7%	43.4%	44.8%	46.0%	43.5%	44.6%	42.7%	42.9%	43.1%
Net margin	10.0%	10.6%	9.5%	9.8%	9.7%	10.7%	11.6%	12.3%	5.3%	10.3%	6.8%	12.9%	12.9%	9.9%	11.1%	7.0%	6.7%	6.7%
Free-cash-flow margin	14.9%	6.9%	5.9%	9.6%	7.7%	12.1%	7.0%	8.0%	10.8%	12.2%	3.7%	13.4%	9.5%	9.5%	12.9%	7.1%	4.7%	4.6%
Return on equity	19.6%	21.8%	22.0%	23.1%	24.6%	27.8%	30.1%	34.4%	17.4%	42.7%	29.7%	55.0%	43.1%	34.6%	40.1%	23.3%	22.1%	20.6%
Return on assets	13.2%	14.5%	14.5%	15.0%	14.9%	16.3%	17.5%	19.0%	8.4%	17.4%	9.2%	16.6%	15.5%	13.0%	15.1%	8.6%	8.3%	8.1%
Asset turnover	1.32	1.37	1.53	1.53	1.54	1.52	1.51	1.54	1.59	1.69	1.36	1.29	1.20	1.32	1.36	1.24	1.24	1.20
Current ratio	3.26	2.85	3.05	3.44	2.72	2.46	2.80	2.93	2.51	2.10	2.48	2.72	2.63	2.72	2.40	2.21	1.96	2.07
Debt to equity	6.1%	6.8%	3.7%	12.3%	12.7%	9.9%	16.6%	30.6%	38.8%	38.5%	119.9%	73.7%	61.7%	63.8%	61.7%	60.3%	53.4%	51.9%
Effective tax rate	24.2%	24.1%	25.0%	24.7%	24.0%	22.2%	18.7%	13.2%	55.3%	16.1%	12.1%	14.0%	9.1%	18.2%	14.9%	17.1%	20.3%	20.7%
SG&A as % of revenue	33.3%	31.6%	30.3%	30.8%	31.5%	32.3%	32.3%	30.8%	31.6%	32.5%	35.1%	29.2%	31.7%	32.0%	32.3%	34.7%	34.7%	34.9%
Capital spending as % of revenue	1.8%	2.1%	2.4%	2.4%	3.2%	3.1%	3.5%	3.2%	2.8%	2.9%	2.9%	1.6%	1.6%	1.9%	1.6%	0.9%	1.5%	1.5%
Free cash flow ÷ net income	148.3%	64.7%	61.9%	98.5%	79.2%	113.6%	60.0%	64.6%	203.2%	118.7%	55.1%	104.1%	73.3%	96.1%	116.1%	101.5%	70.3%	68.1%
Dividends ÷ net income	26.5%	26.0%	28.0%	28.4%	29.7%	27.5%	27.2%	26.7%	64.3%	33.1%	57.2%	28.6%	30.4%	39.7%	38.1%	71.5%	77.4%	78.4%
Dividends and buybacks ÷ free cash flow	44.0%	174.9%	177.7%	97.7%	160.7%	92.4%	188.8%	158.9%	140.0%	117.4%	323.0%	37.7%	132.1%	153.8%	97.0%	161.7%	116.9%	116.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Nike, Inc.: financial ratios, quarterly
Quarter	2025 Q2Nov 2024	2025 Q3Feb 2025	2025 Q4May 2025	2026 Q1Aug 2025	2026 Q2Nov 2025	2026 Q3Feb 2026	2026 Q4May 2026	2027 Q1Aug 2026
Gross margin	43.6%	41.5%	40.3%	42.2%	40.6%	40.2%	49.2%	42.8%
Net margin	9.4%	7.0%	1.9%	6.2%	6.4%	4.6%	9.7%	6.3%
Free-cash-flow margin	7.4%	15.2%	3.3%	0.1%	3.1%	2.5%	13.7%	−0.6%
Current ratio	2.22	2.19	2.21	2.19	2.06	2.14	1.96	2.07
Debt to equity	63.9%	63.9%	60.3%	59.4%	56.9%	57.0%	53.4%	51.9%
SG&A as % of revenue	32.4%	34.5%	37.4%	34.3%	32.5%	35.3%	37.2%	34.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 5 checks passed · August 31, 2026

What it owns · $37.8bn

Short-term assets $23.7bnLonger-term assets $14.1bn

What it owes, and who funded it · $26.6bn

Short-term liabilities $11.4bnShareholders' equity $15.2bn

Short-term assets cover short-term liabilities $23.7bn of assets due within a year against $11.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $6.9bn of cash against $7.9bn of debt.
Debt below 40% of shareholders' equity Debt is 52% of equity.
Debt burden no higher than five years ago Debt to equity moved from 64% to 52% over five years.
A year's operating cash flow covers at least 20% of debt $2.8bn of operating cash flow against $7.9bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Nike, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

74 /100

Strong moat

How hard Nike's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 17.6% of total assets over 10 years.
Pricing power 15 / 20

Gross margin has been a median 44.0%, moving by 1.1 percentage points (standard deviation) across 10 years.
Durability 10 / 20

Net margin has been a median 10.2%; its worst year was 5.6%.
Cash conversion 14 / 20

Free cash flow was positive in 10 of 10 years, at a median 8.1% of revenue.
Discipline 19 / 20

The diluted share count fell 8.3% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (79 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Nike, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Nike, Inc.