Hey All,
Thanks for visiting my Nike Financial Report page. On this page, you will be able to find preliminary information about Nike's current financial performance as well as some historical track records and trends.
For a more detailed examination of Nike's financial performance, I offer two reports, which are "A Beginner's Guide to Nike Financial Analysis" and "Nike Financial Report by Paul Borosky, MBA." Both reports are written by myself, Paul Borosky, MBA., Doctoral Candidate, and published author, and include:
- Summarized income statements for the last 5 years.
- Summarized balance sheets for the last 5 years.
- Five years’ worth of over twenty common financial ratios presented with formulas, calculations, and analysis tips for each ratio.
- Line by line description, explanation, and analysis tip for most financial statement line items and financial ratios.
- Professional financial analysis tips are provided in each section to help YOU conduct your OWN financial analysis!
- Each section includes an “in other words” segment. This is where I use plain English to explain concepts.
For a MORE in-depth review of the company's financial statements and ratios, make sure to buy my "Nike Financial Report". The financial report includes all aspects of my "Beginner's Guide" plus a whole lot more...
- Professional financial analysis of important income statements, balance sheets, and financial ratio trends.
- "Letter Grade" is assigned to most financial statement line items and financial ratios to help you better understand their overall trends for the last 5 years.
- Overall financial analysis summary for the company.
Enjoy the preliminary information and for a more detailed analysis, buy the financial report!
Sincerely,
Paul, MBA.
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Sample Financial Report


Nike: Brief Summary
Nike Inc. designs creates and sells sportswear such as sneakers, clothing, sporting equipment, and other athletic-type products. Nike's headquarters in the US is at One Bowerman Dr. in Beaverton, OR. 97005. The company competes in the customer cyclical business sector. As for the industry, the organization competes in the footwear and accessories industry. At present, Nike employs about 73,000 individuals.
Nike Financial Report Sources
“Nike 2022 Financial Report: Financial Statements and Financial Ratios: Defined, Discussed, and Analyzed for 5 Years” was written by Paul Borosky, MBA., and owner of Quality Business Plan. In this report, I used Nike's 2018 10k, Nike's 2017 10k annual report, 2021 10k annual report, 2020 10k annual report, and Nike's 2019 10k annual report as the basis for information gathering.
Section 1: Nike Income Statement Analyzed
In this section, I walk through a broad definition of what an income statement is and why it is important. From this, I then discuss and define income statement line items, such as revenues, gross profits, etc. in detail. After each line item is defined and discussed, I finally offer a summary analysis of Nike's important income statement line item trends.
Nike Revenue Growth.
Nike's revenues in 2018 were $36.3 billion. In 2022, their revenues were $46.7 billion. This is an average growth rate annually of about 6.8% for the last five years. This trend indicates the organization has entered the mature phase of its business cycle. Further, the company is doing an excellent job of continually and systematically growing revenues, except for a dip in 2020.
Analyst Grade: A
Nike Summary Income Statement 2021 |
|||||
2021 |
2020 | 2019 | 2018 |
2017 |
|
Revenues |
44,538 |
37,403 | 39,117 | 36,397 |
34,350 |
COGS |
24,576 |
21,162 | 21,643 | 20,441 |
19,038 |
Gross Profit |
19,962 |
16,241 | 17,474 | 15,956 |
15,312 |
SG&A |
13,025 |
13,126 | 12,702 | 11,511 |
10,563 |
Depreciation |
744 |
721 | 705 | 747 |
706 |
R & D | - | - | - | - | |
Other | - | - | - | - | |
Total Operating Expenses |
13,769 |
13,847 | 13,407 | 12,258 |
11,269 |
EBIT |
6,923 |
2,976 | 4,850 | 4,379 |
4,945 |
Other Income | - | - | - | ||
Interest Expense |
262 |
89 | 49 | 54 |
59 |
EBT |
6,661 |
2,887 | 4,801 | 4,325 |
4,886 |
Taxes |
934 |
348 | 772 | 2,392 |
646 |
Net Income |
5,727 |
2,539 | 4,029 | 1,933 |
4,240 |
Section 2: Nike Balance Sheet Analyzed
For Nike's balance sheet, I again go through each important line item from the balance sheet. In reviewing each line item, I will define Nike's balance sheet line items, such as cash, property, plant and equipment, and liabilities. Next, I then offer a summary analysis of Nike's important balance sheet line items.
Nike's Cash.
Nike's cash holding in 2018 was $4.2 billion, or 11.7% of sales. In 2022, their cash position was $8.5 billion, or 18.4% of sales. This trend indicates that the organization has felt the need to increase its cash position as compared to sales year-over-year. This increase lowers the organization's ability to fully utilize its cash for growth or other revenue-generating opportunities. From an investor's perspective, this is not a good trend.
