Price to Earnings (P/E)
since 2005
Calculation
Nike Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | 20.41 | = | 42.77 | ÷ | 2.10 | 2.10 | = | 3,108 | ÷ | 1,483,498,703 | |
| Jul 17, 2025 | 33.48 | = | 72.98 | ÷ | 2.18 | 2.18 | = | 3,219 | ÷ | 1,476,903,492 | |
| Jul 25, 2024 | 18.78 | = | 71.41 | ÷ | 3.80 | 3.80 | = | 5,700 | ÷ | 1,499,358,944 | |
| Jul 20, 2023 | 32.45 | = | 107.53 | ÷ | 3.31 | 3.31 | = | 5,070 | ÷ | 1,529,971,608 | |
| Jul 21, 2022 | 28.96 | = | 111.62 | ÷ | 3.85 | 3.85 | = | 6,046 | ÷ | 1,568,555,905 | |
| Jul 20, 2021 | 44.12 | = | 159.74 | ÷ | 3.62 | 3.62 | = | 5,727 | ÷ | 1,581,801,224 | |
| Jul 24, 2020 | 60.47 | = | 98.43 | ÷ | 1.63 | 1.63 | = | 2,539 | ÷ | 1,559,888,549 | |
| Jul 23, 2019 | 33.72 | = | 86.70 | ÷ | 2.57 | 2.57 | = | 4,029 | ÷ | 1,566,888,373 | |
| Jul 25, 2018 | 63.89 | = | 77.16 | ÷ | 1.21 | 1.21 | = | 1,933 | ÷ | 1,600,554,538 | |
| Jul 20, 2017 | 22.90 | = | 59.10 | ÷ | 2.58 | 2.58 | = | 4,240 | ÷ | 1,643,195,065 | |
| Jul 21, 2016 | 25.43 | = | 56.99 | ÷ | 2.24 | 2.24 | = | 3,760 | ÷ | 1,677,618,635 | |
| Jul 23, 2015 | 29.79 | = | 57.00 | ÷ | 1.91 | 1.91 | = | 3,273 | ÷ | 1,710,703,178 | |
| Jul 25, 2014 | 25.06 | = | 38.86 | ÷ | 1.55 | 1.55 | = | 2,693 | ÷ | 1,736,594,992 | |
| Jul 23, 2013 | 22.64 | = | 31.60 | ÷ | 1.40 | 1.40 | = | 2,485 | ÷ | 1,780,704,932 | |
| Jul 24, 2012 | 19.06 | = | 23.24 | ÷ | 1.22 | 1.22 | = | 2,223 | ÷ | 1,823,480,880 | |
| Jul 22, 2011 | 20.42 | = | 22.93 | ÷ | 1.12 | 1.12 | = | 2,133 | ÷ | 1,899,321,160 | |
| Jul 20, 2010 | 17.69 | = | 17.46 | ÷ | 0.99 | 0.99 | = | 1,907 | ÷ | 1,932,077,812 | |
| Jul 27, 2009 | 17.13 | = | 13.10 | ÷ | 0.76 | 0.76 | = | 1,487 | ÷ | 1,943,722,596 | |
| Jul 28, 2008 | 14.90 | = | 14.31 | ÷ | 0.96 | 0.96 | = | 1,883 | ÷ | 1,961,649,524 | |
| Jul 27, 2007 | 18.66 | = | 13.86 | ÷ | 0.74 | 0.74 | = | 1,492 | ÷ | 2,008,434,792 | |
| Jul 28, 2006 | 14.66 | = | 9.99 | ÷ | 0.68 | 0.68 | = | 1,392 | ÷ | 2,043,185,608 | |
| Jul 29, 2005 | 18.11 | = | 10.48 | ÷ | 0.58 | 0.58 | = | 1,212 | ÷ | 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 financial trajectory between 2005 and 2026 is characterized by a prolonged period of valuation expansion followed by a significant correction in both share price and earnings multiples. For the first decade, the valuation remained relatively stable, but the subsequent period saw extreme volatility in the price-to-earnings (P/E) ratio, coinciding with a sharp increase in share price that eventually decoupled from earnings growth.
- Earnings per Share (EPS) Trends
- Earnings exhibited a consistent upward trajectory from 2005 through 2017, rising from 0.58 to 2.58. While a significant anomaly occurred in 2018 where earnings dropped to 1.21, a recovery followed, peaking at 3.85 in 2022. A downward trend in profitability is observed in the final years of the period, with EPS declining to 2.10 by 2026.
- Share Price Evolution
- The share price experienced substantial growth, ascending from 10.48 in 2005 to a peak of 159.74 in 2021. This represents a period of aggressive capital appreciation. However, a steep decline is evident post-2021, with the price falling to 42.77 by 2026, indicating a significant loss of market value in the latter part of the analyzed timeframe.
