OSV Stock Analyzer Sample VCD2a

Nike Inc.
(NKE)
Figures in Millions except per share values
May 3, 2014
Company Overview
NIKE, Inc., together with its subsidiaries, engages in the design, development,
marketing, and sale of athletic footwear, apparel, equipment, and accessories, as well
as in the provision of services to men, women, and kids worldwide. The company
offers products in seven categories, including running, basketball, football, mens
training, womens training, NIKE sportswear, and action sports Under the NIKE and
Jordan brand names. It also markets products designed for kids, as well as for other
athletic and recreational uses, such as baseball, cricket, golf, lacrosse, outdoor
activities, football, tennis, volleyball, walking, and wrestling. The company offers
performance equipment, including bags, socks, sport balls, eyewear, timepieces,
digital devices, bats, gloves, protective equipment, golf clubs, and other equipment
under the NIKE brand name for sports activities; various plastic products to other
manufacturers; athletic and casual footwear, apparel, and accessories under the
Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell
trademarks; and action sports and youth lifestyle apparel and accessories under the
Strong Moat
Well Managed
Margin of Safety
72.99
8.12
16.82
41.23
62.52
52.44
98.17
51.33
Mkt Cap ($M)

Enterprise Value ($M) TTM
52 Wk High
52 Wk Low
% off 52Wk Low
$80.00
-100.0%
$70.00
-100.0%
$60.00
-77.0%
$50.00
-16.8%
$40.00
-39.2%
$30.00
25.7%
-42.2%
Key Statistics
Under Valued
Price vs DCF Intrinsic Value
$90.00
$
$
$
$
$
$
$
$
High Growth
Good
Financials
Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
EBIT Multiple Valuation
Katsenelson Absolute PE
Ben Graham Formula
Low Risk
5
4
3
2
1
0
$20.00
$10.00
$0.00
Industry: Textile - Apparel Footwear & Accessories
May-03
Earnings Date
20-Mar-14
Shares Outstanding
878
Shares Float
696
Insider Ownership
0.10%
Company Stats
$
$
$
$
64,095.44
62,665.69
80.26
59.11
23.5%
Insider Transactions
Cash Flows
Free Cash Flow
5 yr FCF Growth
10 yr FCF Growth
0.6%
0.8%
Altman (MRQ)
Beneish (TTM)
Effectiveness
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg
21.2%
6.9%
14.1%
21.4%
Efficiency
Receivables Turnover (TTM)
Inventory Turnover (TTM)
Days Sales Outstanding (TTM)
Institutional Ownership
Float Short
Short Ratio
Piotroski (TTM)
May-07
P/E
P/E (cash adjusted)
EV/EBITDA
EV/EBIT
7.5
-2.9
May-09
May-11
May-13
Intrinsic Value
Fundamental Ratios
0.2%
85.1%
1.0%
1.8
8
P/S
P/BV
2012
Buy Price
2013
TTM
22.40
20.71
13.31
15.35
22.92
20.52
13.91
16.00
23.36
21.53
15.09
17.72
2.13
4.80
2.25
5.11
2.53
5.86
Margins & Profitability
P/Tang BV
P/CF
5.04
16.25
5.35
17.18
6.14
17.60
Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin
P/FCF
FCF/S
FCF Yield
Magic Earnings Yield
ROE
ROA
38.25
5.6%
2.6%
6.5%
21.4%
14.4%
23.82
9.4%
4.2%
6.3%
22.3%
14.1%
35.04
7.2%
2.9%
5.6%
25.1%
16.0%
ROIC
CROIC
21.1%
12.1%
19.7%
19.1%
21.1%
14.9%
3.05
0.03
4.44
3.47
0.11
4.29
3.53
0.11
3.97
44.3%
13.6%
9.9%
Financial Strength (MRQ)

8.3
4.0
44.5
May-05
Stock Price
Current Ratio(MRQ)
Quick Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)
3.4
2.4
0.1
0.1
Current Ratio
Total Debt/Equity Ratio
Inventory Turnover
Selected Financial Statements

(In Millions, Except per Share Amounts)
Revenue
Gross Profit
Margin %
R&D
Margin %
Operating Income
Margin %
Net Income
Margin %
Earnings Per Share
Basic
Diluted
$
$
$
$
$
$
$
Weighted Average Diluted Shares

Outstanding
Dividends Per Share
Dividend Yield
Net Cash From Operating Activities
$
$
2009
19,176
8,604
44.87%
0.00%
2,072
10.80%
1,487
7.75%
1.53
1.51
$
$
$
$
$
$
$
2010
19,014
8,800
46.28%
0.00%
2,078
10.93%
1,907
10.03%
1.96
1.93
$
$
$
$
$
$
$
2011
20,117
9,202
45.74%
0.00%
2,483
12.34%
2,133
10.60%
2.24
2.20
$
$
$
$
$
$
$
2012
23,331
10,148
43.50%
0.00%
2,678
11.48%
2,223
9.53%
2.42
2.37
$
$
$
$
$
$
$
2013
25,313
11,034
43.59%
0.00%
2,741
10.83%
2,485
9.82%
2.77
2.71
$
$
$
$
$
$
$
TTM/Latest
26,286
11,634
44.26%
0.00%
3,058
11.63%
2,851
10.85%
3.19
3.13
981.40
987.80
971.30
939.60
916.40
910.60
0.48 $
1.75%
1,736 $
0.51 $
1.52%
3,164 $
0.57 $
1.48%
1,812 $
0.66 $
1.24%
1,899 $
0.77 $
1.23%
3,027 $
0.82
1.13%
2,711
(Dollars in Millions)
Net Property, Plants & Equipment

Total Assets
Long-term Debt
Stockholders' Equity
$
$
$
$
1,958
13,250
1,280
8,693
$
$
$
$
1,932
14,419
1,301
9,754
$
$
$
$
2,115
14,998
1,197
9,843
$
$
$
$
2,209
15,465
1,202
10,381
$
$
$
$
2,452
17,584
2,502
11,156
$
$
$
$
2,645
17,820
2,625
11,344
Enter Ticker
Nike Inc.
May 3, 2014
This is a sample only.

See each section to understand the data and models provided.
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(NKE)
Annual
Annual Statements
2004
Income Statement
2005
2006
Revenue
Cost of Revenues
COGS (%)
Gross Profit
Gross Income (%)
$
$
$
12,253.1
7,001.4
57.1%
5,251.7
42.9%
2007
$
$
$
13,739.7
7,624.3
55.5%
6,115.4
44.5%
2008
2009
2010
2011
6
5
4
3
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$
16,325.9 $
18,627.0 $
19,176.1 $
19,014.0 $
$
$
$
14,954.9
8,367.9
56.0%
6,587.0
44.0%
$
$
9,165.4
56.1%
7,160.5
43.9%
10,239.6
55.0%
8,387.4
45.0%
10,571.7
55.1%
8,604.4
44.9%
10,214.0
53.7%
8,800.0
46.3%
Everything is unlocked.
$
$
$
2012
2013
20,117.0
10,915.0
54.3%
9,202.0
45.7%
$
$
$
23,331.0
13,183.0
56.5%
10,148.0
43.5%
11/30/2012
2/28/2013
5/31/2013
8/31/2013
11/30/2013
Q2
Q3
Q4
Q1
Q2
$
$
$
25,313.0
14,279.0
56.4%
11,034.0
43.6%
$
$
$
5,955.0
3,425.0
57.5%
2,530.0
42.5%
$
$
$
6,187.0
3,451.0
55.8%
2,736.0
44.2%
$
$
$
6,697.0
3,757.0
56.1%
2,940.0
43.9%
1000000
TTM
$
$
$
6,971.0
3,839.0
55.1%
3,132.0
44.9%
$
$
$
6,431.0
3,605.0
56.1%
2,826.0
43.9%
$
$
$
26,286.0
14,652.0
55.7%
11,634.0
44.3%
Operating Expenses
Selling, General & Admin. Expenses
SG&A (%)
Research & Development
R&D (%)
EBITDA
EBITDA (%)
Other Special Charges
Depreciation & Amortization
Depreciation & Amortization (%)
$
$
3,702.0
30.2%
0.0%
1,863.2
15.2%
313.5
2.6%
$
$
$
4,221.7
30.7%
0.0%
2,181.4
15.9%
$
$
287.7
1,236.20
10.1%
EBIT
$
1,475.0
EBIT (%)
12.0%
Interest Expense
$
25.0
Interest Income
$
Other Income
$
(74.7)
Total Other Income
$
(74.7)
Income Before Taxes (EBT)
$
1,450.0
Income Taxes/(Credit)
$
504.4
34.8%
Tax Rate %
Earnings After Taxes
$
945.6
Minority Interest Expense
$
Net Income From Continuing Operations$
945.6
Net Income From Discontinued Operations $
Extraordinary Income Losses
$
Income From Cummulated Effect Of Accounting
$
Changes
Income From Tax Loss Carry Forward
$
Other Gains/Losses
$
-
Operating Income
Operating Income (%)
$
$
$
4,477.8
29.9%
0.0%
2,400.1
16.0%
$
$
290.9
1,606.00
11.7%
1,864.6
13.6%
$
$
$
$
4.8
(29.1)
(29.1)
$
$
$
5,028.7
30.8%
0.0%
2,402.0
14.7%
$
$
270.2
1,818.30
12.2%
2,141.6
14.3%
$
$
$
$
36.8
(4.4)
32.4
2.1%
$
$
$
5,953.7
32.0%
0.0%
2,755.2
14.8%
$
$
321.5
1,861.60
11.4%
2,199.9
13.5%
$
$
$
$
67.2
0.9
68.9
1.9%
$
$
$
6,149.6
32.1%
0.0%
2,838.1
14.8%
$
$
(401.3)
383.3
2,112.20
11.3%
2,578.0
13.8%
$
$
$
$
75.1
152.2
(7.9)
145.6
1.7%
$
$
$
6,326.0
33.3%
0.0%
2,870.0
15.1%
$
$
396.0
2,071.50
10.8%
1,956.5
10.2%
$
$
$
$
9.5
88.5
97.1
1.7%
$
$
$
6,361.0
31.6%
0.0%
3,199.0
15.9%
$
$
358.0
2,078.00
10.9%
2,523.0
13.3%
$
$
$
$
6.0
49.0
48.0
2.0%
$
$
$
7,065.0
30.3%
0.0%
3,488.0
15.0%
$
$
405.0
2,483.00
12.3%
2,862.0
14.2%
$
$
$
$
4.0
17.0
21.0
2.1%
$
$
$
7,780.0
30.7%
0.0%
3,767.0
14.9%
$
$
513.0
2,678.00
11.5%
3,025.0
13.0%
$
$
$
$
4.0
(62.0)
(58.0)
1.8%
$
$
$
1,836.0
30.8%
0.0%
823.0
13.8%
$
$
129.0
2,741.00
10.8%
3,275.0
12.9%
$
$
$
$
3.0
21.0
20.0
1.7%
$
$
$
1,863.0
30.1%
0.0%
966.0
15.6%
$
$
93.0
565.00
9.5%
712.0
12.0%
$
$
$
$
1.0
17.0
18.0
2.0%
$
$
$
2,022.0
30.2%
0.0%
1,072.0
16.0%
$
$
154.0
780.00
12.6%
858.0
13.9%
$
$
$
$
2.0
(17.0)
(14.0)
2.2%
$
$
$
2,056.0
29.5%
0.0%
1,229.0
17.6%
$
$
153.0
764.00
11.4%
905.0
13.5%
$
$
$
$
3.0
(6.0)
(7.0)
(17.0)
1.5%
$
$
$
2,088.0
32.5%
0.0%
885.0
13.8%
$
$
$
8,029.0
30.5%
0.0%
4,152.0
15.8%
$
$
147.0
$
$
547.0
923.00
13.2%
591.00
9.2%
3,058.00
11.6%
1,048.0
15.0%
725.0
11.3%
3,536.0
$
$
$
$
8.0
(28.0)
(27.0)
$
$
$
$
8.0
(13.0)
(13.0)
$
$
$
$
2.3%
2.2%
2.3%
2.1%
Other Income and Expense
Net Income Total

Net Income (%)
13.5%
19.0
(4.0)
(65.0)
(71.0)
1,859.8
2,141.6
2,199.9
2,502.9
1,956.5
2,517.0
2,862.0
3,025.0
3,272.0
712.0
858.0
902.0
1,040.0
717.0
648.2
749.6
708.4
619.5
469.8
610.0
690.0
756.0
808.0
191.0
196.0
206.0
260.0
180.0
842.0
34.9%
1,211.6
35.0%
1,392.0
32.2%
1,491.5
24.8%
1,883.4
24.0%
1,486.7
24.2%
1,907.0
24.1%
2,172.0
25.0%
2,269.0
24.7%
2,464.0
26.8%
521.0
22.8%
662.0
22.8%
696.0
25.0%
780.0
25.1%
537.0
23.9%
2,675.0
$
$
$
$
1,211.6
-
$
$
$
$
1,392.0
-
$
$
$
$
1,491.5
-
$
$
$
$
1,883.4
-
$
$
$
$
1,486.7
-
$
$
$
$
1,907.0
-
$
$
$
$
2,172.0
(39.0)
-
$
$
$
$
2,269.0
(46.0)
-
$
$
$
$
2,464.0
21.0
-
$
$
$
$
$
521.0
(137.0)
-
$
$
$
$
$
662.0
204.0
-
$
$
$
$
$
696.0
(28.0)
-
$
$
$
$
$
780.0
-
$
$
$
$
$
537.0
-
$
$
$
$
2,675.0
176.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,517.0
$
$
$
945.6
7.7%
1,211.6
8.8%
1,392.0
9.3%
1,491.5
9.1%
1,883.4
10.1%
1,486.7
7.8%
1,907.0
10.0%
2,133.0
10.6%
2,223.0
9.5%
2,485.0
9.8%
384.0
6.4%
866.0
14.0%
668.0
10.0%
780.0
11.2%
537.0
8.4%
2,851.0
10.8%
$
$
$
0.90
0.88
0.17
1,052.8
1,078.8
$
$
1.15
1.12
$
$
1.34
1.32
$
$
1.48
1.46
$
$
1.90
1.87
$
$
1.53
1.51
$
$
1.96
1.93
$
$
2.24
2.20
$
$
2.42
2.37
$
$
2.77
2.71
$
$
0.43
0.42
$
$
0.97
0.95
$
$
0.74
0.73
$
$
0.88
0.86
$
$
0.60
0.59
$
$
3.19
3.13
0.24
1,050.4
1,081.2
0.30
1,036.0
1,055.2
0.34
1,007.6
1,019.8
0.42
991.2
1,008.2
0.48
969.8
981.4
0.52
971.0
987.8
0.58
951.1
971.3
0.85
920.0
939.6
0.81
897.3
916.4
897.0
913.1
0.42
893.9
911.7
0.21
897.3
916.4
0.21
889.4
910.7
888.0
910.6
0.84
878.1
910.6
Shares and EPS

