Total Asset Turnover
since 2005
Calculation
Nike Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| May 31, 2026 | 1.21 | = | 46,398) | ÷ | 38,410) |
| May 31, 2025 | 1.27 | = | 46,309) | ÷ | 36,579) |
| May 31, 2024 | 1.35 | = | 51,362) | ÷ | 38,110) |
| May 31, 2023 | 1.36 | = | 51,217) | ÷ | 37,531) |
| May 31, 2022 | 1.16 | = | 46,710) | ÷ | 40,321) |
| May 31, 2021 | 1.18 | = | 44,538) | ÷ | 37,740) |
| May 31, 2020 | 1.19 | = | 37,403) | ÷ | 31,342) |
| May 31, 2019 | 1.65 | = | 39,117) | ÷ | 23,717) |
| May 31, 2018 | 1.62 | = | 36,397) | ÷ | 22,536) |
| May 31, 2017 | 1.48 | = | 34,350) | ÷ | 23,259) |
| May 31, 2016 | 1.51 | = | 32,376) | ÷ | 21,396) |
| May 31, 2015 | 1.42 | = | 30,601) | ÷ | 21,600) |
| May 31, 2014 | 1.50 | = | 27,799) | ÷ | 18,594) |
| May 31, 2013 | 1.44 | = | 25,313) | ÷ | 17,584) |
| May 31, 2012 | 1.56 | = | 24,128) | ÷ | 15,465) |
| May 31, 2011 | 1.39 | = | 20,862) | ÷ | 14,998) |
| May 31, 2010 | 1.32 | = | 19,014) | ÷ | 14,419) |
| May 31, 2009 | 1.45 | = | 19,176) | ÷ | 13,250) |
| May 31, 2008 | 1.50 | = | 18,627) | ÷ | 12,443) |
| May 31, 2007 | 1.53 | = | 16,326) | ÷ | 10,688) |
| May 31, 2006 | 1.52 | = | 14,955) | ÷ | 9,870) |
| May 31, 2005 | 1.56 | = | 13,740) | ÷ | 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 financial trajectory from 2005 to 2026 reveals a significant expansion in both scale and asset intensity, characterized by a distinct shift in operational efficiency starting in 2020. While revenues grew substantially over the two-decade period, the ability to generate sales per unit of asset has experienced a notable decline in the latter years.
- Revenue and Asset Expansion
- Revenues demonstrated a consistent long-term upward trend, rising from 13,740 million USD in 2005 to a peak of 51,362 million USD in 2023. This growth was mirrored by a corresponding increase in the asset base, which expanded from 8,794 million USD in 2005 to 40,321 million USD by 2022. The growth in assets was particularly aggressive between 2019 and 2021, during which total assets increased from 23,717 million USD to 37,740 million USD.
- Historical Asset Turnover Stability (2005–2019)
- For the first fifteen years of the observed period, the total asset turnover ratio remained relatively stable, generally fluctuating between 1.32 and 1.65. A period of increasing efficiency was observed leading up to 2019, where the ratio reached its peak of 1.65. This indicates that during this phase, the organization successfully scaled its revenue growth at a rate that exceeded its asset accumulation.
- Efficiency Contraction (2020–2022)
- A sharp downturn in asset turnover efficiency occurred in 2020, with the ratio dropping to 1.19, and continuing a downward slide to 1.16 by 2022. This contraction coincided with a significant surge in total assets and a temporary plateau in revenue growth. The data suggests a period of asset bloating or strategic investment that did not yield immediate proportional increases in top-line sales.
- Recent Performance and Stabilization (2023–2026)
- A brief recovery in efficiency was noted in 2023, with the turnover ratio rising to 1.36. However, this improvement was not sustained, as the ratio declined again to 1.21 by 2026. The current trend indicates that the organization is operating at a lower efficiency level compared to the pre-2020 era, requiring more assets to generate the same volume of revenue.
