Common-Size Balance Sheet: Assets
Quarterly Data
Nike Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 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).
The composition of assets for the analyzed entity exhibits several notable trends over the period from August 2019 to November 2025. Current assets consistently represent a significant portion of the total asset base, generally fluctuating between 61% and 71%. Non-current assets comprise the remaining portion, ranging from approximately 30% to 39%. Within these broad categories, specific asset components demonstrate distinct patterns.
- Cash and Equivalents
- Cash and equivalents experienced considerable volatility. A substantial increase occurred in May 2020, reaching 26.64% of total assets, likely in response to the economic uncertainties surrounding the COVID-19 pandemic. This proportion remained elevated through February 2021 before gradually declining to around 18-24% in subsequent periods. A resurgence is observed in February 2024, peaking at 25.87% before decreasing again.
- Short-Term Investments
- Short-term investments showed a marked increase beginning in November 2020, peaking at 12.03% in February 2022. This suggests a strategic shift in asset allocation, potentially utilizing excess cash. Following this peak, the proportion of short-term investments generally decreased, stabilizing around 4-10% in later periods.
- Accounts Receivable and Inventories
- Accounts receivable and inventories consistently represent substantial portions of current assets, generally ranging between 11-18% and 16-24% of total assets, respectively. Accounts receivable demonstrated relative stability, with fluctuations generally remaining within a narrow band. Inventories exhibited a slight upward trend from 2021 through 2022, peaking at 23.52%, before stabilizing and showing a slight decline in the most recent periods.
- Property, Plant, and Equipment (PP&E)
- The proportion of PP&E to total assets generally decreased over the analyzed period, moving from approximately 17-18% in 2019-2021 to around 11-14% in 2024-2025. This suggests a potential shift away from capital-intensive assets or a faster growth rate in other asset categories.
- Operating Lease Right-of-Use Assets
- Operating lease right-of-use assets remained relatively stable between 7-11% of total assets for most of the period. A slight decrease is observed in the most recent periods, falling to around 6-8%.
- Goodwill and Deferred Income Taxes
- Goodwill remained relatively consistent, fluctuating between 0.62% and 0.85% of total assets. Deferred income taxes and other assets exhibited a notable increase over the period, rising from approximately 8% in 2019 to over 14% in 2025. This increase suggests a growing impact of deferred tax liabilities or assets on the company’s balance sheet.
Overall, the asset composition demonstrates a dynamic allocation strategy. The significant increase in cash in 2020, followed by a shift into short-term investments, and the subsequent increase in deferred income taxes are key observations. The gradual decline in the proportion of PP&E warrants further investigation to understand the underlying strategic decisions.