Debt to Equity
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Calculation
Nike Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| May 31, 2024 | = | ÷ | |||
| May 31, 2023 | = | ÷ | |||
| May 31, 2022 | = | ÷ | |||
| May 31, 2021 | = | ÷ | |||
| May 31, 2020 | = | ÷ | |||
| May 31, 2019 | = | ÷ | |||
| May 31, 2018 | = | ÷ | |||
| May 31, 2017 | = | ÷ | |||
| May 31, 2016 | = | ÷ | |||
| May 31, 2015 | = | ÷ | |||
| May 31, 2014 | = | ÷ | |||
| May 31, 2013 | = | ÷ | |||
| May 31, 2012 | = | ÷ | |||
| May 31, 2011 | = | ÷ | |||
| May 31, 2010 | = | ÷ | |||
| May 31, 2009 | = | ÷ | |||
| May 31, 2008 | = | ÷ | |||
| May 31, 2007 | = | ÷ | |||
| May 31, 2006 | = | ÷ | |||
| May 31, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$ in millions
- Total Debt
- Over the period analyzed, total debt exhibits a fluctuating but generally upward trajectory. Initially, total debt declined from 763 million USD in 2005 to a low of 385 million USD in 2012. However, from 2012 onwards, debt levels increased substantially, peaking at 9,657 million USD by 2020. Following this peak, there is a modest reduction in total debt, stabilizing around 8,909 million USD in 2024.
- Shareholders’ Equity
- Shareholders’ equity shows a consistent growth trend through the majority of the period. Starting at 5,644 million USD in 2005, equity steadily increased to reach 12,707 million USD in 2015. After an interim decrease around 2017 to 9,812 million USD, equity rebounded strongly and peaked at 15,281 million USD in 2022 before slightly declining again to approximately 14,430 million USD in 2024.
- Debt to Equity Ratio
- The debt-to-equity ratio remains low and stable during the initial years, fluctuating between 0.04 and 0.14 up until 2012, indicating conservative leverage. Beginning in 2013, leverage increased significantly, rising sharply to a peak ratio of 1.2 in 2020, concurrent with the surge in total debt. After 2020, the ratio decreases markedly, stabilizing between 0.6 and 0.7 in the most recent years. This reflects a trend toward reduced reliance on debt financing relative to equity after the 2020 peak.
- Overall Analysis
- The data suggests an initial phase of conservative financial management with low debt levels and steadily increasing equity, which indicates a strong equity base and low financial risk. The substantial increase in debt and ratio levels starting around 2013 through 2020 may imply strategic leveraging, possibly to finance expansion or other significant investments. Following the peak in 2020, the reduction and stabilization of the debt-to-equity ratio despite high absolute debt levels suggest a strategy to strengthen equity or reduce reliance on debt relative to equity. In summary, the company transitioned from conservative leverage to higher debt usage, followed by a period of deleveraging or equity growth to maintain financial stability.
Comparison to Competitors
Nike Inc., debt to equity, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| May 31, 2024 | ||
| May 31, 2023 | ||
| May 31, 2022 | ||
| May 31, 2021 | ||
| May 31, 2020 | ||
| May 31, 2019 | ||
| May 31, 2018 | ||
| May 31, 2017 | ||
| May 31, 2016 | ||
| May 31, 2015 | ||
| May 31, 2014 | ||
| May 31, 2013 | ||
| May 31, 2012 | ||
| May 31, 2011 | ||
| May 31, 2010 | ||
| May 31, 2009 | ||
| May 31, 2008 | ||
| May 31, 2007 | ||
| May 31, 2006 | ||
| May 31, 2005 |
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Consumer Durables & Apparel)
Nike Inc., debt to equity, long-term trends, comparison to sector (consumer durables & apparel)
| Nike Inc. | Consumer Durables & Apparel | |
|---|---|---|
| May 31, 2024 | ||
| May 31, 2023 | ||
| May 31, 2022 | ||
| May 31, 2021 | ||
| May 31, 2020 | ||
| May 31, 2019 | ||
| May 31, 2018 | ||
| May 31, 2017 | ||
| May 31, 2016 | ||
| May 31, 2015 | ||
| May 31, 2014 | ||
| May 31, 2013 | ||
| May 31, 2012 | ||
| May 31, 2011 | ||
| May 31, 2010 | ||
| May 31, 2009 | ||
| May 31, 2008 | ||
| May 31, 2007 | ||
| May 31, 2006 | ||
| May 31, 2005 |
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Consumer Discretionary)
Nike Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Nike Inc. | Consumer Discretionary | |
|---|---|---|
| May 31, 2024 | ||
| May 31, 2023 | ||
| May 31, 2022 | ||
| May 31, 2021 | ||
| May 31, 2020 | ||
| May 31, 2019 | ||
| May 31, 2018 | ||
| May 31, 2017 | ||
| May 31, 2016 | ||
| May 31, 2015 | ||
| May 31, 2014 | ||
| May 31, 2013 | ||
| May 31, 2012 | ||
| May 31, 2011 | ||
| May 31, 2010 | ||
| May 31, 2009 | ||
| May 31, 2008 | ||
| May 31, 2007 | ||
| May 31, 2006 | ||
| May 31, 2005 |
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).