Nike’s net worth is roughly $62 billion, measured by market capitalisation as of late July 2026. That number moves every trading day, so treat it as a snapshot rather than a fixed figure.
Here’s the part most articles skip: Nike was worth about $255 billion in November 2021. The company still sells nearly as much product as it did then. Revenue for the twelve months ending May 2026 came in at $46.4 billion, basically flat year over year. Yet three-quarters of the company’s market value has evaporated.
That gap between what Nike sells and what the market thinks Nike is worth is the actual story. Let’s get into it.
"Net worth" means three different things, and people mix them up
When you search for a company’s net worth, you’ll get numbers that disagree wildly. That’s because there are three separate measurements floating around, and finance sites use them interchangeably without telling you.
Market capitalisation is share price multiplied by shares outstanding. For Nike, that’s roughly $42 a share times about 1.48 billion shares. This is what most people mean by "net worth" for a public company, and it’s the number I’m using throughout.
Enterprise value adds debt and subtracts cash. It’s what you’d theoretically pay to buy the whole company outright. Nike carries meaningful long-term debt, so its enterprise value runs higher than its market cap.
Brand value is a completely different animal. Brand Finance and Interbrand publish annual estimates of what the Nike name alone is worth as an intangible asset, and those figures have historically landed in the $30 billion range. That’s not the company’s value. It’s an accounting estimate of one asset the company owns.
You’ll also notice sources disagreeing by a few billion on market cap alone. Trading Economics reported $66.8 billion in July 2026 while StockAnalysis reported $61.88 billion the same month. The difference comes down to share counts and timing. Pick one source and stay consistent rather than mixing them.
Nike’s market cap history: the peak and the fall
Nike’s stock closed at an all-time high of $163.63 on November 5, 2021. With roughly 1.58 billion shares outstanding at the time, that put the company somewhere around $255 billion.
Then came the slide.
| Period | Approximate market cap | Context |
|---|---|---|
| Dec 1998 | $11.3 billion | Pre-2000s expansion |
| Nov 2021 | ~$255 billion | All-time peak, $163.63/share |
| Mid 2024 | ~$140 billion | DTC strategy unravelling |
| Jul 2025 | ~$113 billion | 52-week high of $80.17 |
| Jul 2026 | ~$62 billion | Share price near $42 |
The one-year decline is around 45%. The three-year compound annual growth rate for Nike’s market cap sits at roughly -31%. Even the ten-year figure is negative, at about -4.4% annually. Only when you zoom out to fifteen and twenty years does the picture turn positive, at 3.2% and 5.6% respectively.
For a company that spent two decades as one of the most reliable compounders in consumer goods, that’s a brutal reversal.
Why the valuation collapsed while revenue held steady
If sales are flat but the stock is down 75%, the market isn’t reacting to sales. It’s reacting to margins and momentum. Four things went wrong at once.
The direct-to-consumer pivot backfired. Nike spent years pulling out of wholesale accounts to sell more through its own app and stores. The logic was sound: higher margins, better customer data, no middleman. In practice, Nike gave up shelf space at retailers like Foot Locker and DSW, and competitors walked straight into the gap. Winning that shelf space back costs money and takes years.
On and Hoka took the runner. Two brands that barely existed a decade ago now own serious share in performance running, the category Nike was literally founded on. Deckers (which owns Hoka) and On Holding have both grown revenue at rates Nike hasn’t touched since the 2010s. Nike’s response, leaning harder on retro sneakers like the Dunk and Air Force 1, worked for a while and then flooded the market.
China stalled. Greater China was Nike’s highest-margin growth engine. Domestic Chinese brands, weaker consumer spending, and political friction all hit at once.
Profit margins fell. In May 2026, reports put Nike’s profit margin decline at around 34%. Clearing excess inventory means discounting, and discounting destroys the premium positioning that justified Nike’s valuation multiple in the first place.
That last point is the one that matters most. Nike’s stock never traded on revenue growth alone. It traded on the belief that Nike could charge whatever it wanted because the swoosh was worth it. Heavy discounting attacks that belief directly.
Where Nike’s money actually comes from
Footwear does the heavy lifting. In a typical recent year, Nike’s revenue splits roughly like this:
- Footwear: around $29 billion, the bulk of the business
- Apparel: around $13.5 billion
- Equipment: around $2.35 billion
- Converse: around $1.6 billion as a separate brand
Jordan Brand deserves its own mention. It operates as a sub-brand inside Nike but functions like a standalone empire, generating billions annually from a partnership signed in 1984 with a rookie who hadn’t yet won anything. It’s arguably the single best endorsement deal in the history of business.
Nike employs about 77,800 full-time staff and operates in more than 190 countries from its Beaverton, Oregon headquarters.
There’s also NikeSKIMS, the women’s activewear joint venture with Kim Kardashian’s Skims that launched in September 2025 with 58 silhouettes and has since expanded past 65 plus footwear. Nike gets access to a female customer it has struggled to convert; Skims gets Nike’s global distribution. It’s a small line item financially, but it signals how Nike now thinks about categories it can’t win alone.
