Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Solvency Ratios (Summary)
Nike Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Nike Inc. debt to equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Nike Inc. debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Nike Inc. debt to capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Nike Inc. debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Nike Inc. debt to assets ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Nike Inc. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Nike Inc. financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Nike Inc. interest coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Nike Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Debt to Equity
Nike Inc., debt to equity calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Notes payable | |||||||
| Long-term debt, excluding current portion | |||||||
| Total debt | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity1 | |||||||
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Debt to Equity, Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Debt to Equity, Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Nike Inc. debt to equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
Debt to Equity (including Operating Lease Liability)
Nike Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Notes payable | |||||||
| Long-term debt, excluding current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities | |||||||
| Operating lease liabilities, excluding current portion | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Nike Inc. debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
Debt to Capital
Nike Inc., debt to capital calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Notes payable | |||||||
| Long-term debt, excluding current portion | |||||||
| Total debt | |||||||
| Shareholders’ equity | |||||||
| Total capital | |||||||
| Solvency Ratio | |||||||
| Debt to capital1 | |||||||
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Debt to Capital, Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Debt to Capital, Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Nike Inc. debt to capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
Debt to Capital (including Operating Lease Liability)
Nike Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Notes payable | |||||||
| Long-term debt, excluding current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities | |||||||
| Operating lease liabilities, excluding current portion | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ equity | |||||||
| Total capital (including operating lease liability) | |||||||
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Nike Inc. debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
Debt to Assets
Nike Inc., debt to assets calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Notes payable | |||||||
| Long-term debt, excluding current portion | |||||||
| Total debt | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets1 | |||||||
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Debt to Assets, Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Debt to Assets, Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Nike Inc. debt to assets ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Debt to Assets (including Operating Lease Liability)
Nike Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Notes payable | |||||||
| Long-term debt, excluding current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities | |||||||
| Operating lease liabilities, excluding current portion | |||||||
| Total debt (including operating lease liability) | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Nike Inc. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
Financial Leverage
Nike Inc., financial leverage calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Financial leverage1 | |||||||
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Financial Leverage, Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Financial Leverage, Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Nike Inc. financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level. |
Interest Coverage
Nike Inc., interest coverage calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Solvency Ratio | |||||||
| Interest coverage1 | |||||||
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Interest Coverage, Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Interest Coverage, Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Nike Inc. interest coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Fixed Charge Coverage
Nike Inc., fixed charge coverage calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Add: Operating lease costs | |||||||
| Earnings before fixed charges and tax | |||||||
| Interest expense | |||||||
| Operating lease costs | |||||||
| Fixed charges | |||||||
| Solvency Ratio | |||||||
| Fixed charge coverage1 | |||||||
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| lululemon athletica inc. | |||||||
| Fixed Charge Coverage, Sector | |||||||
| Consumer Durables & Apparel | |||||||
| Fixed Charge Coverage, Industry | |||||||
| Consumer Discretionary | |||||||
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).
1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Nike Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |