Posted: March 18th, 2023

Contemporary Financial Management Research Paper

Nike: Financial Analysis

The relevance of analyzing the financial stability and health of an entity cannot be overstated especially when it comes to the determination of the future performance of the concerned entity. This text undertakes an in-depth financial analysis of Nike, a well-known footwear, equipment, and apparel designer.

In seeking to conduct an in-depth analysis of Nike, I will amongst other things describe the company and its operations in significant detail, evaluate its vulnerability to financial threats, identify and discuss its financial trends, and discuss how its stock is likely to perform going forward. It is important to note that as I seek to further evaluate the financial performance of Nike, I will also rope in Skechers USA, Inc. A comparison of the two companies in this analysis will help in determining how well Nike is performing in its industry. A Nike competitor, Skechers happens to be in the same industry as Nike, i.e. The Textile — Apparel Footwear and Accessories industry.

Nike: Company Overview

From the onset, it is important to note that “Nike, Inc., together with its subsidiaries, engages in the design, development, marketing, and sale of footwear, apparel, equipment, and accessories for men, women, and children worldwide” (Yahoo! Finance, 2013). Founded by Bill Bowerman and Philip Knight, Nike has built a name for itself as a leading and fashionable brand with an almost fanatical customer base from across the world. Using its extensive distribution network, the company presently covers areas as far as Africa and the Middle East. It also avails kit uniforms to athletic teams from all over the world.

Headquartered in Oregon, Nike which employs 44,000 fulltime employees offers its products in several categories – seven to be precise. These categories according to Yahoo! Finance (2013) are “running, basketball, football, mens training, womens training, NIKE sportswear, and action sports.” It is however important to note that Nike also has interests in a wide range of other products including but not limited to athletic bags, kids’ products, sports accessories and apparel, performance items such as protective equipment, and digital devices, etc. (Yahoo! Finance. 2013). Although the company has in the past made use of various outlets and partnerships to avail its products to customers, advances in technology and more so the growing popularity of ecommerce has seen Nike add internet sales to its sales roster. For this reason, the company according to Yahoo! Finance (2013) offers its products for sale “through its retail stores and internet sales, as well as independent distributors, licensees, and sales representatives.” The company mainly targets athletes and urban youth. Nike’s current CEO is Mr. Mark G. Parker.

Given that I will also be making use of Skechers USA, Inc. For comparison purposes in this discussion, it would be prudent to make a mention of the company’s activities and operations in passing. In basic terms, Skechers USA, Inc. concerns itself with “the design, development, marketing, and distribution of footwear for men, women, and children” (Yahoo! Finance, 2013). Using advertising that is chiefly celebrity-driven, the company’s brand image is largely stylish and trendy and for this reason, one could conclude that it mainly targets the urban youth and fashion conscious individuals. As Yahoo! Finance (2013) further points out, the company as of February this year had “116 concept stores, 118 factory outlet stores, and 61 warehouse outlet stores in the United States; and 36 concept stores and 18 factory outlets internationally.”

An Evaluation of Nike’s Vulnerability to Current Financial Threats

In seeking to evaluate Nike’s vulnerability to a recession and higher interest rates, I will look into the entity’s ability to not only settle its financial obligations (short-term) but also its long-term solvency. This will largely be possible through the computation of the firm’s financial leverage and liquidity ratios.

Table 1

Ratio

Value (2012)

Current Ratio

2.98

Debt Ratio

0.33

Debt-to-Equity Ratio

0.49

A current ratio of 2.98 shows that Nike would not have any difficulty settling its obligations (short-term) should they become due. This is particularly the case given that a current ratio of more than 1 is an indicator that a firm’s current assets are sufficient to cover its current or short-term liabilities. Given its high current ration, Nike does not seem to have any current liquidity problems and for this reason, the company is likely to remain solvent during and after the downturn in economic activity/recession.

Next, we have the debt ratio which according to Graham and Smart (2011, p.44) “measures the proportion of total assets financed by the firm’s creditors.” Thus as the authors further point out, a high debt ratio is often an indicator that a given firm is making use of a significant amount of borrowed cash to fund its activities. In our case, Nike has a debt ratio of 0.33 or 33%. This is an indicator that less than half of Nike’s assets have been funded using debt. For this reason, one could say that Nike has a lower proportion of debt relative to its assets and thus its level or risk is low. Given that the company faces minimal risk with regard to debt-load, it is likely that it will navigate the recession quite easily. Further, the prevailing high interest rates are not likely to affect the company adversely. The lower debt ratio in this case also means that the business would find it easier to access additional loans to finance growth and expansion, especially given that lenders are more likely than not to advance loans to businesses whose long-term solvency is not under threat. This easy access to funds also means that Nike has an enhanced ability to withstand global competition as it could easily use the said funds to explore new markets, develop new markets, make the relevant acquisitions, and develop new products to remain relevant in the market.

When it comes to the debt-to-equity ratio, Graham and Smart (2011, p.44) observe that this particular ratio comes in handy in the measurement of a business entity’s financial leverage. A debt ratio of 0.49 in our case indicates that Nike’s debts (long-term) were 49% as large as the company’s shareholder’s equity. This is an indicator that the firm has not been very aggressive in funding its operations using debt. In that regard therefore, Nike’s earnings are not expected to be volatile as a result of higher interest rates.

It should also be noted that Nike’s special focus on the continuous improvement of its products could further enhance its ability to withstand global competition. According to the company’s current CEO, Nike is fully committed to innovation (Nike, 2013). As the CEO further points out, it is through this core commitment to innovation that the company hopes to amongst other things continue being a leader in its industry (Nike, 2013).

Financial Performance

In seeking to evaluate the financial performance of Nike, this section will focus on a number of financial ratios including profitability ratios, asset management ratios, and debt ratios. Comparisons will be made between the performance of Nike and another company in the same industry and sector.

Table 2

Ratios

Nike

Skechers

2012

2011

2010

2012

2011

2010

1. Profitability Ratios

Gross Profit Margin

0.43

0.46

0.46

0.44

0.39

0.45

2.

Return on Assets

0.14

0.14

0.13

0.07

0.10

3.

Return on Equity

0.21

0.22

0.20

0.01

0.15

4. Asset Management Ratios

Receivables Turnover

6.79

6.05

6.56

6.30

7.24

6.98

5.

Inventory Turnover

4.08

4.18

5.00

2.59

4.34

2.75

6.

Total Asset Turnover Ratio

1.56

1.39

1.32

1.16

1.25

1.54

Discussion

Using the figures outlined in the table above, it would be possible to not only determine Nike’s stability and health but also its projected financial performance. To begin with, it is important to note that over the three-year period, the gross profit margin of Nike has been relatively stable, i.e. It has not significantly fluctuated. This is unlike that of Skechers which experienced a significant dip in 2011. In basic terms, the gross profit margin as Moyer, McGuigan, Rao, and Kretlow (2012) point out seeks to measure the profitability (relative) of the sales of a given business entity after the deduction of costs of sales. For this reason, this ratio according to the authors reveals how efficient the management of a firm is in coming up with pricing decisions and in production costs control. For this reason, an inadequate gross profit margin is an indicator of a firm’s inability to settle its operating expenses. In the most recent financial year, Nike’s gross profit margin was 0.43. This effectively means that what Nike is left with at the end of the day after deducting COGS-related expenses is $0.43. The gross profit margin in this case is slightly lower than that of Skechers and for this reason, Nike should in future adopt measures aimed at lowering its production costs.

Next, we have the return on assets ratio. In basic terms, this particular ratio seeks to establish how effectively the assets of a given entity are being used in profit generation. For this reason, a high return on assets ratio is always desirable as it essentially indicates that an entity is raking in more profits on less investment. During the most recent financial year, Nike had a ROA of 14%. Skechers on the other hand had a ROA of only 7%. It is clear that in this case, Nike is far much better than Skechers in the conversion of investment to profit. This is also an indicator that Nike also has a superior and more effective managerial team. In comparison to 2010, the company’s ROA has also improved within the last two years. It is also important to note that during the most recent financial year, Nike had a higher return on equity ratio than Skechers. As a measure of the profit an entity earns on each dollar invested in its stock, this means that Nike’s shareholders were better-off than those of Skechers which had a return on equity of only 0.10 against that of Nike which was 0.21. Unlike that of Skechers, the ROE of Nike has also been on the increase over the three-year period (see table 2). We could therefore hypothesize that Nike’s profitability is largely impressive in relation to that of its competitors (herein represented by Skechers). This is an indication that Nike is likely to continue producing market beating returns for its stockholders going forward.

Next, when it comes to the receivables turnover ratio, Stickney, Weil, Schipper, and Francis (2010) note that this particular ratio comes in handy in the determination of how swift a firm is in the collection of cash. A high ratio is thus desirable to a low ratio largely because the latter implies that an entity is inefficient in its collection of accounts receivables. During the most recent financial year, Skechers has a lower receivables turnover ratio than Nike. This is an indication of Nike’s efficiency when it comes to the collection of accounts receivables. Looking at the ratio during the previous year, i.e. 2011, it is clear that Nike undertook to enhance its credit policies to ensure that imparted credit was collected on a timely basis. Next, the inventory turnover ratio according to Graham and Smart (2011, p.42) “provides a measure of how quickly a firm sells its goods.” For this reason, a low inventory turnover ratio is an indication of poor sales. During the most recent financial year, the inventory turnover ratio of Nike was 4.08 while that of Skechers was 2.59. In comparison to Skechers therefore, Nike appears to be having stronger sales. Should this trend continue into the future, Nike will most likely continue to rake in higher returns for its shareholders.

