Price to Book Value (P/BV)
since 2005
Calculation
Nike Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | 4.27 | = | 42.77 | ÷ | 10.02 | 10.02 | = | 14,865 | ÷ | 1,483,498,703 | |
| Jul 17, 2025 | 8.16 | = | 72.98 | ÷ | 8.95 | 8.95 | = | 13,213 | ÷ | 1,476,903,492 | |
| Jul 25, 2024 | 7.42 | = | 71.41 | ÷ | 9.62 | 9.62 | = | 14,430 | ÷ | 1,499,358,944 | |
| Jul 20, 2023 | 11.75 | = | 107.53 | ÷ | 9.15 | 9.15 | = | 14,004 | ÷ | 1,529,971,608 | |
| Jul 21, 2022 | 11.46 | = | 111.62 | ÷ | 9.74 | 9.74 | = | 15,281 | ÷ | 1,568,555,905 | |
| Jul 20, 2021 | 19.79 | = | 159.74 | ÷ | 8.07 | 8.07 | = | 12,767 | ÷ | 1,581,801,224 | |
| Jul 24, 2020 | 19.06 | = | 98.43 | ÷ | 5.16 | 5.16 | = | 8,055 | ÷ | 1,559,888,549 | |
| Jul 23, 2019 | 15.03 | = | 86.70 | ÷ | 5.77 | 5.77 | = | 9,040 | ÷ | 1,566,888,373 | |
| Jul 25, 2018 | 12.59 | = | 77.16 | ÷ | 6.13 | 6.13 | = | 9,812 | ÷ | 1,600,554,538 | |
| Jul 20, 2017 | 7.83 | = | 59.10 | ÷ | 7.55 | 7.55 | = | 12,407 | ÷ | 1,643,195,065 | |
| Jul 21, 2016 | 7.80 | = | 56.99 | ÷ | 7.31 | 7.31 | = | 12,258 | ÷ | 1,677,618,635 | |
| Jul 23, 2015 | 7.67 | = | 57.00 | ÷ | 7.43 | 7.43 | = | 12,707 | ÷ | 1,710,703,178 | |
| Jul 25, 2014 | 6.23 | = | 38.86 | ÷ | 6.23 | 6.23 | = | 10,824 | ÷ | 1,736,594,992 | |
| Jul 23, 2013 | 5.04 | = | 31.60 | ÷ | 6.26 | 6.26 | = | 11,156 | ÷ | 1,780,704,932 | |
| Jul 24, 2012 | 4.08 | = | 23.24 | ÷ | 5.69 | 5.69 | = | 10,381 | ÷ | 1,823,480,880 | |
| Jul 22, 2011 | 4.42 | = | 22.93 | ÷ | 5.18 | 5.18 | = | 9,843 | ÷ | 1,899,321,160 | |
| Jul 20, 2010 | 3.46 | = | 17.46 | ÷ | 5.05 | 5.05 | = | 9,754 | ÷ | 1,932,077,812 | |
| Jul 27, 2009 | 2.93 | = | 13.10 | ÷ | 4.47 | 4.47 | = | 8,693 | ÷ | 1,943,722,596 | |
| Jul 28, 2008 | 3.59 | = | 14.31 | ÷ | 3.99 | 3.99 | = | 7,825 | ÷ | 1,961,649,524 | |
| Jul 27, 2007 | 3.96 | = | 13.86 | ÷ | 3.50 | 3.50 | = | 7,025 | ÷ | 2,008,434,792 | |
| Jul 28, 2006 | 3.25 | = | 9.99 | ÷ | 3.08 | 3.08 | = | 6,285 | ÷ | 2,043,185,608 | |
| Jul 29, 2005 | 3.89 | = | 10.48 | ÷ | 2.70 | 2.70 | = | 5,644 | ÷ | 2,093,227,312 |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Nike Inc. Annual Report.
The analysis of the valuation metrics from 2005 to 2026 reveals three distinct phases of market valuation relative to the company's book value: a period of stability, a period of aggressive expansion, and a subsequent period of significant correction.
- Valuation Stability and Moderate Growth (2005–2010)
- During the initial five-year period, the Price to Book Value (P/BV) ratio remained relatively stable, fluctuating between a low of 2.93 in 2009 and a high of 4.42 in 2011. This period was characterized by a steady, incremental increase in Book Value Per Share (BVPS), which grew from 2.70 to 5.05 US$, closely tracking the moderate rise in share price.
- Valuation Expansion and Peak Multiples (2011–2021)
- A sustained upward trend in the P/BV ratio is observed starting in 2011, indicating that the market began assigning a significantly higher premium to the company's assets. The ratio escalated from 4.42 in 2011 to a peak of 19.79 in July 2021. This expansion was primarily driven by a rapid increase in the share price, which surged from 22.93 US$ to 159.74 US$ over the decade. While BVPS generally increased, reaching 8.07 US$ in 2021, the growth in share price far outpaced the growth in tangible book value, leading to historic valuation highs.
