Price to Sales (P/S)
since 2005
Calculation
Nike Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | 1.37 | = | 42.77 | ÷ | 31.28 | 31.28 | = | 46,398 | ÷ | 1,483,498,703 | |
| Jul 17, 2025 | 2.33 | = | 72.98 | ÷ | 31.36 | 31.36 | = | 46,309 | ÷ | 1,476,903,492 | |
| Jul 25, 2024 | 2.08 | = | 71.41 | ÷ | 34.26 | 34.26 | = | 51,362 | ÷ | 1,499,358,944 | |
| Jul 20, 2023 | 3.21 | = | 107.53 | ÷ | 33.48 | 33.48 | = | 51,217 | ÷ | 1,529,971,608 | |
| Jul 21, 2022 | 3.75 | = | 111.62 | ÷ | 29.78 | 29.78 | = | 46,710 | ÷ | 1,568,555,905 | |
| Jul 20, 2021 | 5.67 | = | 159.74 | ÷ | 28.16 | 28.16 | = | 44,538 | ÷ | 1,581,801,224 | |
| Jul 24, 2020 | 4.11 | = | 98.43 | ÷ | 23.98 | 23.98 | = | 37,403 | ÷ | 1,559,888,549 | |
| Jul 23, 2019 | 3.47 | = | 86.70 | ÷ | 24.96 | 24.96 | = | 39,117 | ÷ | 1,566,888,373 | |
| Jul 25, 2018 | 3.39 | = | 77.16 | ÷ | 22.74 | 22.74 | = | 36,397 | ÷ | 1,600,554,538 | |
| Jul 20, 2017 | 2.83 | = | 59.10 | ÷ | 20.90 | 20.90 | = | 34,350 | ÷ | 1,643,195,065 | |
| Jul 21, 2016 | 2.95 | = | 56.99 | ÷ | 19.30 | 19.30 | = | 32,376 | ÷ | 1,677,618,635 | |
| Jul 23, 2015 | 3.19 | = | 57.00 | ÷ | 17.89 | 17.89 | = | 30,601 | ÷ | 1,710,703,178 | |
| Jul 25, 2014 | 2.43 | = | 38.86 | ÷ | 16.01 | 16.01 | = | 27,799 | ÷ | 1,736,594,992 | |
| Jul 23, 2013 | 2.22 | = | 31.60 | ÷ | 14.22 | 14.22 | = | 25,313 | ÷ | 1,780,704,932 | |
| Jul 24, 2012 | 1.76 | = | 23.24 | ÷ | 13.23 | 13.23 | = | 24,128 | ÷ | 1,823,480,880 | |
| Jul 22, 2011 | 2.09 | = | 22.93 | ÷ | 10.98 | 10.98 | = | 20,862 | ÷ | 1,899,321,160 | |
| Jul 20, 2010 | 1.77 | = | 17.46 | ÷ | 9.84 | 9.84 | = | 19,014 | ÷ | 1,932,077,812 | |
| Jul 27, 2009 | 1.33 | = | 13.10 | ÷ | 9.87 | 9.87 | = | 19,176 | ÷ | 1,943,722,596 | |
| Jul 28, 2008 | 1.51 | = | 14.31 | ÷ | 9.50 | 9.50 | = | 18,627 | ÷ | 1,961,649,524 | |
| Jul 27, 2007 | 1.71 | = | 13.86 | ÷ | 8.13 | 8.13 | = | 16,326 | ÷ | 2,008,434,792 | |
| Jul 28, 2006 | 1.36 | = | 9.99 | ÷ | 7.32 | 7.32 | = | 14,955 | ÷ | 2,043,185,608 | |
| Jul 29, 2005 | 1.60 | = | 10.48 | ÷ | 6.56 | 6.56 | = | 13,740 | ÷ | 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.
An analysis of the financial trajectory from 2005 to 2026 reveals a significant divergence between fundamental revenue growth and market valuation multiples. While sales per share demonstrated a consistent long-term upward trend, the Price to Sales (P/S) ratio experienced a cycle of dramatic expansion followed by a sharp contraction.
- Sales per Share Trends
- Sales per share exhibited steady growth for nearly two decades, rising from $6.56 in 2005 to a peak of $34.26 in 2023. This indicates a substantial increase in revenue generation capacity on a per-share basis, with a general upward trend maintained until a slight moderation occurred in 2025 and 2026.
- Valuation Multiple Expansion
- The P/S ratio remained relatively stable between 1.33 and 1.77 from 2005 to 2010. A period of valuation expansion began in 2011, with the ratio climbing steadily to 3.47 by 2019. This trend accelerated sharply between 2020 and 2021, reaching a historical peak of 5.67, signifying a period of heightened market optimism and a significant premium placed on each dollar of sales.
- Valuation Compression and Correction
- Following the 2021 peak, a rapid devaluation is observed. The P/S ratio declined from 5.67 in 2021 to 1.37 by 2026. This compression occurred despite sales per share remaining significantly higher than the levels seen between 2005 and 2015, suggesting that the decrease in share price was primarily driven by a contraction in the valuation multiple rather than a fundamental collapse in revenue.
- Share Price Correlation
- The share price mirrored the movement of the P/S ratio, reaching its maximum value of $159.74 in 2021. The subsequent descent to $42.77 by 2026 reflects a return to a valuation baseline comparable to the 2005-2009 period, where the P/S ratio typically ranged between 1.3 and 1.7.
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Comparison to Competitors
Nike Inc., P/S, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| Jul 15, 2026 | 1.37 | 1.66 |
| Jul 17, 2025 | 2.33 | 3.89 |
| Jul 25, 2024 | 2.08 | 6.27 |
| Jul 20, 2023 | 3.21 | 5.02 |
| Jul 21, 2022 | 3.75 | 7.03 |
| Jul 20, 2021 | 5.67 | 9.39 |
| Jul 24, 2020 | 4.11 | 6.57 |
| Jul 23, 2019 | 3.47 | 5.85 |
| Jul 25, 2018 | 3.39 | 4.02 |
| Jul 20, 2017 | 2.83 | 3.88 |
| Jul 21, 2016 | 2.95 | 4.52 |
| Jul 23, 2015 | 3.19 | 5.05 |
| Jul 25, 2014 | 2.43 | 4.68 |
| Jul 23, 2013 | 2.22 | 6.82 |
| Jul 24, 2012 | 1.76 | 10.89 |
| Jul 22, 2011 | 2.09 | 7.65 |
| Jul 20, 2010 | 1.77 | 6.13 |
| Jul 27, 2009 | 1.33 | 1.66 |
| Jul 28, 2008 | 1.51 | 8.16 |
| Jul 27, 2007 | 1.71 | — |
| Jul 28, 2006 | 1.36 | — |
| Jul 29, 2005 | 1.60 | — |
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/S, long-term trends, comparison to sector (consumer durables & apparel)
| Nike Inc. | Consumer Durables & Apparel | |
|---|---|---|
| Jul 15, 2026 | 1.37 | — |
| Jul 17, 2025 | 2.33 | 2.62 |
| Jul 25, 2024 | 2.08 | 2.75 |
| Jul 20, 2023 | 3.21 | 3.46 |
| Jul 21, 2022 | 3.75 | 4.14 |
| Jul 20, 2021 | 5.67 | 6.01 |
| Jul 24, 2020 | 4.11 | 4.34 |
| Jul 23, 2019 | 3.47 | 3.66 |
| Jul 25, 2018 | 3.39 | 3.44 |
| Jul 20, 2017 | 2.83 | 2.89 |
| Jul 21, 2016 | 2.95 | 3.05 |
| Jul 23, 2015 | 3.19 | 3.29 |
| Jul 25, 2014 | 2.43 | 2.55 |
| Jul 23, 2013 | 2.22 | 2.46 |
| Jul 24, 2012 | 1.76 | 2.12 |
| Jul 22, 2011 | 2.09 | 2.27 |
| Jul 20, 2010 | 1.77 | 1.88 |
| Jul 27, 2009 | 1.33 | 1.33 |
| Jul 28, 2008 | 1.51 | 1.60 |
| Jul 27, 2007 | 1.71 | 1.71 |
| Jul 28, 2006 | 1.36 | 1.36 |
| Jul 29, 2005 | 1.60 | 1.60 |
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/S, long-term trends, comparison to industry (consumer discretionary)
| Nike Inc. | Consumer Discretionary | |
|---|---|---|
| Jul 15, 2026 | 1.37 | — |
| Jul 17, 2025 | 2.33 | 3.29 |
| Jul 25, 2024 | 2.08 | 3.45 |
| Jul 20, 2023 | 3.21 | 2.63 |
| Jul 21, 2022 | 3.75 | 2.27 |
| Jul 20, 2021 | 5.67 | 3.58 |
| Jul 24, 2020 | 4.11 | 3.81 |
| Jul 23, 2019 | 3.47 | 2.33 |
| Jul 25, 2018 | 3.39 | 2.05 |
| Jul 20, 2017 | 2.83 | 2.06 |
| Jul 21, 2016 | 2.95 | 1.68 |
| Jul 23, 2015 | 3.19 | 1.57 |
| Jul 25, 2014 | 2.43 | 1.32 |
| Jul 23, 2013 | 2.22 | 1.33 |
| Jul 24, 2012 | 1.76 | 1.06 |
| Jul 22, 2011 | 2.09 | 0.97 |
| Jul 20, 2010 | 1.77 | 0.96 |
| Jul 27, 2009 | 1.33 | 0.92 |
| Jul 28, 2008 | 1.51 | 0.66 |
| Jul 27, 2007 | 1.71 | 0.79 |
| Jul 28, 2006 | 1.36 | 0.86 |
| Jul 29, 2005 | 1.60 | 0.79 |
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).