Stock Analysis on Net

Nike Inc. (NYSE:NKE)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

Nike Inc., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Debt Ratios
Debt to equity 0.64 0.63 0.66 0.74 0.79 0.89 1.03 1.20 0.38 0.40 0.40 0.38 0.39 0.40 0.39 0.39 0.36 0.40 0.32 0.31 0.28 0.29 0.17 0.17 0.17 0.16 0.09
Debt to equity (including operating lease liability) 0.85 0.85 0.89 1.00 1.08 1.20 1.41 1.62 0.74 0.74 0.74 0.38 0.39 0.40 0.39 0.39 0.36 0.40 0.32 0.31 0.28 0.29 0.17 0.17 0.17 0.16 0.09
Debt to capital 0.39 0.39 0.40 0.42 0.44 0.47 0.51 0.55 0.28 0.29 0.29 0.28 0.28 0.29 0.28 0.28 0.26 0.29 0.24 0.23 0.22 0.22 0.14 0.14 0.14 0.14 0.09
Debt to capital (including operating lease liability) 0.46 0.46 0.47 0.50 0.52 0.55 0.58 0.62 0.42 0.43 0.43 0.28 0.28 0.29 0.28 0.28 0.26 0.29 0.24 0.23 0.22 0.22 0.14 0.14 0.14 0.14 0.09
Debt to assets 0.24 0.24 0.25 0.25 0.26 0.27 0.29 0.31 0.13 0.14 0.14 0.15 0.15 0.15 0.16 0.17 0.15 0.20 0.16 0.16 0.15 0.16 0.10 0.10 0.10 0.10 0.06
Debt to assets (including operating lease liability) 0.32 0.33 0.34 0.34 0.36 0.37 0.39 0.42 0.25 0.26 0.26 0.15 0.15 0.15 0.16 0.17 0.15 0.20 0.16 0.16 0.15 0.16 0.10 0.10 0.10 0.10 0.06
Financial leverage 2.67 2.61 2.64 2.96 3.03 3.27 3.61 3.89 2.90 2.84 2.85 2.62 2.56 2.60 2.50 2.30 2.31 2.05 1.97 1.87 1.82 1.84 1.74 1.75 1.71 1.68 1.61

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Nike Inc. debt to equity ratio improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Nike Inc. debt to equity ratio (including operating lease liability) improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Nike Inc. debt to capital ratio improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Nike Inc. debt to capital ratio (including operating lease liability) improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Nike Inc. debt to assets ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Nike Inc. debt to assets ratio (including operating lease liability) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Nike Inc. financial leverage ratio decreased from Q1 2022 to Q2 2022 but then increased from Q2 2022 to Q3 2022 exceeding Q1 2022 level.

Debt to Equity

Nike Inc., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Current portion of long-term debt —  —  —  —  —  —  10  44  44  44  106 
Notes payable —  15  41  137  248  300  250  16  13  336  11  1,229  335  325  23  20  22  —  99  23 
Long-term debt, excluding current portion 9,418  9,417  9,415  9,413  9,412  9,410  9,408  9,406  3,463  3,462  3,463  3,464  3,465  3,466  3,467  3,468  3,469  3,472  3,472  3,471  3,472  3,473  1,993  2,010  2,048  2,067  1,079 
Total debt 9,418  9,426  9,430  9,415  9,416  9,451  9,546  9,657  3,476  3,768  3,719  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
 
Shareholders’ equity 14,809  14,924  14,343  12,767  11,931  10,640  9,224  8,055  9,045  9,351  9,200  9,040  8,961  8,729  8,992  9,812  9,782  11,758  11,993  12,407  12,722  12,323  12,165  12,258  12,300  13,405  12,894 
Solvency Ratio
Debt to equity1 0.64 0.63 0.66 0.74 0.79 0.89 1.03 1.20 0.38 0.40 0.40 0.38 0.39 0.40 0.39 0.39 0.36 0.40 0.32 0.31 0.28 0.29 0.17 0.17 0.17 0.16 0.09

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 9,418 ÷ 14,809 = 0.64

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Nike Inc. debt to equity ratio improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.