Analyst Grade: B
Nike 2021 Summary Balance Sheet |
|||||
2021 |
2020 | 2019 | 2018 |
2017 |
|
Cash |
9,889 |
8,348 | 4,466 | 4,249 |
3,808 |
Short Term Investment |
3,587 |
439 | 197 | 996 |
2,371 |
Account Receivable |
4,463 |
2,749 | 4,272 | 3,498 |
3,677 |
Inventory |
6,854 |
7,367 | 5,622 | 5,261 |
5,055 |
Other | - | - | - | - | |
Current Assets |
26,291 |
20,556 | 16,525 | 15,134 |
16,061 |
Net PPE |
4,904 |
4,866 | 4,744 | 4,454 |
3,989 |
Goodwill |
242 |
223 | 154 | 154 |
139 |
Other | - | - | - | - | |
Total Assets |
37,740 |
31,342 | 23,717 | 22,536 |
23,259 |
Accounts Payable |
2,836 |
2,248 | 2,612 | 2,279 |
2,048 |
Accrued Expense |
6,063 |
5,184 | 5,010 | 3,269 |
3,011 |
Accrued Taxes |
306 |
156 | 229 | 150 |
84 |
Notes Payable |
2 |
248 | 9 | 336 |
325 |
LT Debt - Current | - |
3 |
6 | 6 |
6 |
Other | - | - | - | - | |
Total Current Liabilities |
9,674 |
8,284 | 7,866 | 6,040 |
5,474 |
LT Debt |
9,413 |
9,406 | 3,464 | 3,468 |
3,471 |
Other | - | - | - | - | |
Total Liabilities |
24,973 |
23,287 | 14,677 | 12,724 |
10,852 |
Common Stock |
9,968 |
8,302 | 7,163 | 6,384 |
8,638 |
Treasury | - | - | - | - | - |
Retained Earnings |
3,179 |
(191) | 1,643 | 3,517 |
3,979 |
Other | - | - | - | - | |
Total Equity |
12,767 |
8,055 | 9,040 | 9,812 |
12,407 |
Total Equity & Liability |
37,740 |
31,342 | 23,717 | 22,536 |
23,259 |
Section 3: Nike Financial Ratios Analyzed
For this section, I have chosen several different financial ratios to review for Nike. In reviewing each of Nike's financial ratios, I first start with defining the financial ratio. Next, I supply the financial formula for calculating the specific ratio. Finally, I offer a brief analysis of Nike's Important Financial ratios.
Nike Current Ratio:
Nike's current ratio was 2.7 in 2021. As of 2022, their current ratio was 2.63. This trend indicates the organization has lowered its current asset holdings as compared to current liabilities. From an investor perspective, this trend should be considered good. However, the organization is still holding an excessive amount of current assets as compared to current liabilities. A better strategy would be for the organization to reduce its current ratio to closer the 1.0.
Analyst Grade: C
Nike Total Asset Turnover:
Nike's total asset turnover in 2019 was 1.65. In 2022, their total asset turnover was 1.16. This trend indicates the organization is continually underutilizing total assets under management. This trend should be concerning from an investor's perspective. To mitigate this issue, the organization should optimize operations to better align assets with revenue generation.
Analyst Grade: B
Nike 2021 Liquidity Ratios |
|||||
Ratios |
2021 |
2020 | 2019 | 2018 |
2017 |
Current Ratio |
2.72 |
2.48 |
|||
Cash Ratio |
1.39 |
1.06 |
|||
Quick Ratio |
2.01 |
1.59 |
|||
Net Working Capital |
16,617 |
12,272 |
|||
Nike 2021 Asset Utilization |
|||||
Ratios |
2021 |
2020 | 2019 | 2018 |
2017 |
Total Asset Turnover |
1.18 |
1.19 |
|||
Fixed Asset Turnover |
9.08 |
7.69 |
|||
Days Sales Outstanding |
29.55 |
34.26 |
|||
Inventory Turnover (Using Sales) |
6.26 |
5.76 |
|||
Inventory Turnover (Using COGS) |
3.46 |
3.26 |
|||
Accounts Receivable Turnover |
12.35 |
10.65 |
|||
Working Capital Turnover |
2.68 |
3.05 |
|||
AP Turnover |
9.47 |
9.43 |
|||
Average Days Inventory |
105.60 |
112.02 |
|||
Average Days Payable |
38.56 |
38.72 |
|||
Nike 2021 Profitability Ratios |
|||||
Ratios |
2021 |
2020 | 2019 | 2018 |
2017 |
Return on Assets |
15.17% |
8.10% |
|||
Return on Equity |
44.86% |
31.52% |
|||
Net Profit Margin |
12.86% |
6.79% |
|||
Gross Profit Margin |
44.82% |
43.42% |
|||
Operating Profit Margin |
15.54% |
7.96% |
|||
Basic Earning Power |
18.34% |
9.50% |
|||
ROCE |
24.67% |
12.91% |
|||
Capital Employed |
28,066 |
23,058 |
|||
ROIC |
26.83% |
14.78% |
|||
Nike 2021 Debt Ratios |
|||||
Ratios |
2021 |
2020 | 2019 | 2018 |
2017 |
Debt Ratio |
24.95% |
30.81% |
|||
Debt/Equity |
73.74% |
119.89% |
|||
Times Interest Earned |
26.42 |
33.44 |