Total Basic EPS
Fully Diluted EPS
Dividends Paid Per Share
Basic Shares Outstanding
Diluted Shares Outstanding
User Defined Shares Outstanding
Balance Sheet
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
11/30/2012
2/28/2013
5/31/2013
8/31/2013
11/30/2013
Q2
Q3
Q4
Q1
Q2
MRQ
Assets
Cash and Equiv
Short-Term Investments
Net Receivables
$
$
$
828.0
400.8
2,120.2
$
$
$
1,388.1
436.6
2,262.1
$
$
$
Inventories, raw materials
13.3
2.5
Inventories, work in progress

Inventories, purchased components
$
$
10.6
-
$
$
1.5
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Inventories, finished goods
1,626.3
1,807.1
2,121.9
2,357.0
2,040.8
2,715.0
3,222.0
3,434.0
3,329.0
3,434.0
3,472.0
3,695.0
3,695.0
Inventories, other
Inventories
Prepaid Expenses
Current Deferred Income Taxes
Other Current Assets
$
$
$
$
$
1,650.2
364.4
165.0
-
$
$
$
$
$
1,811.1
343.0
110.2
-
$
$
$
$
$
2,076.7
2,076.7
380.1
203.3
-
$
$
$
$
$
2,121.9
393.2
219.7
-
$
$
$
$
$
2,438.4
2,438.4
602.3
227.2
-
$
$
$
$
$
2,357.0
765.6
272.4
-
$
$
$
$
$
2,040.8
873.9
248.8
-
$
$
$
$
$
2,715.0
594.0
312.0
-
$
$
$
$
$
3,222.0
857.0
262.0
615.0
$
$
$
$
$
3,434.0
802.0
308.0
-
$
$
$
$
$
3,318.0
3,318.0
733.0
327.0
344.0
$
$
$
$
$
3,329.0
882.0
275.0
29.0
$
$
$
$
$
3,434.0
802.0
308.0
-
$
$
$
$
$
3,472.0
1,053.0
308.0
-
$
$
$
$
$
3,695.0
1,202.0
315.0
-
$
$
$
$
$
3,695.0
1,202.0
315.0
-
Total Current Assets

Land and Improvements
Building and Improvements
Machinery, Furniture & Equipment
Construction in Progress
Other Fixed Assets
Total Fixed Assets
Net Fixed Assets
Intangible Assets
Goodwill
Non Current Deferred Income Taxes
Other Long-Term Assets
Total Long-Term Assets
$
$
$
$
$
$
$
$
$
$
$
$
$
5,528.6
179.5
1,334.9
1,608.6
60.4
3,183.4
1,611.8
501.7
266.6
2,380.1
6,351.1
7,359.0
8,076.5
8,839.3
9,734.0
10,959.2
11,297.0
11,845.0
13,626.0
11,435.0
11,789.0
13,626.0
13,618.0
13,607.0
13,607.0
$
$
$
$
$
$
185.4
1,392.3
1,528.4
73.1
3,179.2
$
$
$
$
$
$
195.9
1,469.3
1,661.7
81.4
3,408.3
$
$
$
$
$
$
193.8
1,513.7
1,817.2
94.4
3,619.1
$
$
$
$
$
$
209.4
1,691.9
2,005.0
196.7
4,103.0
$
$
$
$
$
$
221.6
1,776.0
2,094.3
163.8
4,255.7
$
$
$
$
$
$
222.8
1,772.5
2,217.5
177.0
4,389.8
$
$
$
$
$
$
237.0
2,055.0
2,487.0
127.0
4,906.0
$
$
$
$
$
$
252.0
2,041.0
2,654.0
110.0
5,057.0
$
$
$
$
$
$
268.0
2,119.0
2,985.0
128.0
5,500.0
$
$
$
$
$
$
5,310.0
5,310.0
$
$
$
$
$
$
5,370.0
5,370.0
$
$
$
$
$
$
268.0
2,119.0
2,985.0
128.0
5,500.0
$
$
$
$
$
$
2,557.0
2,557.0
$
$
$
$
$
$
2,645.0
2,645.0
$
$
$
$
$
$
2,645.0
2,645.0
1,605.8
1,657.7
1,678.3
1,891.1
1,957.7
1,931.9
2,115.0
2,209.0
2,452.0
2,258.0
2,260.0
2,452.0
2,557.0
2,645.0
2,645.0
$
$
$
541.5
295.2
$
$
$
405.5
130.8
316.6
$
$
$
409.9
130.8
392.8
$
$
$
743.1
448.8
520.4
$
$
$
467.4
193.5
897.0
$
$
$
467.0
187.6
873.6
$
$
$
487.0
205.0
894.0
$
$
$
370.0
131.0
910.0
$
$
$
382.0
131.0
993.0
$
$
$
374.0
131.0
973.0
$
$
$
376.0
131.0
1,059.0
$
$
$
382.0
131.0
993.0
$
$
$
383.0
131.0
985.0
$
$
$
385.0
131.0
1,052.0
$
$
$
385.0
131.0
1,052.0
$
$
2,442.5
$
$
2,510.6
$
$
2,611.8
$
$
3,603.4
$
$
3,515.6
$
$
3,460.1
$
$
3,701.0
$
$
3,620.0
$
$
3,958.0
$
$
3,736.0
$
$
3,826.0
$
$
3,958.0
$
$
4,056.0
$
$
4,213.0
$
$
4,213.0
Total Assets
7,908.7
8,793.6
9,869.6
10,688.3
12,442.7
13,249.6
14,419.3
14,998.0
15,465.0
17,584.0
15,171.0
15,615.0
17,584.0
17,674.0
17,820.0
17,820.0
Accounts payable
Short-Term Debt + Notes Payable
Taxes Payable
Accrued Expenses
Accrued Liabilities
Deferred Revenues
Current Deferred Income Taxes
Other Current Liabilities
$
$
$
$
$
$
$
$
780.4
152.6
979.3
118.2
$
$
$
$
$
$
$
$
843.9
76.0
984.3
95.0
$
$
$
$
$
$
$
$
952.2
298.7
1,286.9
85.5
$
$
$
$
$
$
$
$
1,040.3
131.3
1,303.4
109.0
$
$
$
$
$
$
$
$
1,287.6
184.0
1,761.9
88.0
$
$
$
$
$
$
$
$
1,031.9
374.9
1,662.5
207.7
$
$
$
$
$
$
$
$
1,254.5
146.0
1,773.7
190.0
$
$
$
$
$
$
$
$
1,469.0
387.0
1,985.0
117.0
$
$
$
$
$
$
$
$
1,549.0
157.0
1,552.0
624.0
$
$
$
$
$
$
$
$
1,646.0
178.0
1,572.0
530.0
$
$
$
$
$
$
$
$
1,519.0
158.0
1,370.0
752.0
$
$
$
$
$
$
$
$
1,241.0
160.0
1,428.0
671.0
$
$
$
$
$
$
$
$
1,646.0
178.0
1,572.0
530.0
$
$
$
$
$
$
$
$
1,559.0
168.0
1,482.0
654.0
$
$
$
$
$
$
$
$
1,612.0
187.0
1,514.0
538.0
$
$
$
$
$
$
$
$
1,612.0
187.0
1,514.0
538.0
Total Current Liabilities

Long-Term Debt
Other Liabilities
Deferred Income Taxes
Total Long-Term Liabilities
$
$
$
$
$
2,030.5
682.4
413.8
1,096.5
1,999.2
2,623.3
2,584.0
3,321.5
3,277.0
3,364.2
3,958.0
3,882.0
3,926.0
3,799.0
3,500.0
3,926.0
3,863.0
3,851.0
3,851.0
$
$
$
687.3
462.6
$
$
$
410.7
550.1
$
$
$
409.9
668.7
$
$
$
441.1
854.5
$
$
$
437.2
842.0
$
$
$
445.8
855.3
$
$
$
276.0
921.0
$
$
$
228.0
974.0
$
$
$
1,210.0
1,292.0
$
$
$
170.0
1,188.0
$
$
$
161.0
1,287.0
$
$
$
1,210.0
1,292.0
$
$
$
1,207.0
1,322.0
$
$
$
1,201.0
1,424.0
$
$
$
1,201.0
1,424.0
1,150.2
961.1
1,078.9
1,295.9
1,279.5
1,301.4
1,197.0
1,202.0
2,502.0
1,358.0
1,448.0
2,502.0
2,529.0
2,625.0
2,625.0
Total Liabilities
Retained Earnings
Preferred Equity
$
$
$
3,127.0
3,982.9
-
3,149.4
3,584.4
3,662.9
4,617.4
4,556.5
4,665.6
5,155.0
5,084.0
6,428.0
5,157.0
4,948.0
6,428.0
6,392.0
6,476.0
$
$
4,396.5
-
$
$
4,713.4
-
$
$
4,885.2
-
$
$
5,073.3
-
$
$
5,451.4
-
$
$
6,095.5
-
$
$
5,801.0
-
$
$
5,588.0
-
$
$
5,695.0
-
$
$
5,029.0
-
$
$
5,456.0
-
$
$
5,695.0
-
$
$
5,762.0
-
$
$
5,685.0
-
$
$
5,685.0
-
Total Equity
4,781.7
5,644.2
6,285.2
7,025.4
7,825.3
8,693.1
9,753.7
9,843.0
10,381.0
11,156.0
10,014.0
10,667.0
11,156.0
11,282.0
11,344.0
11,344.0
Total Liabilities & Equity
7,908.7
8,793.6
9,869.6
10,688.3
12,442.7
13,249.6
14,419.3
14,998.0
15,465.0
17,584.0
15,171.0
15,615.0
17,584.0
17,674.0
17,820.0
17,820.0
954.2
1,348.8
2,395.9
$
$
$
1,856.7
990.3
2,494.7
$
$
$
2,133.9
642.2
2,795.3
$
$
$
2,291.1
1,164.0
2,883.9
$
$
$
3,079.1
2,066.8
2,649.8
$
$
$
1,955.0
2,583.0
3,138.0
$
$
$
2,317.0
1,440.0
3,132.0
$
$
$
3,337.0
2,628.0
3,117.0
$
$
$
2,291.0
1,234.0
3,188.0
$
$
$
2,557.0
1,485.0
3,232.0
$
$
$
3,337.0
2,628.0
3,117.0
$
$
$
2,936.0
2,642.0
3,207.0
$
$
$
2,086.0
3,101.0
3,208.0
$
$
$
2,086.0
3,101.0
3,208.0
-
Liabilities & Stockholders' Equity
11/30/2012
Cash Flows Statement
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2/28/2013
Q2
5/31/2013
Q3
8/31/2013
Q4
6,476.0
11/30/2013
Q1
Q2
TTM
Cash Flows From Operating Activities

