Return on Assets (ROA)
since 2005
Calculation
Nike Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| May 31, 2026 | 8.09% | = | 100 | × | 3,108) | ÷ | 38,410) |
| May 31, 2025 | 8.80% | = | 100 | × | 3,219) | ÷ | 36,579) |
| May 31, 2024 | 14.96% | = | 100 | × | 5,700) | ÷ | 38,110) |
| May 31, 2023 | 13.51% | = | 100 | × | 5,070) | ÷ | 37,531) |
| May 31, 2022 | 14.99% | = | 100 | × | 6,046) | ÷ | 40,321) |
| May 31, 2021 | 15.17% | = | 100 | × | 5,727) | ÷ | 37,740) |
| May 31, 2020 | 8.10% | = | 100 | × | 2,539) | ÷ | 31,342) |
| May 31, 2019 | 16.99% | = | 100 | × | 4,029) | ÷ | 23,717) |
| May 31, 2018 | 8.58% | = | 100 | × | 1,933) | ÷ | 22,536) |
| May 31, 2017 | 18.23% | = | 100 | × | 4,240) | ÷ | 23,259) |
| May 31, 2016 | 17.57% | = | 100 | × | 3,760) | ÷ | 21,396) |
| May 31, 2015 | 15.15% | = | 100 | × | 3,273) | ÷ | 21,600) |
| May 31, 2014 | 14.48% | = | 100 | × | 2,693) | ÷ | 18,594) |
| May 31, 2013 | 14.13% | = | 100 | × | 2,485) | ÷ | 17,584) |
| May 31, 2012 | 14.37% | = | 100 | × | 2,223) | ÷ | 15,465) |
| May 31, 2011 | 14.22% | = | 100 | × | 2,133) | ÷ | 14,998) |
| May 31, 2010 | 13.22% | = | 100 | × | 1,907) | ÷ | 14,419) |
| May 31, 2009 | 11.22% | = | 100 | × | 1,487) | ÷ | 13,250) |
| May 31, 2008 | 15.14% | = | 100 | × | 1,883) | ÷ | 12,443) |
| May 31, 2007 | 13.95% | = | 100 | × | 1,492) | ÷ | 10,688) |
| May 31, 2006 | 14.10% | = | 100 | × | 1,392) | ÷ | 9,870) |
| May 31, 2005 | 13.78% | = | 100 | × | 1,212) | ÷ | 8,794) |
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$ in millions
The analysis of Return on Assets (ROA) from 2005 through 2026 reveals a prolonged period of sustained efficiency followed by increasing volatility and a recent downward trajectory. While the company successfully scaled its asset base and net income for over a decade, the most recent data indicates a diminishing ability to generate profit relative to the total assets employed.
- Asset Efficiency and Peak Performance (2005–2017)
- Between 2005 and 2017, a generally stable and upward trend in ROA is observed, with values typically fluctuating between 13% and 15%. The peak of asset productivity was reached on May 31, 2017, with an ROA of 18.23%. This phase was characterized by a consistent increase in net income that effectively scaled alongside the growth of total assets.
- Periods of High Volatility (2018–2023)
- The period between 2018 and 2023 is marked by abrupt fluctuations in profitability. Significant contractions occurred in 2018 (8.58%) and 2020 (8.10%). The 2020 decline is particularly notable as the total asset base expanded significantly to over $31 billion while net income decreased, indicating a temporary misalignment between asset investment and earnings generation. Subsequent recoveries in 2021 and 2022 saw ROA return to the 14% to 15% range.
- Recent Deterioration in ROA (2024–2026)
- A persistent decline in asset productivity is evident from 2024 through 2026. The ROA fell to 8.80% in 2024 and reached a low of 8.09% by 2026. This trend is primarily driven by a substantial reduction in net income, which decreased from $5.7 billion in 2023 to $3.1 billion in 2026, while total assets remained relatively stable at approximately $38 billion, resulting in a lower yield on the company's invested capital.