Lastly, we have the total asset turnover ratio which in the words of Graham and Smart (2011, p.43) “indicates the efficiency with which a firm uses all its assets to generate sales.” From table 2 above, it is clear that while the total asset turnover ratio of Nike has been on the increase during the three years under consideration, that of Skechers has been on the decrease during the same period. The increasing total asset turnover ratio in the case of Nike is an indication that the firm’s efficiency in the utilization of assets to generate sales has been on the increase. For this reason, it is highly likely that Nike will continue to see its profit margin increase going forward.

Stock Price Analysis

Basically, the stock price of Nike has been on the increase from a low of 36.19 on May 28th 2010, to 42.31 on May 27th 2011, to 54.39 on May 25th 2012 (MorningStar, 2013). It is also important to note that with regard to each outstanding share of common stock, Nike has over the three-year period undertaken to increase profit allocation. This is particularly the case given that during the period under consideration, the company has had an EPS of 1.93, 2.195, and 2.365 for the years 2010, 2011, and 2012 respectively (NASDQ, 2013). The growth in EPS is an indication that the stock of Nike is likely to perform even better going forward. In my view, the type of investor likely to be drawn to this kind of stock is the value investor. This is more so the case given the growth trajectory the stock has exhibited over time. Essentially, value investors scout for stocks having a price-to-earnings ratio that happens to be lower-than-average. To improve stock performance, the management of Nike could amongst other things institute share buy-backs, seek to cut expenses by amongst other things laying off redundant employees, enhance company earnings by embracing effective resource management practices, etc. The latter two moves would in addition to increasing Nike’s revenues also enhance its earnings per share.

Conclusion

Based on the discussion above, it should be noted that Nike’s current performance is largely impressive. In addition to having a competent cast of management (based on its impressive return on assets), the company has within the three-year period also raked in healthy returns for its stockholders. In the final analysis, the company is likely to continue performing well into the future.

References

Graham, J.R. & Smart, S.B. (2011). Introduction to Corporate Finance (3rd ed.). Mason, OH: Cengage Learning.

MorningStar. (2013). Nike, Inc. Class B NKE. Retrieved June 13, 2013, from: http://quotes.morningstar.com/stock/s?t=NKE

Moyer, R.C., McGuigan, J.R., Rao, R.P. & Kretlow, W.J. (2012). Contemporary Financial Management (12th ed.). Mason, OH: Cengage Learning.

NASDQ. (2013, June 13). Nike, Inc. Revenue & Earnings Per Share (EPS). Retrieved June 13, 2013, from: http://www.nasdaq.com/symbol/nke/revenue-eps

Nike. (2013). History and Heritage. Retrieved June 12, 2013, from: http://nikeinc.com/pages/history-heritage

Stickney, C.P., Weil, R.L., Schipper, K. & Francis, J. (2010). Financial Accounting: An Introduction to Concepts, Methods, and Uses (13th ed.). Mason, OH: Cengage Learning.

Yahoo! Finance. (2013, June 12). Nike Inc. (NKE) — NYSE. Retrieved June 12, 2013, from: http://finance.yahoo.com/q/pr?s=NKE+Profile

Yahoo! Finance. (2013, June 12). Skechers USA Inc. (SKX) – NYSE. Retrieved June 12, 2013, from: http://finance.yahoo.com/q/pr?s=SKX+Profile

Appendix

Nike Income Statement

Period Ending

May 30, 2012

May 30, 2011

May 30, 2010

Total Revenue

24,128,000

20,862,000

19,014,000

Cost of Revenue

13,657,000

11,354,000

10,214,000

Gross Profit

10,471,000

9,508,000

8,800,000

Operating Expenses

Research Development

Selling General and Administrative

7,431,000

6,693,000

6,326,000

Non-Recurring

Others

Total Operating Expenses

Operating Income or Loss

3,040,000

2,815,000

2,474,000

Income from Continuing Operations

Total Other Income/Expenses Net

(54,000)

