Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Nike Inc., EBITDA calculation

US$ in millions

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net income	5,700)	5,070)	6,046)	5,727)	2,539)	4,029)
Add: Income tax expense	1,000)	1,131)	605)	934)	348)	772)
Earnings before tax (EBT)	6,700)	6,201)	6,651)	6,661)	2,887)	4,801)
Add: Interest expense	269)	291)	299)	296)	151)	131)
Earnings before interest and tax (EBIT)	6,969)	6,492)	6,950)	6,957)	3,038)	4,932)
Add: Depreciation	796)	703)	717)	744)	721)	705)
Add: Amortization, impairment and other	48)	156)	123)	53)	398)	15)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,813)	7,351)	7,790)	7,754)	4,157)	5,652)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Nike Inc. EBITDA decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Nike Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	111,560)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,813)
Valuation Ratio
EV/EBITDA	14.28
Benchmarks
EV/EBITDA, Competitors¹
lululemon athletica inc.	16.56
EV/EBITDA, Sector
Consumer Durables & Apparel	17.37
EV/EBITDA, Industry
Consumer Discretionary	23.76

Based on: 10-K (reporting date: 2024-05-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Nike Inc., historical EV/EBITDA 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)
Enterprise value (EV)¹	104,396)	162,776)	171,515)	248,616)	154,410)	134,665)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	7,813)	7,351)	7,790)	7,754)	4,157)	5,652)
Valuation Ratio
EV/EBITDA³	13.36	22.14	22.02	32.06	37.14	23.83
Benchmarks
EV/EBITDA, Competitors⁴
lululemon athletica inc.	22.74	24.36	27.43	39.99	23.64	21.89
EV/EBITDA, Sector
Consumer Durables & Apparel	—	22.55	22.92	32.97	34.40	—
EV/EBITDA, Industry
Consumer Discretionary	—	18.14	19.78	21.32	29.33	—

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 See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 104,396 ÷ 7,813 = 13.36

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Nike Inc. EV/EBITDA ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Nike Inc. (NYSE:NKE)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical