Nike Inc., current enterprise value calculation

Current share price (P)	$35.51
No. shares of common stock outstanding	1,483,498,703
US$ in millions
Common equity (market value)¹	52,679)
Total equity	52,679)
Add: Current portion of long-term debt (per books)	2,000)
Add: Long-term debt, excluding current portion (per books)	5,942)
Total equity and debt	60,621)
Less: Cash and equivalents	7,563)
Less: Short-term investments	1,464)
Enterprise value (EV)	51,594)

Based on: 10-K (reporting date: 2026-05-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 35.51 × 1,483,498,703

Nike Inc., EV calculation

	May 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Share price^1, 2	$42.77	$72.98	$71.41	$107.53	$111.62	$159.74
No. shares of common stock outstanding¹	1,483,498,703	1,476,903,492	1,499,358,944	1,529,971,608	1,568,555,905	1,581,801,224
US$ in millions
Common equity (market value)³	63,449)	107,784)	107,069)	164,518)	175,082)	252,677)
Total equity	63,449)	107,784)	107,069)	164,518)	175,082)	252,677)
Add: Current portion of long-term debt (book value)	2,000)	—)	1,000)	—)	500)	—)
Add: Long-term debt, excluding current portion (book value)	5,942)	7,961)	7,903)	8,927)	8,920)	9,413)
Total equity and debt	71,391)	115,745)	115,972)	173,445)	184,502)	262,090)
Less: Cash and equivalents	7,563)	7,464)	9,860)	7,441)	8,574)	9,889)
Less: Short-term investments	1,464)	1,687)	1,722)	3,234)	4,423)	3,587)
Enterprise value (EV)	62,364)	106,594)	104,390)	162,770)	171,505)	248,614)

Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Nike Inc. Annual Report.

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 42.77 × 1,483,498,703

A significant and sustained contraction in the company's valuation is evident across all reported metrics from May 31, 2021, to May 31, 2026. The overarching trend is one of substantial decline, with the most pronounced reductions occurring between 2023 and 2024, and again in the final period ending May 31, 2026.

Market Value of Common Equity: A consistent downward trajectory is observed, with market equity falling from US$ 252,677 million in 2021 to US$ 63,449 million by 2026. This represents a total reduction of approximately 75% over the six-year span. Although a marginal increase is noted between 2024 and 2025, it is insufficient to counteract the long-term devaluation.
Enterprise Value (EV): The Enterprise Value closely mirrors the movement of common equity, decreasing from US$ 248,614 million in 2021 to US$ 62,364 million in 2026. The tight correlation between EV and market capitalization suggests that the volatility in the overall enterprise valuation is primarily driven by equity market performance rather than significant changes in debt obligations.
Capital Structure and Debt Integration: The relationship between total equity and the combined total of equity and debt remains stable, with a relatively narrow gap between the two figures. This indicates a capital structure that is not heavily leveraged. However, the total combined value has shrunk from US$ 262,090 million in 2021 to US$ 71,391 million in 2026, reflecting the same systemic decline seen in the market valuation.

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Nike Inc. (NYSE:NKE)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)