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)
Nike Inc., solvency ratios (quarterly data)
Based on: 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 analysis of solvency ratios from August 2021 through May 2026 reveals a period of relative stability followed by a distinct trend toward deleveraging in the final quarters of the observed timeframe. While the company maintained a consistent capital structure for several years, a systemic reduction in debt-related ratios is evident starting in late 2024 and continuing through May 2026.
- Debt to Equity Trends
- The Debt to Equity ratio remained largely range-bound between 0.60 and 0.66 from August 2021 until November 2024. However, a consistent downward trajectory emerged in early 2025, with the ratio decreasing from 0.64 in February 2025 to a period low of 0.53 by May 2026. When operating lease liabilities are included, a similar pattern is observed; the ratio shifted from a high of 0.89 in August 2021 to 0.74 by May 2026, suggesting a reduction in total liabilities relative to shareholder equity.
- Capital and Asset Solvency
- Debt to Capital and Debt to Assets ratios demonstrate high levels of stability with a slight long-term decline. The Debt to Capital ratio moved from 0.40 in August 2021 to 0.35 in May 2026. Similarly, the Debt to Assets ratio decreased from 0.25 to 0.21 over the same period. The inclusion of operating lease liabilities marginally elevates these figures but does not alter the overall downward trend, with Debt to Assets (including leases) declining from 0.34 to 0.29. This indicates a gradual decrease in the proportion of assets financed through debt.
- Financial Leverage Dynamics
- Financial leverage exhibited more volatility than the primary solvency ratios. The ratio fluctuated between 2.60 and 2.68 for the majority of the period before peaking at 2.77 in May and August 2025. This peak was followed by a sharp correction, ending at 2.58 in May 2026. This suggests a temporary increase in the use of debt to finance assets in mid-2025, which was subsequently reversed.
Overall, the data indicates a strengthening solvency position. The synchronized decline across Debt to Equity, Debt to Capital, and Debt to Assets ratios in the 2025-2026 period points toward a strategic reduction in leverage and a shift toward a more equity-heavy capital structure.
AI Ask an analyst for more
Debt Ratios
Debt to Equity
Nike Inc., debt to equity calculation (quarterly data)
| 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) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | ||||||
| Long-term debt, excluding current portion | 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 | 7,942) | 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 | 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 | 0.53 | 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 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 7,942 ÷ 14,865 = 0.53
2 Click competitor name to see calculations.
The solvency profile of Nike Inc. reflects a general improvement in financial leverage over the period from August 2021 to May 2026. This trend is characterized by a systematic reduction in total debt coupled with a relatively stable base of shareholders' equity, resulting in a lowered debt-to-equity ratio and a more conservative capital structure.
- Total Debt Trends
- Total debt remained nearly constant at approximately 9.4 billion US$ from August 2021 through February 2023. A first significant reduction occurred in May 2023, bringing the balance down to approximately 8.9 billion US$, where it remained stable for several quarters. A second substantial decrease was observed in May 2025, with debt falling to approximately 7.9 billion US$, maintaining this lower level through May 2026.
- Shareholders' Equity Fluctuations
- Shareholders' equity exhibited a period of volatility, peaking at 15.8 billion US$ in August 2022. Following this peak, equity experienced a gradual decline and fluctuation, reaching a low of 13.2 billion US$ in May 2025. However, a recovery trend is evident in the final quarters of the period, with equity increasing to 14.8 billion US$ by May 2026.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio began at 0.66 in August 2021 and concluded at 0.53 in May 2026. Between August 2022 and November 2024, the ratio fluctuated within a narrow band between 0.60 and 0.65, indicating a period of relative stability in the leverage mix. A distinct downward trajectory emerged starting in May 2025, as the ratio dropped to 0.60 and continued to decline to 0.53 by the end of the observed period. This decline is primarily driven by the reduction in total debt and the simultaneous recovery in shareholders' equity during the 2025-2026 timeframe.
AI Ask an analyst for more
Debt to Equity (including Operating Lease Liability)
Nike Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | ||||||
| Long-term debt, excluding current portion | 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 | 7,942) | 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 | 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 | 2,613) | 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) | 11,033) | 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 | 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 | 0.74 | 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. | 0.36 | 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-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 Q4 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 11,033 ÷ 14,865 = 0.74
2 Click competitor name to see calculations.
An analysis of solvency metrics reveals a sustained reduction in financial leverage over the period from August 2021 to May 2026. The overall trend indicates a strengthening of the balance sheet characterized by a consistent decrease in the proportion of debt relative to shareholders' equity.
- Total Debt Trajectory
- Total debt, including operating lease liabilities, exhibited a long-term downward trend. Starting at 12,775 million US dollars in August 2021, the balance declined to 11,033 million US dollars by May 2026. Although minor fluctuations occurred—specifically slight increases observed in August 2023 and November 2025—the general movement indicates a systematic reduction in total liabilities.