Net Income
Operating Gains
Extraordinary Gains
(Incr) Decr. in Receivables
(Incr) Decr. in Inventories
(Incr) Decr. in Prepaid Expenses
(Incr) Decr. in Other Current Assets
Decr. (Incr) in payables
Decr. (Incr) in Other Current Liabilities
Decr. (Incr) in Other Working Capital
Other Non Cash Items
$
$
$
$
$
$
$
$
$
$
$
$
$
945.6
313.5
19.0
47.2
97.1
(55.9)
(103.6)
255.6
1,518.5
$
$
$
$
$
$
$
$
$
$
$
$
$
1,211.6
287.7
21.3
63.1
(93.5)
(103.3)
71.4
112.4
-
$
$
$
$
$
$
$
$
$
$
$
$
$
1,392.0
290.9
(26.0)
(85.1)
(200.3)
(37.2)
279.4
54.2
$
$
$
$
$
$
$
$
$
$
$
$
$
1,491.5
270.2
34.1
(39.6)
(49.5)
(60.8)
85.1
147.7
$
$
$
$
$
$
$
$
$
$
$
$
$
1,883.4
321.5
(300.6)
(60.6)
(118.3)
(249.8)
(11.2)
330.9
141.0
$
$
$
$
$
$
$
$
$
$
$
$
$
1,486.7
383.3
(294.1)
(238.0)
32.2
14.1
(220.0)
571.9
$
$
$
$
$
$
$
$
$
$
$
$
$
1,907.0
396.0
8.0
182.0
285.0
(70.0)
297.0
159.0
$
$
$
$
$
$
$
$
$
$
$
$
$
2,133.0
358.0
(76.0)
(273.0)
(551.0)
(35.0)
151.0
105.0
$
$
$
$
$
$
$
$
$
$
$
$
$
2,223.0
405.0
(60.0)
(323.0)
(805.0)
(141.0)
470.0
130.0
$
$
$
$
$
$
$
$
$
$
$
$
$
2,485.0
513.0
21.0
(124.0)
142.0
(197.0)
(28.0)
41.0
174.0
$
$
$
$
$
$
$
$
$
$
$
$
$
1,570.7
1,667.9
1,878.7
1,936.3
1,736.1
3,164.0
1,812.0
1,899.0
3,027.0
$
$
$
$
$
$
$
$
1,491.9
(257.1)
(47.2)
7.2
(1,527.2)
(28.0)
$
$
$
$
$
$
$
$
1,709.8
(333.7)
1.6
(2,619.7)
(34.6)
$
$
$
$
$
$
$
$
2,516.2
(313.5)
28.3
(2,133.8)
(4.3)
$
$
$
$
$
$
$
$
2,246.0
(449.2)
(325.1)
1.9
(1,865.6)
(21.8)
$
$
$
$
$
$
$
$
2,390.0
(455.7)
32.0
(2,908.7)
144.3
$
$
$
$
$
$
$
$
2,787.0
(335.0)
10.0
(3,724.0)
(6.0)
$
$
$
$
$
$
$
$
7,079.0
(432.0)
1.0
(7,616.0)
(53.0)
$
$
$
$
$
$
$
$
3,829.0
(597.0)
2.0
(2,705.0)
(15.0)
$
$
$
$
$
$
$
$
2,499.0
(636.0)
786.0
14.0
(3,702.0)
(28.0)
$
$
$
$
$
$
$
$
514.0
468.0
(1,814.0)
(1,346.0)
(203.0)
(203.0)
(619.0)
$
$
$
$
$
$
$
951.0
266.0
(49.0)
107.0
22.0
(41.0)
(33.0)
(61.0)
83.0
$
$
$
$
$
$
$
$
$
$
$
$
$
1,817.0
359.0
(56.0)
(124.0)
38.0
(69.0)
(79.0)
(346.0)
128.0
$
$
$
$
$
$
$
$
$
$
$
$
$
2,485.0
513.0
21.0
(124.0)
142.0
(197.0)
(28.0)
41.0
174.0
$
$
$
$
$
$
$
$
$
$
$
$
$
780.0
153.0
24.0
(102.0)
(63.0)
(102.0)
(135.0)
42.0
$
$
$
$
$
$
$
$
$
$
$
$
$
1,317.0
300.0
23.0
(89.0)
(280.0)
(125.0)
(305.0)
88.0
$
$
$
$
$
$
$
$
$
$
$
$
$
2,851.0
547.0
93.0
(231.0)
31.0
(436.0)
(120.0)
(203.0)
179.0
1,245.0
1,668.0
3,027.0
597.0
929.0
2,711.0
1,576.0
(250.0)
225.0
(1,379.0)
(12.0)
$
$
$
$
$
$
$
$
1,823.0
(401.0)
786.0
1.0
(1,881.0)
(18.0)
$
$
$
$
$
$
$
$
2,499.0
(636.0)
786.0
14.0
(3,702.0)
(28.0)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,042.0
(814.0)
561.0
15.0
(5,082.0)
(126.0)
160.0
310.0
(1,177.0) $
(2,404.0)
116.0
(1,179.0)
(1,063.0)
(45.0)
(45.0)
(327.0)
$
$
$
$
$
$
$
184.0
(1,432.0)
(1,248.0)
(54.0)
(54.0)
(515.0)
$
$
$
$
$
$
$
233.0
(928.0)
(695.0)
(57.0)
(57.0)
(375.0)
430.0
(1,423.0)
(993.0)
986.0
(61.0)
925.0
(751.0)
Cash Flows From Investing Activities

Sale of Long-term Investments
Sale of Short-term Investments
Capital Expenditures
Acquisitions
Sale of Assets
Purchase of Long-term Investments
Purchase of Short-term Investments
Other Investing Changes, Net
$
$
$
$
$
$
$
$
(214.8)
(289.1)
11.6
(400.8)
(57.5)
Net Cash From Investing Activities
(950.6) $
(360.4) $
(1,276.6) $
92.9
225.3
(761.1)
(535.8)
(24.2)
(24.2)
(290.9)
322.9
(985.2)
(662.3)
94.4
(255.7)
(161.3)
(343.7)
$
$
$
$
$
$
$
(413.8) $
(798.1) $
(1,268.0) $
(1,021.0) $
(1,067.0) $
(1,067.0) $
1,254.0
(215.0)
1.0
(1,328.0)
(104.0)
$
$
$
$
$
$
$
$
(392.0) $
2,119.0
(428.0)
1.0
(2,759.0)
(110.0)
Cash Flows From Financing Activities

Issuance of Capital Stock
Repurchase of Capital Stock
Net Issuance of Stock
Issuance of Debt
Repayment of Debt
Net Issuance of Debt
Dividends Paid
Cash from Financing
Cash at Beginning of the Period
Cash at End of the Period
Change in Cash
$
$
$
$
$
$
253.6
(419.8)
(166.2)
153.8
(206.9)
(53.1)
(179.2)
$
$
$
$
(398.5)
634.0
828.0
194.0
$
$
$
$
$
$
$
226.8
(556.2)
(329.4)
(90.9)
(90.9)
(236.7)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(657.0) $
(850.9) $
$
$
$
828.0
1,388.1
560.1
1,388.1
954.2
(433.9)
$
$
$
$
$
$
(1,111.5) $
954.2
1,856.7
902.5
$
$
$
343.3
(1,248.0)
(904.7)
63.7
(35.2)
28.5
(412.9)
$
$
$
$
$
$
$
(1,226.1) $
1,856.7
2,133.9
277.2
$
$
$
186.6
(649.2)
(462.6)
(6.8)
(6.8)
(466.7)
$
$
$
$
$
$
$
(733.9) $
2,133.9
2,291.1
157.2
$
$
$
364.0
(741.0)
(377.0)
(32.0)
(32.0)
(505.0)
$
$
$
$
$
$
$
(1,061.0) $
2,291.0
3,079.0
788.0
$
$
$
345.0
(1,859.0)
(1,514.0)
(8.0)
(8.0)
(555.0)
$
$
$
$
$
$
$
(1,972.0) $
3,079.0
1,955.0
(1,124.0)
$
$
$
(2,118.0) $
1,955.0
2,317.0
362.0
$
$
$
313.0
(1,674.0)
(1,361.0)
986.0
(49.0)
937.0
(703.0)
$
$
$
$
$
$
$
(1,040.0) $
2,317.0
3,337.0
1,020.0
(1,431.0) $
$
$
$
2,317.0
2,291.0
(26.0)
$
$
$
(1,783.0) $
2,317.0
2,557.0
240.0
$
$
$
313.0
(1,674.0)
(1,361.0)
986.0
(49.0)
937.0
(703.0)
$
$
$
$
$
$
$
(1,040.0) $
2,317.0
3,337.0
1,020.0
$
$
$
94.0
(526.0)
(432.0)
(2.0)
(2.0)
(188.0)
$
$
$
$
$
$
$
(598.0) $
3,337.0
2,936.0
(401.0)
$
$
$
$
$
$
$
$
$
$
(990.0) $
3,337.0
2,086.0
(1,251.0)
$
$
$
(599.0)
3,337.0
3,132.0
(205.0)
Free Cash Flow

Cash from Operations
Cap Ex
Free Cash Flow
$
$
$
1,518.5
214.8
1,303.7
$
$
1,570.7
257.1
$
$
1,667.9
333.7
$
$
1,878.7
313.5
$
$
1,936.3
449.2
$
$
1,736.1
455.7
$
$
3,164.0
335.0
$
$
1,812.0
432.0
$
$
1,899.0
597.0
$
$
3,027.0
636.0
$
$
1,245.0
250.0
$
$
1,668.0
401.0
$
$
3,027.0
636.0
$
$
597.0
215.0
1,313.6
1,334.2
1,565.2
1,487.1
1,280.4
2,829.0
1,380.0
1,302.0
2,391.0
995.0
1,267.0
2,391.0
382.0
Free Cash Flow to Equity (FCFE)
1,243.2
1,208.6
1,337.6
1,398.1
1,818.1
1,599.7
2,799.0
1,449.0
1,161.0
3,321.0
432.0
319.0
1,504.0
357.0
851.1
1,255.2
1,446.6
1,660.7
1,945.1
2,799.2
1,433.0
2,872.0
2,960.0
2,578.0
1,163.0
2,359.0
2,578.0
1,162.0
% change from prev period
-2.8%
Owner Earnings FCF

User Defined
10.7%
4.5%
30.0%
-12.0%
75.0%
-48.2%
-19.9%
186.0%
-26.2%
371.5%
$
$
-76.3%
929.0
428.0
$
$
2,711.0
814.0
501.0
1,897.0
(358.0) $
2,744.0
-200.3%
2,076.0
-17.4%
CLEAR
Next Year Est
3,491.0
Nike Inc.
(NKE)
5/3/2014
Enter Ticker
Refresh

2004
2005
2006
2007
2008
2009
2010
2011
2012
2/28/2013
2013
5/31/2013
8/31/2013
11/30/2013
Q3
Q4
Q1
Q2
Income Statement
Revenue
100.0%
100.0%
Cost of Revenues
57.1%
55.5%
Gross Profit
42.9%
44.5%
Sign
up Today
to55.0%
get unlimited
access. 54.3%
56.0%
56.1%
55.1%
53.7%
100.0%
44.0%
43.9%
100.0%
45.0%
100.0%
100.0%
44.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
56.5%
56.4%
55.8%
56.1%
55.1%
56.1%
46.3%
45.7%
43.5%
43.6%
44.2%
43.9%
44.9%
43.9%
32.5%
Operating Expenses
Selling, General & Admin. Expenses
100.0%
30.2%
30.7%
29.9%
30.8%
32.0%
32.1%
33.3%
31.6%
30.3%
30.7%
30.1%
30.2%
29.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
15.2%
15.9%
16.0%
14.7%
14.8%
14.8%
15.1%
15.9%
15.0%
14.9%
15.6%
16.0%
17.6%
13.8%
Other Special Charges
0.0%
0.0%
0.0%
0.0%
0.0%
-2.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
2.6%
2.1%
1.9%
1.7%
1.7%
2.0%
2.1%
1.8%
1.7%
2.0%
1.5%
2.3%
2.2%
2.3%
10.1%
11.7%
12.2%
11.4%
11.3%
10.8%
10.9%
12.3%
11.5%
10.8%
12.6%
11.4%
13.2%
9.2%
Research & Development

EBITDA
Operating Income
Other Income and Expense

Interest Expense
0.2%
0.0%
0.0%
0.0%
0.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
0.1%
Other Income
-0.6%
-0.2%
0.0%
0.0%
0.0%
0.5%
0.3%
0.1%
-0.3%
0.1%
-0.3%
-0.1%
-0.4%
-0.2%
Earnings Before Taxes
11.8%
13.5%
14.3%
13.5%
13.4%
10.2%
13.2%
14.2%
13.0%
12.9%
13.9%
13.5%
14.9%
11.1%
Income Taxes/(Credit)
4.1%
4.7%
5.0%
4.3%
3.3%
2.4%
3.2%
3.4%
3.2%
3.2%
3.2%
3.1%
3.7%
2.8%
Earnings After Taxes
7.7%
8.8%
9.3%
9.1%
10.1%
7.8%
10.0%
10.8%
9.7%
9.7%
10.7%
10.4%
11.2%
8.4%
Minority Interest
Net Income From Continuing
Operations
Net Income From Discontinued
Operations
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
7.7%
8.8%
9.3%
9.1%
10.1%
7.8%
10.0%
10.8%
9.7%
9.7%
10.7%
10.4%
11.2%
8.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-0.2%
-0.2%
0.1%
-2.2%
3.0%
-0.4%
0.0%
Net Income From Total Operations
7.7%
8.8%
9.3%
9.1%
10.1%
7.8%
10.0%
10.6%
9.5%
9.8%
14.0%
10.0%
11.2%
8.4%
10.5%
15.8%
9.7%
17.4%
17.1%
17.3%
21.4%
13.0%
15.0%
19.0%
16.4%
19.0%
16.6%
11.7%
5.1%
5.0%
13.7%
9.3%
5.2%
8.8%
14.3%
17.2%
9.3%
14.9%
9.5%
14.9%
14.9%
17.4%
Net Receivables
26.8%
25.7%
24.3%
23.3%
22.5%
21.8%
18.4%
20.9%
20.3%
17.7%
20.7%
17.7%
18.1%
18.0%
Inventories
20.9%
20.6%
21.0%
19.9%
19.6%
17.8%
14.2%
18.1%
20.8%
19.5%
21.3%
19.5%
19.6%
20.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
4.0%
0.0%
0.2%
0.0%
0.0%
0.0%
69.9%
72.2%
74.6%
75.6%
71.0%
73.5%
76.0%
75.3%
76.6%
77.5%
75.5%
77.5%
77.1%
76.4%
Fixed Assets
Balance Sheet
Assets
Cash & Equivalents
Short-Term Investments
20.4%
18.3%
16.8%
15.7%
15.2%
14.8%
13.4%
14.1%
14.3%
13.9%
14.5%
13.9%
14.5%
14.8%
Intangible Assets
6.3%
6.2%
4.1%
3.8%
6.0%
3.5%
3.2%
3.2%
2.4%
2.2%
2.4%
2.2%
2.2%
2.2%
Other Long-Term Assets
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Total Long-Term Assets
30.1%
27.8%
25.4%
24.4%
29.0%
26.5%
24.0%
24.7%
23.4%
22.5%
24.5%
22.5%
22.9%
23.6%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Accounts payable
9.9%
9.6%
9.6%
9.7%
10.3%
7.8%
8.7%
9.8%
10.0%
9.4%
7.9%
9.4%
8.8%
9.0%
Short-Term Debt
1.9%
0.9%
3.0%
1.2%
1.5%
2.8%
1.0%
2.6%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
Taxes Payable
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
12.4%
11.2%
13.0%
12.2%
14.2%
12.5%
12.3%
13.2%
10.0%
8.9%
9.1%
8.9%
8.4%
8.5%
1.5%
1.1%
0.9%
1.0%
0.7%
1.6%
1.3%
0.8%
4.0%
3.0%
4.3%
3.0%
3.7%
3.0%
25.7%
22.7%
26.6%
24.2%
26.7%
24.7%
23.3%
26.4%
25.1%
22.3%
22.4%
22.3%
21.9%
21.6%
Long-Term Debt
8.6%
7.8%
4.2%
3.8%
3.5%
3.3%
3.1%
1.8%
1.5%
6.9%
1.0%
6.9%
6.8%
6.7%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
5.2%
5.3%
5.6%
6.3%
6.9%
6.4%
5.9%
6.1%
6.3%
7.3%
8.2%
7.3%
7.5%
8.0%
Total Long-Term Liabilities
13.9%
13.1%
9.7%
10.1%
10.4%
9.7%
9.0%
8.0%
7.8%
14.2%
9.3%
14.2%
14.3%
14.7%
Total Liabilities
39.5%
35.8%
36.3%
34.3%
37.1%
34.4%
32.4%
34.4%
32.9%
36.6%
31.7%
36.6%
36.2%
36.3%
Retained Earnings
50.4%
50.0%
47.8%
45.7%
40.8%
41.1%
42.3%
38.7%
36.1%
32.4%
34.9%
32.4%
32.6%
31.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
60.5%
64.2%
63.7%
65.7%
62.9%
65.6%
67.6%
65.6%
67.1%
63.4%
68.3%
63.4%
63.8%
63.7%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Net Income
62.3%
77.1%
83.5%
79.4%
97.3%
85.6%
60.3%
117.7%
117.1%
82.1%
108.9%
82.1%
130.7%
141.8%
20.6%
18.3%
17.4%
14.4%
16.6%
22.1%
12.5%
19.8%
21.3%
16.9%
21.5%
16.9%
25.6%
32.3%
Deferred Taxes
1.3%
1.4%
-1.6%
1.8%
-15.5%
-16.9%
0.3%
-4.2%
-3.2%
0.7%
-3.4%
0.7%
4.0%
2.5%
Other
0.0%
0.0%
3.2%
7.9%
7.3%
32.9%
5.0%
5.8%
6.8%
5.7%
7.7%
5.7%
7.0%
9.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Capital Expenditures
22.6%
71.3%
26.1%
-337.5%
108.6%
57.1%
26.4%
42.3%
-116.1%
59.6%
-129.4%
59.6%
54.8%
36.4%
Acquisitions
30.4%
13.1%
0.0%
0.0%
78.6%
0.0%
0.0%
0.0%
0.0%
-73.7%
253.5%
-73.7%
0.0%
0.0%
Sale of Assets
-1.2%
-2.0%
-0.1%
30.5%
-0.5%
-4.0%
-0.8%
-0.1%
0.4%
-1.3%
0.3%
-1.3%
-0.3%
-0.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Issuance of Capital Stock
-63.6%
-34.5%
-26.5%
-29.1%
-28.0%
-25.4%
-34.3%
-17.5%
-22.1%
-30.1%
-10.3%
-30.1%
-15.7%
-23.5%
Repurchase of Capital Stock
105.3%
84.7%
89.4%
88.6%
101.8%
88.5%
69.8%
94.3%
85.6%
161.0%
80.3%
161.0%
88.0%
93.7%
41.7%
50.1%
63.0%
59.6%
73.8%
63.0%
35.5%
76.8%
63.6%
130.9%
70.0%
130.9%
72.2%
70.2%
-38.6%
0.0%
0.0%
-8.5%
-5.2%
0.0%
0.0%
0.0%
0.0%
-94.8%
0.0%
-94.8%
0.0%
0.0%
Repayment of Debt
51.9%
13.8%
2.8%
23.0%
2.9%
0.9%
3.0%
0.4%
9.6%
4.7%
3.0%
4.7%
0.3%
5.8%
Net Issuance of Debt
13.3%
13.8%
2.8%
14.5%
-2.3%
0.9%
3.0%
0.4%
9.6%
-90.1%
3.0%
-90.1%
0.3%
5.8%
Dividends Paid
45.0%
36.0%
34.2%
30.9%
33.7%
63.6%
47.6%
28.1%
29.2%
67.6%
28.9%
67.6%
31.4%
37.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Total Assets
Liabilities & Stockholders' Equity
Accrued Liabilities
Preferred Equity
Total Equity
Cash Flows Statement

