Nike Inc., current enterprise value calculation

Current share price (P)	$73.91
No. shares of common stock outstanding	1,488,495,736
US$ in millions
Common equity (market value)¹	110,015)
Total equity	110,015)
Add: Current portion of long-term debt (per books)	1,000)
Add: Notes payable (per books)	6)
Add: Long-term debt, excluding current portion (per books)	7,903)
Total equity and debt	118,924)
Less: Cash and equivalents	9,860)
Less: Short-term investments	1,722)
Enterprise value (EV)	107,342)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 73.91 × 1,488,495,736

Nike Inc., EV calculation

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Share price^1, 2	$71.41	$107.53	$111.62	$159.74	$98.43	$86.70
No. shares of common stock outstanding¹	1,499,358,944	1,529,971,608	1,568,555,905	1,581,801,224	1,559,888,549	1,566,888,373
US$ in millions
Common equity (market value)³	107,069)	164,518)	175,082)	252,677)	153,540)	135,849)
Total equity	107,069)	164,518)	175,082)	252,677)	153,540)	135,849)
Add: Current portion of long-term debt (book value)	1,000)	—)	500)	—)	3)	6)
Add: Notes payable (book value)	6)	6)	10)	2)	248)	9)
Add: Long-term debt, excluding current portion (book value)	7,903)	8,927)	8,920)	9,413)	9,406)	3,464)
Total equity and debt	115,978)	173,451)	184,512)	262,092)	163,197)	139,328)
Less: Cash and equivalents	9,860)	7,441)	8,574)	9,889)	8,348)	4,466)
Less: Short-term investments	1,722)	3,234)	4,423)	3,587)	439)	197)
Enterprise value (EV)	104,396)	162,776)	171,515)	248,616)	154,410)	134,665)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Nike Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 71.41 × 1,499,358,944

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Nike Inc. EV decreased from 2022 to 2023 and from 2023 to 2024.

Nike Inc. (NYSE:NKE)

Enterprise Value (EV)