NIKE, Inc. (NKE)
NEUTRALファンダメンタル
61
株価
$39.55
時価総額
$60.47B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
ブランド · 狭いDecades 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.
需要を左右する要因
景気循環型Footwear 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.
主なリスク
- 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.
顧客集中度
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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$46.40B
直近12か月（2026/5/31まで）
純利益
$3.11B
直近12か月（2026/5/31まで）
フリーキャッシュフロー
$2.18B
自己資本合計
$14.87B
負債合計
$23.55B
流動比率
1.96
利払い倍率
-
負債/EBITDA
2.24
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$56.41
現在株価
$39.55
安全マージン
+29.9%
適正価値レンジ
$36.67 - $76.15
推定方法
バリュエーション指標
P/E レシオ
19.40
ROE
20.9%
P/B レシオ
2.34
P/FCF
15.96
粗利益率
42.9%
ROIC
-
収益性レーダー
Value Creation (Economic Moat)
ROIC
-
WACC
9.0%
ROIC − WACC
-
ファンダメンタル分析基準
合格（15）
- Gross Margin 42.9%
- P/FCF 15.96
- P/B Ratio 2.34
- 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
不合格（8）
- EPS shows upward trend
- EPS CAGR -3.16%
- Price CAGR -2.18%
- CapEx intensity
- Price below Graham Number
- Revenue Growth 5Y 0.8%
- Analyst Consensus 39% Buy
- Net Margin Trend 6.7% vs 7.0%
データなし（5）
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
中程度：利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Mark G. Parker | Executive Chairman | 69 |
| Mr. Elliott J. Hill | CEO, President & Director | 61 |
| Mr. Philip H. Knight | Co-Founder & Chairman Emeritus | 87 |
監査リスク
9
取締役会リスク
10
報酬リスク
7
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for NKE, sourced from Markets Gazette.
- 7d agoNEGATIVELe azioni Nike hanno perso $200B dal picco del 2021: cosa non va?
Nike shares experienced a significant decline, dropping approximately 4% on Monday to their lowest point since September 2014. This marks an extension of a prolonged downturn, with the stock now down roughly 78% from its 2021 peak, erasing over $200 billion in market value. Investors are increasingly skeptical about the company's ability to execute a successful turnaround and reignite growth amidst declining demand, strategic missteps, and challenges in key markets. Despite a slight pre-market uptick on Tuesday, the overall trend points to deep-seated issues affecting investor confidence.
- 8d agoNEGATIVECon il crollo di Nike, conviene comprare il ribasso o vendere il rimbalzo?
Nike shares have entered a significant downtrend, hitting their lowest point since September 2024, with a staggering 78% decline from their all-time high. The stock recently fell below the critical support level of $52.53, the previous April low. Technical indicators suggest further weakness, as NKE remains below all major moving averages. This sustained sell-off, driven by investor impatience with the company's turnaround strategy, has transformed Nike from a popular blue-chip into a 'fallen angel,' raising concerns about its near-term prospects.
- 7/10/2026NEUTRALWhy companies are paying a premium for battle-tested CFOs—and Nike’s struggling turnaround shows what that costs
Nike has appointed David Denton, formerly of Pfizer, as its new Chief Financial Officer. This move highlights a growing trend of companies seeking experienced finance leaders to navigate complex economic environments and execute strategic turnarounds. Denton's recruitment signifies Nike's commitment to strengthening its financial leadership as it faces challenges in its turnaround efforts. Investors will be watching to see if this new financial stewardship can translate into improved performance and strategic execution for the athletic apparel giant.
- 6/30/2026POSITIVENike earnings crushed Wall Street’s estimates — but here’s the catch
Nike Inc. reported strong earnings that surpassed Wall Street expectations, with profits and gross margins significantly boosted by a substantial tariff refund. This one-time gain provided a considerable uplift to the company's financial performance for the period. While the refund is a non-recurring item, the underlying strength in Nike's operations, as indicated by the margin improvement, suggests robust demand and effective cost management. Investors will be watching to see if this momentum can be sustained without the benefit of such refunds in future quarters, but for now, the reported figures present a positive picture.
- 6/30/2026NEUTRALNike Appoints Pfizer CFO as New Finance Chief Amid Industry Experience Questions
Nike has appointed Dave Denton, former CFO of Pfizer, as its new Finance Chief. While Denton brings extensive experience from a large, global corporation, concerns have been raised regarding his lack of direct experience in the retail and apparel sectors. However, analysts suggest that for companies of Nike's scale, the ability to manage complex global operations and significant market capitalization may outweigh specific industry knowledge. This appointment is seen as a strategic move by Nike to leverage broad financial leadership expertise.
- 6/30/2026NEUTRALAssessing Nike vs. Adidas as World Cup Heats Up
Nike Inc. is experiencing a short-term boost in apparel sales, particularly soccer jerseys, coinciding with the World Cup. This positive momentum, however, is tempered by longer-term challenges. Analysts highlight Nike's ongoing need to reinforce its sports credentials and significantly improve its underperforming footwear segment. While the current sales surge offers a temporary upside, the company's ability to address these structural issues will be critical for sustained investor confidence and future growth.
- 6/30/2026NEGATIVENike Declines on Persistent Weakness, Cautious Outlook
Nike Inc. experienced a decline in late trading following a cautious outlook provided by company executives. Management highlighted that consumers are exhibiting careful spending habits, indicating potential headwinds for future sales. This cautious sentiment, coupled with the observed consumer behavior, suggests that Nike may face challenges in meeting revenue expectations in the near to medium term. Investors are advised to monitor upcoming earnings reports and management commentary for further insights into the company's performance amidst this evolving economic landscape.
via Markets Gazette