Cash Flows From Operating Activities
Cash Flows From Investing Activities
Net Cash From Investing Activities
Cash Flows From Financing Activities
Net Issuance of Stock

Issuance of Debt
Cash from Financing
TTM
100.0%
55.7%
44.3%
30.5%
0.0%
15.8%
0.0%
2.1%
11.6%
0.1%
-0.2%
13.4%
3.2%
10.2%
0.0%
10.2%
0.0%
10.8%
MRQ
11.7%
17.4%
18.0%
20.7%
0.0%
76.4%
14.8%
2.2%
0.0%
23.6%
100.0%
9.0%
1.0%
0.0%
8.5%
3.0%
21.6%
6.7%
0.0%
8.0%
14.7%
36.3%
31.9%
0.0%
63.7%
100.0%
TTM
105.2%
20.2%
3.4%
6.6%
100.0%
33.9%
-23.3%
-0.6%
100.0%
-71.8%
237.6%
165.8%
-164.6%
10.2%
-154.4%
125.4%
100.0%
Nike Inc.
(NKE)

5/3/2014
Enter Ticker
Refresh
2004
2005
Financial Statistics & Ratios

Valuation Ratios
2006
2007
2008
2009
2010
2011
2012
2013
TTM
5YR Min Median 5YR Max
Sign up Today to get unlimited access.
Color Coding
P/E
17.42
16.57
13.75
16.34
P/E (cash adjusted)
16.12
15.07
12.10
14.43
17.60
22.40
22.92
23.36
17.38
20.17
23.36
15.48
20.71
20.52
21.53
14.68
18.07
8.63
8.72
7.31
9.19
10.60
8.47
21.53
9.96
10.53
13.31
13.91
15.09
8.47
11.92
10.90
10.20
8.19
10.03
11.32
15.09
12.28
11.33
11.77
15.35
16.00
17.72
11.33
13.82
P/S
1.34
1.46
1.28
1.49
17.72
1.68
1.39
1.74
1.87
2.13
2.25
2.53
1.39
2.00
P/BV
3.45
3.56
3.05
2.53
3.47
4.01
3.07
3.40
3.81
4.80
5.11
5.86
3.07
4.31
P/Tang BV
3.85
3.93
5.86
3.33
3.76
4.73
3.32
3.64
4.10
5.04
5.35
6.14
3.32
4.57
12.16
6.14
12.64
10.77
13.24
13.00
9.50
13.65
13.63
16.25
17.18
17.60
9.50
14.95
17.60
P/FCF
FCF/S
12.64
15.28
14.35
15.57
21.08
20.83
11.71
27.21
38.25
23.82
35.04
11.71
25.52
38.25
10.6%
9.6%
8.9%
9.6%
8.0%
6.7%
14.9%
6.9%
5.6%
9.4%
7.2%
5.6%
7.0%
14.9%
FCF Yield
7.9%
6.5%
Magic Formula Earnings Yield
9.2%
9.8%
7.0%
6.4%
4.7%
4.8%
8.5%
3.7%
2.6%
4.2%
2.9%
2.6%
3.9%
8.5%
12.2%
10.0%
8.8%
8.1%
8.8%
8.5%
6.5%
6.3%
5.6%
5.6%
7.3%
ROE
19.8%
21.5%
8.8%
22.1%
21.2%
24.1%
17.1%
19.6%
21.7%
21.4%
22.3%
25.1%
17.1%
21.5%
25.1%
ROA
12.0%
ROIC
17.1%
13.8%
14.1%
14.0%
15.1%
11.2%
13.2%
14.2%
14.4%
14.1%
16.0%
11.2%
14.2%
16.0%
19.0%
19.9%
19.7%
23.0%
15.6%
18.5%
20.7%
21.1%
19.7%
21.1%
15.6%
20.2%
CROIC
21.1%
23.2%
20.5%
19.1%
20.7%
17.6%
13.5%
27.3%
13.1%
12.1%
19.1%
14.9%
12.1%
14.2%
27.3%
GPA (Gross Profitability to Assets)
66.4%
69.5%
66.7%
67.0%
67.4%
64.9%
61.0%
61.4%
65.6%
62.8%
65.3%
61.0%
63.8%
65.6%
Book to Market
29.0%
28.1%
32.8%
28.8%
25.0%
32.6%
29.4%
26.2%
20.8%
19.6%
17.1%
17.1%
23.5%
32.6%
Quick Ratio
1.91
2.27
2.01
2.30
1.93
2.25
2.65
2.17
2.22
2.60
2.57
2.17
2.41
2.65
Current Ratio
2.72
3.18
2.81
3.13
2.66
2.97
3.26
2.85
3.05
3.47
3.53
2.85
3.15
3.53
0.14
0.12
0.11
0.06
0.06
0.05
0.05
0.05
0.03
0.11
0.11
0.03
0.05
0.11
Long Term Debt/Equity Ratio

Short Term Debt/Equity Ratio
0.14
0.12
0.07
0.06
0.06
0.05
0.05
0.03
0.02
0.11
0.11
0.02
0.05
0.11
0.00
0.00
0.04
0.00
0.00
0.00
0.00
0.02
0.00
0.01
0.00
0.00
0.00
0.02
EV/EBITDA
EV/EBIT
P/CF
16.64
17.94
17.38
15.17
14.68
Everything
is15.62
unlocked.
Solvency
Efficiency Ratios
Asset Turnover
1.55
1.56
1.52
1.53
1.50
1.45
1.32
1.34
1.51
1.44
1.48
1.32
1.44
1.51
Cash % of Revenue
10.0%
13.3%
15.4%
17.4%
14.9%
18.0%
27.1%
22.6%
16.1%
23.6%
19.7%
16.1%
21.1%
27.1%
Receivables % of Revenue
17.3%
16.5%
16.0%
15.3%
15.0%
15.0%
13.9%
15.6%
13.4%
12.3%
12.2%
12.2%
13.7%
15.6%
SG&A % of Revenue
30.2%
30.7%
29.9%
30.8%
32.0%
32.1%
33.3%
31.6%
30.3%
30.7%
30.5%
30.3%
31.2%
33.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Days Sales Outstanding
63.2
60.1
58.5
55.8
54.8
54.9
50.9
56.9
49.0
44.9
44.5
44.55
49.93
56.94
Days Inventory Outstanding
86.0
86.7
90.6
84.5
86.9
81.4
72.9
90.8
89.2
87.8
92.0
72.93
88.49
92.05
Days Payable Outstanding
40.7
40.4
41.5
41.4
45.9
35.6
44.8
49.1
42.9
42.1
40.2
35.63
42.48
49.12
Cash Conversion Cycle
108.5
106.4
107.5
98.8
95.8
100.6
79.0
98.6
95.3
90.7
96.4
78.97
95.88
100.64
Receivables Turnover
5.78
6.27
6.42
6.68
7.04
6.75
6.87
6.95
7.44
8.10
8.31
6.75
7.20
8.31
Inventory Turnover
4.24
4.41
4.30
4.37
4.49
4.41
4.65
4.59
4.44
4.29
3.97
3.97
4.43
4.65
86.03
82.85
84.79
83.60
81.28
82.78
78.58
79.52
82.19
85.07
92.05
78.58
82.49
92.05
R&D % of Revenue
Liquidity Ratios
Average Age of Inventory (Days)

Intangibles % of Book Value
10.5%
9.6%
8.5%
7.7%
15.2%
7.6%
6.7%
7.0%
4.8%
4.6%
4.5%
4.5%
5.8%
7.6%
Inventory % of Revenue
13.5%
13.2%
13.9%
13.0%
13.1%
12.3%
10.7%
13.5%
13.8%
13.6%
14.1%
10.7%
13.5%
14.1%
LT-Debt as % of Invested Capital
12.1%
10.7%
5.9%
5.4%
5.2%
4.6%
4.3%
2.6%
2.1%
9.6%
9.4%
2.1%
4.5%
9.6%
ST-Debt as % of Invested Capital
0.1%
0.1%
3.6%
0.4%
0.1%
0.3%
0.1%
1.9%
0.5%
0.5%
0.1%
0.1%
0.4%
1.9%
LT-Debt as % of Total Debt
99.0%
99.1%
61.7%
93.1%
98.6%
93.2%
98.4%
58.0%
82.3%
95.5%
99.4%
58.0%
94.3%
99.4%
ST-Debt as % of Total Debt
1.0%
0.9%
38.3%
6.9%
1.4%
6.8%
1.6%
42.0%
17.7%
4.5%
0.6%
0.6%
5.7%
42.0%
Total Debt % of Total Assets
8.7%
7.9%
6.7%
4.1%
3.6%
3.5%
3.1%
3.2%
1.8%
7.2%
6.8%
1.8%
3.4%
7.2%
21.2%
21.7%
24.7%
22.5%
17.6%
24.2%
22.9%
19.5%
16.0%
17.0%
14.7%
14.7%
18.3%
24.2%
8.00
Capital Structure Ratios
Working Capital % of Price
Quality Scores
Piostroski F Score
6.00
8.00
6.00
7.00
7.00
6.00
7.00
6.00
7.00
6.00
8.00
6.00
6.50
Altman Z Score (Original)
6.56
7.38
6.68
7.45
7.36
6.61
7.38
7.47
9.15
8.49
7.54
6.61
7.50
9.15
Altman Z Score (Revised)
11.33
13.00
11.77
13.23
12.76
11.68
13.47
13.40
16.16
15.23
15.30
11.68
14.35
16.16
Beneish M Score (5 Variable)
-2.91
-2.92
-2.87
-2.52
-2.99
-3.08
-2.75
-2.96
-2.98
-2.90
-3.08
-2.97
-2.75
Beneish M Score (8 Variable)
-2.59
-2.58
-2.57
-2.21
-2.59
-3.01
-2.19
-2.36
-2.70
-2.45
-3.01
-2.52
-2.19
Nike Inc.
(NKE)
5/3/2014
Enter Ticker

CLEAR
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Earnings Quality Check with Accrual Analysis

Earnings growth due to accrual growth is not sustainable. This is like cookie jar accounting where a company borrows earnings from the future to make earnings look good today.
Balance sheet accrual can indicate whether capital is being used properly. A company with high accruals can come from acquiring or merging with companies which expands the asset base. Low
balance sheet accrual companies tend to shrink their balance sheet through spin offs, share repurchases or large write offs. In these situations, it is usually removing bad performing assets or returning
money to shareholders which is always a good use of capital.
High accruals indicate that the company has expanded its asset base rapidly.
Companies with high balance sheet accruals tend to have higher sales growth than low balance sheet accrual companies.
High balance sheet accruals also have a higher ROE.
Remember that maintaining a high sales growth or high ROE is difficult unless you have an entrenched moat. Such companies revert to the mean and disappoint..
Companies with low balance sheet accruals tend to have below average returns on equity. Analysts expect the company to lag.
Color Coding: Green = safe zone, Yellow = ratio is getting into warning zone, Red = Danger zone. Ratios are too high or low. Requires check.
More reading:
http://tinyurl.com/6p394ap
http://tinyurl.com/7ucpoe2
Balance Sheet Accrual Ratio

