Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Nike Inc., long-term (investment) activity 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 long-term activity ratios exhibit a cyclical pattern characterized by a period of efficiency gains peaking between 2023 and early 2024, followed by a gradual contraction in asset and equity utilization through the end of the observed period in 2026.
- Fixed Asset Utilization
- Net fixed asset turnover shows a steady increase from 9.49 in August 2021 to a peak of 10.25 in February 2023. This indicates an improving ability to generate revenue from owned fixed assets. After maintaining levels above 10.00 for several quarters, a decline began in May 2025, with the ratio retreating to 9.67 by May 2026.
- When including operating lease right-of-use assets, the turnover ratio is significantly lower, reflecting the substantial impact of leased assets on the asset base. This metric followed a similar trajectory, rising from 5.81 in August 2021 to a peak of 6.51 in February 2023, before declining to 6.08 by the end of the period.
- Total Asset and Equity Efficiency
- Total asset turnover experienced an initial decline, reaching a low of 1.15 in August 2022, before climbing to a peak of 1.40 in August 2023. This suggests a period of optimized asset deployment. However, a consistent downward trend followed, with the ratio falling to 1.21 by May 2026, indicating a decrease in overall asset productivity.
- Equity turnover mirrored the movement of total asset turnover. After a dip to 2.98 in August 2022, it reached a high of 3.68 in August 2023. Subsequently, a gradual decline occurred, ending at 3.12 in May 2026, which reflects a reduction in the efficiency of shareholder equity in generating revenue.
The convergence of trends across all four ratios suggests that the peak in operational efficiency occurred throughout 2023. The subsequent decline across both fixed and total asset metrics, as well as equity turnover, indicates a broader systemic reduction in asset productivity starting in early 2024 and continuing through May 2026.
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Net Fixed Asset Turnover
Nike Inc., net fixed asset turnover 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) | ||||||||||||||||||||||||||
| Revenues | 10,972) | 11,279) | 12,427) | 11,720) | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | ||||||
| Property, plant and equipment, net | 4,796) | 4,766) | 4,843) | 4,861) | 4,828) | 4,717) | 4,857) | 4,948) | 5,000) | 5,082) | 5,153) | 5,109) | 5,081) | 4,939) | 4,854) | 4,778) | 4,791) | 4,806) | 4,812) | 4,869) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | 9.67 | 9.76 | 9.60 | 9.55 | 9.59 | 10.14 | 10.08 | 10.11 | 10.27 | 10.15 | 10.00 | 10.07 | 10.08 | 10.25 | 10.12 | 9.87 | 9.75 | 9.74 | 9.62 | 9.49 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| lululemon athletica inc. | 5.46 | 5.67 | 5.69 | 5.82 | 5.95 | 6.00 | 6.19 | 6.29 | 6.22 | 6.50 | 6.46 | 6.47 | 6.39 | 6.65 | 6.66 | 6.82 | 6.74 | 6.68 | 6.85 | 6.42 | ||||||
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
Net fixed asset turnover
= (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
÷ Property, plant and equipment, net
= (10,972 + 11,279 + 12,427 + 11,720)
÷ 4,796 = 9.67
2 Click competitor name to see calculations.
The net fixed asset turnover demonstrates a cyclical trajectory over the analyzed period, characterized by an initial phase of efficiency gains, a period of stability, and a subsequent moderation. This ratio reflects the company's ability to generate revenue from its investment in property, plant, and equipment (PPE).
- Efficiency Gains (August 2021 – February 2023)
- An upward trend in asset utilization is observed during this interval, with the turnover ratio rising from 9.49 to a peak of 10.25. This improvement indicates increasing efficiency in revenue generation relative to the fixed asset base, as revenues climbed toward 13.3 billion while net PPE remained relatively stable near 4.8 billion to 4.9 billion.
- Stabilization Phase (May 2023 – February 2024)
- The ratio entered a period of relative stability, consistently hovering between 10.00 and 10.27. During this phase, fixed assets reached their highest levels, peaking at 5.15 billion in November 2023, which was offset by sustained quarterly revenues exceeding 12 billion, maintaining a high utilization rate.
- Performance Moderation (May 2025 – May 2026)
- A downward shift is evident starting in May 2025, with the ratio declining to a range between 9.55 and 9.76. This deceleration correlates with a contraction in quarterly revenues, which fell from historical peaks to a range of 10.9 billion to 11.7 billion, while the net PPE base remained constant at approximately 4.8 billion.
The analysis indicates that the turnover ratio is primarily driven by fluctuations in top-line revenue rather than significant changes in capital expenditure. While the company maintained a high level of fixed asset productivity throughout the period, the most recent quarters suggest a decline in the revenue-generating capacity of the existing asset base.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Nike Inc., net fixed asset turnover (including operating lease, right-of-use asset) 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) | ||||||||||||||||||||||||||
| Revenues | 10,972) | 11,279) | 12,427) | 11,720) | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | ||||||
| Property, plant and equipment, net | 4,796) | 4,766) | 4,843) | 4,861) | 4,828) | 4,717) | 4,857) | 4,948) | 5,000) | 5,082) | 5,153) | 5,109) | 5,081) | 4,939) | 4,854) | 4,778) | 4,791) | 4,806) | 4,812) | 4,869) | ||||||
| Operating lease right-of-use assets, net | 2,838) | 2,886) | 2,894) | 2,727) | 2,712) | 2,614) | 2,736) | 2,792) | 2,718) | 2,856) | 2,943) | 2,939) | 2,923) | 2,834) | 2,809) | 2,880) | 2,926) | 3,959) | 3,017) | 3,078) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 7,634) | 7,652) | 7,737) | 7,588) | 7,540) | 7,331) | 7,593) | 7,740) | 7,718) | 7,938) | 8,096) | 8,048) | 8,004) | 7,773) | 7,663) | 7,658) | 7,717) | 8,765) | 7,829) | 7,947) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 6.08 | 6.08 | 6.01 | 6.12 | 6.14 | 6.52 | 6.45 | 6.46 | 6.65 | 6.50 | 6.37 | 6.40 | 6.40 | 6.51 | 6.41 | 6.16 | 6.05 | 5.34 | 5.91 | 5.81 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| lululemon athletica inc. | 3.03 | 3.12 | 3.10 | 3.17 | 3.31 | 3.33 | 3.42 | 3.48 | 3.42 | 3.73 | 3.61 | 3.68 | 3.62 | 3.61 | 3.66 | 3.70 | 3.61 | 3.52 | 3.60 | 3.33 | ||||||
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
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (10,972 + 11,279 + 12,427 + 11,720)
÷ 7,634 = 6.08
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a period of increasing asset efficiency followed by a gradual deceleration. Between August 2021 and May 2024, there was a general upward trajectory in the ability to generate revenue from the fixed asset base, including right-of-use assets. However, from August 2024 through May 2026, a softening trend in turnover is observed, coinciding with a contraction in quarterly revenues.
- Revenue Dynamics
- Quarterly revenues exhibited significant volatility, peaking at 13,388 million USD in November 2023. Following this peak, a general downward trend is observed, with revenues declining to 10,972 million USD by May 2026. This contraction in the top line serves as the primary driver for the subsequent decline in asset turnover ratios.
- Fixed Asset Base Stability
- The net fixed asset base, which encompasses property, plant, equipment, and operating lease right-of-use assets, remained relatively stable. After an initial peak of 8,765 million USD in February 2022, the asset values generally fluctuated within a narrow range between 7,331 million USD and 8,096 million USD. This suggests a consistent approach to long-term infrastructure investment and lease management throughout the analyzed period.
- Net Fixed Asset Turnover Performance
- Asset utilization efficiency improved steadily from a low of 5.34 in February 2022 to a peak of 6.65 in May 2024. This indicates a period where revenue growth outpaced the expansion of the fixed asset base. Subsequent to this peak, the ratio entered a period of decline, settling at 6.08 by May 2026. This decline reflects a reduction in the revenue-generating productivity of each dollar invested in fixed assets, stemming from diminishing quarterly revenues while the asset base remained largely constant.
