Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Nike Inc., adjusted financial ratios

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Activity Ratio
Total Asset Turnover
Reported	1.36	1.16	1.18	1.19	1.65	1.62
Adjusted	1.43	1.21	1.21	1.21	1.47	1.42
Liquidity Ratio
Current Ratio
Reported	2.72	2.63	2.72	2.48	2.10	2.51
Adjusted	2.73	2.63	2.73	2.51	2.10	2.51
Solvency Ratios
Debt to Equity
Reported	0.64	0.62	0.74	1.20	0.38	0.39
Adjusted	0.99	0.93	1.09	1.73	0.77	0.76
Debt to Capital
Reported	0.39	0.38	0.42	0.55	0.28	0.28
Adjusted	0.50	0.48	0.52	0.63	0.44	0.43
Financial Leverage
Reported	2.68	2.64	2.96	3.89	2.62	2.30
Adjusted	2.92	2.83	3.13	4.09	3.06	2.70
Profitability Ratios
Net Profit Margin
Reported	9.90%	12.94%	12.86%	6.79%	10.30%	5.31%
Adjusted	9.50%	12.92%	11.00%	5.50%	11.21%	7.40%
Return on Equity (ROE)
Reported	36.20%	39.57%	44.86%	31.52%	44.57%	19.70%
Adjusted	39.76%	44.21%	41.76%	27.28%	50.45%	28.36%
Return on Assets (ROA)
Reported	13.51%	14.99%	15.17%	8.10%	16.99%	8.58%
Adjusted	13.61%	15.60%	13.34%	6.67%	16.49%	10.50%

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Nike Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Nike Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Nike Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Nike Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Nike Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Nike Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Nike Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Nike Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Nike Inc., Financial Ratios: Reported vs. Adjusted

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	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Revenues	51,217)	46,710)	44,538)	37,403)	39,117)	36,397)
Total assets	37,531)	40,321)	37,740)	31,342)	23,717)	22,536)
Activity Ratio
Total asset turnover¹	1.36	1.16	1.18	1.19	1.65	1.62
Adjusted
Selected Financial Data (US$ in millions)
Revenues	51,217)	46,710)	44,538)	37,403)	39,117)	36,397)
Adjusted total assets²	35,767)	38,690)	36,700)	30,824)	26,605)	25,677)
Activity Ratio
Adjusted total asset turnover³	1.43	1.21	1.21	1.21	1.47	1.42

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 51,217 ÷ 37,531 = 1.36

² Adjusted total assets. See details »

³ 2023 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 51,217 ÷ 35,767 = 1.43

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Nike Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets	25,202)	28,213)	26,291)	20,556)	16,525)	15,134)
Current liabilities	9,256)	10,730)	9,674)	8,284)	7,866)	6,040)
Liquidity Ratio
Current ratio¹	2.72	2.63	2.72	2.48	2.10	2.51
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	25,237)	28,247)	26,384)	20,770)	16,555)	15,164)
Current liabilities	9,256)	10,730)	9,674)	8,284)	7,866)	6,040)
Liquidity Ratio
Adjusted current ratio³	2.73	2.63	2.73	2.51	2.10	2.51

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 25,202 ÷ 9,256 = 2.72

² Adjusted current assets. See details »

³ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 25,237 ÷ 9,256 = 2.73

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Nike Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	8,933)	9,430)	9,415)	9,657)	3,479)	3,810)
Shareholders’ equity	14,004)	15,281)	12,767)	8,055)	9,040)	9,812)
Solvency Ratio
Debt to equity¹	0.64	0.62	0.74	1.20	0.38	0.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	12,144)	12,627)	12,813)	13,015)	6,713)	7,259)
Adjusted shareholders’ equity³	12,240)	13,650)	11,727)	7,537)	8,694)	9,504)
Solvency Ratio
Adjusted debt to equity⁴	0.99	0.93	1.09	1.73	0.77	0.76

