NIKE, Inc.
NKE · Materials · FY2026 filings · Not rated ·
Not rated
We don't have enough comparable filing data to score at least four of the five filters for NKE, so we don't publish a composite. Missing: returnsOnCapital, balanceSheet. No composite: 2 components abstained (returnsOnCapital: Not enough years of ROIC data to score returns on capital.; balanceSheet: Insufficient leverage/coverage inputs to score the balance sheet.).
20 years of fundamentals
The business, in plain English
NIKE, Inc. booked $46.4B of revenue in FY2026 in the Materials sector and kept 42.9% of it as gross profit — a solid-margin business by that measure. After every other cost, 6.7% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $18.6B (FY2008) to $46.4B (FY2026) — about 5.2% a year compounded over 18 years.
The balance sheet carried $7.9B of total debt in FY2026 against $3.2B of owner earnings — roughly 2.5 years of owner earnings to retire it all.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in NKE’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in NKE’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
No composite readings yet — NKE’s filings don’t give the engine enough comparable data to score, and we log that honestly instead of guessing a number.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
- Methodology upgraded moat-index@1.1.0tomoat-index@1.2.0 — readings across versions aren’t comparedJul 17, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How NIKE, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored NKE on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, NKE did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Materials context
Not ranked — NKE doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.
Materials leaders by Moat Score
- #1DECK DECKERS OUTDOOR CORP89.6 out of 100, Wide moatWide moat
- #2WDFC WD-40 COMPANY87.9 out of 100, Wide moatWide moat
- #3TREX Trex Company, Inc.84.8 out of 100, Wide moatWide moat
Common questions about NKE
- Does NIKE, Inc. have an economic moat?
- We don't publish a Moat Score for NIKE, Inc. (NKE): its SEC filings don't provide enough comparable data to score at least four of the five filters, and the Index records each gap rather than a guessed number. Missing inputs: returns on capital, balance-sheet safety.
- How has NKE's Moat Score changed over time?
- The record logs 13 readings since Jul 17, 2026, none with a composite — NKE hasn't had enough comparable filing data to score. No tier changes on record yet. (Methodology upgrades on Jul 17, 2026, Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.