Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Nike Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited considerable volatility over the observed periods. Beginning with missing data, it reached a peak of 78.79 in February 2021, indicating elevated market expectations or earnings challenges during that time. Subsequently, a consistent downward trend ensued, with ratios declining to 18.2 by February 2025, except for a notable outlier of 2227.69 at the last data point, which may signal an exceptional circumstance or data anomaly. This overall decline suggests improving earnings relative to share price or a market reassessment of growth prospects.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio showed an initial increase, peaking around Nov 2020 to Feb 2021 with values above 60. Following this period, a steady decline occurred, reaching 16.65 in May 2025. The data ends with a significant surge to 1937.05, again likely representing an irregular event or outlier. The downward trajectory over the long term indicates either rising operating profits relative to price or changing market valuations.
- Price to Sales (P/S) Ratio
- The P/S ratio rose steadily from about 4.11 in Aug 2020 to a peak of 5.82 in Feb 2021. After this peak, the metric generally trended downward, falling to 1.72 by Feb 2025. This pattern points to a period of expanding stock price relative to sales followed by either stronger sales growth, price corrections, or a combination of both reducing this ratio.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio presented more consistent data across the earlier dates, starting at 15.79 in Aug 2019. The ratio fluctuated with a general decline trend, dipping from a high of 22.08 in Aug 2020 to 5.86 in Feb 2025. This significant decline could reflect an increase in book value relative to price or diminishing investor willingness to pay a premium over book value. No extreme outliers appear in this series compared to others.
- Summary of Trends
- Across all valuation ratios, there was a prominent peak around early 2021, indicating heightened market valuation or lower earnings/profitability at that time. Post-2021, a consistent decline in price-based multiples occurred, suggesting market normalization, improved financial performance, or adjustments in investor sentiment. The last data points for P/E and P/OP ratios show anomalous spikes, likely reflecting extraordinary events or inaccuracies. Overall, the general pattern reflects elevated valuations during 2020-2021 followed by a downward correction over subsequent years.
Price to Earnings (P/E)
Nike Inc., historical P/E calculation (quarterly data)
| 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 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 98,259,025,196 | 1,475,990,487 | 1,479,126,887 | 1,488,495,736 | 1,499,358,944 | 1,509,358,807 | 1,515,122,068 | 1,521,910,125 | 1,529,971,608 | 1,536,988,816 | 1,550,562,983 | 1,564,590,941 | 1,568,555,905 | 1,573,767,469 | 1,581,295,273 | 1,582,817,717 | 1,581,801,224 | 1,579,967,074 | 1,576,490,011 | 1,569,826,533 | 1,559,888,549 | 1,555,034,734 | 1,557,372,768 | 1,561,052,333 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Net income (in millions) | 211) | 794) | 1,163) | 1,051) | 1,500) | 1,172) | 1,578) | 1,450) | 1,031) | 1,240) | 1,331) | 1,468) | 1,439) | 1,396) | 1,337) | 1,874) | 1,509) | 1,449) | 1,251) | 1,518) | (790) | 847) | 1,115) | 1,367) | |||||||
| Earnings per share (EPS)2 | 0.03 | 3.05 | 3.30 | 3.56 | 3.80 | 3.47 | 3.50 | 3.32 | 3.31 | 3.56 | 3.63 | 3.60 | 3.85 | 3.89 | 3.90 | 3.84 | 3.62 | 2.17 | 1.79 | 1.71 | 1.63 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 72.98 | 55.58 | 73.31 | 80.83 | 71.41 | 89.07 | 102.08 | 97.11 | 107.53 | 120.22 | 120.62 | 90.17 | 111.62 | 132.30 | 161.04 | 149.46 | 159.74 | 132.53 | 141.23 | 129.71 | 98.43 | 84.16 | 101.78 | 93.07 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/E ratio4 | 2,227.69 | 18.20 | 22.19 | 22.70 | 18.78 | 25.70 | 29.19 | 29.25 | 32.45 | 33.73 | 33.20 | 25.01 | 28.96 | 34.04 | 41.28 | 38.89 | 44.12 | 61.08 | 78.79 | 75.70 | 60.47 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 22.71 | 24.19 | 19.48 | 24.37 | 38.92 | 58.61 | 47.90 | 43.68 | 47.65 | 40.83 | 34.08 | 37.85 | 45.11 | 61.91 | 59.82 | 58.57 | 70.19 | 86.35 | 84.50 | 69.46 | 40.49 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ No. shares of common stock outstanding
= (211,000,000 + 794,000,000 + 1,163,000,000 + 1,051,000,000)
÷ 98,259,025,196 = 0.03
3 Closing price as at the filing date of Nike Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 72.98 ÷ 0.03 = 2,227.69
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed period.
- Share Price
- The share price exhibits notable volatility throughout the periods. Initially, the share price fluctuated moderately, rising from $93.07 in August 2019 to a peak of $161.04 in November 2021. Following this peak, there is a general downward trend, with prices declining sharply to $55.58 by February 2025. Some temporary recoveries occurred, but the overall trend after November 2021 is negative, reflecting possible market uncertainty or changing investor sentiment.
- Earnings Per Share (EPS)
- EPS shows an overall growth trend from 1.63 in May 2020 to a peak of 3.9 in February 2022, indicating improving profitability over this timeframe. Subsequently, EPS remains relatively stable, fluctuating slightly between approximately 3.3 and 3.8 until early 2024. In the last quarters observed, EPS experiences a sharp decline, dropping to 0.03 by May 2025, which could suggest significant earnings challenges or extraordinary events impacting profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio starts at a high of about 60.47 in May 2020 and declines gradually over time, reaching a low near 18.2 by February 2025. This decline in the P/E ratio suggests that the market's valuation relative to earnings has contracted, indicating either an increase in earnings relative to price or diminishing investor expectations for future earnings growth. The anomalous spike to 2227.69 near the end of the period corresponds with the near-zero EPS, highlighting an inflated P/E ratio due to minimal earnings rather than a true valuation increase.
In summary, the data illustrates a period of growth in earnings culminating in early 2022, followed by stabilization and then a sharp decline. The share price peaked around late 2021 but declined markedly afterward, reflecting the challenges evidenced by EPS deterioration. The P/E ratio's downward trend aligns with market adjustments to earnings realities. The extreme P/E ratio at the end is attributable to the near disappearance of earnings rather than market overvaluation. These patterns collectively suggest a shift from a growth phase into a period marked by financial difficulties or restructuring impacts.
Price to Operating Profit (P/OP)
Nike Inc., historical P/OP calculation (quarterly data)
| 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 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 98,259,025,196 | 1,475,990,487 | 1,479,126,887 | 1,488,495,736 | 1,499,358,944 | 1,509,358,807 | 1,515,122,068 | 1,521,910,125 | 1,529,971,608 | 1,536,988,816 | 1,550,562,983 | 1,564,590,941 | 1,568,555,905 | 1,573,767,469 | 1,581,295,273 | 1,582,817,717 | 1,581,801,224 | 1,579,967,074 | 1,576,490,011 | 1,569,826,533 | 1,559,888,549 | 1,555,034,734 | 1,557,372,768 | 1,561,052,333 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Operating income (in millions) | 321) | 788) | 1,384) | 1,209) | 1,546) | 1,336) | 1,825) | 1,604) | 1,221) | 1,412) | 1,587) | 1,695) | 1,468) | 1,629) | 1,454) | 2,124) | 1,913) | 1,678) | 1,580) | 1,766) | (838) | 1,190) | 1,220) | 1,543) | |||||||
| Operating profit per share2 | 0.04 | 3.34 | 3.70 | 3.97 | 4.21 | 3.97 | 4.00 | 3.83 | 3.87 | 4.01 | 4.11 | 3.99 | 4.26 | 4.52 | 4.53 | 4.61 | 4.39 | 2.65 | 2.35 | 2.13 | 2.00 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 72.98 | 55.58 | 73.31 | 80.83 | 71.41 | 89.07 | 102.08 | 97.11 | 107.53 | 120.22 | 120.62 | 90.17 | 111.62 | 132.30 | 161.04 | 149.46 | 159.74 | 132.53 | 141.23 | 129.71 | 98.43 | 84.16 | 101.78 | 93.07 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/OP ratio4 | 1,937.05 | 16.65 | 19.81 | 20.34 | 16.97 | 22.46 | 25.51 | 25.38 | 27.81 | 29.99 | 29.32 | 22.59 | 26.23 | 29.24 | 35.52 | 32.43 | 36.42 | 50.02 | 60.21 | 61.00 | 49.29 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 16.44 | 17.66 | 14.29 | 17.81 | 28.29 | 38.24 | 31.18 | 28.39 | 30.66 | 29.76 | 24.86 | 27.59 | 33.00 | 44.89 | 43.08 | 42.10 | 50.41 | 61.79 | 60.82 | 50.59 | 29.40 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= (321,000,000 + 788,000,000 + 1,384,000,000 + 1,209,000,000)
÷ 98,259,025,196 = 0.04
3 Closing price as at the filing date of Nike Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 72.98 ÷ 0.04 = 1,937.05
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced notable volatility over the analyzed periods. Initially, the price showed growth from 93.07 USD to a peak around 161.04 USD between August 2019 and November 2021. Following this peak, a downward trend is evident, with the price decreasing sharply to 55.58 USD by February 2025 before a slight recovery to 72.98 USD in May 2025. Overall, the share price demonstrated a significant rise followed by a substantial decline nearing the end of the period.
- Operating Profit Per Share (OPPS) Trends
- Operating profit per share displayed a steady increase from approximately 2.00 USD in early 2020 to a peak near 4.61 USD in November 2021. After this peak, OPPS exhibited a gradual decline, dropping to 3.34 USD by February 2025, with an abrupt and anomalous decrease to 0.04 USD in May 2025. This sudden drop at the end of the period suggests a significant event affecting profitability during that quarter.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio started at a high level near 49.29 in early 2020, indicating a relatively high valuation compared to operating profit. It improved over time, falling to as low as approximately 16.65 by February 2025, indicating the market’s valuation became more conservative relative to operating profit. However, the final data point shows an extreme spike to 1937.05, correlating with the sharp decline in operating profit per share, signaling an abnormal market or financial condition impacting ratio calculation.
- Overall Financial Insights
- The financial data reveals an initial period of growth in both share price and operating profit up to late 2021, reflecting strong operational performance and investor confidence. Post-2021, both metrics trend downward, with increased volatility and a dramatic decline in profitability at the latest point. The valuation ratios generally became more moderate over time, suggesting a market adjustment to performance changes. However, the final quarter's figures highlight an extraordinary disruption, warranting further investigation into underlying causes, such as operational challenges or extraordinary charges.
Price to Sales (P/S)
Nike Inc., historical P/S calculation (quarterly data)
| 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 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 98,259,025,196 | 1,475,990,487 | 1,479,126,887 | 1,488,495,736 | 1,499,358,944 | 1,509,358,807 | 1,515,122,068 | 1,521,910,125 | 1,529,971,608 | 1,536,988,816 | 1,550,562,983 | 1,564,590,941 | 1,568,555,905 | 1,573,767,469 | 1,581,295,273 | 1,582,817,717 | 1,581,801,224 | 1,579,967,074 | 1,576,490,011 | 1,569,826,533 | 1,559,888,549 | 1,555,034,734 | 1,557,372,768 | 1,561,052,333 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Revenues (in millions) | 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) | 12,344) | 10,357) | 11,243) | 10,594) | 6,313) | 10,104) | 10,326) | 10,660) | |||||||
| Sales per share2 | 0.47 | 32.40 | 33.11 | 33.60 | 34.26 | 34.17 | 34.02 | 33.82 | 33.48 | 32.94 | 31.67 | 30.14 | 29.78 | 29.75 | 29.28 | 29.18 | 28.16 | 24.37 | 24.27 | 23.78 | 23.98 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 72.98 | 55.58 | 73.31 | 80.83 | 71.41 | 89.07 | 102.08 | 97.11 | 107.53 | 120.22 | 120.62 | 90.17 | 111.62 | 132.30 | 161.04 | 149.46 | 159.74 | 132.53 | 141.23 | 129.71 | 98.43 | 84.16 | 101.78 | 93.07 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/S ratio4 | 154.85 | 1.72 | 2.21 | 2.41 | 2.08 | 2.61 | 3.00 | 2.87 | 3.21 | 3.65 | 3.81 | 2.99 | 3.75 | 4.45 | 5.50 | 5.12 | 5.67 | 5.44 | 5.82 | 5.45 | 4.11 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 3.89 | 4.12 | 3.18 | 3.92 | 6.27 | 6.38 | 5.46 | 4.91 | 5.02 | 6.39 | 5.32 | 5.81 | 7.03 | 9.20 | 8.95 | 8.30 | 9.39 | 11.82 | 11.78 | 10.42 | 6.57 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
÷ No. shares of common stock outstanding
= (11,097,000,000 + 11,269,000,000 + 12,354,000,000 + 11,589,000,000)
÷ 98,259,025,196 = 0.47
3 Closing price as at the filing date of Nike Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 72.98 ÷ 0.47 = 154.85
5 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends and fluctuations in key metrics over the observed periods.
- Share Price
- The share price experienced significant volatility. From August 2019 to November 2020, there was an overall upward trend, peaking at 141.23 USD in November 2020. Following this peak, the price fluctuated, with a downward trend beginning around February 2022, descending from 132.3 USD to a low of 55.58 USD by February 2025. Some intermittent recoveries are observed around November 2023 and May 2025, but the overall trajectory from late 2021 onwards is downward.
- Sales Per Share
- Sales per share data begins from May 2020 with 23.98 USD and shows a consistent upward trend reaching a peak at 34.26 USD in August 2024. Thereafter, a slight decline is noticed, with the metric reducing to 32.4 USD by February 2025. The increase over the initial periods indicates improving sales performance per share, while the minor decline towards the end suggests some softening in sales efficiency or revenues per share.
- Price-to-Sales (P/S) Ratio
- The P/S ratio demonstrated considerable volatility. Initially, from May 2020, the ratio rose steeply from 4.11 to a peak of 5.82 in February 2021, reflecting a period where share price growth outpaced sales per share growth. Following this peak, the P/S ratio gradually declined to 1.72 by May 2025, indicating that the share price decreased at a faster pace relative to sales per share. An anomalous spike to 154.85 in the last period (May 2025) is present, which appears to be an outlier possibly due to the unusually low sales per share (0.47) in that period, suggesting either a data irregularity or exceptional event affecting sales.
In summary, while sales per share generally improved over the long term, the share price exhibited significant volatility, with a notable downward trend after late 2021. The declining P/S ratio further indicates that market valuation relative to sales deteriorated in the more recent periods. The anomaly in the final period requires further investigation to understand underlying causes.