Cash Flow Accrual Ratio
Sloan Accrual Ratio
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM/MRQ
4.8%
4.7%
0.0%
0.0%
18.5%
18.1%
10.1%
-5.6%
-8.2%
-4.5%
10.1%
6.0%
2.9%
13.3%
8.1%
4.1%
0.7%
0.2%
0.1%
16.2%
17.0%
8.9%
-1.2%
-2.2%
-1.2%
8.6%
5.9%
3.0%
14.5%
25.6%
14.3%
Earnings
Stock Price
$
$
0.88
15.3
$
$
1.12
18.6
$
$
1.32
18.1
$
$
1.46
23.9
Total Assets
Cash & Equivalent
Total Liabilities
Short Term Debt
Long Term Debt
Net Operating Assets (NOA)
$
$
$
$
$
$
7,908.7
828.0
3,127.0
152.6
682.4
4,788.7
$
$
$
$
$
$
8,793.6
1,388.1
3,149.4
76.0
687.3
5,019.4
$
$
$
$
$
$
9,869.6
954.2
3,584.4
298.7
410.7
6,040.4
$
$
$
$
$
$
10,688.3
1,856.7
3,662.9
131.3
409.9
5,709.9
Net Income
CFO
CFI
$
$
$
945.6 $
1,518.5 $
(950.6) $
1,392.0 $
1,667.9 $
(1,276.6) $
1,491.5
1,878.7
92.9
Balance Sheet Aggregate Accrual $

Cash Flow Aggregate Accrual
$
1,211.6 $
1,570.7 $
(360.4) $
$
$
230.7
1.3
$
$
1,021.0
1,000.7
$
$
$
$
1.87
31.1
$
$
1.51
27.2
$ 12,442.7
$ 2,133.9
$ 4,617.4
$
184.0
$
441.1
$ 6,316.5
$
$
$
$
$
$
13,249.6
2,291.1
4,556.5
374.9
437.2
7,214.1
$
$
$
(330.5) $
(480.1) $
1,883.4 $
1,936.3 $
(413.8) $
606.6
360.9
$
$
1.93
33.6
$ 14,419.3
$ 3,079.1
$ 4,665.6
$
146.0
$
445.8
$ 7,266.4
$
$
$ 14,998.0
$ 1,955.0
$ 5,155.0
$
387.0
$
276.0
$ 8,551.0
1,486.7 $ 1,907.0 $
1,736.1 $ 3,164.0 $
(798.1) $ (1,268.0) $
$
$
897.6
548.7
$
$
52.3
11.0
2.20
38.7
$
$
$
$
$ 15,465.0
$ 2,317.0
$ 5,084.0
$
157.0
$
228.0
$ 8,449.0
2,133.0 $
1,812.0 $
(1,021.0) $
1,284.6
1,342.0
2.37
53.0
$
$
2,223.0
1,899.0
514.0
$
$
2.71
62.2
$ 17,584.0
$ 3,337.0
$ 6,428.0
$
178.0
$ 1,210.0
$ 9,207.0
$
$
$ 17,820.0
$ 2,086.0
$ 6,476.0
$
187.0
$ 1,201.0
$ 10,646.0
$ 2,485.0 $
$ 3,027.0 $
$ (1,067.0) $
(102.0) $
(190.0) $
758.0
525.0
3.13
73.0
$
$
2,851.0
2,711.0
(2,404.0)
1,439.0
2,544.0
Piotroski Score
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks, nine being the best.
The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that is met
the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.
Profitability
* Positive return on assets in the current year (1 point)
* Positive operating cash flow in the current year (1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
* Cash flow from operations are greater than ROA (1 point)
Leverage, Liquidity and Source of Funds
* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)
Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
Piotroski F Scores
Piotroski 1: Net Income

Piotroski 2: Operating Cash Flow
Piotroski 3: Return on Assets
Piotroski 4: Quality of Earnings
Piotroski 5: LT Debt vs Assets
Piotroski 6: Current Ratio
Piotroski 7: Shares Outstanding
Piotroski 8: Gross Margin
Piotroski 9: Asset Turnover
1
1
1
1
1
1
0
0
0
1
1
1
1
1
1
0
1
1
1
1
1
1
1
0
1
0
0
1
1
0
1
1
1
1
0
1
1
1
1
1
1
0
1
1
0
1
1
0
1
1
1
1
0
0
1
1
1
1
1
1
0
1
0
1
1
1
0
1
0
1
0
1
1
1
1
0
1
1
1
0
1
1
1
0
1
0
1
1
1
0
1
1
1
0
1
1
1
1
1
Altman Z Score
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.
Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate income
and balance sheet values to measure the financial health of a company.
The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of
bankruptcy.
Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.
(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)
Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5

There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:
Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4

X1 = Working Capital/Total Assets
X2 = Retained Earnings/Total Assets
X3 = EBITDA/Total Assets
X4 = Market Value of Equity/Total Liabilities
X5 = Net Sales/Total Assets
Annual
2004
$ 3,498.1
$ 7,908.7
$ 3,127.0
$ 3,982.9
$ 1,475.0
$ 16,473.3
$ 12,253.1
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales
Normal Altman Z Score
Revised Altman Z Score
$
$
$
$
$
$
$
2005
4,351.9
8,793.6
3,149.4
4,396.5
1,864.6
20,077.9
13,739.7
6.56
11.33
7.38
13.00
0.55
0.32
0.19
8.86
1.44
0.55
0.32
0.04
9.90
0.36
$
$
$
$
$
$
$
2006
4,735.7
9,869.6
3,584.4
4,713.4
2,141.6
19,141.3
14,954.9
6.68
11.77
$
$
$
$
$
$
$
2007
5,492.5
10,688.3
3,662.9
4,885.2
2,199.9
24,373.2
16,325.9
2008
$ 5,517.8
$ 12,442.7
$ 4,617.4
$ 5,073.3
$ 2,578.0
$ 31,344.9
$ 18,627.0
7.45
13.23
7.36
12.76
$
$
$
$
$
$
$
MRQ
2009
6,457.0
13,249.6
4,556.5
5,451.4
1,956.5
26,674.5
19,176.1
2010
$ 7,595.0
$ 14,419.3
$ 4,665.6
$ 6,095.5
$ 2,523.0
$ 33,140.7
$ 19,014.0
2011
$ 7,339.0
$ 14,998.0
$ 5,155.0
$ 5,801.0
$ 2,862.0
$ 37,550.5
$ 20,117.0
2012
$ 7,963.0
$ 15,465.0
$ 5,084.0
$ 5,588.0
$ 3,025.0
$ 49,798.8
$ 23,331.0
2013
$ 9,700.0
$ 17,584.0
$ 6,428.0
$ 5,695.0
$ 3,275.0
$ 56,963.4
$ 25,313.0
Q3
$ 9,756.0
$ 17,820.0
$ 6,476.0
$ 5,685.0
$
725.0
$ 64,095.4
$ 6,431.0
6.61
11.68
7.38
13.47
7.47
13.40
9.15
16.16
8.49
15.23
7.54
15.30
Altman Z Score
X1
X2
X3
X4
X5
Annual
MRQ
Annual
MRQ
8.49
7.54
15.23
15.30
Original Altman Z Score

When Z is 3.0 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause
unexpected reversals.
When Z is 2.7 to 3.0, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is 1.8 to 2.7, the company is likely to be bankrupt within 2 years. This is the lower portion of the grey area and a dramatic turnaround of the company is needed.
When Z is below 1.8, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.

When Z is 2.6 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause unexpected reversals.
When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.
The Beneish Model - M Score Variables

DSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more
likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to
manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower
rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.
The Beneish M Score Formula

The eight variables are then weighted together according to the following:
M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI
A score greater than -1.78 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only incorrectly
identifying 17.5% of non-manipulators.
The 5 Variable Version of the Beneish Model

The five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.
M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI
A score greater than -1.78 indicates a strong likelihood of a firm being a manipulator.
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
M Score - 8 Variable
-2.91
-2.59
-2.92
-2.58
-2.87
-2.57
-2.52
-2.21
-2.99
-2.59
-3.08
-3.01
-2.75
-2.19
-2.96
-2.36
-2.98
-2.70
-2.90
-2.45
DSRI
GMI
AQI
SGI
DEPI
SGAI
0.95
0.96
0.98
1.12
1.07
1.02
0.97
1.01
0.91
1.09
1.02
0.97
0.95
1.00
1.01
1.09
1.08
1.03
0.98
0.97
1.58
1.14
0.95
1.04
1.00
1.00
0.85
1.03
0.89
1.00
0.93
0.97
0.90
0.99
0.96
1.04
1.12
1.01
1.00
1.06
1.18
0.95
0.86
1.05
0.86
1.16
0.93
0.96
0.92
1.00
0.94
1.08
0.90
1.01
0.99
0.98
1.03
1.04
1.01
0.99
M Score - 5 Variable
MRQ Edit
TATA
LVGI
-0.04
0.89
-0.03
1.01
-0.04
0.91
0.00
1.08
-0.02
0.93
-0.09
0.94
0.02
1.07
0.02
0.94
-0.03
1.10
0.00
0.97
DuPont Analysis
Full tutorial, example and discussion of how the DuPont analysis is used is provided on the blog.
http://www.oldschoolvalue.com/blog/accounting/dupont-analysis-model-spreadsheet/
Revenue
EBIT
EBT
Interest Expense
Income Tax
Net Income
Total Assets
Shareholders Equity
2004
$ 12,253.1
$ 1,475.0
$ 1,450.0
$
25.0
$
504.4
$
945.6
$ 7,908.7
$ 4,781.7
$
$
$
$
$
$
$
$
2005
13,739.7
1,864.6
1,859.8
4.8
648.2
1,211.6
8,793.6
5,644.2
$
$
$
$
$
$
$
$
2006
14,954.9
2,141.6
2,141.6
749.6
1,392.0
9,869.6
6,285.2
$
$
$
$
$
$
$
$
2007
16,325.9
2,199.9
2,199.9
708.4
1,491.5
10,688.3
7,025.4
2008
$ 18,627.0
$ 2,578.0
$ 2,502.9
$
75.1
$
619.5
$ 1,883.4
$ 12,442.7
$ 7,825.3
2009
19,176.1
1,956.5
1,956.5
469.8
1,486.7
13,249.6
8,693.1
$
$
$
$
$
$
$
$
2010
$ 19,014.0
$ 2,523.0
$ 2,517.0
$
6.0
$
610.0
$ 1,907.0
$ 14,419.3
$ 9,753.7
2011
$ 20,117.0
$ 2,862.0
$ 2,862.0
$
$
690.0
$ 2,133.0
$ 14,998.0
$ 9,843.0
2012
$ 23,331.0
$ 3,025.0
$ 3,025.0
$
$
756.0
$ 2,223.0
$ 15,465.0
$ 10,381.0
2013
$ 25,313.0
$ 3,275.0
$ 3,272.0
$
3.0
$
808.0
$ 2,485.0
$ 17,584.0
$ 11,156.0
TTM
$ 26,286.0
$ 3,536.0
$ 3,517.0
$
19.0
$
842.0
$ 2,851.0
$ 17,820.0
$ 11,344.0
Three-Step DuPont Model:

Net Profit Margin (Net Income Sales)
7.7%
Asset Turnover (Sales Total Assets)
1.55
Equity Multiplier (Total Assets Shareholders Equity)1.65
8.8%
1.56
1.56
9.3%
1.52
1.57
9.1%
1.53
1.52
10.1%
1.50
1.59
7.8%
1.45
1.52
10.0%
1.32
1.48
10.6%
1.34
1.52
9.5%
1.51
1.49
9.8%
1.44
1.58
10.8%
1.48
1.57
19.8%
21.5%
22.1%
21.2%
24.1%
17.1%
19.6%
21.7%
21.4%
22.3%
25.1%
Tax Burden (Net Income EBT)

0.64
Interest Burden (EBT EBIT)
1.02
Operating Income Margin (EBIT Sales)
11.8%
Asset Turnover (Sales Total Assets)
1.55
Equity Multiplier (Total Assets Shareholders Equity)
1.65
0.65
1.00
13.5%
1.56
1.56
0.65
1.00
14.3%
1.52
1.57
0.68
1.00
13.5%
1.53
1.52
0.73
1.03
13.4%
1.50
1.59
0.76
1.00
10.2%
1.45
1.52
0.76
1.00
13.2%
1.32
1.48
0.75
1.00
14.2%
1.34
1.52
0.73
1.00
13.0%
1.51
1.49
0.76
1.00
12.9%
1.44
1.58
0.81
1.01
13.4%
1.48
1.57
21.5%
22.1%
21.2%
24.1%
17.1%
19.6%
21.7%
21.4%
22.3%
25.1%
Return on Equity
Five-Step DuPont Model:
Return on Equity
12%
19.8%
1.8
1.6
10%
Net Profit Margin (Net

Income Sales)
1.4
8%
1.2
30%
1.8
1.6
25%
1.4
Asset Turnover (Sales

Total Assets)
20%
0.8
4%
0.6
1.0
0.4
2%
0.2
0%
0.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
15%
Equity Multiplier (Total
Assets Shareholders
Equity)
Return on Equity
Return on Equity
1.2
1.0
6%
Operating Income Margin

(EBIT Sales)
Tax Burden (Net Income

EBT)
0.8
10%
0.6
0.4
5%
0.2
0%
0.0
1
10 11
Interest Burden (EBT EBIT)
Asset Turnover (Sales

Total Assets)
Nike Inc.
(NKE)

5/3/2014
Enter Ticker
Fiscal Comparisons
Revenue
2004
$ 12,253.10
$ 2,120.20
$
13.30
10.60
$ 1,626.30
$
$ 1,650.20
Q3 - 2/28/2013 comparisons
$ 2,833.80
% difference
% difference

