Nike Inc., current enterprise value calculation

Current share price (P)	$95.74
No. shares of common stock outstanding	1,509,358,807
US$ in millions
Common equity (market value)¹	144,506)
Total equity	144,506)
Add: Current portion of long-term debt (per books)	—)
Add: Notes payable (per books)	6)
Add: Long-term debt, excluding current portion (per books)	8,927)
Total equity and debt	153,439)
Less: Cash and equivalents	7,441)
Less: Short-term investments	3,234)
Enterprise value (EV)	142,764)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 95.74 × 1,509,358,807

Nike Inc., EV calculation

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Share price^1, 2	$107.53	$111.62	$159.74	$98.43	$86.70	$77.16
No. shares of common stock outstanding¹	1,529,971,608	1,568,555,905	1,581,801,224	1,559,888,549	1,566,888,373	1,600,554,538
US$ in millions
Common equity (market value)³	164,518)	175,082)	252,677)	153,540)	135,849)	123,499)
Total equity	164,518)	175,082)	252,677)	153,540)	135,849)	123,499)
Add: Current portion of long-term debt (book value)	—)	500)	—)	3)	6)	6)
Add: Notes payable (book value)	6)	10)	2)	248)	9)	336)
Add: Long-term debt, excluding current portion (book value)	8,927)	8,920)	9,413)	9,406)	3,464)	3,468)
Total equity and debt	173,451)	184,512)	262,092)	163,197)	139,328)	127,309)
Less: Cash and equivalents	7,441)	8,574)	9,889)	8,348)	4,466)	4,249)
Less: Short-term investments	3,234)	4,423)	3,587)	439)	197)	996)
Enterprise value (EV)	162,776)	171,515)	248,616)	154,410)	134,665)	122,064)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Nike Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 107.53 × 1,529,971,608

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Nike Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

Nike Inc. (NYSE:NKE)

Enterprise Value (EV)