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 and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- 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 cannot be reconstructed retroactively, 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 1 year NKE rated Wide-moat (2015), the median forward total return that followed — measured only after each year’s filings were public — was:
- 1 year −14% vs the S&P 500’s 12% (price basis) · median over 1 year
- 3 years 25% vs the S&P 500’s 25% (price basis) · median over 1 year
- 5 years 141% vs the S&P 500’s 84% (price basis) · median over 1 year
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
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 CORPORATION90.3 out of 100, Wide moatWide moat
- #2WDFC WD-40 COMPANY88.5 out of 100, Wide moatWide moat
- #3AWI ARMSTRONG WORLD INDUSTRIES, INC.87.2 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 19 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 or normalizer upgrades on Jul 17, 2026, Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.