Nike (NKE)
Forward P/E is 28.89x against a peer median of 13.89x, a ratio of 2.08x — more than double the peer median — with trailing P/E 17.87x and PEG 5.82. The forward multiple is extreme for this group and the price only makes sense if demand and earnings accelerate sharply from here. Latest-quarter revenue growth was -4.3% year over year (PRIMARY, EDGAR) — sales are shrinking, not accelerating. Delivered demand check: the Apparel & luxury group's median growth was +2.3% year over year — demand steady for the group, while this company's sales are falling.
What would change this label: Move to OVERVALUED if the forward P/E compresses to about 20x or below at unchanged estimates, or if revenue growth returns above +5% year over year for two quarters, showing the recovery the price assumes. Move to FAIRLY PRICED if the forward P/E compresses to about 16.0x or below (1.15x the peer median) with revenue growth back above the cluster median of +2.3%.
Nike sells athletic shoes and clothing worldwide. Its sales are currently shrinking, yet its shares cost more than twice as much, per dollar of expected earnings, as similar fashion companies. That is a bubble: the price assumes a comeback that has not happened yet.
Both lines start at 100 on 2020-09-01. Over the full window Nike returned -67.29% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Nike: -80.9% (2021-11-05 to 2026-10-02). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 28.89x against a peer median of 13.89x, a ratio of 2.08x — more than double the peer median — with trailing P/E 17.87x and PEG 5.82. The forward multiple is extreme for this group and the price only makes sense if demand and earnings accelerate sharply from here. Latest-quarter revenue growth was -4.3% year over year (PRIMARY, EDGAR) — sales are shrinking, not accelerating. Delivered demand check: the Apparel & luxury group's median growth was +2.3% year over year — demand steady for the group, while this company's sales are falling. The company’s forward P/E is 28.9× against a peer median of 13.9×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Apparel & luxury group's median latest-quarter revenue growth was +2.3% year over year (SEC filings) — demand steady. This company's revenue fell, at -4.3%. Latest-quarter sales growth was -4.3% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Nike (NKE) | $37.30 | 28.9× | 17.9× |
| RL | $386.88 | 19.8× | 24.4× |
| TPR | $110.58 | 13.9× | 15.2× |
| LULU | $105.05 | 12.5× | 8.6× |
| Peer median | 13.9× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Aug 2026 2026-08-31 | $11.2B | 42.8% | $712M | 0.48 | $-64M |
| Q/E May 2026 2026-05-31 | $11.0B | 49.1% | $1.1B | — | $1.5B |
| Q/E Feb 2026 2026-02-28 | $11.3B | 40.2% | $520M | 0.35 | $284M |
| Q/E Nov 2025 2025-11-30 | $12.4B | 40.6% | $792M | 0.53 | $386M |
| Q/E Aug 2025 2025-08-31 | $11.7B | 42.2% | $727M | 0.49 | $15M |
| Q/E May 2025 2025-05-31 | $11.1B | 40.3% | $211M | — | $363M |
| Q/E Feb 2025 2025-02-28 | $11.3B | 41.5% | $794M | 0.54 | $1.7B |
| Q/E Nov 2024 2024-11-30 | $12.4B | 43.6% | $1.2B | 0.78 | $920M |
| Q/E Aug 2024 2024-08-31 | $11.6B | 45.4% | $1.1B | 0.70 | $274M |
| Q/E May 2024 2024-05-31 | $12.6B | 44.7% | $1.5B | — | $2.4B |
| Q/E Feb 2024 2024-02-29 | $12.4B | 44.8% | $1.2B | 0.77 | $1.9B |
| Q/E Nov 2023 2023-11-30 | $13.4B | 44.6% | $1.6B | 1.03 | $2.6B |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | NIKE, Inc. |
| Chief executive | Elliott Hill (source: https://www.fool.com/earnings/call-transcripts/2026/10/02/nike-nke-q1-2027-earnings-call-transcript/) |
| Sector | Consumer Discretionary — Apparel, Accessories & Luxury Goods — sells athletic footwear, clothing and equipment under the Nike brand |
| Share price (Oct 28, 2026) | $37.30 |
| Market value (market cap) | $55.7B — share price times shares outstanding of 1,484,200,000 (SEC filings; SEC EDGAR WeightedAverageNumberOfDilutedSharesOutstanding (latest quarter; dei EntityCommonStockSharesOutstanding series is stale for this filer)) |
| Sales, last twelve months | $45.9B |
| Net income, last twelve months | $3.1B |
| Free cash flow, last twelve months | $2.1B |
| Latest reported quarter | Q/E Aug 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | -67.29% vs +118.28% |
| Worst peak-to-trough fall | -80.9% (2021-11-05 to 2026-10-02) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000320187.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320187.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/NKE/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.