Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Nike Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
The solvency profile exhibits a period of relative stability followed by a distinct trend toward deleveraging in the latter stages of the analyzed timeframe. While most ratios remained within narrow bands between August 2021 and February 2025, a consistent reduction in debt-related metrics is observable starting in May 2025, suggesting a strategic shift toward reducing long-term liabilities or increasing equity.
- Debt to Equity and Capital Ratios
- The debt to equity ratio remained stable between 0.60 and 0.66 for several years before entering a steady decline from 0.64 in February 2025 to 0.52 by August 2026. A similar, though less pronounced, downward trajectory is seen in the debt to capital ratio, which moved from a high of 0.40 to a low of 0.34. These movements indicate a strengthening of the equity position relative to total debt.
- Impact of Operating Lease Liabilities
- The inclusion of operating lease liabilities consistently elevates all solvency metrics, indicating that lease obligations represent a significant portion of the total liability structure. The debt to equity ratio including leases peaked at 0.89 in August 2021 and concluded at 0.73 in August 2026. The debt to assets ratio including leases remained largely range-bound between 0.29 and 0.34, showing a slight overall improvement in the final quarters.
- Asset and Leverage Dynamics
- Debt to assets ratios demonstrated high stability, fluctuating minimally around 0.24 before declining to 0.21 by August 2026. Financial leverage showed a different pattern, remaining steady around 2.60 to 2.64 for the majority of the period, peaking at 2.77 in mid-2025, and subsequently dropping to 2.48 by August 2026. This late-stage decline in financial leverage correlates with the observed reduction in debt to equity, signaling a lower reliance on borrowed funds to finance assets.
Overall, the financial data indicates a conservative approach to solvency. The gradual decline in all primary debt ratios during 2025 and 2026 reflects an improving solvency position and a reduced risk profile regarding long-term obligation fulfillment.
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Debt to Equity
Nike Inc., debt to equity calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current portion of long-term debt | 2,000) | 2,000) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | |||||||
| Long-term debt, excluding current portion | 5,893) | 5,942) | 7,030) | 7,016) | 7,996) | 7,961) | 7,956) | 7,973) | 7,998) | 7,903) | 8,930) | 8,930) | 8,929) | 8,927) | 8,925) | 8,924) | 8,922) | 8,920) | 9,418) | 9,417) | 9,415) | |||||||
| Total debt | 7,893) | 7,942) | 8,029) | 8,015) | 7,996) | 7,961) | 8,956) | 8,973) | 8,998) | 8,903) | 8,930) | 8,930) | 8,929) | 8,927) | 9,425) | 9,424) | 9,422) | 9,420) | 9,418) | 9,417) | 9,415) | |||||||
| Shareholders’ equity | 15,220) | 14,865) | 14,090) | 14,085) | 13,468) | 13,213) | 14,007) | 14,037) | 13,944) | 14,430) | 14,226) | 14,146) | 13,971) | 14,004) | 14,531) | 15,272) | 15,822) | 15,281) | 14,809) | 14,924) | 14,343) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity1 | 0.52 | 0.53 | 0.57 | 0.57 | 0.59 | 0.60 | 0.64 | 0.64 | 0.65 | 0.62 | 0.63 | 0.63 | 0.64 | 0.64 | 0.65 | 0.62 | 0.60 | 0.62 | 0.64 | 0.63 | 0.66 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
1 Q1 2027 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 7,893 ÷ 15,220 = 0.52
2 Click competitor name to see calculations.
The solvency profile exhibits a consistent improvement over the analyzed period, characterized by a strategic reduction in total leverage and a strengthening of the equity base toward the end of the timeframe. The overall trajectory indicates a shift toward a more conservative capital structure.
- Total Debt Trends
- Total debt remained relatively stagnant at approximately 9.4 billion USD from August 2021 through February 2023. A primary reduction occurred in May 2023, bringing the balance down to approximately 8.9 billion USD, where it stabilized for nearly two years. A second significant decrease was observed in May 2025, with debt levels falling to approximately 7.9 billion USD and continuing a gradual decline to 7.89 billion USD by August 2026.
