Earnings can be decomposed into cash and accrual components. The accrual component (aggregate accruals) has been found to have less persistence than the cash component, and therefore (1) earnings with higher accrual component are less persistent than earnings with smaller accrual component, all else equal; and (2) the cash component of earnings should receive a higher weighting evaluating company performance.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2008
- Analysis of Revenues
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Balance-Sheet-Based Accruals Ratio
Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | ||
---|---|---|---|---|---|---|---|
Operating Assets | |||||||
Total assets | |||||||
Less: Cash and cash equivalents | |||||||
Operating assets | |||||||
Operating Liabilities | |||||||
Total liabilities | |||||||
Operating liabilities | |||||||
Net operating assets1 | |||||||
Balance-sheet-based aggregate accruals2 | |||||||
Financial Ratio | |||||||
Balance-sheet-based accruals ratio3 | |||||||
Benchmarks | |||||||
Balance-Sheet-Based Accruals Ratio, Competitors4 | |||||||
Nike Inc. | |||||||
Balance-Sheet-Based Accruals Ratio, Sector | |||||||
Consumer Durables & Apparel | |||||||
Balance-Sheet-Based Accruals Ratio, Industry | |||||||
Consumer Discretionary |
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
1 2025 Calculation
Net operating assets = Operating assets – Operating liabilities
= – =
2 2025 Calculation
Balance-sheet-based aggregate accruals = Net operating assets2025 – Net operating assets2024
= – =
3 2025 Calculation
Balance-sheet-based accruals ratio = 100 × Balance-sheet-based aggregate accruals ÷ Avg. net operating assets
= 100 × ÷ [( + ) ÷ 2] =
4 Click competitor name to see calculations.
- Net Operating Assets
- The net operating assets show an overall upward trend over the five periods analyzed. Starting at approximately 1.41 billion US dollars in January 2021, the value increased moderately to around 1.48 billion in January 2022, followed by a more significant increase to nearly 2.0 billion in January 2023. The figure remained relatively stable in January 2024 before rising again to approximately 2.34 billion in February 2025. This trend indicates continuous growth in the company's operating asset base over the five-year span.
- Balance-sheet-based Aggregate Accruals
- The aggregate accruals exhibit considerable variability across the periods. Initially, there was a high value of approximately 549 million US dollars in January 2021, which sharply decreased to about 72 million in January 2022. The figure rose again to over 513 million in January 2023 but then swung to a negative value of roughly -6 thousand in January 2024, implying a reversal or significant reduction of accruals at that time. By February 2025, the accruals rebounded to a positive 352 million, reflecting fluctuations in accrual accounting components over the years.
- Balance-sheet-based Accruals Ratio
- The accruals ratio, expressed as a percentage of net operating assets, follows a trend consistent with the aggregate accruals but highlights the relative magnitude of accruals. The ratio started at 48.47% in January 2021, decreasing sharply to 4.99% in January 2022. It increased to 29.58% in January 2023, dropped to a slightly negative value of -0.29% in January 2024, and then rose to 16.25% in February 2025. These fluctuations suggest variability in the quality or composition of earnings, with notable volatility particularly between 2022 and 2024.
Cash-Flow-Statement-Based Accruals Ratio
Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | ||
---|---|---|---|---|---|---|---|
Net income | |||||||
Less: Net cash provided by operating activities | |||||||
Less: Net cash used in investing activities | |||||||
Cash-flow-statement-based aggregate accruals | |||||||
Financial Ratio | |||||||
Cash-flow-statement-based accruals ratio1 | |||||||
Benchmarks | |||||||
Cash-Flow-Statement-Based Accruals Ratio, Competitors2 | |||||||
Nike Inc. | |||||||
Cash-Flow-Statement-Based Accruals Ratio, Sector | |||||||
Consumer Durables & Apparel | |||||||
Cash-Flow-Statement-Based Accruals Ratio, Industry | |||||||
Consumer Discretionary |
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
1 2025 Calculation
Cash-flow-statement-based accruals ratio = 100 × Cash-flow-statement-based aggregate accruals ÷ Avg. net operating assets
= 100 × ÷ [( + ) ÷ 2] =
2 Click competitor name to see calculations.
- Net Operating Assets
- The net operating assets exhibited a generally increasing trend over the periods analyzed. Starting at approximately 1.41 billion US dollars in early 2021, the figure increased to around 1.48 billion by early 2022. A significant rise was observed in the following years, reaching nearly 2 billion by early 2023 and maintaining a similar level in early 2024, before rising again to approximately 2.34 billion by early 2025. This growth indicates an expansion of the company's operating asset base over the five-year span.
- Cash-flow-statement-based Aggregate Accruals
- Aggregate accruals showed marked volatility during the period. In early 2021, accruals were positive and relatively high at over 481 million US dollars. However, this figure sharply declined to just over 14 million by early 2022. The amount rebounded steeply to about 458 million in early 2023 before turning negative at roughly -92 million in early 2024. By early 2025, accruals recovered to a positive 340 million. These fluctuations suggest significant variability in earnings adjustments over time.
- Cash-flow-statement-based Accruals Ratio
- The accruals ratio, reflecting the proportion of accruals to operating assets or cash flows, demonstrated considerable swings as well. It started at a high of 42.45% in early 2021, dropped sharply to below 1% in early 2022, then rose again substantially to 26.38% by early 2023. The ratio then fell to a negative 4.61% in early 2024, before increasing to 15.72% in early 2025. This pattern implies inconsistent earnings quality with notable changes in accruals relative to cash flows during the examined timeframe.