Debt to Equity
since 2005
Calculation
Nike Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| May 31, 2026 | 0.53 | = | 7,942) | ÷ | 14,865) |
| May 31, 2025 | 0.60 | = | 7,966) | ÷ | 13,213) |
| May 31, 2024 | 0.62 | = | 8,909) | ÷ | 14,430) |
| May 31, 2023 | 0.64 | = | 8,933) | ÷ | 14,004) |
| May 31, 2022 | 0.62 | = | 9,430) | ÷ | 15,281) |
| May 31, 2021 | 0.74 | = | 9,415) | ÷ | 12,767) |
| May 31, 2020 | 1.20 | = | 9,657) | ÷ | 8,055) |
| May 31, 2019 | 0.38 | = | 3,479) | ÷ | 9,040) |
| May 31, 2018 | 0.39 | = | 3,810) | ÷ | 9,812) |
| May 31, 2017 | 0.31 | = | 3,802) | ÷ | 12,407) |
| May 31, 2016 | 0.17 | = | 2,055) | ÷ | 12,258) |
| May 31, 2015 | 0.10 | = | 1,260) | ÷ | 12,707) |
| May 31, 2014 | 0.13 | = | 1,373) | ÷ | 10,824) |
| May 31, 2013 | 0.12 | = | 1,388) | ÷ | 11,156) |
| May 31, 2012 | 0.04 | = | 385) | ÷ | 10,381) |
| May 31, 2011 | 0.07 | = | 663) | ÷ | 9,843) |
| May 31, 2010 | 0.06 | = | 592) | ÷ | 9,754) |
| May 31, 2009 | 0.09 | = | 812) | ÷ | 8,693) |
| May 31, 2008 | 0.08 | = | 625) | ÷ | 7,825) |
| May 31, 2007 | 0.08 | = | 541) | ÷ | 7,025) |
| May 31, 2006 | 0.11 | = | 709) | ÷ | 6,285) |
| May 31, 2005 | 0.14 | = | 763) | ÷ | 5,644) |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 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
An analysis of the capital structure from 2005 to 2026 reveals a transition from a highly conservative, low-leverage position to a period of significant debt expansion, followed by a phase of gradual stabilization and deleveraging.
- Low Leverage Period (2005–2012)
- During this interval, the company maintained a very low reliance on borrowed capital. Total debt remained consistently below US$ 1 billion, while shareholders' equity grew steadily from US$ 5.64 billion to US$ 10.38 billion. This resulted in a minimal debt-to-equity ratio that trended downward, reaching a nadir of 0.04 in 2012.
- Incremental Debt Expansion (2013–2019)
- A shift in financing strategy is observed beginning in 2013, as total debt rose to US$ 1.39 billion and continued to climb, reaching US$ 3.81 billion by 2018. Although shareholders' equity remained relatively robust, the increased borrowing caused the debt-to-equity ratio to rise steadily from 0.12 to a peak of 0.39 in 2018.
- Leverage Spike (2020)
- The year 2020 represents a period of acute financial volatility. Total debt increased sharply to US$ 9.66 billion, while shareholders' equity contracted to US$ 8.06 billion. This simultaneous increase in liabilities and decrease in equity led to a dramatic surge in the debt-to-equity ratio to 1.20, marking the only instance in the period where total debt exceeded shareholders' equity.
- Recovery and Stabilization (2021–2026)
- Following the 2020 peak, a trend toward balance sheet normalization is evident. Shareholders' equity recovered strongly, peaking at US$ 15.28 billion in 2022. While total debt remained elevated compared to pre-2020 levels, it began a gradual decline toward US$ 7.94 billion by 2026. Consequently, the debt-to-equity ratio improved from 0.74 in 2021 to 0.53 by 2026, indicating a more balanced capital structure than during the 2020 spike, though remaining higher than the 2005–2012 era.
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Comparison to Competitors
Nike Inc., debt to equity, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| May 31, 2026 | 0.53 | 0.00 |
| May 31, 2025 | 0.60 | 0.00 |
| May 31, 2024 | 0.62 | 0.00 |
| May 31, 2023 | 0.64 | 0.00 |
| May 31, 2022 | 0.62 | 0.00 |
| May 31, 2021 | 0.74 | 0.00 |
| May 31, 2020 | 1.20 | 0.00 |
| May 31, 2019 | 0.38 | 0.00 |
| May 31, 2018 | 0.39 | 0.00 |
| May 31, 2017 | 0.31 | 0.00 |
| May 31, 2016 | 0.17 | 0.00 |
| May 31, 2015 | 0.10 | 0.00 |
| May 31, 2014 | 0.13 | 0.00 |
| May 31, 2013 | 0.12 | 0.00 |
| May 31, 2012 | 0.04 | 0.00 |
| May 31, 2011 | 0.07 | 0.00 |
| May 31, 2010 | 0.06 | 0.00 |
| May 31, 2009 | 0.09 | 0.00 |
| May 31, 2008 | 0.08 | 0.00 |
| May 31, 2007 | 0.08 | — |
| May 31, 2006 | 0.11 | — |
| May 31, 2005 | 0.14 | — |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 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, 2026 | 0.53 | — |
| May 31, 2025 | 0.60 | 0.45 |
| May 31, 2024 | 0.62 | 0.48 |
| May 31, 2023 | 0.64 | 0.52 |
| May 31, 2022 | 0.62 | 0.52 |
| May 31, 2021 | 0.74 | 0.61 |
| May 31, 2020 | 1.20 | 0.97 |
| May 31, 2019 | 0.38 | 0.33 |
| May 31, 2018 | 0.39 | 0.33 |
| May 31, 2017 | 0.31 | 0.28 |
| May 31, 2016 | 0.17 | 0.15 |
| May 31, 2015 | 0.10 | 0.09 |
| May 31, 2014 | 0.13 | 0.12 |
| May 31, 2013 | 0.12 | 0.12 |
| May 31, 2012 | 0.04 | 0.04 |
| May 31, 2011 | 0.07 | 0.06 |
| May 31, 2010 | 0.06 | 0.06 |
| May 31, 2009 | 0.09 | 0.09 |
| May 31, 2008 | 0.08 | 0.08 |
| May 31, 2007 | 0.08 | 0.08 |
| May 31, 2006 | 0.11 | 0.11 |
| May 31, 2005 | 0.14 | 0.14 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 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, 2026 | 0.53 | — |
| May 31, 2025 | 0.60 | 0.89 |
| May 31, 2024 | 0.62 | 1.06 |
| May 31, 2023 | 0.64 | 1.28 |
| May 31, 2022 | 0.62 | 1.44 |
| May 31, 2021 | 0.74 | 1.41 |
| May 31, 2020 | 1.20 | 2.17 |
| May 31, 2019 | 0.38 | 2.60 |
| May 31, 2018 | 0.39 | 2.59 |
| May 31, 2017 | 0.31 | 2.55 |
| May 31, 2016 | 0.17 | 2.21 |
| May 31, 2015 | 0.10 | 1.88 |
| May 31, 2014 | 0.13 | 1.60 |
| May 31, 2013 | 0.12 | 1.25 |
| May 31, 2012 | 0.04 | 1.19 |
| May 31, 2011 | 0.07 | 1.09 |
| May 31, 2010 | 0.06 | 1.26 |
| May 31, 2009 | 0.09 | 2.58 |
| May 31, 2008 | 0.08 | 4.06 |
| May 31, 2007 | 0.08 | 2.62 |
| May 31, 2006 | 0.11 | 2.96 |
| May 31, 2005 | 0.14 | 2.35 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 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).