- Shareholders' Equity Fluctuations
- Equity levels demonstrated moderate volatility, peaking at 15.82 billion USD in August 2022 before entering a period of contraction. A trough was reached in May 2025 at 13.21 billion USD. However, a recovery phase followed, with equity increasing steadily from May 2025 to reach 15.22 billion USD by August 2026, signaling an increase in the company's net asset value.
- Debt to Equity Ratio Trajectory
- The debt to equity ratio began at 0.66 in August 2021 and maintained a range between 0.60 and 0.65 for the majority of the period. A decisive downward trend emerged in May 2025, as the ratio dropped to 0.60. This improvement accelerated through August 2026, concluding at 0.52. This decline is the result of the simultaneous reduction in total debt and the late-period expansion of shareholders' equity, reflecting a reduced reliance on borrowed funds relative to owner's capital.
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Debt to Equity (including Operating Lease Liability)
Nike Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current portion of long-term debt | 2,000) | 2,000) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | |||||||
| Long-term debt, excluding current portion | 5,893) | 5,942) | 7,030) | 7,016) | 7,996) | 7,961) | 7,956) | 7,973) | 7,998) | 7,903) | 8,930) | 8,930) | 8,929) | 8,927) | 8,925) | 8,924) | 8,922) | 8,920) | 9,418) | 9,417) | 9,415) | |||||||
| Total debt | 7,893) | 7,942) | 8,029) | 8,015) | 7,996) | 7,961) | 8,956) | 8,973) | 8,998) | 8,903) | 8,930) | 8,930) | 8,929) | 8,927) | 9,425) | 9,424) | 9,422) | 9,420) | 9,418) | 9,417) | 9,415) | |||||||
| Current portion of operating lease liabilities | 473) | 478) | 493) | 513) | 506) | 502) | 474) | 481) | 491) | 477) | 474) | 456) | 435) | 425) | 435) | 426) | 424) | 420) | 455) | 462) | 462) | |||||||
| Operating lease liabilities, excluding current portion | 2,706) | 2,613) | 2,656) | 2,754) | 2,555) | 2,550) | 2,477) | 2,562) | 2,625) | 2,566) | 2,691) | 2,785) | 2,807) | 2,786) | 2,692) | 2,668) | 2,736) | 2,777) | 2,784) | 2,835) | 2,898) | |||||||
| Total debt (including operating lease liability) | 11,072) | 11,033) | 11,178) | 11,282) | 11,057) | 11,013) | 11,907) | 12,016) | 12,114) | 11,946) | 12,095) | 12,171) | 12,171) | 12,138) | 12,552) | 12,518) | 12,582) | 12,617) | 12,657) | 12,714) | 12,775) | |||||||
| Shareholders’ equity | 15,220) | 14,865) | 14,090) | 14,085) | 13,468) | 13,213) | 14,007) | 14,037) | 13,944) | 14,430) | 14,226) | 14,146) | 13,971) | 14,004) | 14,531) | 15,272) | 15,822) | 15,281) | 14,809) | 14,924) | 14,343) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.73 | 0.74 | 0.79 | 0.80 | 0.82 | 0.83 | 0.85 | 0.86 | 0.87 | 0.83 | 0.85 | 0.86 | 0.87 | 0.87 | 0.86 | 0.82 | 0.80 | 0.83 | 0.85 | 0.85 | 0.89 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.44 | 0.36 | 0.39 | 0.40 | 0.40 | 0.36 | 0.38 | 0.36 | 0.33 | 0.33 | 0.33 | 0.34 | 0.33 | 0.34 | 0.34 | 0.33 | 0.34 | 0.32 | 0.32 | 0.30 | 0.30 | |||||||