Debt to Equity (including Operating Lease Liability)

Nike Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Current portion of long-term debt —  —  —  —  —  —  10  44  44  44  106 
Notes payable —  15  41  137  248  300  250  16  13  336  11  1,229  335  325  23  20  22  —  99  23 
Long-term debt, excluding current portion 9,418  9,417  9,415  9,413  9,412  9,410  9,408  9,406  3,463  3,462  3,463  3,464  3,465  3,466  3,467  3,468  3,469  3,472  3,472  3,471  3,472  3,473  1,993  2,010  2,048  2,067  1,079 
Total debt 9,418  9,426  9,430  9,415  9,416  9,451  9,546  9,657  3,476  3,768  3,719  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
Current portion of operating lease liabilities 455  462  462  467  470  458  459  445  422  431  427  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Operating lease liabilities, excluding current portion 2,784  2,835  2,898  2,931  2,964  2,896  2,961  2,913  2,758  2,723  2,675  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 12,657  12,723  12,790  12,813  12,850  12,805  12,966  13,015  6,656  6,922  6,821  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
 
Shareholders’ equity 14,809  14,924  14,343  12,767  11,931  10,640  9,224  8,055  9,045  9,351  9,200  9,040  8,961  8,729  8,992  9,812  9,782  11,758  11,993  12,407  12,722  12,323  12,165  12,258  12,300  13,405  12,894 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.85 0.85 0.89 1.00 1.08 1.20 1.41 1.62 0.74 0.74 0.74 0.38 0.39 0.40 0.39 0.39 0.36 0.40 0.32 0.31 0.28 0.29 0.17 0.17 0.17 0.16 0.09

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 12,657 ÷ 14,809 = 0.85

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Nike Inc. debt to equity ratio (including operating lease liability) improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.

Debt to Capital

Nike Inc., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Current portion of long-term debt —  —  —  —  —  —  10  44  44  44  106 
Notes payable —  15  41  137  248  300  250  16  13  336  11  1,229  335  325  23  20  22  —  99  23 
Long-term debt, excluding current portion 9,418  9,417  9,415  9,413  9,412  9,410  9,408  9,406  3,463  3,462  3,463  3,464  3,465  3,466  3,467  3,468  3,469  3,472  3,472  3,471  3,472  3,473  1,993  2,010  2,048  2,067  1,079 
Total debt 9,418  9,426  9,430  9,415  9,416  9,451  9,546  9,657  3,476  3,768  3,719  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
Shareholders’ equity 14,809  14,924  14,343  12,767  11,931  10,640  9,224  8,055  9,045  9,351  9,200  9,040  8,961  8,729  8,992  9,812  9,782  11,758  11,993  12,407  12,722  12,323  12,165  12,258  12,300  13,405  12,894 
Total capital 24,227  24,350  23,773  22,182  21,347  20,091  18,770  17,712  12,521  13,119  12,919  12,519  12,448  12,210  12,478  13,622  13,268  16,469  15,807  16,209  16,223  15,860  14,224  14,313  14,355  15,576  14,102 
Solvency Ratio
Debt to capital1 0.39 0.39 0.40 0.42 0.44 0.47 0.51 0.55 0.28 0.29 0.29 0.28 0.28 0.29 0.28 0.28 0.26 0.29 0.24 0.23 0.22 0.22 0.14 0.14 0.14 0.14 0.09

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 9,418 ÷ 24,227 = 0.39

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Nike Inc. debt to capital ratio improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.

Debt to Capital (including Operating Lease Liability)

Nike Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Current portion of long-term debt —  —  —  —  —  —  10  44  44  44  106 
Notes payable —  15  41  137  248  300  250  16  13  336  11  1,229  335  325  23  20  22  —  99  23 
Long-term debt, excluding current portion 9,418  9,417  9,415  9,413  9,412  9,410  9,408  9,406  3,463  3,462  3,463  3,464  3,465  3,466  3,467  3,468  3,469  3,472  3,472  3,471  3,472  3,473  1,993  2,010  2,048  2,067  1,079 
Total debt 9,418  9,426  9,430  9,415  9,416  9,451  9,546  9,657  3,476  3,768  3,719  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
Current portion of operating lease liabilities 455  462  462  467  470  458  459  445  422  431  427  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Operating lease liabilities, excluding current portion 2,784  2,835  2,898  2,931  2,964  2,896  2,961  2,913  2,758  2,723  2,675  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 12,657  12,723  12,790  12,813  12,850  12,805  12,966  13,015  6,656  6,922  6,821  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
Shareholders’ equity 14,809  14,924  14,343  12,767  11,931  10,640  9,224  8,055  9,045  9,351  9,200  9,040  8,961  8,729  8,992  9,812  9,782  11,758  11,993  12,407  12,722  12,323  12,165  12,258  12,300  13,405  12,894 
Total capital (including operating lease liability) 27,466  27,647  27,133  25,580  24,781  23,445  22,190  21,070  15,701  16,273  16,021  12,519  12,448  12,210  12,478  13,622  13,268  16,469  15,807  16,209  16,223  15,860  14,224  14,313  14,355  15,576  14,102 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.46 0.46 0.47 0.50 0.52 0.55 0.58 0.62 0.42 0.43 0.43 0.28 0.28 0.29 0.28 0.28 0.26 0.29 0.24 0.23 0.22 0.22 0.14 0.14 0.14 0.14 0.09

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,657 ÷ 27,466 = 0.46

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Nike Inc. debt to capital ratio (including operating lease liability) improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.

