Common-Size Income Statement
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Nike Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-05-31), 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).
- Revenues and Gross Profit
- Revenues consistently represent 100% across all years, providing a stable baseline for analysis. Gross profit margins exhibit moderate fluctuations, starting at 44.67% in 2019, dipping slightly to 43.42% in 2020, then increasing to a peak of 45.98% in 2022 before declining again to 44.56% in 2024. This pattern indicates a generally strong ability to control cost of sales, despite some variability.
- Cost of Sales
- The cost of sales as a percentage of revenues ranges from 54.02% to 56.58%, with the lowest ratio observed in 2022 and the highest in 2020. The cost of sales decreased in the 2021-2022 period, improving gross margins, but saw an increase again in 2023 before slightly improving in 2024.
- Expense Management
- Demand creation expenses have generally declined from a high of -9.60% in 2020 to a lower range near -7.93% to -8.34% in more recent years, suggesting greater efficiency or a strategic shift in marketing spend. Operating overhead expense shows minor fluctuations around the 23-25% range, with a peak at 25.49% in 2020 and relative stability thereafter.
- Selling and administrative expenses show some variability, with the highest value of -35.09% in 2020 and lower values around -29.24% to -32.27% in subsequent years. These fluctuations suggest adjustments in operational costs or changes in administrative efficiency.
- Operating Income
- Operating income as a percentage of revenues shows a notable dip in 2020 to 8.33% from 12.20% in 2019, followed by a recovery peaking at 15.58% in 2021. In following years, it declined to around 11.55% to 12.29%, indicating some volatility but maintaining profitability after earlier disruptions.
- Net Interest and Other Income
- Interest income exhibits a positive trend, increasing from 0.21% in 2019 to 0.84% in 2024, while interest expense decreases slightly, improving net interest income/expense from a negative -0.13% in 2019 to a positive 0.31% in 2024. This improvement suggests better management or favorable financing conditions over time.
- Other income and expense fluctuate, with a negative impact in 2020 (-0.37%) but recovering to positive values near 0.44%-0.55% in recent years, contributing modestly to overall income.
- Income Before and After Taxes
- Income before income taxes reflects the trends seen in operating income, dropping to 7.72% in 2020, rebounding to approximately 15% in 2021, and stabilizing around 12-13% through 2024. Income tax expense shows variability but remains relatively low compared to total income, ranging from -0.93% to -2.21%, which underlines an effective tax rate fluctuation across years.
- Net Income
- Net income follows a similar pattern, with a significant fall in 2020 to 6.79% after starting at 10.30% in 2019, then recovering strongly to 12.94% in 2022 before settling around 9.9% to 11.1% in the latest periods. This reflects resilience and an ability to rebound following the challenges faced in 2020.