Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Nike Inc., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-05-31).
- Cash Provided by Operations
- The cash provided by operations exhibited variability over the analyzed periods. Starting at 2,485 million USD in 2020, there was a significant increase to 6,657 million USD in 2021, reflecting a strong operational cash flow. This was followed by a decrease to 5,188 million USD in 2022, with a moderate recovery to 5,841 million USD in 2023 and a further increase to 7,429 million USD in 2024. However, the latest figure for 2025 shows a substantial decline to 3,698 million USD. The pattern suggests periods of considerable fluctuation with a notable peak in 2024 before a pronounced drop in 2025.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity also demonstrated variability, starting at 7,576 million USD in 2020 and decreasing steadily to 5,713 million USD in 2021, 4,445 million USD in 2022, and 4,368 million USD in 2023. There was an increase to 6,617 million USD in 2024, indicating improved cash availability for shareholders, followed by a sharp decline to 2,267 million USD in 2025. Overall, the FCFE trend shows a general decline from 2020 through 2023, a recovery in 2024, and a significant drop in the most recent period.
Price to FCFE Ratio, Current
Nike Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 98,259,025,196 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 2,267) |
| FCFE per share | 0.02 |
| Current share price (P) | 74.69 |
| Valuation Ratio | |
| P/FCFE | 3,237.30 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| lululemon athletica inc. | 15.18 |
| P/FCFE, Sector | |
| Consumer Durables & Apparel | 891.26 |
| P/FCFE, Industry | |
| Consumer Discretionary | 91.31 |
Based on: 10-K (reporting date: 2025-05-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Nike Inc., historical P/FCFE calculation, comparison to benchmarks
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 98,259,025,196 | 1,499,358,944 | 1,529,971,608 | 1,568,555,905 | 1,581,801,224 | 1,559,888,549 | |
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | 2,267) | 6,617) | 4,368) | 4,445) | 5,713) | 7,576) | |
| FCFE per share3 | 0.02 | 4.41 | 2.85 | 2.83 | 3.61 | 4.86 | |
| Share price1, 4 | 72.98 | 71.41 | 107.53 | 111.62 | 159.74 | 98.43 | |
| Valuation Ratio | |||||||
| P/FCFE5 | 3,163.19 | 16.18 | 37.66 | 39.39 | 44.23 | 20.27 | |
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| lululemon athletica inc. | 26.02 | 36.70 | 124.26 | 44.24 | 72.00 | 67.67 | |
| P/FCFE, Sector | |||||||
| Consumer Durables & Apparel | — | 20.26 | 43.71 | 40.28 | 46.76 | 22.57 | |
| P/FCFE, Industry | |||||||
| Consumer Discretionary | — | 39.73 | 30.88 | 36.44 | 83.44 | 32.34 | |
Based on: 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), 10-K (reporting date: 2020-05-31).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,267,000,000 ÷ 98,259,025,196 = 0.02
4 Closing price as at the filing date of Nike Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 72.98 ÷ 0.02 = 3,163.19
6 Click competitor name to see calculations.
The financial data reflects notable fluctuations across the periods from 2020 to 2025 in key indicators such as share price, free cash flow to equity (FCFE) per share, and the price to FCFE (P/FCFE) ratio.
- Share Price
- The share price exhibited an increasing trend initially, rising from $98.43 in 2020 to a peak of $159.74 in 2021. Subsequently, it declined significantly to $111.62 in 2022 and remained relatively stable through 2023. However, there was a sharp decrease in 2024 to $71.41, followed by a marginal increase to $72.98 in 2025. Overall, the share price shows volatility with a downward trend beginning in 2021.
- FCFE per Share
- The FCFE per share decreased steadily from $4.86 in 2020 to a low of $2.83 in 2022, suggesting a reduction in free cash flow availability for equity shareholders during this period. In 2023, it stabilized marginally at $2.85, followed by a rebound to $4.41 in 2024, possibly indicating an improvement in cash flow generation. However, a dramatic drop to $0.02 in 2025 signifies a significant decline in free cash flow, which may raise concerns regarding sustainability or operational issues.
- P/FCFE Ratio
- The P/FCFE ratio increased markedly from 20.27 in 2020 to a high of 44.23 in 2021, indicating that the share price growth outpaced free cash flow growth, suggesting possibly elevated market expectations or overvaluation. The ratio then gradually decreased over the next two years, falling to 16.18 in 2024, signaling improved valuation or increased free cash flow relative to share price. In 2025, this ratio escalated sharply to 3163.19, an extreme value reflecting the near-elimination of FCFE per share combined with a relatively stable share price, which may imply significant financial stress or market mispricing.