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
1 Q1 2027 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 11,072 ÷ 15,220 = 0.73
2 Click competitor name to see calculations.
The overall solvency profile demonstrates a progressive reduction in financial leverage over the analyzed period from August 2021 through August 2026. A consistent downward trajectory in total liabilities, combined with a recovery in equity levels toward the end of the period, has resulted in a strengthened balance sheet and a lower risk profile regarding long-term obligations.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited a steady decline from 12,775 million USD in August 2021 to 11,072 million USD by August 2026. A notable acceleration in debt reduction occurred between February 2024 and May 2025, where liabilities dropped from 12,095 million USD to 11,013 million USD. This indicates a sustained effort to deleverage the balance sheet.
- Shareholders' Equity Volatility
- Shareholders' equity experienced significant fluctuations throughout the period. After peaking at 15,822 million USD in August 2022, equity levels declined to a low of 13,213 million USD by February 2025. However, a strong recovery was observed in the final quarters, with equity rising to 15,220 million USD by August 2026, suggesting an improvement in retained earnings or capital contributions.
- Debt to Equity Ratio Analysis
- The debt to equity ratio serves as the primary indicator of solvency improvement, decreasing from 0.89 in August 2021 to 0.73 by August 2026. While the ratio remained relatively stable between 0.83 and 0.87 for much of 2022 through 2024, a distinct downward shift began in late 2024. The decline to 0.73 represents the lowest leverage level in the analyzed timeframe, reflecting a more conservative capital structure where equity increasingly funds the company's assets relative to debt.
The convergence of decreasing total debt and increasing shareholders' equity in the final year of the analysis indicates a robust improvement in solvency. The transition from a ratio of 0.89 to 0.73 signifies a reduction in financial risk and an enhanced capacity to meet long-term obligations.
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Debt to Capital
Nike Inc., debt to capital calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current portion of long-term debt | 2,000) | 2,000) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | |||||||
| Long-term debt, excluding current portion | 5,893) | 5,942) | 7,030) | 7,016) | 7,996) | 7,961) | 7,956) | 7,973) | 7,998) | 7,903) | 8,930) | 8,930) | 8,929) | 8,927) | 8,925) | 8,924) | 8,922) | 8,920) | 9,418) | 9,417) | 9,415) | |||||||
| Total debt | 7,893) | 7,942) | 8,029) | 8,015) | 7,996) | 7,961) | 8,956) | 8,973) | 8,998) | 8,903) | 8,930) | 8,930) | 8,929) | 8,927) | 9,425) | 9,424) | 9,422) | 9,420) | 9,418) | 9,417) | 9,415) | |||||||
| Shareholders’ equity | 15,220) | 14,865) | 14,090) | 14,085) | 13,468) | 13,213) | 14,007) | 14,037) | 13,944) | 14,430) | 14,226) | 14,146) | 13,971) | 14,004) | 14,531) | 15,272) | 15,822) | 15,281) | 14,809) | 14,924) | 14,343) | |||||||
| Total capital | 23,113) | 22,807) | 22,119) | 22,100) | 21,464) | 21,174) | 22,963) | 23,010) | 22,942) | 23,333) | 23,156) | 23,076) | 22,900) | 22,931) | 23,956) | 24,696) | 25,244) | 24,701) | 24,227) | 24,341) | 23,758) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital1 | 0.34 | 0.35 | 0.36 | 0.36 | 0.37 | 0.38 | 0.39 | 0.39 | 0.39 | 0.38 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.38 | 0.37 | 0.38 | 0.39 | 0.39 | 0.40 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
1 Q1 2027 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,893 ÷ 23,113 = 0.34
2 Click competitor name to see calculations.
The long-term solvency profile exhibits a consistent trend toward deleveraging, characterized by a reduction in the proportion of debt relative to total capital. While the debt-to-capital ratio remained relatively stable for the initial three years of the period, a more pronounced decline is evident in the most recent quarters, indicating a strategic shift toward a more conservative capital structure.
- Total Debt Trends
- Total debt remained nearly stagnant between August 2021 and February 2023, hovering around 9.4 billion US dollars. A primary reduction occurred in May 2023, where debt dropped to 8.9 billion US dollars, followed by a subsequent significant decrease to approximately 8.0 billion US dollars starting in May 2025. The period concludes with total debt at its lowest point of 7.89 billion US dollars in August 2026.
- Total Capital Fluctuations
- Total capital experienced volatility, peaking at 25.24 billion US dollars in August 2022 before entering a general decline. A notable low was reached in May 2025 at 21.17 billion US dollars. Despite this dip, a recovery trend is observed in the final quarters, with total capital rising back to 23.11 billion US dollars by August 2026.
- Debt to Capital Ratio Analysis
- The debt to capital ratio began at 0.40 in August 2021 and maintained a tight range between 0.37 and 0.40 for the majority of the analysis period. However, starting in May 2025, a steady downward trajectory is observed, with the ratio decreasing sequentially from 0.38 to 0.34 by August 2026. This compression suggests an improved solvency position and a reduced reliance on borrowed funds to finance the capital base.
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Debt to Capital (including Operating Lease Liability)
Nike Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current portion of long-term debt | 2,000) | 2,000) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | |||||||
| Long-term debt, excluding current portion | 5,893) | 5,942) | 7,030) | 7,016) | 7,996) | 7,961) | 7,956) | 7,973) | 7,998) | 7,903) | 8,930) | 8,930) | 8,929) | 8,927) | 8,925) | 8,924) | 8,922) | 8,920) | 9,418) | 9,417) | 9,415) | |||||||
| Total debt | 7,893) | 7,942) | 8,029) | 8,015) | 7,996) | 7,961) | 8,956) | 8,973) | 8,998) | 8,903) | 8,930) | 8,930) | 8,929) | 8,927) | 9,425) | 9,424) | 9,422) | 9,420) | 9,418) | 9,417) | 9,415) | |||||||
| Current portion of operating lease liabilities | 473) | 478) | 493) | 513) | 506) | 502) | 474) | 481) | 491) | 477) | 474) | 456) | 435) | 425) | 435) | 426) | 424) | 420) | 455) | 462) | 462) | |||||||
| Operating lease liabilities, excluding current portion | 2,706) | 2,613) | 2,656) | 2,754) | 2,555) | 2,550) | 2,477) | 2,562) | 2,625) | 2,566) | 2,691) | 2,785) | 2,807) | 2,786) | 2,692) | 2,668) | 2,736) | 2,777) | 2,784) | 2,835) | 2,898) | |||||||
| Total debt (including operating lease liability) | 11,072) | 11,033) | 11,178) | 11,282) | 11,057) | 11,013) | 11,907) | 12,016) | 12,114) | 11,946) | 12,095) | 12,171) | 12,171) | 12,138) | 12,552) | 12,518) | 12,582) | 12,617) | 12,657) | 12,714) | 12,775) | |||||||
| Shareholders’ equity | 15,220) | 14,865) | 14,090) | 14,085) | 13,468) | 13,213) | 14,007) | 14,037) | 13,944) | 14,430) | 14,226) | 14,146) | 13,971) | 14,004) | 14,531) | 15,272) | 15,822) | 15,281) | 14,809) | 14,924) | 14,343) | |||||||
| Total capital (including operating lease liability) | 26,292) | 25,898) | 25,268) | 25,367) | 24,525) | 24,226) | 25,914) | 26,053) | 26,058) | 26,376) | 26,321) | 26,317) | 26,142) | 26,142) | 27,083) | 27,790) | 28,404) | 27,898) | 27,466) | 27,638) | 27,118) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.42 | 0.43 | 0.44 | 0.44 | 0.45 | 0.45 | 0.46 | 0.46 | 0.46 | 0.45 | 0.46 | 0.46 | 0.47 | 0.46 | 0.46 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.31 | 0.27 | 0.28 | 0.29 | 0.28 | 0.27 | 0.28 | 0.27 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 | 0.23 | 0.23 | |||||||