33,000

49,000

Earnings Before Interest And Taxes

2,986,000

2,848,000

2,523,000

Interest Expense

3,000

4,000

6,000

Income Before Tax

2,983,000

2,844,000

2,517,000

Income Tax Expense

760,000

711,000

610,000

Minority Interest

Net Income From Continuing Ops

2,223,000

2,133,000

1,907,000

Non-recurring Events

Discontinued Operations

Extraordinary Items

Effect Of Accounting Changes

Other Items

Net Income

2,223,000

2,133,000

1,907,000

Preferred Stock And Other Adjustments

Net Income Applicable To Common Shares

2,223,000

2,133,000

1,907,000

Nike Balance Sheet

Period Ending

May 30, 2012

May 30, 2011

May 30, 2010

Assets

Current Assets

Cash And Cash Equivalents

2,317,000

1,955,000

3,079,000

Short-Term Investments

1,440,000

2,583,000

2,067,000

Net Receivables

3,554,000

3,450,000

2,899,000

Inventory

3,350,000

2,715,000

2,041,000

Other Current Assets

870,000

594,000

873,000

Total Current Assets

11,531,000

11,297,000

10,959,000

Long-Term Investments

Property Plant and Equipment

2,279,000

2,115,000

1,932,000

Goodwill

201,000

205,000

188,000

Intangible Assets

535,000

487,000

467,000

Accumulated Amortization

Other Assets

Deferred Long-Term Asset Charges

919,000

894,000

873,000

Total Assets

15,465,000

14,998,000

14,419,000

Liabilities

Current Liabilities

Accounts Payable

3,708,000

3,571,000

3,218,000

Short/Current Long-Term Debt

157,000

387,000

146,000

Other Current Liabilities

Total Current Liabilities

3,865,000

3,958,000

3,364,000

Long-Term Debt

228,000

276,000

446,000

Other Liabilities

Deferred Long-Term Liability Charges

991,000

921,000

855,000

Minority Interest

Negative Goodwill

Total Liabilities

5,084,000

5,155,000

4,665,000

Stockholders’ Equity

Misc Stocks Options Warrants

Redeemable Preferred Stock

Preferred Stock

Common Stock

3,000

3,000

3,000

Retained Earnings

5,588,000

5,801,000

6,095,000

Treasury Stock

Capital Surplus

4,641,000

3,944,000

3,441,000

Other Stockholder Equity

149,000

95,000

215,000

Total Stockholder Equity

10,381,000

9,843,000

9,754,000

Net Tangible Assets

9,645,000

9,151,000

9,099,000

Skechers Income Statement

Period Ending

Dec 30, 2012

Dec 30, 2011

Dec 30, 2010

Total Revenue

1,560,321

1,606,016

2,006,868

Cost of Revenue

876,995

982,268

1,094,962

Gross Profit

683,326

623,748

911,906

Operating Expenses

Research Development

Selling General and Administrative

667,293

721,164

719,734

Non-Recurring

43,935

1,172

Others

Total Operating Expenses

Operating Income or Loss

15,215

(141,351)

191,000

Income from Continuing Operations

Total Other Income/Expenses Net

8,582

18,157

8,625

Earnings Before Interest And Taxes

23,797

(123,194)

199,625

Interest Expense

13,324

7,853

3,022

Income Before Tax

10,473

(131,047)

196,603

Income Tax Expense

(39)

(63,467)

60,198

Minority Interest

(1,000)

96

(257)

Net Income From Continuing Ops

9,512

(67,484)

136,148

Non-recurring Events

Discontinued Operations

Extraordinary Items

Effect Of Accounting Changes

Other Items

Net Income

9,512

(67,484)

136,148

Preferred Stock And Other Adjustments

Net Income Applicable To Common Shares

9,512

(67,484)

136,148

Skechers Balance Sheet

Period Ending

Dec 30, 2012

Dec 30, 2011

Dec 30, 2010

Assets

Current Assets

Cash And Cash Equivalents

325,826

351,144

233,558

Short-Term Investments

Net Receivables

247,719

221,795

287,427

Inventory

339,012

226,407

398,588

Other Current Assets

27,755

88,005

53,791

Total Current Assets

940,312

887,351

973,364

Long-Term Investments

Property Plant and Equipment

362,446

376,446

293,802

Goodwill

Intangible Assets

3,242

4,148

7,367

Accumulated Amortization

Other Assets

17,833

13,413

17,938

Deferred Long-Term Asset Charges

16,387

12,323

Total Assets

1,340,220

1,281,888

1,304,794

Liabilities

Current Liabilities

Accounts Payable

278,448

247,994

276,980

Short/Current Long-Term Debt

14,093

60,472

30,330

Other Current Liabilities

Total Current Liabilities

292,541

308,466

307,310

Long-Term Debt

128,517

76,531

51,650

Other Liabilities

Deferred Long-Term Liability Charges

73

4,364

Minority Interest

43,120

39,966

37,631

Negative Goodwill

Total Liabilities

464,251

429,327

396,591

Stockholders’ Equity

Misc Stocks Options Warrants

Redeemable Preferred Stock

Preferred Stock

Common Stock

50

49

48

Retained Earnings

542,041

532,529

600,013

Treasury Stock

Capital Surplus

336,278

320,877

303,877

Other Stockholder Equity

(2,400)

(894)

4,265

Total Stockholder Equity

875,969

852,561

908,203

Net Tangible Assets

872,727

848,413

900,836

Notes

All numbers in thousands except where stated otherwise

All numbers in USD except where stated otherwise

All financial statements sourced from Yahoo! Finance

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