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Comparison to Competitors
Nike Inc., ROA, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| May 31, 2026 | 8.09% | 18.67% |
| May 31, 2025 | 8.80% | 23.87% |
| May 31, 2024 | 14.96% | 21.86% |
| May 31, 2023 | 13.51% | 15.25% |
| May 31, 2022 | 14.99% | 19.73% |
| May 31, 2021 | 15.17% | 14.07% |
| May 31, 2020 | 8.10% | 19.67% |
| May 31, 2019 | 16.99% | 23.21% |
| May 31, 2018 | 8.58% | 12.94% |
| May 31, 2017 | 18.23% | 18.30% |
| May 31, 2016 | 17.57% | 20.25% |
| May 31, 2015 | 15.15% | 18.44% |
| May 31, 2014 | 14.48% | 22.37% |
| May 31, 2013 | 14.13% | 25.74% |
| May 31, 2012 | 14.37% | 25.06% |
| May 31, 2011 | 14.22% | 24.40% |
| May 31, 2010 | 13.22% | 18.97% |
| May 31, 2009 | 11.22% | 18.60% |
| May 31, 2008 | 15.14% | 19.89% |
| May 31, 2007 | 13.95% | — |
| May 31, 2006 | 14.10% | — |
| May 31, 2005 | 13.78% | — |
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., ROA, long-term trends, comparison to sector (consumer durables & apparel)
| Nike Inc. | Consumer Durables & Apparel | |
|---|---|---|
| May 31, 2026 | 8.09% | — |
| May 31, 2025 | 8.80% | 11.39% |
| May 31, 2024 | 14.96% | 16.04% |
| May 31, 2023 | 13.51% | 13.73% |
| May 31, 2022 | 14.99% | 15.51% |
| May 31, 2021 | 15.17% | 15.06% |
| May 31, 2020 | 8.10% | 9.20% |
| May 31, 2019 | 16.99% | 17.49% |
| May 31, 2018 | 8.58% | 8.93% |
| May 31, 2017 | 18.23% | 18.23% |
| May 31, 2016 | 17.57% | 17.73% |
| May 31, 2015 | 15.15% | 15.34% |
| May 31, 2014 | 14.48% | 14.98% |
| May 31, 2013 | 14.13% | 14.79% |
| May 31, 2012 | 14.37% | 14.86% |
| May 31, 2011 | 14.22% | 14.55% |
| May 31, 2010 | 13.22% | 13.34% |
| May 31, 2009 | 11.22% | 11.34% |
| May 31, 2008 | 15.14% | 15.20% |
| May 31, 2007 | 13.95% | 13.95% |
| May 31, 2006 | 14.10% | 14.10% |
| May 31, 2005 | 13.78% | 13.78% |
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., ROA, long-term trends, comparison to industry (consumer discretionary)
| Nike Inc. | Consumer Discretionary | |
|---|---|---|
| May 31, 2026 | 8.09% | — |
| May 31, 2025 | 8.80% | 6.71% |
| May 31, 2024 | 14.96% | 8.12% |
| May 31, 2023 | 13.51% | 7.57% |
| May 31, 2022 | 14.99% | 4.81% |
| May 31, 2021 | 15.17% | 7.99% |
| May 31, 2020 | 8.10% | 4.36% |
| May 31, 2019 | 16.99% | 5.57% |
| May 31, 2018 | 8.58% | 5.96% |
| May 31, 2017 | 18.23% | 4.05% |
| May 31, 2016 | 17.57% | 5.57% |
| May 31, 2015 | 15.15% | 6.25% |
| May 31, 2014 | 14.48% | 4.75% |
| May 31, 2013 | 14.13% | 5.52% |
| May 31, 2012 | 14.37% | 5.65% |
| May 31, 2011 | 14.22% | 9.48% |
| May 31, 2010 | 13.22% | 6.05% |
| May 31, 2009 | 11.22% | 4.67% |
| May 31, 2008 | 15.14% | 0.21% |
| May 31, 2007 | 13.95% | 2.85% |
| May 31, 2006 | 14.10% | 0.60% |
| May 31, 2005 | 13.78% | 3.80% |
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).