- P/E Ratio Analysis and Volatility
- The P/E ratio remained within a moderate range of 14.66 to 22.64 from 2005 to 2013. A transition toward higher valuation multiples began in 2014, leading to extreme spikes in 2018 (63.89) and 2020 (60.47). These peaks suggest periods where the market price grew disproportionately to actual earnings or where temporary earnings contractions occurred while investor sentiment remained high. From 2022 onward, the P/E ratio showed a general trend of contraction, returning to a level of 20.41 by 2026, aligning more closely with the historical averages seen in the early 2000s.
- Valuation Correlation
- A divergence between share price and earnings is most apparent between 2018 and 2021, where the P/E ratio reached its highest levels. The subsequent decline in both share price and the P/E ratio suggests a market correction and a re-rating of the company's valuation to reflect a more conservative growth outlook.
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Comparison to Competitors
Nike Inc., P/E, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| Jul 15, 2026 | 20.41 | 11.66 |
| Jul 17, 2025 | 33.48 | 22.71 |
| Jul 25, 2024 | 18.78 | 38.92 |
| Jul 20, 2023 | 32.45 | 47.65 |
| Jul 21, 2022 | 28.96 | 45.11 |
| Jul 20, 2021 | 44.12 | 70.19 |
| Jul 24, 2020 | 60.47 | 40.49 |
| Jul 23, 2019 | 33.72 | 39.73 |
| Jul 25, 2018 | 63.89 | 41.22 |
| Jul 20, 2017 | 22.90 | 29.95 |
| Jul 21, 2016 | 25.43 | 34.99 |
| Jul 23, 2015 | 29.79 | 37.99 |
| Jul 25, 2014 | 25.06 | 26.62 |
| Jul 23, 2013 | 22.64 | 34.54 |
| Jul 24, 2012 | 19.06 | 59.24 |
| Jul 22, 2011 | 20.42 | 44.68 |
| Jul 20, 2010 | 17.69 | 47.67 |
| Jul 27, 2009 | 17.13 | 14.94 |
| Jul 28, 2008 | 14.90 | 72.71 |
| Jul 27, 2007 | 18.66 | — |
| Jul 28, 2006 | 14.66 | — |
| Jul 29, 2005 | 18.11 | — |
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/E, long-term trends, comparison to sector (consumer durables & apparel)
| Nike Inc. | Consumer Durables & Apparel | |
|---|---|---|
| Jul 15, 2026 | 20.41 | — |
| Jul 17, 2025 | 33.48 | 29.60 |
| Jul 25, 2024 | 18.78 | 23.09 |
| Jul 20, 2023 | 32.45 | 34.64 |
| Jul 21, 2022 | 28.96 | 31.20 |
| Jul 20, 2021 | 44.12 | 46.55 |
| Jul 24, 2020 | 60.47 | 56.42 |
| Jul 23, 2019 | 33.72 | 34.36 |
| Jul 25, 2018 | 63.89 | 61.21 |
| Jul 20, 2017 | 22.90 | 23.37 |
| Jul 21, 2016 | 25.43 | 26.06 |
| Jul 23, 2015 | 29.79 | 30.35 |
| Jul 25, 2014 | 25.06 | 25.21 |
| Jul 23, 2013 | 22.64 | 23.81 |
| Jul 24, 2012 | 19.06 | 22.14 |
| Jul 22, 2011 | 20.42 | 21.73 |
| Jul 20, 2010 | 17.69 | 18.58 |
| Jul 27, 2009 | 17.13 | 17.07 |
| Jul 28, 2008 | 14.90 | 15.84 |
| Jul 27, 2007 | 18.66 | 18.66 |
| Jul 28, 2006 | 14.66 | 14.66 |
| Jul 29, 2005 | 18.11 | 18.11 |
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/E, long-term trends, comparison to industry (consumer discretionary)
| Nike Inc. | Consumer Discretionary | |
|---|---|---|
| Jul 15, 2026 | 20.41 | — |
| Jul 17, 2025 | 33.48 | 41.79 |
| Jul 25, 2024 | 18.78 | 39.33 |
| Jul 20, 2023 | 32.45 | 33.63 |
| Jul 21, 2022 | 28.96 | 46.01 |
| Jul 20, 2021 | 44.12 | 39.27 |
| Jul 24, 2020 | 60.47 | 73.74 |
| Jul 23, 2019 | 33.72 | 39.37 |
| Jul 25, 2018 | 63.89 | 33.13 |
| Jul 20, 2017 | 22.90 | 47.03 |
| Jul 21, 2016 | 25.43 | 29.19 |
| Jul 23, 2015 | 29.79 | 24.70 |
| Jul 25, 2014 | 25.06 | 29.48 |
| Jul 23, 2013 | 22.64 | 26.50 |
| Jul 24, 2012 | 19.06 | 20.90 |
| Jul 22, 2011 | 20.42 | 11.38 |
| Jul 20, 2010 | 17.69 | 17.54 |
| Jul 27, 2009 | 17.13 | 18.66 |
| Jul 28, 2008 | 14.90 | 303.41 |
| Jul 27, 2007 | 18.66 | 24.33 |
| Jul 28, 2006 | 14.66 | 117.34 |
| Jul 29, 2005 | 18.11 | 17.54 |
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).