Debt to Assets

Nike Inc., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Current portion of long-term debt —  —  —  —  —  —  10  44  44  44  106 
Notes payable —  15  41  137  248  300  250  16  13  336  11  1,229  335  325  23  20  22  —  99  23 
Long-term debt, excluding current portion 9,418  9,417  9,415  9,413  9,412  9,410  9,408  9,406  3,463  3,462  3,463  3,464  3,465  3,466  3,467  3,468  3,469  3,472  3,472  3,471  3,472  3,473  1,993  2,010  2,048  2,067  1,079 
Total debt 9,418  9,426  9,430  9,415  9,416  9,451  9,546  9,657  3,476  3,768  3,719  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
 
Total assets 39,577  38,917  37,917  37,740  36,185  34,836  33,258  31,342  26,220  26,602  26,249  23,717  22,921  22,677  22,483  22,536  22,552  24,055  23,647  23,259  23,152  22,652  21,156  21,396  20,987  22,583  20,766 
Solvency Ratio
Debt to assets1 0.24 0.24 0.25 0.25 0.26 0.27 0.29 0.31 0.13 0.14 0.14 0.15 0.15 0.15 0.16 0.17 0.15 0.20 0.16 0.16 0.15 0.16 0.10 0.10 0.10 0.10 0.06

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 9,418 ÷ 39,577 = 0.24

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Nike Inc. debt to assets ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Assets (including Operating Lease Liability)

Nike Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Current portion of long-term debt —  —  —  —  —  —  10  44  44  44  106 
Notes payable —  15  41  137  248  300  250  16  13  336  11  1,229  335  325  23  20  22  —  99  23 
Long-term debt, excluding current portion 9,418  9,417  9,415  9,413  9,412  9,410  9,408  9,406  3,463  3,462  3,463  3,464  3,465  3,466  3,467  3,468  3,469  3,472  3,472  3,471  3,472  3,473  1,993  2,010  2,048  2,067  1,079 
Total debt 9,418  9,426  9,430  9,415  9,416  9,451  9,546  9,657  3,476  3,768  3,719  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
Current portion of operating lease liabilities 455  462  462  467  470  458  459  445  422  431  427  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Operating lease liabilities, excluding current portion 2,784  2,835  2,898  2,931  2,964  2,896  2,961  2,913  2,758  2,723  2,675  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 12,657  12,723  12,790  12,813  12,850  12,805  12,966  13,015  6,656  6,922  6,821  3,479  3,487  3,481  3,486  3,810  3,486  4,711  3,814  3,802  3,501  3,537  2,059  2,055  2,055  2,171  1,208 
 
Total assets 39,577  38,917  37,917  37,740  36,185  34,836  33,258  31,342  26,220  26,602  26,249  23,717  22,921  22,677  22,483  22,536  22,552  24,055  23,647  23,259  23,152  22,652  21,156  21,396  20,987  22,583  20,766 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.32 0.33 0.34 0.34 0.36 0.37 0.39 0.42 0.25 0.26 0.26 0.15 0.15 0.15 0.16 0.17 0.15 0.20 0.16 0.16 0.15 0.16 0.10 0.10 0.10 0.10 0.06

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,657 ÷ 39,577 = 0.32

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Nike Inc. debt to assets ratio (including operating lease liability) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Financial Leverage

Nike Inc., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Total assets 39,577  38,917  37,917  37,740  36,185  34,836  33,258  31,342  26,220  26,602  26,249  23,717  22,921  22,677  22,483  22,536  22,552  24,055  23,647  23,259  23,152  22,652  21,156  21,396  20,987  22,583  20,766 
Shareholders’ equity 14,809  14,924  14,343  12,767  11,931  10,640  9,224  8,055  9,045  9,351  9,200  9,040  8,961  8,729  8,992  9,812  9,782  11,758  11,993  12,407  12,722  12,323  12,165  12,258  12,300  13,405  12,894 
Solvency Ratio
Financial leverage1 2.67 2.61 2.64 2.96 3.03 3.27 3.61 3.89 2.90 2.84 2.85 2.62 2.56 2.60 2.50 2.30 2.31 2.05 1.97 1.87 1.82 1.84 1.74 1.75 1.71 1.68 1.61

Based on: 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 39,577 ÷ 14,809 = 2.67

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Nike Inc. financial leverage ratio decreased from Q1 2022 to Q2 2022 but then increased from Q2 2022 to Q3 2022 exceeding Q1 2022 level.