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
1 Q1 2027 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 11,072 ÷ 26,292 = 0.42
2 Click competitor name to see calculations.
An evaluation of the solvency metrics reveals a period of stability characterized by a gradual reduction in total debt and a fluctuating yet controlled capital base. The overall solvency position remains consistent over the analyzed period, with a slight improvement in the debt-to-capital ratio toward the end of the term.
- Total Debt Trends
- Total debt, inclusive of operating lease liabilities, exhibited a general downward trajectory, declining from 12,775 million USD in August 2021 to 11,072 million USD by August 2026. This represents a steady deleveraging process, with the most significant reductions occurring between May 2024 and May 2025.
- Total Capital Dynamics
- Total capital experienced an initial period of expansion, peaking at 28,404 million USD in August 2022. This was followed by a gradual contraction that reached a trough of 24,226 million USD in May 2025, before recovering to 26,292 million USD by August 2026.
- Debt to Capital Ratio Analysis
- The debt to capital ratio remained remarkably stable, fluctuating within a narrow range between 0.42 and 0.47. For the majority of the period, the ratio hovered between 0.44 and 0.46, indicating a disciplined approach to maintaining the balance between debt and total capital. A downward trend is observed in the final quarters, with the ratio reaching its lowest point of 0.42 by August 2026, suggesting an improved solvency profile and a reduced reliance on debt relative to the total capital structure.
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Debt to Assets
Nike Inc., debt to assets calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current portion of long-term debt | 2,000) | 2,000) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | |||||||
| Long-term debt, excluding current portion | 5,893) | 5,942) | 7,030) | 7,016) | 7,996) | 7,961) | 7,956) | 7,973) | 7,998) | 7,903) | 8,930) | 8,930) | 8,929) | 8,927) | 8,925) | 8,924) | 8,922) | 8,920) | 9,418) | 9,417) | 9,415) | |||||||
| Total debt | 7,893) | 7,942) | 8,029) | 8,015) | 7,996) | 7,961) | 8,956) | 8,973) | 8,998) | 8,903) | 8,930) | 8,930) | 8,929) | 8,927) | 9,425) | 9,424) | 9,422) | 9,420) | 9,418) | 9,417) | 9,415) | |||||||
| Total assets | 37,794) | 38,410) | 37,064) | 37,787) | 37,334) | 36,579) | 37,793) | 37,959) | 37,867) | 38,110) | 37,356) | 37,203) | 36,786) | 37,531) | 38,294) | 39,647) | 41,088) | 40,321) | 39,577) | 38,917) | 37,917) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets1 | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | 0.22 | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.24 | 0.25 | 0.24 | 0.23 | 0.23 | 0.24 | 0.24 | 0.25 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
1 Q1 2027 Calculation
Debt to assets = Total debt ÷ Total assets
= 7,893 ÷ 37,794 = 0.21
2 Click competitor name to see calculations.
The solvency profile demonstrates a consistent trend toward deleveraging over the analyzed period. A gradual reduction in the proportion of assets financed by debt is evident, reflecting an improvement in the overall financial stability of the balance sheet.
- Total Debt Trajectory
- Total debt remained relatively stagnant at approximately 9.4 billion US$ through early 2023. A primary reduction occurred between May 2023 and February 2025, where debt levels shifted to the 8.9 billion US$ range. A second significant decrease is observed starting in May 2025, with debt levels declining further to approximately 7.9 billion US$ by August 2026.
- Asset Base Stability
- Total assets experienced moderate volatility, peaking at 41.088 billion US$ in August 2022 before contracting to a low of 36.786 billion US$ by August 2023. Following this period, the asset base stabilized, generally fluctuating between 36.5 billion US$ and 38.4 billion US$.