% difference
% difference
% difference
Inventories, other
$ 2,150.30
% difference
Inventories Total
$ 2,150.30
% difference
Revenue
$ 2,649.80
% difference
% difference

% difference

% difference
$ 2,040.80
% difference
Inventories, other
% difference
Inventories Total
$ 2,040.80
% difference
Revenue
$ 2,791.00
% difference
% difference

% difference

% difference

% difference
Inventories, other
$ 2,210.00
% difference
Inventories Total
$ 2,210.00
% difference
Revenue
$ 2,792.00
% difference
% difference

% difference

% difference

% difference
Inventories, other
$ 2,348.00
% difference
Inventories Total
% difference
$ 2,348.00
-1.1%
18.4%
33.0%
33.0%
$ 5,021.00
17.5%
17.5%
40.6%
40.6%
$ 6,081.00
14.5%
11.1%
34.8%
34.8%
$ 5,546.00
$ 2,715.00
$
$ 2,715.00
$ 3,279.00
$
$ 3,107.00
$ 3,107.00
$ 3,164.00
$ 3,164.00
$ 2,076.70
$ 19,176.10
$ 3,296.00
$
$ 3,356.00
$
$ 3,356.00
6.5%
4.6%
9.8%
9.8%
$ 6,474.00
7.4%
2.7%
4.9%
4.9%
$ 5,955.00
$ 3,222.00
$
$ 3,222.00
$ 2,883.90
$ 2,438.40
14.9%
$ 6,187.00
7.4%
-0.5%
6.6%
6.6%
$ 6,697.00
$ 3,232.00
$
-3.3%
-13.4%
$ 3,132.00
33.0%
$ 3,117.00
18.7%
$ 3,208.00
$ 3,434.00
$ 3,695.00
7.6%
$
$ 3,222.00
6.6%
$
$ 26,286.00
2.9%
$
$ 3,222.00
$ 2,715.00
18.7%
$
TTM
3.8%
$ 2,715.00
$ 25,313.00
-0.5%
$
$ 2,040.80
33.0%
$
2013
8.5%
6.6%
$ 3,695.00
7.6%
Revenue, AR, Inventory Trend

AR
$30,000.00
Inventory
Revenue
$4,000
$3,500
$25,000.00
$3,000
$2,500
$2,000
$1,500
$10,000.00
$ 3,329.00
$1,000
$5,000.00
$500
$ 3,329.00
$ 3,434.00
$15,000.00
$-
$2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
How to Analyze Receivables & Inventory

For any company that sells products, a careful look at the correlation between sales, accounts receivables and inventories is crucial.
By using this analysis model you can see the relationship between the rise in revenue, accounts receivables and inventories.
$ 3,117.00
$
$ 3,434.00
$
Best scenario is when growth in revenue, accounts receivables and inventory all go up in sync.
If accounts receivables or inventories rise quicker than revenue, watch out.
When raw materials advances more rapidly than the work-in-progress and finished goods components, the company is receiving many new
orders and an inventory buildup is necessary. The company will simultaneously ship products from its finished goods inventory while ordering
raw materials in larger amounts. Increase in raw materials is generally always a good thing.
The main key with inventory is to make sure that finished goods does not overly increase. This indicates that there is not enough demand and
the company cannot sell it.
$ 3,434.00
More reading: http://goo.gl/trp3vE
2012
2013
$ 6,971.00
$ 3,207.00
$
$ 3,472.00
$
$ 3,472.00
2012
8.0%
$ 3,188.00
0.6%
$
$
$
$
$ 3,318.00
######
$ 3,318.00
11.4%
$ 2,040.80
$ 23,331.00
-0.2%
$
$20,000.00
2013
7.7%
$ 3,431.00
-6.5%
$
$
$
$
$ 3,411.00
######
$ 3,411.00
1.8%
$ 2,357.00
$ 3,138.00
2013
9.4%
-1.9%
-0.8%
-0.8%
2012
16.0%
18.4%
$
-13.4%
$
-100.0%
$ 2,649.80
$ 2,357.00
$ 2,438.40
$ 20,117.00
5.8%
$ 2,121.90
$ 19,014.00
2011
-8.1%
$
-100.0%
$
2012
$ 3,132.00
2010
-0.8%
3.2%
$
$ 2,121.90
2.2%
$ 5,656.00
$ 2,795.30
-100.0%
$ 6,236.00
2011
$ 3,103.00
$ 2,076.70
24.2%
-0.2%
18.7%
18.7%
2011
Everything
is unlocked.
-
2011
$ 3,138.00
2012
11.4%
$ 2,985.00
10.4%
$
$
$
$
$ 2,536.00
######
$ 2,536.00
32.3%
2009
2.9%
12.0%
$
2011
$ 5,079.00
$ 18,627.00
$ 2,494.70
14.7%
7.3%
5.3%
17.9%
17.9%
14.1%
4.1%
-
$ 1,811.10
$ 16,325.90
2008
Sign up
Today to get unlimited
access.
-100.0%
$
$ 2,395.90
2010
$ 4,842.00
% difference
Accounts receivable
1.50
$ 1,807.10
2010
$ 5,175.00
% difference
Accounts receivable
2007
9.2%
-100.0%
$
2010
$ 5,077.00
% difference
Accounts receivable
2010
$ 4,733.00
% difference
Accounts receivable
$ 14,954.90
-100.0%
9.8%
% difference
Revenue
2.50
% difference
Inventories Total
5.9%
$
11.1%
% difference
Inventories, other
$ 2,262.10
% difference
-85.8%
% difference
2006
8.8%
-81.2%
% difference
$ 13,739.70
6.7%
% difference
12.1%
% difference
Accounts receivable
2005
2013
$ 6,431.00
$ 3,208.00
$
$ 3,695.00
$
$ 3,695.00
Nike Inc.
(NKE)

5/3/2014
Enter Ticker
Refresh
Diluted EPS
Gross Margin

2004
$0.9
% Change
2005
$1.1
27.8%
2006
$1.3
17.7%
2007
$1.5
10.9%
2008
$1.9
27.7%
2009
$1.5
-18.9%
2010
$1.9
27.4%
2011
$2.2
13.8%
2012
$2.4
7.7%
2013
$2.7
14.6%
TTM
$3.1
15.2%
Owner Earnings
2004
2005
$851.1
$1,255.2
% Change 47.5%
2005
#######
0.8%
2006
$1,446.6
15.2%
2007
$1,660.7
14.8%
2008
$1,945.1
17.1%
2009
$2,799.2
43.9%
2010
$1,433.0
-48.8%
2011
$2,872.0
100.4%
2012
$2,960.0
3.1%
2013
$2,578.0
-12.9%
TTM
$3,491.0
35.4%
2005
26.4%
-5.7%
2006
#######
1.6%
2007
#######
17.3%
2008
#######
-5.0%
2009
#######
-13.9%
2010
#######
120.9%
2011
#######
-51.2%
2012
#######
-5.7%
2013
#######
83.6%
TTM
#######
-20.7%
2005
9.8%
6.9%
2006
27.0%
2.1%
2007
29.8%
10.3%
2008
23.4%
-21.3%
2009
19.6%
-16.2%
2010
47.9%
143.7%
2011
21.2%
-55.7%
2012
16.6%
-21.6%
2013
31.1%
86.8%
TTM
21.6%
-30.5%
2005
44.5%
3.8%
2006
12.2%
24.5%
2007
10.0%
-18.3%
2008
8.8%
-11.4%
2009
8.1%
-7.8%
2010
8.8%
8.4%
2011
8.5%
-3.7%
2012
6.5%
-23.3%
2013
6.3%
-4.1%
TTM
5.6%
-9.7%
2005
8.0
33.3%
2006
44.0%
-1.0%
2007
43.9%
-0.4%
2008
45.0%
2.7%
2009
44.9%
-0.4%
2010
46.3%
3.1%
2011
45.7%
-1.2%
2012
43.5%
-4.9%
2013
43.6%
0.2%
TTM
44.3%
1.5%
2004
2005
-2.6
-
2006
6.0
-25.0%
2007
7.0
16.7%
2008
7.0
0.0%
2009
6.0
-14.3%
2010
7.0
16.7%
2011
6.0
-14.3%
2012
7.0
16.7%
2013
6.0
-14.3%
TTM
8.0
33.3%
2005
12.3%
-14.7%
2006
-2.6
0.4%
2007
-2.6
0.5%
2008
-2.2
14.1%
2009
-2.6
-17.1%
2010
-3.0
-16.4%
2011
-2.2
27.1%
2012
-2.4
-7.7%
2013
-2.7
-14.4%
TTM
-2.4
9.4%
2005
12.3%
-14.7%
2012
43.5%
-4.9%
2013
43.6%
0.2%
TTM
44.3%
1.5%
2006
9.3%
5.6%
2007
9.1%
-1.8%
2008
10.1%
10.7%
2009
7.8%
-23.3%
2010
10.0%
29.4%
2011
10.6%
5.7%
2012
9.5%
-10.1%
2013
9.8%
3.0%
TTM
10.8%
10.5%
2005
15.3
21.0%
2006
14.3
-6.1%
2007
15.6
8.5%
2008
21.1
35.4%
2009
20.8
-1.2%
2010
11.7
-43.8%
2011
27.2
132.3%
2012
38.2
40.6%
2013
23.8
-37.7%
TTM
35.0
47.1%
2004
2005
7.9%
6.5%
% Change -17.3%
2006
7.0%
6.5%
2007
6.4%
-7.9%
2008
4.7%
-26.1%
2009
4.8%
1.2%
2010
8.5%
77.8%
2011
3.7%
-56.9%
2012
2.6%
-28.9%
2013
4.2%
60.5%
TTM
2.9%
-32.0%
2004
7.7%
% Change
2005
8.8%
14.3%
2004
12.6
% Change
2004
28.9%
% Change
2005
31.3%
8.4%
2006
33.5%
7.0%
2007
30.7%
-8.4%
2008
34.8%
13.4%
2009
23.3%
-33.2%
2010
26.5%
13.9%
2011
30.3%
14.3%
2012
29.7%
-1.8%
2013
27.0%
-9.4%
TTM
28.5%
5.8%
2004
7.7%
% Change
2005
8.8%
14.3%
2006
9.3%
5.6%
2007
9.1%
-1.8%
2008
10.1%
10.7%
2009
7.8%
-23.3%
2010
10.0%
29.4%
2011
10.6%
5.7%
2012
9.5%
-10.1%
2013
9.8%
3.0%
TTM
10.8%
10.5%
2004
6.6
% Change
2005
7.4
12.5%
2006
6.7
-9.5%
2007
7.5
11.6%
2008
7.4
-1.3%
2009
6.6
-10.2%
2010
7.4
11.7%
2011
7.5
1.2%
2012
9.2
22.6%
2013
8.5
-7.3%
TTM
7.5
-11.2%
2004
34.8%
% Change
2005
34.9%
0.2%
2006
35.0%
0.4%
2007
32.2%
-8.0%
2008
24.8%
-23.1%
2009
24.0%
-3.0%
2010
24.2%
0.9%
2011
24.1%
-0.5%
2012
25.0%
3.7%
2013
24.7%
-1.2%
TTM
23.9%
-3.1%
2006
188.1%
9.3%
2007
289.2%
53.8%
2008
237.9%
-17.7%
2009
157.7%
-33.7%
2010
478.0%
203.2%
2011
208.1%
-56.5%
2012
338.2%
62.5%
2013
172.3%
-49.1%
TTM
136.7%
-20.7%
2007
381.8%
17.5%
2008
337.1%
-11.7%
2009
292.9%
-13.1%
2010
634.6%
116.7%
2011
500.0%
-21.2%
2012
571.1%
14.2%
2013
197.6%
-65.4%
TTM
158.0%
-20.1%
FCF to Total Debt
2006
10.6%
-13.8%
2007
6.3%
-40.8%
2008
5.7%
-8.8%
2009
5.4%
-5.6%
2010
4.6%
-13.9%
2011
4.8%
4.1%
2012
2.7%
-44.8%
2013
11.4%
325.6%
TTM
10.6%
-6.2%
Debt to Equity
2004
14.4%
% Change
2011
45.7%
-1.2%
Tax Rate
Debt to Equity
2004
14.4%
% Change
2010
46.3%
3.1%
Original Altman Z Score
Beneish M Score - 8 Variable Version
% Change
2009
44.9%
-0.4%
Net Profit Margin
Piotroski F score
2004
6.0
% Change
2008
45.0%
2.7%
Magic Formula Investing -- Return on Capital
Gross Margin
2004
42.9%
% Change
2007
43.9%
-0.4%
FCF Yield
Magic Formula Investing -- Earnings Yield
2004
9.2%
% Change
2006
44.0%
-1.0%
Price / FCF
Cash Return on Invested Capital (CROIC)
2004
28.0%
% Change
2005
44.5%
3.8%
Net Profit Margin
Free Cash Flow
2004
#######
% Change
2004
42.9%
% Change
2004
2005
156.1% 172.1%
% Change 10.2%
FCF to Long Term Debt
2006
10.6%
-13.8%
2007
6.3%
-40.8%
2008
5.7%
-8.8%
2009
5.4%
-5.6%
2010
4.6%
-13.9%
2011
4.8%
4.1%
2012
2.7%
-44.8%
2013
11.4%
325.6%
TTM
10.6%
-6.2%
2004
2005
191.0% 191.1%
% Change 0.0%
2006
324.9%
70.0%
Nike Inc.
(NKE)
5/3/2014
Enter Ticker
Update