- Valuation Correction and Normalization (2022–2026)
- Following the 2021 peak, a sharp downward correction in the P/BV ratio occurred. The ratio declined from 19.79 in 2021 to 4.27 by July 2026. This contraction is attributed to a substantial decrease in the share price, which fell from 159.74 US$ to 42.77 US$. In contrast, the BVPS remained relatively resilient, fluctuating between 8.95 US$ and 10.02 US$ during the final four years of the period. The resulting P/BV of 4.27 suggests a return to valuation levels comparable to those seen in the 2005–2011 era.
Overall, the data indicates a period of extreme valuation inflation between 2018 and 2021, followed by a regression toward the mean. The divergence between the share price and the book value reached its maximum in 2021, while the subsequent convergence demonstrates a significant market repricing of the company's equity relative to its net asset value.
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Comparison to Competitors
Nike Inc., P/BV, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| Jul 15, 2026 | 4.27 | 3.71 |
| Jul 17, 2025 | 8.16 | 9.53 |
| Jul 25, 2024 | 7.42 | 14.26 |
| Jul 20, 2023 | 11.75 | 12.94 |
| Jul 21, 2022 | 11.46 | 16.06 |
| Jul 20, 2021 | 19.79 | 16.16 |
| Jul 24, 2020 | 19.06 | 13.39 |
| Jul 23, 2019 | 15.03 | 13.29 |
| Jul 25, 2018 | 12.59 | 6.68 |
| Jul 20, 2017 | 7.83 | 6.68 |
| Jul 21, 2016 | 7.80 | 9.06 |
| Jul 23, 2015 | 7.67 | 8.33 |
| Jul 25, 2014 | 6.23 | 6.79 |
| Jul 23, 2013 | 5.04 | 10.53 |
| Jul 24, 2012 | 4.08 | 18.13 |
| Jul 22, 2011 | 4.42 | 13.94 |
| Jul 20, 2010 | 3.46 | 11.92 |
| Jul 27, 2009 | 2.93 | 3.80 |
| Jul 28, 2008 | 3.59 | 20.02 |
| Jul 27, 2007 | 3.96 | — |
| Jul 28, 2006 | 3.25 | — |
| Jul 29, 2005 | 3.89 | — |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Consumer Durables & Apparel)
Nike Inc., P/BV, long-term trends, comparison to sector (consumer durables & apparel)
| Nike Inc. | Consumer Durables & Apparel | |
|---|---|---|
| Jul 15, 2026 | 4.27 | — |
| Jul 17, 2025 | 8.16 | 8.50 |
| Jul 25, 2024 | 7.42 | 8.97 |
| Jul 20, 2023 | 11.75 | 11.97 |
| Jul 21, 2022 | 11.46 | 12.16 |
| Jul 20, 2021 | 19.79 | 19.18 |
| Jul 24, 2020 | 19.06 | 17.95 |
| Jul 23, 2019 | 15.03 | 14.79 |
| Jul 25, 2018 | 12.59 | 11.76 |
| Jul 20, 2017 | 7.83 | 7.71 |
| Jul 21, 2016 | 7.80 | 7.90 |
| Jul 23, 2015 | 7.67 | 7.73 |
| Jul 25, 2014 | 6.23 | 6.29 |
| Jul 23, 2013 | 5.04 | 5.45 |
| Jul 24, 2012 | 4.08 | 4.85 |
| Jul 22, 2011 | 4.42 | 4.79 |
| Jul 20, 2010 | 3.46 | 3.66 |
| Jul 27, 2009 | 2.93 | 2.94 |
| Jul 28, 2008 | 3.59 | 3.82 |
| Jul 27, 2007 | 3.96 | 3.96 |
| Jul 28, 2006 | 3.25 | 3.25 |
| Jul 29, 2005 | 3.89 | 3.89 |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Consumer Discretionary)
Nike Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Nike Inc. | Consumer Discretionary | |
|---|---|---|
| Jul 15, 2026 | 4.27 | — |
| Jul 17, 2025 | 8.16 | 8.77 |
| Jul 25, 2024 | 7.42 | 11.08 |
| Jul 20, 2023 | 11.75 | 10.06 |
| Jul 21, 2022 | 11.46 | 9.41 |
| Jul 20, 2021 | 19.79 | 13.21 |
| Jul 24, 2020 | 19.06 | 17.99 |
| Jul 23, 2019 | 15.03 | 13.59 |
| Jul 25, 2018 | 12.59 | 11.35 |
| Jul 20, 2017 | 7.83 | 10.74 |
| Jul 21, 2016 | 7.80 | 8.39 |
| Jul 23, 2015 | 7.67 | 7.17 |
| Jul 25, 2014 | 6.23 | 5.83 |
| Jul 23, 2013 | 5.04 | 5.12 |
| Jul 24, 2012 | 4.08 | 4.39 |
| Jul 22, 2011 | 4.42 | 3.84 |
| Jul 20, 2010 | 3.46 | 4.04 |
| Jul 27, 2009 | 2.93 | 4.72 |
| Jul 28, 2008 | 3.59 | 4.98 |
| Jul 27, 2007 | 3.96 | 3.91 |
| Jul 28, 2006 | 3.25 | 4.50 |
| Jul 29, 2005 | 3.89 | 3.49 |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).