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Comparison to Competitors
Nike Inc., total asset turnover, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| May 31, 2026 | 1.21 | 1.31 |
| May 31, 2025 | 1.27 | 1.39 |
| May 31, 2024 | 1.35 | 1.36 |
| May 31, 2023 | 1.36 | 1.45 |
| May 31, 2022 | 1.16 | 1.27 |
| May 31, 2021 | 1.18 | 1.05 |
| May 31, 2020 | 1.19 | 1.21 |
| May 31, 2019 | 1.65 | 1.58 |
| May 31, 2018 | 1.62 | 1.33 |
| May 31, 2017 | 1.48 | 1.41 |
| May 31, 2016 | 1.51 | 1.57 |
| May 31, 2015 | 1.42 | 1.39 |
| May 31, 2014 | 1.50 | 1.27 |
| May 31, 2013 | 1.44 | 1.30 |
| May 31, 2012 | 1.56 | 1.36 |
| May 31, 2011 | 1.39 | 1.43 |
| May 31, 2010 | 1.32 | 1.47 |
| May 31, 2009 | 1.45 | 1.67 |
| May 31, 2008 | 1.50 | 1.77 |
| May 31, 2007 | 1.53 | — |
| May 31, 2006 | 1.52 | — |
| May 31, 2005 | 1.56 | — |
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., total asset turnover, long-term trends, comparison to sector (consumer durables & apparel)
| Nike Inc. | Consumer Durables & Apparel | |
|---|---|---|
| May 31, 2026 | 1.21 | — |
| May 31, 2025 | 1.27 | 1.29 |
| May 31, 2024 | 1.35 | 1.35 |
| May 31, 2023 | 1.36 | 1.38 |
| May 31, 2022 | 1.16 | 1.17 |
| May 31, 2021 | 1.18 | 1.17 |
| May 31, 2020 | 1.19 | 1.20 |
| May 31, 2019 | 1.65 | 1.64 |
| May 31, 2018 | 1.62 | 1.59 |
| May 31, 2017 | 1.48 | 1.47 |
| May 31, 2016 | 1.51 | 1.52 |
| May 31, 2015 | 1.42 | 1.42 |
| May 31, 2014 | 1.50 | 1.48 |
| May 31, 2013 | 1.44 | 1.43 |
| May 31, 2012 | 1.56 | 1.55 |
| May 31, 2011 | 1.39 | 1.39 |
| May 31, 2010 | 1.32 | 1.32 |
| May 31, 2009 | 1.45 | 1.45 |
| May 31, 2008 | 1.50 | 1.50 |
| May 31, 2007 | 1.53 | 1.53 |
| May 31, 2006 | 1.52 | 1.52 |
| May 31, 2005 | 1.56 | 1.56 |
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., total asset turnover, long-term trends, comparison to industry (consumer discretionary)
| Nike Inc. | Consumer Discretionary | |
|---|---|---|
| May 31, 2026 | 1.21 | — |
| May 31, 2025 | 1.27 | 0.86 |
| May 31, 2024 | 1.35 | 0.93 |
| May 31, 2023 | 1.36 | 0.97 |
| May 31, 2022 | 1.16 | 0.96 |
| May 31, 2021 | 1.18 | 0.88 |
| May 31, 2020 | 1.19 | 0.84 |
| May 31, 2019 | 1.65 | 0.94 |
| May 31, 2018 | 1.62 | 0.96 |
| May 31, 2017 | 1.48 | 0.93 |
| May 31, 2016 | 1.51 | 0.96 |
| May 31, 2015 | 1.42 | 0.98 |
| May 31, 2014 | 1.50 | 1.02 |
| May 31, 2013 | 1.44 | 1.04 |
| May 31, 2012 | 1.56 | 1.06 |
| May 31, 2011 | 1.39 | 1.08 |
| May 31, 2010 | 1.32 | 1.04 |
| May 31, 2009 | 1.45 | 0.94 |
| May 31, 2008 | 1.50 | 0.96 |
| May 31, 2007 | 1.53 | 0.88 |
| May 31, 2006 | 1.52 | 0.82 |
| May 31, 2005 | 1.56 | 0.85 |
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).