Stock Analysis on Net

Nike Inc. (NYSE:NKE)

Common-Size Balance Sheet: Assets 
Quarterly Data

Nike Inc., common-size consolidated balance sheet: assets (quarterly data)

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Feb 28, 2025 Nov 30, 2024 Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Cash and equivalents 22.76 21.02 22.41 25.87 23.99 21.29 16.79 19.83 18.16 16.37 17.59 21.26 21.99 27.63 28.27 26.20 23.53 24.79 24.50 26.64 10.92 11.54 13.13 18.83 16.12 15.09 14.60
Short-term investments 4.74 4.69 4.78 4.52 4.32 5.40 7.10 8.62 10.05 10.42 11.32 10.97 12.03 11.18 7.85 9.50 11.09 9.12 4.01 1.40 1.22 1.62 0.75 0.83 1.53 2.73 4.39
Accounts receivable, net 11.88 13.97 12.58 11.62 12.12 12.85 12.91 11.01 11.79 13.71 12.07 11.57 9.67 9.63 11.45 11.83 10.14 10.66 11.46 8.77 17.06 18.01 17.74 18.01 19.85 19.16 19.26
Inventories 19.95 21.03 21.79 19.73 20.68 21.45 23.64 22.53 23.25 23.52 23.52 20.88 19.46 16.72 17.67 18.16 18.50 17.48 20.16 23.51 22.15 23.30 22.23 23.70 23.62 23.76 23.25
Prepaid expenses and other current assets 5.78 5.10 4.57 4.86 5.16 5.22 5.47 5.17 4.74 5.20 5.79 5.28 4.97 4.68 4.36 3.97 5.00 5.72 5.83 5.27 8.70 7.05 7.97 8.30 7.79 7.90 7.45
Current assets 65.12% 65.81% 66.13% 66.60% 66.26% 66.21% 65.92% 67.15% 67.99% 69.23% 70.28% 69.97% 68.13% 69.83% 69.60% 69.66% 68.26% 67.77% 65.96% 65.59% 60.05% 61.53% 61.82% 69.68% 68.91% 68.64% 68.95%
Property, plant and equipment, net 12.48 12.80 13.07 13.12 13.60 13.85 13.89 13.54 12.90 12.24 11.63 11.88 12.14 12.36 12.84 12.99 13.70 14.24 14.94 15.53 18.24 17.55 17.58 20.00 20.45 20.23 19.96
Operating lease right-of-use assets, net 6.92 7.21 7.37 7.13 7.65 7.91 7.99 7.79 7.40 7.09 7.01 7.26 10.00 7.75 8.12 8.25 8.70 8.86 9.50 9.88 11.09 10.83 10.79 0.00 0.00 0.00 0.00
Identifiable intangible assets, net 0.69 0.68 0.68 0.68 0.69 0.72 0.74 0.73 0.72 0.71 0.69 0.71 0.74 0.68 0.70 0.71 0.75 0.78 0.82 0.87 1.05 1.04 1.06 1.19 1.23 1.25 1.26
Goodwill 0.63 0.63 0.63 0.63 0.64 0.76 0.76 0.75 0.73 0.71 0.69 0.70 0.72 0.62 0.64 0.64 0.67 0.64 0.67 0.71 0.85 0.84 0.85 0.65 0.67 0.68 0.68
Deferred income taxes and other assets 14.17 12.87 12.12 11.84 11.15 10.55 10.70 10.05 10.26 10.03 9.71 9.48 8.28 8.75 8.10 7.74 7.92 7.72 8.12 7.42 8.73 8.20 7.89 8.48 8.73 9.19 9.15
Non-current assets 34.88% 34.19% 33.87% 33.40% 33.74% 33.79% 34.08% 32.85% 32.01% 30.77% 29.72% 30.03% 31.87% 30.17% 30.40% 30.34% 31.74% 32.23% 34.04% 34.41% 39.95% 38.47% 38.18% 30.32% 31.09% 31.36% 31.05%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

Cash and equivalents
The proportion of cash and equivalents relative to total assets exhibited considerable variability over the analyzed period. Initially demonstrating moderate values around 14-16%, there was a marked increase to above 26% by mid-2020, indicating a build-up of liquidity possibly in response to market uncertainties. Following this peak, the percentage generally declined but remained above historical lows, stabilizing mostly between 16% and 23% towards the latter periods.
Short-term investments
The allocation to short-term investments showed a declining trend from late 2018 to mid-2019, reaching a low below 1%. Subsequently, there was an upward trend peaking around early 2021 at over 11%, signaling a shift toward liquid, interest-bearing assets. After this peak, the proportion decreased steadily, settling around 4-5% in recent quarters.
Accounts receivable, net
Accounts receivable as a percentage of total assets decreased notably from approximately 19% in 2018 to a low near 8.8% in mid-2020, reflecting a reduction in outstanding customer balances, which may be associated with shifts in sales or credit policies. After mid-2020, the ratio gradually increased to stabilize between roughly 11% and 13%, suggesting a return to more normalized receivables levels.
Inventories
Inventory levels as a percentage of total assets remained generally high, fluctuating mostly between 20% and 24% throughout the periods. Notably, there was a dip during late 2020 but levels rebounded in following periods, reaching peaks above 23% once again by late 2022. These fluctuations may reflect changes in production, supply chain conditions, or demand shifts.
Prepaid expenses and other current assets
This category showed a decreasing trend from initial values near 7.5% to a trough around 4% in mid-2021, followed by modest recovery and stabilization around 4.5% to 5.5%. The trend indicates a gradual reduction in advance payments or similar assets proportion relative to total assets during the middle portion of the timeline.
Current assets
Current assets consistently represented a substantial majority of total assets, ranging between approximately 61% and 70%. The lowest proportions were observed around mid to late 2019, after which the share rose and remained near 66-69% for the remaining periods, reflecting a stable asset composition with a focus on liquid and short-term instruments.
Property, plant and equipment, net
The share of property, plant, and equipment steadily declined from about 20% in 2018 to under 13% in most recent periods. This decrease indicates either asset disposals, amortization or a relative increase in other asset categories, pointing to a potential shift away from fixed asset intensity.
Operating lease right-of-use assets, net
Introduced starting in 2019, the right-of-use assets for operating leases initially accounted for approximately 10.8% of total assets and exhibited a declining trend, stabilizing near 7% in the latest periods. This reduction may be due to lease term expirations or renegotiations.
Identifiable intangible assets, net
Intangible assets remained a minor portion of total assets, consistently under 1.3%. The values showed a slight decreasing trend over time, reflecting amortization or lack of significant new intangible asset recognition.
Goodwill
Goodwill stayed at low levels throughout the period, generally between 0.6% and 0.8%. A slight increase was observed around 2022-23, but the proportion remained relatively stable overall, suggesting no major acquisitions materially impacting goodwill.
Deferred income taxes and other assets
This category showed a consistent upward trend from just under 9% to over 14% by the end of the period. The steady increase implies growing deferred tax assets or other non-current asset components, potentially linked to tax planning strategies or recognition of future benefits.
Non-current assets
Non-current assets fluctuated between roughly 30% and 39% of total assets. An initial rise around 2019 likely corresponded with the incorporation of lease right-of-use assets, after which the proportion decreased and settled near 33-35% in recent periods. This indicates a balance between long-term investments and current assets, with a moderate shift favoring current asset components over time.