Enterprise Value (EV)
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Nike Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Current Enterprise Value (EV)
Nike Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Current portion of long-term debt (per books) | |
| Add: Notes payable (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2024-05-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Nike Inc., EV calculation
Based on: 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), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Nike Inc. Annual Report.
3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data shows significant fluctuations in equity and enterprise value over the six-year period. There are clear patterns of growth and decline that can be identified.
- Common Equity and Total Equity
-
Both common equity and total equity follow the same trend, as their values are identical across all periods. From May 31, 2019 to May 31, 2021, there is a marked increase in equity, rising from approximately 135.8 billion USD to 252.7 billion USD. This represents a substantial increase, indicating a period of growth or capital accumulation.
However, from May 31, 2021 onward, equity exhibits a notable decline. It decreases to 175.1 billion USD in 2022, then further down to 164.5 billion USD in 2023, and declines sharply to 107.1 billion USD by May 31, 2024. This sharp drop in the most recent year may suggest challenges such as reduced retained earnings, share buybacks, or other equity-reducing actions.
- Total Equity and Debt
-
The total equity and debt figures also reflect a similar pattern to equity but tend to be slightly higher, indicating the presence of debt alongside equity.
From 2019 to 2021, total equity and debt increased from 139.3 billion USD to approximately 262.1 billion USD, mirroring the growth trend in equity. Following this peak in 2021, the figure decreases steadily to 184.5 billion USD in 2022, 173.5 billion USD in 2023, and finally 116.0 billion USD in 2024.
The decrease in total equity and debt over recent years may reflect reductions in overall capital structure size, potentially due to debt repayments, asset sales, or other financial restructuring.
- Enterprise Value (EV)
-
The enterprise value shows a similar trajectory to equity and total equity and debt, beginning at 134.7 billion USD in 2019 and rising to a peak of approximately 248.6 billion USD in 2021. This increase aligns with the general growth observed in the earlier years.
Post-2021, the EV decreases notably, dropping to 171.5 billion USD in 2022, then to 162.8 billion USD in 2023, and finally reaching 104.4 billion USD in 2024. The sustained decrease in EV may reflect changing market perceptions of the company's value, impacts on earnings potential, or other macroeconomic and company-specific factors reducing valuation.
Overall, the data reveals a period of substantial growth up through 2021, characterized by increasing equity, total capital, and enterprise value. This growth is followed by a multi-year downward trend culminating in significant reductions by 2024. These patterns suggest potential operational or market challenges affecting the company's financial position and valuation in recent years.