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Total Asset Turnover
Nike Inc., total asset turnover 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) | ||||||||||||||||||||||||||
| Revenues | 10,972) | 11,279) | 12,427) | 11,720) | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | ||||||
| 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | 1.21 | 1.26 | 1.23 | 1.24 | 1.27 | 1.27 | 1.29 | 1.32 | 1.35 | 1.38 | 1.39 | 1.40 | 1.36 | 1.32 | 1.24 | 1.15 | 1.16 | 1.18 | 1.19 | 1.22 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| lululemon athletica inc. | 1.31 | 1.39 | 1.45 | 1.45 | 1.39 | 1.44 | 1.48 | 1.44 | 1.36 | 1.53 | 1.47 | 1.53 | 1.45 | 1.41 | 1.44 | 1.41 | 1.27 | 1.28 | 1.25 | 1.15 | ||||||
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
Total asset turnover
= (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
÷ Total assets
= (10,972 + 11,279 + 12,427 + 11,720)
÷ 38,410 = 1.21
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a fluctuating trend in asset utilization efficiency from August 2021 through May 2026. The total asset turnover ratio, which measures the ability to generate revenue from the company's asset base, experienced three distinct phases: an initial decline, a period of significant optimization, and a subsequent gradual contraction.
- Initial Efficiency Decline (August 2021 – August 2022)
- During the first year of the observed period, the total asset turnover ratio declined from 1.22 to 1.15. This compression was primarily driven by a steady increase in total assets, which grew from 37,917 million US$ to a peak of 41,088 million US$, while revenues remained relatively stagnant or grew at a slower pace, failing to keep pace with the expanding asset base.
- Efficiency Peak and Asset Optimization (November 2022 – August 2023)
- A strong recovery in asset productivity is observed starting in late 2022, with the turnover ratio climbing from 1.24 to a peak of 1.40 by August 2023. This improvement was achieved through a combination of revenue growth and a strategic reduction in total assets, which fell from 39,647 million US$ to 36,786 million US$. This phase represents the highest level of operational efficiency in the analyzed timeframe.
- Gradual Productivity Contraction (November 2023 – May 2026)
- From November 2023 onward, a persistent downward trend in the turnover ratio is evident, sliding from 1.39 to 1.21 by May 2026. This decline is attributed to a softening of revenues, which dropped from 13,388 million US$ in November 2023 to 10,972 million US$ by May 2026, while total assets remained relatively stable or saw slight increases. This divergence indicates a diminishing capacity to generate sales per unit of investment.
Overall, the data indicates that while there was a successful period of asset optimization peaking in mid-2023, the subsequent decline in revenue has eroded those efficiency gains, returning the total asset turnover ratio to levels slightly below the initial August 2021 baseline.
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Equity Turnover
Nike Inc., equity turnover 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) | ||||||||||||||||||||||||||
| Revenues | 10,972) | 11,279) | 12,427) | 11,720) | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | ||||||
| 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | 3.12 | 3.30 | 3.30 | 3.45 | 3.50 | 3.41 | 3.49 | 3.59 | 3.56 | 3.63 | 3.64 | 3.68 | 3.66 | 3.48 | 3.22 | 2.98 | 3.06 | 3.16 | 3.10 | 3.22 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| lululemon athletica inc. | 2.24 | 2.46 | 2.49 | 2.51 | 2.45 | 2.55 | 2.48 | 2.33 | 2.27 | 2.61 | 2.50 | 2.56 | 2.58 | 2.46 | 2.47 | 2.49 | 2.28 | 2.20 | 2.07 | 1.89 | ||||||
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
Equity turnover
= (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
÷ Shareholders’ equity
= (10,972 + 11,279 + 12,427 + 11,720)
÷ 14,865 = 3.12
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a period of fluctuating asset efficiency, characterized by a mid-term increase in revenue generation per unit of equity followed by a gradual normalization. The ratio indicates the effectiveness with which the company utilizes its shareholders' funds to drive top-line growth over the observed period.
- Initial Efficiency Decline
- Between August 2021 and August 2022, the equity turnover ratio experienced a downward trend, reaching a minimum of 2.98. This decline was primarily driven by a steady increase in shareholders' equity, which peaked at 15,822 million US$ in August 2022, thereby outpacing the growth in quarterly revenues during that interval.
- Peak Efficiency Phase
- A significant improvement in operational efficiency is observed from November 2022 to February 2024, with the ratio ascending to a peak of 3.68 in August 2023. This upward trajectory resulted from a combination of robust revenue performance, which reached 13,388 million US$ in November 2023, and a concurrent contraction in the equity base to approximately 14,000 million US$.
- Recent Moderation and Convergence
- From May 2024 through May 2026, a gradual reduction in the turnover ratio is evident, with the value descending from 3.56 to 3.12. This period is characterized by a general softening of quarterly revenues, which declined to 10,972 million US$ by May 2026, while shareholders' equity remained relatively stable, ending the period at 14,865 million US$.
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