NIKE, Inc. (NKE) intrinsic value & 10-year financials
NIKE, Inc. (NKE) has a Graham intrinsic value of $8.30 per share. At $37.13 on Oct 17, 2026, the stock trades 347% above that value. Over the last 10 fiscal years revenue grew 3.4% a year to $46.4B, with an average return on invested capital of 30.2%.
- Graham intrinsic value
- $8.30
- Share price (Oct 17, 2026)
- $37.13
- Price vs Graham value
- 347% above
- Market cap
- $55.0B
- Revenue (FY2026)
- $46.4B
- Revenue growth (10-yr CAGR)
- 3.4%
- ROIC (10-yr avg)
- 30.2%
- Free cash flow (FY2026)
- $2.2B
NKE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $46.4B | $3.1B | $2.10 | $2.2B | — | 18.2% |
| FY2025 | $46.3B | $3.2B | $2.16 | $3.3B | — | 19.9% |
| FY2024 | $51.4B | $5.7B | $3.73 | $6.6B | — | 33.2% |
| FY2023 | $51.2B | $5.1B | $3.23 | $4.9B | — | 27.3% |
| FY2022 | $46.7B | $6.0B | $3.75 | $4.4B | — | 35.4% |
| FY2021 | $44.5B | $5.7B | $3.56 | $6.0B | — | 42.0% |
| FY2020 | $37.4B | $2.5B | $1.60 | $1.4B | — | 25.3% |
| FY2019 | $39.1B | $4.0B | $2.49 | $4.8B | — | 47.2% |
| FY2018 | $36.4B | $1.9B | $1.17 | $3.9B | — | 18.3% |
| FY2017 | $34.4B | $4.2B | $2.51 | $2.5B | — | 35.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Nike, Inc. has demonstrated mature, steady growth, with revenue compounding at 3.4% annually over the past decade.
Nike, Inc. has earned high returns on invested capital, averaging 30.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Nike, Inc. shows that management has aggressively returned capital to shareholders by retiring 12.5% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Nike, Inc. is modeled at -2.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.30 per share.