- Shareholders' Equity Fluctuations
- Equity levels demonstrated more volatility than debt levels. A peak of 15,822 million US dollars was reached in August 2022, followed by a gradual decline that reached a minimum of 13,213 million US dollars in February 2025. Following this trough, a recovery trend emerged, with equity increasing to 14,865 million US dollars by May 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio decreased from 0.89 in August 2021 to 0.74 by May 2026. The ratio remained relatively stable between 0.83 and 0.87 for much of the period between May 2022 and August 2024. The most pronounced improvement in the solvency ratio occurred in the final year of the period, where a combination of declining debt and recovering equity led to the lowest leverage ratio observed in the analyzed timeframe.
AI Ask an analyst for more
Debt to Capital
Nike Inc., debt to capital calculation (quarterly data)
| 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) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | ||||||
| Long-term debt, excluding current portion | 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 | 7,942) | 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 | 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 | 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 | 0.35 | 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 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,942 ÷ 22,807 = 0.35
2 Click competitor name to see calculations.
The financial data indicates a consistent long-term trend toward deleveraging, characterized by a gradual reduction in the proportion of debt relative to total capital. This shift reflects an improvement in the company's solvency profile over the analyzed period.
- Total Debt Analysis
- Debt levels remained relatively stagnant between August 2021 and February 2023, fluctuating marginally around the $9.4 billion mark. A notable reduction occurred in May 2023, bringing the total debt down to approximately $8.9 billion. This level was maintained with minimal variance until February 2025, after which a second significant decrease occurred, with debt levels stabilizing between $7.9 billion and $8.0 billion through May 2026.
- Total Capital Trends
- Total capital exhibited more volatility than total debt. After peaking at $25.24 billion in August 2022, capital levels trended downward, reaching a low of $21.17 billion in May 2025. A recovery phase is observed in the final quarters, with capital rising to $22.81 billion by May 2026.
- Debt to Capital Ratio Interpretation
- The debt to capital ratio began at 0.40 in August 2021 and remained largely stable between 0.37 and 0.39 for several years. However, a clear downward trajectory emerged in the latter part of the period, with the ratio declining to 0.36 by November 2024 and reaching its lowest point of 0.35 by May 2026. This decline demonstrates that debt is decreasing at a faster rate than total capital, resulting in a lowered financial risk profile and reduced dependence on borrowed funds.
AI Ask an analyst for more
Debt to Capital (including Operating Lease Liability)
Nike Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current portion of long-term debt | 2,000) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | ||||||
| Long-term debt, excluding current portion | 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 | 7,942) | 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 | 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 | 2,613) | 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) | 11,033) | 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 | 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) | 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 | 0.43 | 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. | 0.27 | 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-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 Q4 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 11,033 ÷ 25,898 = 0.43
2 Click competitor name to see calculations.
The solvency profile exhibits a gradual and consistent reduction in total debt relative to total capital over the analyzed period. This trajectory indicates a strategic deleveraging process while maintaining a highly stable capital structure.
- Total Debt Trends
- A sustained downward trend in total debt, including operating lease liabilities, is observed. Total debt decreased from 12,775 million US dollars in August 2021 to 11,033 million US dollars by May 2026. A notable acceleration in debt reduction occurred between February 2025 and May 2025, where liabilities dropped by approximately 894 million US dollars in a single quarter.
- Total Capital Fluctuations
- Total capital experienced moderate volatility, peaking at 28,404 million US dollars in August 2022 before entering a general period of contraction. By May 2026, total capital settled at 25,898 million US dollars. The decrease in capital has occurred in tandem with the reduction in debt, preventing significant swings in the overall leverage ratio.
- Debt to Capital Ratio Analysis
- The debt to capital ratio remained remarkably stable, fluctuating within a narrow band between 0.43 and 0.47. The ratio began at 0.47 in August 2021 and concluded at its lowest point of 0.43 in May 2026. This marginal decline suggests that debt was retired at a slightly faster rate than the overall reduction in capital, resulting in a incrementally improved solvency position over the five-year horizon.
Overall, the data reflects a conservative financial management approach, characterized by a steady reduction in absolute debt levels and a stable leverage ratio, ensuring that the company's capital structure remains consistent despite fluctuations in total capital.
AI Ask an analyst for more
Debt to Assets
Nike Inc., debt to assets calculation (quarterly data)
| 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) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | ||||||
| Long-term debt, excluding current portion | 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 | 7,942) | 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 | 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 | 0.22 | 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 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 7,942 ÷ 38,410 = 0.21
2 Click competitor name to see calculations.
The solvency profile of Nike Inc. over the analyzed period demonstrates a consistent trend toward debt reduction and a gradual improvement in the proportion of assets financed through debt. The company maintained a stable solvency position for the majority of the period before achieving a more significant reduction in leverage toward the end of the timeframe.
- Total Debt Trajectory
- Total debt remained largely stagnant at approximately 9.4 billion USD between August 2021 and February 2023. A first notable reduction occurred in May 2023, bringing the balance down to approximately 8.9 billion USD, where it remained stable through February 2025. A second significant decrease was observed in May 2025, with total debt falling to approximately 7.9 billion USD, maintaining this lower level through May 2026.