CLEAR
Manually Enter Competitor into Yellow Cells
NKE
2 Company
3
Sector
Industry
4
5 Country
68 Earnings Date
Nike Inc.
Consumer
Goods
Textile Apparel
Footwear &
Accessories
USA
20-Mar-2014
You can get a list of competitors from

https://www.google.com/finance?q=NKE
65
6
66
67
60
61
55
56
57
58
Price
Market Cap
Change
Volume
Change from Open
Gap
50-Day High
50-Day Low
52-Week High
52-Week Low
7
8
9
10
11
12
13
14
15
P/E
Forward P/E
PEG
P/S
P/B
P/Cash
P/Free Cash Flow
Dividend Yield
Payout Ratio
24.66
21.59
2.01
2.37
5.78
12.75
47.06
1.32%
28.90%
min
min
min
min
min
min
min
max
min
16
17
18
19
20
21
22
23
EPS (ttm)
EPS growth this year
EPS growth next year
EPS growth past 5 years
EPS growth next 5 years
Sales growth past 5 years
EPS growth quarter over quarter
Sales growth quarter over quarter
2.96
11.60%
13.96%
7.50%
12.28%
6.30%
4.10%
12.70%
max
max
max
max
max
max
max
15.00%
23.80%
19.50%
max
max
max
3.40
2.40
0.11
0.12
max
max
min
min
39 Gross Margin
40 Operating Margin
41 Profit Margin
44.30%
13.60%
9.90%
max
max
max
24
25
26
27
28
29
30
31
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Institutional Transactions
Float Short
Short Ratio
878.14
695.97
0.10%
0.23%
85.10%
0.06%
1.03%
1.8
42
43
44
45
46
47
48
49
50
51
52
53
54
59
62
63
64
Performance (Week)
Performance (Month)
Performance (Quarter)
Performance (Half Year)
Performance (Year)
Performance (YTD)
Beta
Average True Range
Volatility (Week)
Volatility (Month)
20-Day Simple Moving Average
Relative Strength Index (14)
Analyst Recom
Average Volume
Relative Volume
0.40%
-2.08%
0.50%
-3.53%
16.77%
-6.90%
0.91
1.22
1.70%
1.75%
0.12%
-3.14%
0.43%
46.43
2.10
3,920.99
0.52
32 Return on Assets
33 Return on Equity
34 Return on Investment
35
36
37
38
Current Ratio
Quick Ratio
LT Debt/Equity
Total Debt/Equity
$72.99
$64,095.44
0.10%
2,023,965
0.08%
0.01%
-8.87%
3.39%
-8.87%
24.67%
max
max
max
min
Nike Inc.
(NKE)
Shares Out.
Refresh
Enter Ticker
Cash from Operations

Capex
Cash Flow
Free Cash Flow
Current Price
CLEAR
Trend
Growth
Discount %
14.7%
9.0%
Terminal %
Select FCF
2%
FCF
$72.99
2004
$1,518.5
($214.8)
$1,355.1
$1,303.7
YOY% Change
Margins
Fair Value
Buy Under
Actual M.O.S
52 Wk High
52 Wk Low
$31.26
0%
$80.26
$59.11
62.52
Adjust 2013 FCF

50%
Click to Watch
Video Tutorial
5/3/2014
Fiscal Year
Cash Flow Data
M.O.S
878.14
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
$1,570.7
($257.1)
$1,588.6
$1,313.6
0.8%
$1,667.9
($333.7)
$1,776.9
$1,334.2
1.6%
$1,878.7
($313.5)
$1,841.1
$1,565.2
17.3%
$1,936.3
($449.2)
$2,411.3
$1,487.1
-5.0%
$1,736.1
($455.7)
$2,807.8
$1,280.4
-13.9%
$3,164.0
($335.0)
$2,428.3
$2,829.0
120.9%
$1,812.0
($432.0)
$2,755.6
$1,380.0
-51.2%
$1,899.0
($597.0)
$3,064.1
$1,302.0
-5.7%
$3,027.0
($636.0)
$3,315.7
83.6%
$2,711.0
($814.0)
$3,777.1
$1,897.0
-20.7%
43.6%
10.8%
9.8%
44.3%
11.6%
10.8%
43.9%
45.7%
43.5%
This
is a45.0%
sample44.9%
only. 46.3%
11.4%
11.3%
10.8%
10.9%
12.3%
11.5%
9.1%
10.1%
7.8%
10.0%
10.6%
9.5%
See each section to understand
the data
and
models
provided.
Gross Margin
Operating Margin
Net Margin
42.9%
10.1%
7.7%
44.5%
11.7%
8.8%
$0.88
34.8%
$1.12
34.9%
28.0%
10.6%
4.2
12.0%
19.8%
44.0%
12.2%
9.3%
$2,391.0
EPS & Tax

Diluted EPS
Tax Rate
$1.32
35.0%
$1.46
32.2%
$1.87
24.8%
$1.51
24.0%
$1.93
24.2%
$2.20
24.1%
$2.37
25.0%
$2.71
24.7%
$3.13
23.9%
26.4%
9.6%
4.4
13.8%
21.5%
27.0%
8.9%
4.3
14.1%
22.1%
29.8%
9.6%
4.4
14.0%
21.2%
23.4%
8.0%
4.5
15.1%
24.1%
19.6%
6.7%
4.4
11.2%
17.1%
47.9%
14.9%
4.6
13.2%
19.6%
21.2%
6.9%
4.6
14.2%
21.7%
16.6%
5.6%
4.4
14.4%
21.4%
31.1%
9.4%
4.3
14.1%
22.3%
21.6%
7.2%
4.0
16.0%
25.1%
65.4%
12.5%
1.6
8.5
1.9
55.8%
10.9%
1.7
17.3
1.9
57.0%
6.1%
1.9
4.5
3.2
52.1%
5.5%
2.9
11.9
3.8
59.0%
5.3%
2.4
8.1
3.4
52.4%
4.8%
1.6
3.4
2.9
47.8%
4.4%
4.8
19.4
6.3
52.4%
2.7%
2.1
3.6
5.0
49.0%
2.1%
3.4
8.3
5.7
57.6%
9.8%
1.7
13.4
2.0
57.1%
9.6%
1.4
10.1
1.6
2009-2013
7.0%
16.9%
21.2%
6.9%
14.1%
21.4%
44.9%
10.9%
9.8%
7.2%
15.7%
14.9%
2008-2011
9.7%
-2.5%
22.3%
7.4%
13.7%
20.6%
45.4%
11.1%
10.1%
2.6%
5.5%
-2.2%
2009-2012
6.8%
0.6%
20.4%
6.8%
13.7%
20.5%
45.3%
11.2%
9.8%
6.8%
16.0%
3.0%
2010-2013
5.1%
-5.5%
26.2%
8.2%
14.2%
21.5%
44.7%
11.2%
9.9%
10.0%
12.0%
-1.5%
2008-2010
14.5%
37.9%
23.4%
8.0%
13.2%
19.6%
45.0%
10.9%
10.0%
1.0%
1.7%
27.8%
2009-2011
6.6%
3.8%
21.2%
6.9%
13.2%
19.6%
45.7%
10.9%
10.0%
2.4%
20.4%
2.2%
2010-2012
3.8%
-32.2%
21.2%
6.9%
14.2%
21.4%
45.7%
11.5%
10.0%
10.8%
10.7%
-22.5%
2011-2013
7.3%
31.6%
21.2%
6.9%
14.2%
21.7%
43.6%
11.5%
9.8%
12.2%
11.1%
29.2%
Median
7.0%
0.6%
21.2%
6.9%
14.1%
21.4%
45.0%
11.2%
10.0%
6.8%
11.1%
2.2%
2005-2012
10.1%
-0.1%
24.9%
8.5%
14.0%
21.4%
44.7%
11.4%
9.4%
7.9%
11.3%
2.7%
2006-2013
9.0%
8.7%
25.2%
8.5%
14.1%
21.5%
44.5%
11.4%
9.7%
7.8%
10.8%
8.9%
2004-2009
14.0%
-0.4%
26.7%
9.2%
13.9%
21.3%
44.3%
11.4%
9.0%
9.4%
11.6%
2.7%
2005-2010
12.7%
16.6%
26.7%
9.2%
13.9%
21.3%
44.7%
11.4%
9.2%
6.7%
11.5%
15.0%
2006-2011
9.7%
0.7%
25.2%
8.5%
14.0%
21.5%
44.9%
11.4%
9.7%
6.1%
10.7%
1.7%
2007-2012
8.6%
-3.6%
22.3%
7.4%
14.1%
21.3%
44.9%
11.4%
9.8%
7.4%
10.1%
0.2%
2008-2013
8.8%
10.0%
22.3%
7.4%
14.2%
21.5%
44.9%
11.1%
9.9%
6.3%
7.7%
9.3%
2004-2013
10.8%
7.0%
21.2%
9.2%
14.0%
21.4%
44.3%
11.4%
9.4%
8.4%
13.4%
8.0%
Median
10.1%
0.8%
25.2%
8.5%
14.0%
21.4%
44.7%
11.4%
9.4%
7.4%
11.3%
2.7%
Efficiency & Profitability

CROIC
FCF/Sales
Inventory Turnover
Return On Assets (ROA)
Retun On Equity (ROE)
Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt
5 Year Multi-Year Performance

Tang Shareholder Equity
Free Cash Flow
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth
2008-2012
9.0%
-3.3%
21.2%
6.9%
14.2%
21.4%
45.0%
11.3%
10.0%
5.8%
6.1%
-0.5%
10 Year Multi-Year Performance

Tang Shareholder Equity
Free Cash Flow
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth
2004-2011
11.8%
0.8%
26.7%
9.2%
13.9%
21.3%
44.7%
11.4%
9.2%
7.3%
14.0%
2.6%
Projection of future Free Cash Flow

Yearly Growth Input Field
15%
Terminal Growth
2%
2014
2015
$2,741.35
2024
$ 7,373.68
$3,143.04
2025
$ 7,521.15
2016
2017
2018
2019
2020
2021
2022
2023
$3,603.59
2026
7,671.57
$4,026.02
2027
7,825.01
$4,497.96
2028
7,981.51
$5,025.23
2029
8,141.14
$5,614.30
2030
8,303.96
$6,107.90
2031
8,470.04
$6,644.89
2032
8,639.44
$7,229.10
2033
8,812.23
Calculation
Total Cash
$
MAX(0,Current Liabilities-Current Assets)
$
Excess Cash
$
Adding some Intangibles
$
Interest Bearing Debt
Present Value
$
Shares Outstanding
Per Share Value
$
Desired Margin of Safety
Purchase Price
$
Current Price
$
Margin of Safety
Sensitivity Matrix: Growth vs Discount Rate

5,186.63
5,186.63
$835.86
54,899.70 $
878.14
62.52 $
50%
31.26
72.99
0%
Discount Rates
11% $
13% $
Growth Rates
55,735.56
0%
20%
25%
15%
$
17% $
19% $
7%
59.93 $
66.62 $
8%
55.20 $
61.22 $
74.11
82.50
91.88
67.94
75.46
83.87
$
$
$
$
$
$
9%
51.04
56.46
$
$
10%
47.37 $
52.26 $
11%
44.10
48.55
62.52
$
$
$
57.73
63.84
70.64
53.50
59.02
65.17
69.28
76.84
$
$
$
63.47
Sensitivity Matrix: Margin of Safety %

Discount Rates
Growth Rates
Variable Fields
Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)
11%
7%
-21.8%
8%
-32.2%
13%
-9.6%
15%
1.5%
11.5%
20.6%
17%
19%
9%
-43.0%
10%
-54.1%
11%
-65.5%
-19.2%
-29.3%
-39.7%
-50.4%
-7.4%
3.3%
13.0%
-16.7%
-26.4%
-14.3%
-3.3%
-36.4%
-23.7%
-12.0%
-5.3%
5.0%
Nike Inc.
(NKE)
M.O.S
878.14
25%
Current Price
Intrinsic $
Buy Under
$72.99
$51.33
$38.50
Click to Watch
Video Tutorial
5/3/2014
Refresh
Enter Ticker
2008-2012
6.1%
CLEAR
2009-2013
15.7%
2008-2011
5.5%
2009-2012
16.0%
Growth
Projection
EPS
Corp Bond
12.2%
Linear
Regression
$2.65
4.35
Actual M.O.S 52 Wk High 52 Wk Low
0%
2010-2013
12.0%
10 Yr EPS Growth
Forecast Method
$
Linear Regression Method $
Normalized Margins Method $
Analyst Estimate
$
2008-2010
1.7%
2004
0.88
2014E
2.76
2.65
2.96
2.96
$
$
$
$
$
2005
1.12
2015E
3.09
2.97
3.32
3.37
2006
$
1.32
2007
1.46
2008
1.87
$59.11
2009-2011
20.4%
2009
$
2010-2012 2011-2013
10.7%
11.1%
2.65
12.16%
4.35
51.33
25%
38.50
$72.99
0%
Graham's Sensitivity Matrix

Growth Sensitivity Increment
EPS Sensivity Increments
2011
2.20
$1.87
$2.20
$1.93
$2.37
2012
2.37
$2.71
$2.65
2013
2014E 2015E
$2.97
Everything
is unlocked.
$1.12 $1.32
10%
10%
2004
$1.51
2005
2006
2007
2008
2009
2010
2011
2012
EPS
Growth
2010
1.93
$0.88
Graham Value Calculation

$
1.51

$1.46
Normal Earnings
Growth Rate
Corp Bond Rate
Per Share Value
MOS
Purchase Price
Current Price
Actual Discount
$80.26
Median
11.1%

2004-2011
2005-2012
2006-2013
2005-2010
2006-2011
2007-2012
2008-2013
Median
See
to2004-2009
understand
and
models
14.0% each
11.3%section
10.8%
11.6%
11.5% the data
10.7%
10.1%
7.7% provided.
11.3%
5 Yr EPS Growth
Diltued EPS
Shares Out.
9.7%
10.9%
12.2%
13.4%
16.0%
$
$
$
2.12
35.85
38.46
$
$
$
2.38
40.33
43.26
2.65
$
$
44.81
48.07
$
$
$
41.06
43.67
49.40
$
$
$
46.20
49.13
55.58
$
$
51.33
54.59
61.75
$
$
$
2.91
49.29
52.88
$
$
$
3.18
53.78
57.69
$
$
$
56.46
60.04
67.93
$
$
$
61.59
65.50
74.10
2013
2.71
TTM
3.13
Normalized Rev
Period
Projection
5YR
Analyst Estimate
Current Price
Conservative
Normal
Aggressive
$72.99
$42.13
$52.44
$62.75
M.o.S
0.0%
0.0%
0.0%
Conservative
Normal Case
Aggressive
26,624.6
$26,624.6
26,624.6
Operating Income Estimate (EBIT)