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 8,933 ÷ 14,004 = 0.64

² Adjusted total debt. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 12,144 ÷ 12,240 = 0.99

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Nike Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	8,933)	9,430)	9,415)	9,657)	3,479)	3,810)
Total capital	22,937)	24,711)	22,182)	17,712)	12,519)	13,622)
Solvency Ratio
Debt to capital¹	0.39	0.38	0.42	0.55	0.28	0.28
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	12,144)	12,627)	12,813)	13,015)	6,713)	7,259)
Adjusted total capital³	24,384)	26,277)	24,540)	20,552)	15,407)	16,763)
Solvency Ratio
Adjusted debt to capital⁴	0.50	0.48	0.52	0.63	0.44	0.43

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,933 ÷ 22,937 = 0.39

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 12,144 ÷ 24,384 = 0.50

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Nike Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets	37,531)	40,321)	37,740)	31,342)	23,717)	22,536)
Shareholders’ equity	14,004)	15,281)	12,767)	8,055)	9,040)	9,812)
Solvency Ratio
Financial leverage¹	2.68	2.64	2.96	3.89	2.62	2.30
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	35,767)	38,690)	36,700)	30,824)	26,605)	25,677)
Adjusted shareholders’ equity³	12,240)	13,650)	11,727)	7,537)	8,694)	9,504)
Solvency Ratio
Adjusted financial leverage⁴	2.92	2.83	3.13	4.09	3.06	2.70

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 37,531 ÷ 14,004 = 2.68

² Adjusted total assets. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 35,767 ÷ 12,240 = 2.92

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Nike Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	5,070)	6,046)	5,727)	2,539)	4,029)	1,933)
Revenues	51,217)	46,710)	44,538)	37,403)	39,117)	36,397)
Profitability Ratio
Net profit margin¹	9.90%	12.94%	12.86%	6.79%	10.30%	5.31%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	4,867)	6,035)	4,897)	2,056)	4,386)	2,695)
Revenues	51,217)	46,710)	44,538)	37,403)	39,117)	36,397)
Profitability Ratio
Adjusted net profit margin³	9.50%	12.92%	11.00%	5.50%	11.21%	7.40%

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 5,070 ÷ 51,217 = 9.90%

² Adjusted net income. See details »

³ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 4,867 ÷ 51,217 = 9.50%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Nike Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	5,070)	6,046)	5,727)	2,539)	4,029)	1,933)
Shareholders’ equity	14,004)	15,281)	12,767)	8,055)	9,040)	9,812)
Profitability Ratio
ROE¹	36.20%	39.57%	44.86%	31.52%	44.57%	19.70%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	4,867)	6,035)	4,897)	2,056)	4,386)	2,695)
Adjusted shareholders’ equity³	12,240)	13,650)	11,727)	7,537)	8,694)	9,504)
Profitability Ratio
Adjusted ROE⁴	39.76%	44.21%	41.76%	27.28%	50.45%	28.36%

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 5,070 ÷ 14,004 = 36.20%

² Adjusted net income. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 4,867 ÷ 12,240 = 39.76%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Nike Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	5,070)	6,046)	5,727)	2,539)	4,029)	1,933)
Total assets	37,531)	40,321)	37,740)	31,342)	23,717)	22,536)
Profitability Ratio
ROA¹	13.51%	14.99%	15.17%	8.10%	16.99%	8.58%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	4,867)	6,035)	4,897)	2,056)	4,386)	2,695)
Adjusted total assets³	35,767)	38,690)	36,700)	30,824)	26,605)	25,677)
Profitability Ratio
Adjusted ROA⁴	13.61%	15.60%	13.34%	6.67%	16.49%	10.50%

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

¹ 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 5,070 ÷ 37,531 = 13.51%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,867 ÷ 35,767 = 13.61%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Nike Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Nike Inc. (NYSE:NKE)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Nike Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)