Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Nike Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-05-31), 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).
- Current liabilities
- The share of current liabilities as a percentage of total liabilities and shareholders’ equity experienced fluctuations over the periods analyzed. Starting at 26.43% in 2020, it slightly declined to 25.63% in 2021, then increased modestly to 26.61% in 2022 before dropping to 24.66% in 2023. Afterward, it rose consistently to 27.8% in 2024 and further to 28.89% in 2025. Accounts payable, a significant current liability component, varied between approximately 7.17% and 9.51%, showing some volatility, with a notable rise in 2025. Sales-related reserves demonstrated an upward trend from 2.52% in 2022 to 5.01% in 2025, indicating increasing obligations related to sales activities. Dividends payable appeared in 2022 and steadily increased through 2025, reflecting a growing payout commitment.
- Non-current liabilities
- Non-current liabilities as a proportion of total liabilities and shareholders’ equity steadily decreased from 47.87% in 2020 to 34.34% in 2024, with a slight increase to 34.99% in 2025. Long-term debt, excluding the current portion, showed a clear downward trajectory from 30.01% in 2020 to 20.74% in 2024, stabilizing somewhat around 21.76% in 2025. Operating lease liabilities, both current and non-current portions, consistently declined as a percentage of total liabilities and shareholders’ equity across the periods, indicating reduced obligations or changes in lease accounting. Deferred income taxes and other liabilities also decreased over time from 8.56% in 2020 to 6.26% in 2025, supporting the overall reduction in non-current liabilities.
- Total liabilities
- The total liabilities ratio demonstrated a notable decline from 74.3% in 2020 to 62.1% in 2022, reflecting a reduction in the company’s leverage or increased equity base. This ratio then remained relatively stable, fluctuating slightly around 62-64% through 2025.
- Shareholders’ equity
- There was a clear increase in shareholders’ equity from 25.7% in 2020 to a peak of 37.9% in 2022, indicating strengthening of the equity base. This elevated level was largely maintained through 2025 with a small decline to 36.12%. The increase in capital in excess of stated value was a key driver, rising consistently from 26.48% in 2020 to 38.81% in 2025, suggesting significant retained contributions beyond the nominal share capital. Retained earnings showed positive growth between 2020 and 2022 but declined after 2022, becoming negative by 2025. Accumulated other comprehensive income experienced volatility, turning positive in the middle periods before declining again by 2025.
- Other liabilities and components
- Accrued liabilities remained a substantial and fairly stable component of current liabilities, hovering around 15-16% of total liabilities and shareholders’ equity. Income taxes payable showed an increasing trend, rising notably from 0.5% in 2020 to 1.83% in 2025. Conversely, the category labeled “Other” liabilities decreased steadily from 7.51% in 2020 to 4.79% in 2025, indicating a reduction in miscellaneous obligations.
- Summary of trends
- Overall, the analysis indicates a reduction in leverage through lower non-current liabilities, particularly long-term debt, alongside a strengthening equity position mainly driven by capital contributions. Current liabilities showed moderate growth more recently, with significant increases in sales-related reserves and dividends payable. The company’s financial structure appears to reflect a shift toward greater equity financing, supported by relatively stable levels of total liabilities. Some components, such as retained earnings and accumulated other comprehensive income, exhibited fluctuations that could be associated with operational performance variability or market valuation changes.