Valuation Multiple (4)
11.3%
3,018.1
11x
11.3%
3,018.1
17x
Estimate Value of Operating Segment
33,199.0
11.3%
3,018.1
14x
42,253.3
51,307.5
5,187.0
5,187.0
5,187.0
38,386.0
1,388.0
47,440.3
1,388.0
56,494.5
1,388.0
Nike Inc.
(NKE)
EPS
Figures in Millions except per share v
$2.96
5/3/2014
Enter Ticker
Refresh
For Each Operating Segment
CLEAR
(1)
Normalized Revenue Estimate (2)

Manual Input for Revenue
Projected Normalized Operating Margin (3)
Cash & Equiv on Balance Sheet

Manual Input for Cash & Equiv
Total Value of business + cash

Less Total Debt
Manual Input for Total Debt
Less Off Balance Sheet Debt (5)

Less Net Pension/Retirement/Workers Comp
Estimated Fair Value of Equity
Shares Outstanding
Current Price
Estimated Fair Value per Share
Margin of Safety
Price/Intrinsic Value Ratio (6)
0.0
0.0
0.0
0.0
55,106.5
878.14
$72.99
$42.13
46,052.3
878.14
$72.99
$52.44
0%
0%
0%
1.7
1.4
1.2
36,998.0
878.14
$72.99
$62.75
How to Use
Enter values in the yellow boxes.
Make sure to keep your denominations consistent. E.g. use millions for rev & shares outstanding.
Do not use millions for revenue and thousands for shares outstanding.
Calculator Input Explanations

(1) For Each Operating Segment:
EBIT multiple calculation can be used for sum of the parts valuation.
Perform the same step for each part of the operating business and then sum it up to get the total value.
(2) Normalized Revenue Estimate

To get a normalized value, take the average or median across multiple years.
(3) Projected Normalized Operating Margin

Enter the operating margin for each scenario.
(4) Valuation Multiple

Enter the EBIT multiple that you wish to use for each scenario. Look at comparable industry and competitor levels if you are unsure.
(5) Less Off Balance Sheet Debt

These are liabilities that are not found in the balance sheet. It can be found in the footnotes of the annual reports.
A quick way to search for this is to do a find for the term "off balance sheet" or "off-balance sheet" in the filings.
(6) Price/Intrinsic Value Ratio

The lower the better. Simply price divided by the calculated intrinsic value of equity.
Current EPS
Exp Growth Dividend Yield
Nike Inc.
(NKE)
25%
5/3/2014
Expected PE
Enter Ticker
Refresh
Katsenelson Absolute PE
Determine Business Risk

ROE
Consistency/quality check
ROA
CROIC
Intangibles % of Book Value
1.32%
Business
Safety
Financial
Safety
Earnings
Safety
Excellent
Excellent
Above Average
16 of 20 pts
20 of 20 pts
15 of 20 pts
CLEAR
Current Price Fair Value Fair Value PE Current PE FV Exp Grth
M.O.S
$72.99
$98.17
31.42
24.66
25%
26%
2009
17.10%
2010
19.55%
1
13.23%
1
27.35%
1
6.71%
1
2011
21.67%
1
14.22%
1
13.14%
0
7.03%
1
2012
21.41%
1
14.37%
1
12.09%
0
4.83%
1
2013
22.28%
1
14.13%
0
19.06%
1
4.60%
1
TTM
25.13%
1
16.00%
1
14.90%
0
4.55%
1
AVERAGE
21.2%
5
13.9%
4
16.7%
2
5.9%
5
STDEV
2.7%
16
0.0%
AVERAGE
3.19
5
0.07
5
0.01
5
248.5%
5
STDEV
0.28

1.6%
See each section
to
understand
the
data
and
models
provided.
13.47%
5.8%
Business Risk Factor:

Determine Financial Risk
Current Ratio
Short Term Debt/Equity Ratio
FCF to Total Debt
Financial Risk Factor:
11.22%
7.60%
Sign up Today Excellent

to get6%unlimited
access.
Factor
16 pts out of 20
2009
2.97
0.05
0.00
157.67%
2011
2.85
1
0.05
1
0.02
1
208.14%
1
2010
46.28%
1
10.03%
1
$1.93
1
$3,164.00
1
15 pts out of 20
Adjusted Base PE
Business Risk
Premium/Discount Factor:
Financial Risk
Earnings Predictability
Adjusted Fair Value PE
25.00%
1.32%
2013
3.47
1
0.11
1
0.01
1
172.26%
1
TTM
3.53
1
0.11
1
0.00
1
136.67%
1
Excellent 10% Factor

2011
45.74%
0
10.60%
1
$2.20
1
$1,812.00
0
2012
43.50%
0
9.53%
0
$2.37
1
$1,899.00
1
2013
43.59%
1
9.82%
1
$2.71
1
$3,027.00
1
TTM
44.26%
1
10.85%
1
$3.13
1
$2,711.00
0
Above Average 5% Factor
Katsenelson Absolute PE Valuation Model

Earnings Growth
Dividend Yield
2012
3.05
1
0.03
1
0.00
1
338.18%
1
20 pts out of 20
Determine Earnings Predictability 2009

Gross Margin
44.87%
Net Margin
7.75%
Earnings
$1.51
Cash from Ops
$1,736.10
Earnings Predict. Factor:
2010
3.26
1
0.05
1
0.00
1
478.03%
1
24.66
1.00
=
25.66
x
Excellent [1 + (1 - 0.94)]
0.94
x
Excellent [1 + (1 - 0.9)]
0.90
x
Above Average [1 + (1 - 0.95)]
0.95
=
25%
31.42
P/E
7.00
7.65
8.30
8.95
9.60
10.25
10.90
11.55
12.20
12.85
13.50
14.15
14.80
15.45
16.10
16.75
17.40
17.90
18.40
18.90
19.40
Exp EPS Grwth Rate

0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
19.90
21%
20.40
20.90
21.40
21.90
22%
23%
24%
25%
0.65
0.50
Dividend Yield
0.0%
0.1%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
10.0%
1.4%
0.04
0.01
133.4%
20
0.0%
AVERAGE
44.7%
3
9.8%
4
2.31
5
$2,391.52
3
STDEV
1.1%
15
0.0%
1.1%
0.57
649.71
Add'l P/E Points

0.0
0.5
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
10.0
Nike Inc.
(NKE)
Shares Out.
Main. Capex
Normalized Income
878.14
$417.25
$3,357.28
Current Price
EPV
Net Reproduction Value
$72.99
$41.23
$16.82
Discount Rate
R&D Years
SG&A %
9%
25%
EPV MOS
NCAV
52 Wk High
52 Wk Low
0.0%
$8.12
$80.26
$59.11
5/3/2014
Enter Ticker
Refresh
CLEAR
Asset Valuation Section
EPV Valuation Section
Data: Asset Valuation
Values for Normalized Income
Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity
Average SGA %
$
$
$
$
878.1
16,545.0
16,545.0
6,476.0
11,344.0
31.6%
TTM Free Cash Flow

Avg Normalized Income
Med Normalized Income
Avg Adj. Income 5 yrs
TTM Adjusted Income
Marketing/Brand Value
7,997.7
Data: EPV
R&D Value
Cash Needed for Business
Non Interest Bearing Debt
Excess Cash
$
$
$
$
$
262.9
1,388.0
5,088.0
4,680.7
Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
1% of sales
Cash & Equiv
Quarterly numbers based on:
Marketable Securities
Accounts Receivable
Other Receivable
Net Receivables
$45
$40
Total
$ 9,553.00
Per Share
$
10.88
$ 10,069.00
$ 7,131.00
$ 24,542.70
$ 18,066.70
$ 14,773.96
$
$
$
$
$
$30
Cash - Debt
Shares
$
$
$
$
$
$
9.0%
3,357.3
417.2
1,388.0
262.9
5,187.0
$25
$20
$15
$10
$5
$0
3,536.1
878.14
Book Value
Net Repro Value
EPV
Calculation: EPV
11.47
8.12
27.95
20.57
16.82
Cost of Capital Rates

5%
7%
$
$
EPV
58,800.6
42,000.4
Per Share
$
66.96
$
47.83
+ Cash - Debt
$
62,336.7
$
45,536.6
9%
11%
13%
$
$
32,667.0
37.20
26,727.5
22,615.6
$
$
30.44
25.75
$
$
Book Value
$ 2,086.0
Fixed BV
Multiplier
$
$
Per Share
70.99
51.86
36,203.1
41.23
30,263.7
26,151.8
$
$
34.46
29.78
Reproduction
Asset Value
$
2,086.0
This is a sample
only.
Adjustments:
Book Value
Fixed BV
Liabilities & Equity
3,101.0
See each section to understand
the Accounts
dataPayable
and models
2,985.0
$ provided.
1,612.0
Inventories: Raw Materials

Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Prepaid Expenses
Current Defered Income Taxes
Goodwill, Net
Intangibles, Net
Intangibles
Property/Plant/Equipment - Net
Other Long Term Assets, Total
Total Assets
EPV = Net Repro Value = No Moat

EPV < Net Repro Value = Value Destroyer
Q3
Adjustments:
Assets
Cash & Equivalents
EPV > Net Repro Value = Moat exists

1,897.0
3,574.1
3,574.8
3,415.9
4,324.6
$35
Calculation: Asset Valuation

Tangible BV
Adjusted BV
NCAV
Reprod. Cost of Assets
Reprod. Cost of Assets BV
Total Net Reprod. Cost
$
$
$
$
$
$
$
$
$
$
3,101.0
2,985.0
2,985.0
-
$
$
$ 3,695.0
$
$ 3,695.0
$ 1,202.0
$
315.0
$
$ 13,384.0
$
131.0
$
385.0
$
516.0
$ 2,645.0
$
$ 16,545.0
$
$
$
$
2,985.0
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt

Sign up Today to get unlimited
access.
Current Port. of LT Debt/Capital
Leases
Long-Term Debt
Capital Lease Obligations
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Everything
is unlocked.
$
3,695.0
$
$
$
$
$
$
$
$
$
$
1,202.0
315.0
13,384.0
131.0
385.0
516.0
2,645.0
16,545.0
Multiplier
Reproduction
Liability Value
$
1,612.0
$
$
1,514.0
$
$
1,514.0
187.0
187.0
$
$
$
$
$
$
$
$
$
$
$
$
$
538.0
3,851.0
1,201.0
1,424.0
6,476.0
11,344.0
5,685.0
10,178.0
11,344.0
17,820.0
$
$
538.0
3,851.0
$
$
$
$
1,201.0
1,424.0
-
6,476.0
$
$
$
11,344.0
5,685.0
10,178.0
$
$
11,344.0
17,820.0
Nike Inc.
(NKE)
5/3/2014
Enter Ticker
Current Price
NNWC
NNWC %
NCAV
NCAV %
$72.99
$3.38
0.0%
$8.12
0.0%
BV
CLEAR
BV
Multiplier
100%
Net Net Value

$
5,187.00
Refresh

Cash & Equivalents
Marketable Securities
Accounts Receivable
Other Receivable
Receivables
Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Current Assets - Total
Total Assets
Total Liabilities
Shares Outstanding
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,086.00
3,101.00
3,208.00
3,208.00
3,695.00
3,695.00
13,607.00
17,820.00
6,476.00
878.14

Market Cap & Share Price
Book Value
Net Net Working Capital
Discount to NNWC
Net Current Asset Value
Discount to NCAV
75%
$
2,406.00
$
$
$
$
1,847.50
13,607.00
17,820.00
6,476.00
878.14
50%
Total ($M)
$
13,607.00
64.095B
$
11,344.00
$
2,964.50
$
$
$
$
Per Share
15.50
72.99
12.92
3.38
0%
8.12
0%

$
7,131.00 $
My Stock Valuation Log

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Country
68
Earnings
Date
Date
Added
Average
Valuation
Target
65
Price
Added
Price
Price
Change
%
NCAV
DCF
Graham
Price
EPV
6.00
Market Cap
67
Volume
57
52-Week
High
58
52-Week
Low
7.00
P/E
8
Forward
P/E
9
PEG
10
P/S
11
P/B
12
P/Cash
13
P/Free
Cash Flow
14
Dividend
Yield
15
Payout
Ratio
16
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17
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What does the document discuss regarding Nike's financial performance?

What does the document discuss regarding Nike's financial performance?

What valuation methods are mentioned for valuing Nike?

What valuation methods are mentioned for valuing Nike?

Nike Inc.

Mkt Cap ($M)

Price vs DCF Intrinsic Value

Margins & Profitability

Financial Strength (MRQ)

Selected Financial Statements

Weighted Average Diluted Shares

Net Property, Plants & Equipment

This is a sample only.

Figures in Millions except per share values

Other Income and Expense

Net Income Total

Shares and EPS

Inventories, raw materials

Inventories, work in progress

Inventories, finished goods

Total Current Assets

Total Current Liabilities

Total Liabilities & Equity

Liabilities & Stockholders' Equity

Cash Flows Statement

Cash Flows From Operating Activities

Net Cash From Operating Activities

Cash Flows From Investing Activities

Net Cash From Investing Activities

Cash Flows From Financing Activities

Free Cash Flow

Free Cash Flow to Equity (FCFE)

% change from prev period

Owner Earnings FCF

This is a sample only.

Other Special Charges

Depreciation & Amortization

Research & Development

Other Income and Expense

Earnings Before Taxes

Earnings After Taxes

Net Income From Total Operations

Other Current Assets

Total Current Assets

Other Long-Term Assets

Total Long-Term Assets

Deferred Income Taxes

Total Long-Term Liabilities

Depreciation & Amortization

Issuance of Capital Stock

Repurchase of Capital Stock

Net Issuance of Debt

Liabilities & Stockholders' Equity

Cash Flows Statement

Net Cash From Operating Activities

Cash Flows From Investing Activities

Net Cash From Investing Activities

Cash Flows From Financing Activities

Net Issuance of Stock

Cash from Financing

Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0*X5

Z = 6.56X1 + 3.26X2 + 6.72X3 + 1.05X4