Price to Book Value (P/BV)
Nike Inc., historical P/BV calculation (quarterly data)
| 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 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 98,259,025,196 | 1,475,990,487 | 1,479,126,887 | 1,488,495,736 | 1,499,358,944 | 1,509,358,807 | 1,515,122,068 | 1,521,910,125 | 1,529,971,608 | 1,536,988,816 | 1,550,562,983 | 1,564,590,941 | 1,568,555,905 | 1,573,767,469 | 1,581,295,273 | 1,582,817,717 | 1,581,801,224 | 1,579,967,074 | 1,576,490,011 | 1,569,826,533 | 1,559,888,549 | 1,555,034,734 | 1,557,372,768 | 1,561,052,333 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Shareholders’ equity (in millions) | 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) | 12,767) | 11,931) | 10,640) | 9,224) | 8,055) | 9,045) | 9,351) | 9,200) | |||||||
| Book value per share (BVPS)2 | 0.13 | 9.49 | 9.49 | 9.37 | 9.62 | 9.43 | 9.34 | 9.18 | 9.15 | 9.45 | 9.85 | 10.11 | 9.74 | 9.41 | 9.44 | 9.06 | 8.07 | 7.55 | 6.75 | 5.88 | 5.16 | 5.82 | 6.00 | 5.89 | |||||||
| Share price1, 3 | 72.98 | 55.58 | 73.31 | 80.83 | 71.41 | 89.07 | 102.08 | 97.11 | 107.53 | 120.22 | 120.62 | 90.17 | 111.62 | 132.30 | 161.04 | 149.46 | 159.74 | 132.53 | 141.23 | 129.71 | 98.43 | 84.16 | 101.78 | 93.07 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/BV ratio4 | 542.72 | 5.86 | 7.72 | 8.63 | 7.42 | 9.45 | 10.93 | 10.58 | 11.75 | 12.72 | 12.25 | 8.92 | 11.46 | 14.06 | 17.06 | 16.49 | 19.79 | 17.55 | 20.93 | 22.08 | 19.06 | 14.47 | 16.95 | 15.79 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 9.53 | 10.54 | 7.89 | 9.13 | 14.26 | 16.63 | 13.65 | 12.57 | 12.94 | 15.71 | 13.14 | 14.48 | 16.06 | 20.28 | 18.51 | 15.65 | 16.16 | 22.24 | 22.78 | 21.85 | 13.39 | 18.43 | 16.28 | 16.29 | |||||||
Based on: 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), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 13,213,000,000 ÷ 98,259,025,196 = 0.13
3 Closing price as at the filing date of Nike Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 72.98 ÷ 0.13 = 542.72
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed quarters. Initially, the price started at $93.07 and showed a general upward trend, reaching a peak of $161.04 in November 2021. After this peak, the share price experienced a downward movement, with intermittent recoveries, dropping to $55.58 by February 2025 before slightly rebounding to $72.98 in May 2025. This trend indicates periods of strong investor confidence followed by significant corrections or market adjustments toward the later periods.
The book value per share (BVPS) showed a more stable and gradual increase over the timeline. Beginning at $5.89, it rose consistently to a high of around $10.11 in August 2022. After this point, the BVPS slightly declined and stabilized around the $9.15 to $9.62 range through the subsequent quarters, with an anomalous drop to $0.13 in the final period. This suggests overall growth in the company's net asset value per share, reflecting accumulation of equity internally, with the final data point likely representing an irregularity or data error.
The price-to-book value ratio (P/BV) displayed considerable variability, reflecting the interplay between the share price and book value dynamics. Starting from a high ratio of 15.79, it rose to a peak of 22.08 in August 2020, aligning with the periods of share price appreciation. Following the peak, the ratio gradually declined, with occasional increases, reaching a low near 5.86 in February 2025. This decline corresponds with the decrease in share price relative to book value, indicating a market reassessment of the company’s valuation relative to its net asset value. The extraordinarily high ratio of 542.72 in the last recorded period likely corresponds to the anomalous book value in that quarter, signaling a probable data inconsistency rather than a true economic indicator.
In summary, the data over the analyzed quarters reveal an initial phase marked by increasing market valuation and growing net assets per share, followed by a period of share price decline and stabilization of book value. The P/BV ratio's overall downward trend suggests a reassessment by the market, potentially reflecting changing market conditions, profitability expectations, or risk perceptions associated with the company during the latter periods.