- Total Asset Fluctuations
- Total assets experienced an initial growth phase, peaking at 41.1 billion USD in August 2022. This was followed by a period of contraction through August 2023, where assets declined to 36.8 billion USD. From November 2023 through May 2026, assets exhibited moderate volatility, fluctuating within a range of 36.6 billion USD to 38.4 billion USD, indicating a stabilization of the company's asset base.
- Debt to Assets Ratio Analysis
- The debt to assets ratio remained remarkably stable between 0.23 and 0.25 for the first three years of the analyzed period. Despite the fluctuations in total assets, the ratio did not shift significantly until May 2025, when it dropped to 0.22. Between May 2025 and May 2026, the ratio reached its lowest points of 0.21 to 0.22. This downward movement signifies a strengthening of the solvency position, as a smaller percentage of the company's total assets is tied to debt obligations.
Overall, the combination of strategic debt repayments and a stabilized asset base has resulted in a lower long-term leverage ratio, reducing the company's financial risk and enhancing its overall solvency.
AI Ask an analyst for more
Debt to Assets (including Operating Lease Liability)
Nike Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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) | 999) | 999) | —) | —) | 1,000) | 1,000) | 1,000) | 1,000) | —) | —) | —) | —) | 500) | 500) | 500) | 500) | —) | —) | —) | ||||||
| Long-term debt, excluding current portion | 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 | 7,942) | 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 | 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 | 2,613) | 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) | 11,033) | 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 | 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 | 0.30 | 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. | 0.21 | 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-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 Q4 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 11,033 ÷ 38,410 = 0.29
2 Click competitor name to see calculations.
The solvency profile exhibits a gradual improvement in leverage over the analyzed period, characterized by a reduction in the proportion of assets financed through debt. The debt-to-assets ratio decreased from 0.34 in August 2021 to 0.29 by May 2026, reflecting a transition toward a more conservative capital structure.
- Total Debt Dynamics
- A consistent long-term downward trajectory in total debt, inclusive of operating lease liabilities, is observed. Obligations decreased from 12,775 million US dollars in August 2021 to 11,033 million US dollars in May 2026. Although minor fluctuations occurred—specifically small increases in early 2023 and late 2024—the overarching trend indicates a sustained reduction in total liabilities.
- Total Asset Fluctuations
- Total assets demonstrated a period of expansion and subsequent contraction. Assets peaked at 41,088 million US dollars in August 2022 before declining to a low of 36,579 million US dollars in May 2025. By May 2026, the asset base recovered to 38,410 million US dollars. The volatility in total assets suggests that the improvement in the solvency ratio was primarily driven by debt reduction rather than asset growth.
- Debt-to-Assets Ratio Analysis
- The ratio remained relatively range-bound between 0.31 and 0.33 from August 2021 through February 2024. A more definitive decline began in May 2025, where the ratio dropped to 0.30 and eventually reached 0.29 by May 2026. This trend indicates a strengthening of the solvency position, as a smaller percentage of the company's assets is tied to debt and lease obligations.
AI Ask an analyst for more
Financial Leverage
Nike Inc., financial leverage calculation (quarterly data)
| 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 | 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 | 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 | 2.58 | 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. | 1.70 | 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-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 Q4 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 38,410 ÷ 14,865 = 2.58
2 Click competitor name to see calculations.
Between August 2021 and May 2026, total assets experienced an initial expansion phase, peaking at $41,088 million in August 2022. This was followed by a period of gradual contraction and subsequent stabilization, ending at $38,410 million in May 2026. Shareholders' equity mirrored this trajectory, reaching a maximum of $15,822 million in August 2022 before declining to a low of $13,213 million in May 2025. The correlation between asset movements and equity levels maintained a relatively consistent capital structure for much of the period.
- Leverage Stability and Early Trends
- From August 2021 through November 2023, the financial leverage ratio exhibited high stability, fluctuating within a narrow band between 2.60 and 2.68. This indicates a consistent proportional relationship between total assets and equity throughout the first several years of the observed period.
- Peak Leverage Phase
- An upward trend in financial leverage is observed starting in August 2024, with the ratio reaching a peak of 2.77 in May 2025. This increase suggests a period of heightened financial risk or a strategic shift toward greater reliance on liabilities relative to equity.
- Recent Deleveraging and Recovery
- A significant reversal in leverage is evident from November 2025 through May 2026, during which the ratio declined to 2.58. This represents the lowest leverage level recorded in the series and coincides with a recovery in shareholders' equity to $14,865 million.
The analysis of solvency indicators reveals a cyclical pattern of financial leverage. While a period of increased leverage was present between 2024 and early 2025, the subsequent trend indicates a move toward a more conservative capital structure. The reduction of the leverage ratio to 2.58 by the end of the period suggests an improved solvency position and a reduction in overall financial risk.
AI Ask an analyst for more