Latest Ratios: P/E Ratio 20.0x · EV/EBITDA 15.0x · ROE 23.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $63.9B | $90.1B | $145.4B | $165.2B | $191.4B | $219.6B | $156.9B | $124.8B | $119.1B | $89.7B | $96.2B |
| Enterprise Value | $67.5B | $93.7B | $147.5B | $169.9B | $195.5B | $222.5B | $161.6B | $123.9B | $118.7B | $89.7B | $95.1B |
| P/E Ratio → | 20.00 | 28.05 | 25.48 | 32.59 | 31.69 | 38.33 | 61.61 | 30.98 | 61.37 | 21.11 | 25.56 |
| P/S Ratio | 1.38 | 1.95 | 2.83 | 3.23 | 4.10 | 4.93 | 4.19 | 3.19 | 3.27 | 2.61 | 2.97 |
| P/B Ratio | 4.86 | 6.82 | 10.08 | 11.80 | 12.53 | 17.20 | 19.48 | 13.81 | 12.14 | 7.23 | 7.85 |
| P/FCF | 19.57 | 27.58 | 21.97 | 33.92 | 43.22 | 36.84 | 112.15 | 26.10 | 30.33 | 35.37 | 49.27 |
| P/OCF | 17.29 | 24.37 | 19.57 | 28.29 | 36.90 | 32.99 | 63.14 | 21.15 | 24.04 | 24.63 | 31.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.02 | 2.87 | 3.32 | 4.19 | 5.00 | 4.32 | 3.17 | 3.26 | 2.61 | 2.94 |
| EV / EBITDA | 14.97 | 20.77 | 20.61 | 25.09 | 26.01 | 28.77 | 38.16 | 22.55 | 22.74 | 16.40 | 18.42 |
| EV / EBIT | 18.23 | 22.45 | 21.19 | 26.21 | 28.16 | 32.08 | 51.87 | 25.95 | 26.70 | 18.88 | 21.13 |
| EV / FCF | — | 28.67 | 22.29 | 34.88 | 44.13 | 37.33 | 115.49 | 25.89 | 30.22 | 35.37 | 48.70 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.7% | 42.7% | 44.6% | 43.5% | 46.0% | 44.8% | 43.4% | 44.7% | 43.8% | 44.6% | 46.2% |
| Operating Margin | 8.0% | 8.0% | 12.3% | 11.5% | 14.3% | 15.6% | 8.3% | 12.2% | 12.2% | 13.8% | 13.9% |
| Net Profit Margin | 7.0% | 7.0% | 11.1% | 9.9% | 12.9% | 12.9% | 6.8% | 10.3% | 5.3% | 12.3% | 11.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.3% | 23.3% | 40.1% | 34.6% | 43.1% | 55.0% | 29.7% | 42.7% | 17.4% | 34.4% | 30.1% |
| ROA | 8.6% | 8.6% | 15.1% | 13.0% | 15.5% | 16.6% | 9.2% | 17.4% | 8.4% | 19.0% | 17.5% |
| ROIC | 16.7% | 16.7% | 26.9% | 23.3% | 28.6% | 36.6% | 22.5% | 41.1% | 30.6% | 30.2% | 31.7% |
| ROCE | 13.8% | 13.8% | 22.6% | 20.4% | 23.2% | 27.1% | 16.0% | 29.5% | 25.9% | 28.1% | 28.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.83 | 0.87 | 0.83 | 1.00 | 1.62 | 0.38 | 0.39 | 0.31 | 0.17 |
| Debt / EBITDA | 2.44 | 2.44 | 1.67 | 1.79 | 1.68 | 1.66 | 3.07 | 0.63 | 0.73 | 0.70 | 0.39 |
| Net Debt / Equity | — | 0.27 | 0.14 | 0.34 | 0.27 | 0.23 | 0.58 | -0.11 | -0.04 | -0.00 | -0.09 |
| Net Debt / EBITDA | 0.79 | 0.79 | 0.29 | 0.69 | 0.54 | 0.38 | 1.10 | -0.18 | -0.08 | -0.00 | -0.21 |
| Debt / FCF | — | 1.09 | 0.32 | 0.97 | 0.91 | 0.49 | 3.34 | -0.21 | -0.11 | -0.00 | -0.56 |
| Interest Coverage | 14.44 | 14.44 | 26.67 | 22.91 | 23.78 | 24.00 | 21.63 | 38.48 | 37.99 | 57.91 | 136.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.21 | 2.21 | 2.40 | 2.72 | 2.63 | 2.72 | 2.48 | 2.10 | 2.51 | 2.93 | 2.80 |
| Quick Ratio | 1.50 | 1.50 | 1.69 | 1.81 | 1.84 | 2.01 | 1.59 | 1.39 | 1.63 | 2.01 | 1.90 |
| Cash Ratio | 0.87 | 0.87 | 1.09 | 1.15 | 1.21 | 1.39 | 1.06 | 0.59 | 0.87 | 1.13 | 1.02 |
| Asset Turnover | — | 1.27 | 1.35 | 1.36 | 1.16 | 1.18 | 1.19 | 1.65 | 1.62 | 1.48 | 1.51 |
| Inventory Turnover | 3.54 | 3.54 | 3.79 | 3.42 | 3.00 | 3.59 | 2.87 | 3.85 | 3.89 | 3.77 | 3.60 |
| Days Sales Outstanding | — | 37.18 | 31.46 | 29.44 | 36.47 | 36.58 | 26.83 | 39.86 | 35.08 | 39.07 | 36.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 2.6% | 1.5% | 1.2% | 1.0% | 0.7% | 0.9% | 1.1% | 1.0% | 1.3% | 1.1% |
| Payout Ratio | 71.5% | 71.5% | 38.1% | 39.7% | 30.4% | 28.6% | 57.2% | 33.1% | 64.3% | 26.7% | 27.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 3.6% | 3.9% | 3.1% | 3.2% | 2.6% | 1.6% | 3.2% | 1.6% | 4.7% | 3.9% |
| FCF Yield | 5.1% | 3.6% | 4.6% | 2.9% | 2.3% | 2.7% | 0.9% | 3.8% | 3.3% | 2.8% | 2.0% |
| Buyback Yield | 4.7% | 3.3% | 2.9% | 3.3% | 2.1% | 0.3% | 2.0% | 3.4% | 3.6% | 3.6% | 3.4% |
| Total Shareholder Yield | 8.2% | 5.9% | 4.4% | 4.5% | 3.1% | 1.0% | 2.9% | 4.5% | 4.6% | 4.9% | 4.4% |
| Shares Outstanding | — | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.7B | $1.7B | $1.7B |
Innovation and market share loss
According to current market data, Nike trades at a forward P/E of 27.26, which appears increasingly difficult to justify given the recent -9.84% revenue contraction and the structural shift in the competitive landscape toward high-growth, specialized performance peers like On Holding and Deckers Outdoor.
The valuation premium suggests investors are still pricing in a rapid recovery that the current innovation pipeline does not yet support. When compared to the broader consumer discretionary sector, the current P/E multiple implies an expectation of earnings growth that remains at odds with the company's recent margin compression and market share losses.
Based on reported financial statements, Nike's ROIC has decayed significantly from 7.1% in 2024Q2 to just 2.2% in 2026Q3, indicating that the company is struggling to generate adequate returns on its invested capital as it navigates a difficult transition in its global distribution and product strategy.
This downward trend in ROIC highlights a fundamental erosion in the company's ability to compound value, as the capital intensity of its DTC-focused model has not yielded the expected margin expansion. Investors should monitor whether this decay is a temporary byproduct of the strategic reset or a permanent shift in the firm's capital efficiency profile.
As indicated by recent quarterly filings, Nike's cash conversion cycle has lengthened to 102 days in 2026Q3, driven primarily by elevated inventory levels that suggest a persistent struggle to align supply chain output with current consumer demand in a highly competitive and promotional retail environment.
The increase in days inventory outstanding (DIO) to 101 days reflects a significant bottleneck that forces the company into margin-diluting clearance activities. This inefficiency in working capital management serves as a primary headwind to cash flow generation and suggests that the company's inventory planning remains misaligned with current sell-through rates.
The P/E ratio is frequently misapplied to Nike's current business model because it obscures the impact of heavy stock-based compensation and the lumpy nature of demand creation expenses, which can artificially inflate or deflate earnings in any given quarter during this period of significant strategic restructuring.
Analysts should instead prioritize EV/EBITDA or free cash flow yields to better capture the underlying operational health of the business, as these metrics are less susceptible to the accounting distortions inherent in net income. Relying solely on P/E risks ignoring the cash-intensive nature of the company's current inventory liquidation and brand repositioning efforts.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NKE stock.
NIKE, Inc.'s current P/E ratio is 20.0x. The historical average is 27.3x. This places it at the 27th percentile of its historical range.
NIKE, Inc.'s current EV/EBITDA is 15.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
NIKE, Inc.'s return on equity (ROE) is 23.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 25.7%.
Based on historical data, NIKE, Inc. is trading at a P/E of 20.0x. This is at the 27th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NIKE, Inc.'s current dividend yield is 3.58% with a payout ratio of 71.5%.
NIKE, Inc. has 42.7% gross margin and 8.0% operating margin.
NIKE, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.