- Debt to Assets Ratio Analysis
- The debt to assets ratio remained largely stable between 0.23 and 0.25 from August 2021 through February 2025. However, a clear downward shift is observed in the latter part of the period, with the ratio dropping to 0.21 by August 2026. This decline indicates that a smaller percentage of the total assets are funded by debt, suggesting a reduction in financial leverage and an enhanced solvency position.
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Debt to Assets (including Operating Lease Liability)
Nike Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current portion of long-term debt | 2,000) | 2,000) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | |||||||
| Long-term debt, excluding current portion | 5,893) | 5,942) | 7,030) | 7,016) | 7,996) | 7,961) | 7,956) | 7,973) | 7,998) | 7,903) | 8,930) | 8,930) | 8,929) | 8,927) | 8,925) | 8,924) | 8,922) | 8,920) | 9,418) | 9,417) | 9,415) | |||||||
| Total debt | 7,893) | 7,942) | 8,029) | 8,015) | 7,996) | 7,961) | 8,956) | 8,973) | 8,998) | 8,903) | 8,930) | 8,930) | 8,929) | 8,927) | 9,425) | 9,424) | 9,422) | 9,420) | 9,418) | 9,417) | 9,415) | |||||||
| Current portion of operating lease liabilities | 473) | 478) | 493) | 513) | 506) | 502) | 474) | 481) | 491) | 477) | 474) | 456) | 435) | 425) | 435) | 426) | 424) | 420) | 455) | 462) | 462) | |||||||
| Operating lease liabilities, excluding current portion | 2,706) | 2,613) | 2,656) | 2,754) | 2,555) | 2,550) | 2,477) | 2,562) | 2,625) | 2,566) | 2,691) | 2,785) | 2,807) | 2,786) | 2,692) | 2,668) | 2,736) | 2,777) | 2,784) | 2,835) | 2,898) | |||||||
| Total debt (including operating lease liability) | 11,072) | 11,033) | 11,178) | 11,282) | 11,057) | 11,013) | 11,907) | 12,016) | 12,114) | 11,946) | 12,095) | 12,171) | 12,171) | 12,138) | 12,552) | 12,518) | 12,582) | 12,617) | 12,657) | 12,714) | 12,775) | |||||||
| Total assets | 37,794) | 38,410) | 37,064) | 37,787) | 37,334) | 36,579) | 37,793) | 37,959) | 37,867) | 38,110) | 37,356) | 37,203) | 36,786) | 37,531) | 38,294) | 39,647) | 41,088) | 40,321) | 39,577) | 38,917) | 37,917) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.29 | 0.29 | 0.30 | 0.30 | 0.30 | 0.30 | 0.32 | 0.32 | 0.32 | 0.31 | 0.32 | 0.33 | 0.33 | 0.32 | 0.33 | 0.32 | 0.31 | 0.31 | 0.32 | 0.33 | 0.34 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| lululemon athletica inc. | 0.25 | 0.21 | 0.22 | 0.23 | 0.23 | 0.21 | 0.21 | 0.22 | 0.21 | 0.20 | 0.19 | 0.20 | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.18 | 0.19 | 0.18 | 0.18 | |||||||
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
1 Q1 2027 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 11,072 ÷ 37,794 = 0.29
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a gradual improvement over the analyzed period, characterized by a steady reduction in total debt relative to total assets. The overall trend indicates a systematic deleveraging process that has strengthened the balance sheet position.
- Total Debt Trends
- Total debt, encompassing operating lease liabilities, demonstrates a consistent downward trajectory. From a peak of 12,775 million US dollars in August 2021, the balance decreased to 11,072 million US dollars by August 2026. A notable reduction occurred between February 2024 and May 2025, where obligations declined from 12,095 million to 11,013 million US dollars, marking a period of accelerated debt repayment.
- Total Asset Fluctuations
- Assets experienced an initial growth phase, rising from 37,917 million US dollars in August 2021 to a peak of 41,088 million US dollars in August 2022. This expansion was followed by a period of volatility and a general contraction, with the total asset value returning to approximately 37,794 million US dollars by August 2026. Consequently, the long-term asset base remained relatively stagnant despite the interim fluctuations.
- Debt to Assets Ratio Analysis
- The debt-to-assets ratio reflects a positive trend in solvency. Starting at 0.34 in August 2021, the ratio fluctuated within a narrow band of 0.31 to 0.33 for several years. A distinct shift occurred in May 2025, after which the ratio stabilized at a lower range between 0.29 and 0.30. Because total assets returned to their original levels, the improvement in this ratio is primarily attributable to the strategic reduction of total liabilities rather than asset growth.
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Financial Leverage
Nike Inc., financial leverage calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Total assets | 37,794) | 38,410) | 37,064) | 37,787) | 37,334) | 36,579) | 37,793) | 37,959) | 37,867) | 38,110) | 37,356) | 37,203) | 36,786) | 37,531) | 38,294) | 39,647) | 41,088) | 40,321) | 39,577) | 38,917) | 37,917) | |||||||
| Shareholders’ equity | 15,220) | 14,865) | 14,090) | 14,085) | 13,468) | 13,213) | 14,007) | 14,037) | 13,944) | 14,430) | 14,226) | 14,146) | 13,971) | 14,004) | 14,531) | 15,272) | 15,822) | 15,281) | 14,809) | 14,924) | 14,343) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Financial leverage1 | 2.48 | 2.58 | 2.63 | 2.68 | 2.77 | 2.77 | 2.70 | 2.70 | 2.72 | 2.64 | 2.63 | 2.63 | 2.63 | 2.68 | 2.64 | 2.60 | 2.60 | 2.64 | 2.67 | 2.61 | 2.64 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
| lululemon athletica inc. | 1.77 | 1.70 | 1.77 | 1.71 | 1.73 | 1.76 | 1.78 | 1.67 | 1.62 | 1.68 | 1.71 | 1.70 | 1.68 | 1.78 | 1.75 | 1.72 | 1.76 | 1.80 | 1.72 | 1.65 | 1.64 | |||||||
Based on: 10-Q (reporting date: 2026-08-31), 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31).
1 Q1 2027 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 37,794 ÷ 15,220 = 2.48
2 Click competitor name to see calculations.
The financial structure over the analyzed period reflects a cycle of relative stability followed by a temporary increase in leverage and a subsequent deleveraging phase. Total assets and shareholders' equity both reached their peak levels in August 2022, after which both metrics underwent a period of contraction and stabilization.
- Asset and Equity Dynamics
- Total assets increased from 37,917 million US$ in August 2021 to a peak of 41,088 million US$ by August 2022. This expansion was mirrored by shareholders' equity, which rose from 14,343 million US$ to 15,822 million US$ during the same interval. Following this peak, both metrics experienced a general decline, with total assets fluctuating between 36,579 million US$ and 38,410 million US$ through August 2026, while equity remained largely range-bound between 13,213 million US$ and 15,220 million US$.
- Financial Leverage Trends
- The financial leverage ratio remained remarkably consistent between August 2021 and November 2023, fluctuating within a narrow band of 2.60 to 2.68. A shift occurred starting in May 2024, where the ratio climbed to a peak of 2.77 by May and August 2025. This increase indicates a higher proportion of total assets funded through liabilities rather than equity during this specific timeframe.
- Recent Deleveraging Phase
- Beginning in November 2025, a distinct downward trajectory in financial leverage is observed. The ratio decreased from 2.68 in November 2025 to 2.48 by August 2026, representing the lowest leverage level recorded throughout the entire sequence. This trend is driven by a recovery in shareholders' equity to 15,220 million US$ combined with a moderate reduction in total assets, suggesting a transition toward a more conservative capital structure.
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