Nike vs the competition
Nike is still the biggest sportswear company on earth by market value. The gap has narrowed dramatically, though.
| Company | Rough market cap | Rough annual revenue | What’s happening |
|---|---|---|---|
| Nike | ~$62 billion | ~$46.4 billion | Flat sales, compressed margins |
| Adidas | ~$35 billion | ~€24 billion | Recovered post-Yeezy, Samba momentum |
| Lululemon | ~$20 billion | ~$10 billion | Premium pricing intact |
| On Holding | ~$15 billion | ~$2.7 billion | Fastest growth in the category |
| Deckers (Hoka) | ~$15 billion | ~$5 billion | Taking the performance runner |
Verify these comparison figures against a live source before publishing, since they all move daily.
Look at the ratios rather than the raw numbers. Nike trades at roughly 1.3 times revenue. On Holding trades at something closer to 5 times. The market is paying a premium for growth and a discount for scale, which is the exact inverse of how sportswear valuations worked for twenty years.
Worth noting: apparel valuations behaving strangely isn’t unique to Nike. Victoria’s Secret carries a similar story of a legacy giant whose revenue far outpaces its valuation multiple, while newer challengers command premiums on a fraction of the sales.
Who owns Nike
This is where it gets structurally interesting, and almost nobody explains it properly.
Nike has two share classes. Class A shares carry outsized voting rights and are held almost entirely by the Knight family. Class B shares are what trade publicly on the NYSE under NKE.
Phil Knight, who co-founded the company as Blue Ribbon Sports in 1964 and retired as chairman in 2016, set up Swoosh LLC in 2015 to hold Class A stock. Per Nike’s own proxy filings, Swoosh LLC holds 226,750,000 Class A shares. Knight personally held roughly 23.9 million Class A and 32.2 million Class B shares as of 2024. His son Travis controls tens of millions more through the Travis A. Knight 2009 Irrevocable Trust II.
Combined, the family controls approximately 97% of Class A voting power while owning somewhere in the range of 17-22% of total shares.
Read that again. A family owning roughly a fifth of the company holds near-total control over board appointments. Phil Knight is Chairman Emeritus with a standing invitation to attend every board meeting as a non-voting observer, which is about as much informal influence as a retired founder can hold.
On the institutional side, Vanguard sits around 7-9% and BlackRock around 5.5%, the usual index-fund ownership you’d expect.
Phil Knight’s personal net worth has tracked Nike’s stock closely. Forbes put him above $40 billion when Nike was near its peak. With the share price down roughly 75%, his Nike-linked wealth has fallen sharply, though he holds other assets including a stake in Laika, the stop-motion animation studio his son runs.
Is Nike still a good business?
My honest read: the business is healthier than the stock price suggests, but the recovery is a multi-year job, not a quarter.
The case for Nike is straightforward. It still does $46 billion in annual revenue in a category where the number two player does roughly half that. Jordan Brand alone would be a top-five sportswear company if spun out. The brand equity that took sixty years to build didn’t disappear because a few quarters went badly, and rebuilding wholesale relationships is a solvable problem with a known playbook.
The case against is that Nike lost something harder to rebuild than shelf space. It lost the runner. Serious runners moved to On and Hoka not because Nike stopped making good shoes but because Nike stopped feeling like the brand that cared about them. Winning back a technical customer who has already switched is genuinely difficult, and it doesn’t happen through marketing spend.
If I had to call it: the current valuation prices in a permanent decline that I don’t think is happening. But anyone expecting a fast snap back to $150 a share is going to be disappointed. The inventory cleanup, the wholesale rebuild, and the China recovery each take years, and they have to happen roughly in sequence.
Frequently asked questions
What is Nike’s net worth?
Nike’s market capitalisation sits around $62 billion as of late July 2026. The figure changes daily with the share price, so check a live source for the current number.
Why has Nike’s stock fallen so much?
Nike’s share price dropped from an all-time high of $163.63 in November 2021 to roughly $42 in mid-2026. The main causes were the failed direct-to-consumer pivot that cost wholesale shelf space, market share losses to On and Hoka, weakness in China, and margin damage from heavy discounting.
Is Nike bigger than Adidas?
Yes, by a wide margin. Nike’s revenue of roughly $46 billion is close to double Adidas’s, and its market cap is roughly 1.8 times larger. The gap has narrowed considerably since 2021.
Who owns Nike?
Nike is publicly traded, but the Knight family controls it through a dual-class share structure. They hold roughly 97% of Class A voting power while owning about 17-22% of total shares. Vanguard and BlackRock are the largest institutional holders.
How much is the Nike brand worth?
Brand valuation firms have historically estimated the Nike brand alone at around $30 billion. That’s a separate figure from the company’s market cap and measures only the value of the name and logo as an intangible asset.
Has Nike ever been worth more than it is now?
Considerably more. At its November 2021 peak, Nike was worth roughly $255 billion, more than four times its current valuation.
Nike’s market cap will keep moving, and this page gets updated when it does. If you want the live figure before making any decision, pull it from Nasdaq or your broker rather than trusting any article, including this one.
