Free Cash Flow to The Firm (FCFF)
Interest Paid, Net of Tax
EV to FCFF Ratio, Current
EV to FCFF Ratio, Historical

Nike Inc., FCFF calculation

USD $ in millions

	12 months ended	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	Net income
	Net noncash charges
	Changes in certain working capital components and other assets and liabilities
	Cash provided by operations
	Cash paid during the year for interest, net of capitalized interest, net of tax¹
	Additions to property, plant and equipment
	Disposals of property, plant and equipment
	Non-cash additions to property, plant and equipment
	Free cash flow to the firm (FCFF)

Based on: 10-K (filing date: 2018-07-25), 10-K (filing date: 2017-07-20), 10-K (filing date: 2016-07-21), 10-K (filing date: 2015-07-23), 10-K (filing date: 2014-07-25), 10-K (filing date: 2013-07-23).

¹ See Details »

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Nike Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Nike Inc.’s FCFF increased from 2016 to 2017 and from 2017 to 2018.

Nike Inc., interest paid, net of tax calculation

USD $ in millions

	12 months ended	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	Effective Income Tax Rate (EITR)

	EITR¹
	Interest Paid, Net of Tax
	Cash paid during the year for interest, net of capitalized interest, before tax
	Less: Cash paid during the year for interest, net of capitalized interest, tax²
	Cash paid during the year for interest, net of capitalized interest, net of tax

Based on: 10-K (filing date: 2018-07-25), 10-K (filing date: 2017-07-20), 10-K (filing date: 2016-07-21), 10-K (filing date: 2015-07-23), 10-K (filing date: 2014-07-25), 10-K (filing date: 2013-07-23).

¹ See Details »

2018 Calculations

² Cash paid during the year for interest, net of capitalized interest, tax = Cash paid during the year for interest, net of capitalized interest × EITR
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Nike Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Colgate-Palmolive Co.
Kimberly-Clark Corp.
EV/FCFF, Sector
Personal Goods
EV/FCFF, Industry
Consumer Goods

Based on: 10-K (filing date: 2018-07-25).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Nike Inc., historical EV/FCFF calculation, comparison to benchmarks

		May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	Colgate-Palmolive Co.
	Kimberly-Clark Corp.
	EV/FCFF, Sector
	Personal Goods
	EV/FCFF, Industry
	Consumer Goods

Based on: 10-K (filing date: 2018-07-25), 10-K (filing date: 2017-07-20), 10-K (filing date: 2016-07-21), 10-K (filing date: 2015-07-23), 10-K (filing date: 2014-07-25), 10-K (filing date: 2013-07-23).

¹ See Details »

² See Details »

2018 Calculations

³ EV/FCFF = EV ÷ FCFF
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Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Nike Inc.’s EV/FCFF ratio declined from 2016 to 2017 and from 2017 to 2018.

	Nike Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Nike Inc. (NKE)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical