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Tiêu đề Financial Analysis of Nike
Tác giả Truong Gia Linh, Ho Hoang Nhi, Nguyen Thi Ngoc Oanh, Nguyen Thi Phuong Thao
Người hướng dẫn Do Khac Trung
Trường học University of Economics – Da Nang University
Chuyên ngành Corporate Finance
Thể loại Group Assignment
Năm xuất bản 2023
Thành phố Da Nang
Định dạng
Số trang 45
Dung lượng 4,6 MB

Cấu trúc

  • I. Business Description (6)
    • 1. MACROECONOMIC ANALYSIS (6)
    • 2. INDUSTRY OVERVIEW (7)
      • 2.1. Overview (7)
      • 2.2. End-user Insights (8)
      • 2.3. Regional Insights (8)
      • 2.4. Key Companies & Market Share Insights (8)
    • 3. COMPANY STRATEGY (9)
    • 4. COMPETITIVE POSITIONING (10)
      • 4.1. Outstanding Revenue (10)
      • 4.2. Impressive in footwear (11)
      • 4.3. Market leader (11)
  • II. FINANCIAL STATEMENTS (12)
    • 1. Balance Sheet (12)
    • 2. Income Statement (13)
    • 3. Cash Flow Statement (14)
  • III. FINANCIAL ANALYSIS (16)
    • 1. LIQUIDITY RATIOS (16)
      • 1.1. Current Ratio (16)
      • 1.2. Quick Ratio (18)
    • 2. CAPITAL STRUCTURE RATIOS (18)
      • 2.1. Total Debt Ratio (18)
      • 2.2. Debt/equity Ratio and Equity Multiplier (20)
      • 2.3. Long-term Debt to Equity Ratio (21)
    • 3. TURNOVER RATIOS (23)
      • 3.1. Inventory Turnover (23)
      • 3.2. Receivables Turnover (25)
      • 3.3. Fixed Asset Turnover (27)
      • 3.4. Total Asset Turnover (28)
    • 4. PROFITABILITY RATIOS (29)
      • 4.1. Profit Margin (29)
      • 4.2. Return in investment (31)
      • 4.3. ROA and ROE (32)
      • 4.4. Compared to Adidas (34)
      • 4.5. Du Pont Identity (35)
    • 5. MARKET VALUE RATIOS (36)
      • 5.1. Price Earnings Ratio (36)
      • 5.2. Market To Book Ratio (38)
    • 6. SHORT-TERM FINANCIAL POLICY (39)

Nội dung

Some of itsprominent competitors include Adidas, lululemon athletica, Li Ning, Puma, and V.F.Corporation, among others.4.1.Outstanding RevenueIn 2022, Nike, a global leader in the sports

Business Description

MACROECONOMIC ANALYSIS

The growth of Nike - A multinational corporation with operations in 160 countries

- is influenced by many factors in the macroeconomic environment

Economic growth and world trade growth trends

The IMF's World Economic Outlook Report updated in January 2023 stated that global economic growth is forecast to reach 2.9% in 2023 (Figure 1) Compared to the forecast in October 2022, the growth forecast in The world's 2023 forecast is 0.2 percentage points higher due to a larger-than-expected recovery in many major economies around the world Consumer confidence has begun to improve and business confidence indicators have gradually stabilized in major G20 economies.

Global trade growth is decelerating amidst persistent disruptions in supply chains, reduced demand for consumer products, and the ongoing conflict in Ukraine The economic forecast for 2023 remains uncertain, contingent on the pace and order of monetary policy adjustments, the evolution of the Ukraine conflict, and geopolitical tensions posing risks to the stability of global supply chains.

Figure 1 Real GDP growth of the world [6]

The rising inflation has reduced consumer spending

However, growth forecasts for 2023 remain low, reflecting central banks raising interest rates to cope with inflation, especially in developed economies, as well as the impact of the conflict between Russia and Ukraine The IMF believes that global inflation has peaked, and it is expected that the 2023 consumer price index of 84% of countries will be lower than in 2022 The global average annual inflation is expected to decrease from 8.8 % in 2022 to 6.6% in 2023 (Figure 2) In North America - the biggest market of Nike, persistent inflation is one of the main causes of reduced purchasing power

Figure 2 Inflation rate, average consumer prices of the world [6]

The global labour market outlook for 2023 has not yet recovered to pre- pandemic levels.

According to the International Labor Organization (ILO), by the end of 2022, the recovery process after the Covid-19 crisis is still incomplete and uneven around the world Global employment is forecast to increase by 1.0% in 2023 (adjusted down 0.5 percentage points compared to the forecast in January 2022), a significant decrease compared to the 2.3% employment growth rate 2022.

INDUSTRY OVERVIEW

The global athletic footwear market, valued at USD 127.3 billion in 2021, is set to grow steadily at a CAGR of 4.9% from 2022 to 2030 This growth is driven by rising awareness of the health benefits associated with sports and fitness activities Factors like the booming global e-commerce sector and increasing disposable income levels also contribute significantly Young individuals are adopting healthier lifestyles, actively engaging in sports, which not only reduces the risk of chronic conditions but also foster's market demand.

However, the U.S athletic footwear industry faced challenges due to Covid-19. Nike, Brand Jordan, and Converse witnessed significant declines in sales, as did other major brands like Adidas, Skechers, ASICS, Vans, Under Armour, and Fila.

Despite the industry's growth, environmental concerns pose a significant obstacle.Government initiatives against pollution affect the market, with athletic footwear contributing substantially to river and environmental pollution Notably, major brands like Puma, Nike, and Adidas were criticized by Greenpeace, particularly Puma for collaborating with polluting suppliers in China.

Major market players such as Nike, Adidas, Skechers, and New Balance prioritize the development of innovative technologies Adidas leads the pack with its patented Forged Mesh, an advanced single-layer upper designed using ARAMIS motion capture technology This innovative material offers enhanced flexibility and ankle support Adidas has also secured patents for other technologies, including Adaptive Traxion, Boost, Bounce, Climachill, Primeknit, and Stableframe, all aimed at improving the stability and comfort of their sports shoes.

The men's segment, with a revenue share exceeding 55.0% in 2021, will maintain its dominance until 2030 Women's footwear is gaining ground due to increasing female interest in sports, especially in previously untapped markets Developed nations have a higher proportion of women athletes in major events compared to developing countries. Moreover, awareness about women's fitness is notably higher in advanced nations than in developing ones However, there's a shift in developing countries due to government efforts encouraging women's active participation in sports and fitness This trend is expected to significantly increase sales of women's athletic footwear in emerging markets.

Asia Pacific, with a revenue share surpassing 35.0% in 2021, maintained market dominance and is set to continue leading throughout the forecast period This region is anticipated to experience the highest growth rate, propelled by rising disposable incomes and widespread e-commerce adoption The growing enthusiasm for sports events like the Asian Games, ICC Cricket World Cup, and ACC Asia Cup further fuels the demand for athletic footwear in the Asia Pacific region.

2.4 Key Companies & Market Share Insights

The market includes both international and domestic participants Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market In March 2021, a Kanye west inspired line of sneakers was launched by Adidas as the Yeezy series 450 as a sequel to Yeezy 350 series In June

2021, Kiko Kostadinov’s ASICS GEL-Quantum Levitrack was launched, with a GEL midsole Some prominent players in the global athletic footwear market include: Adidas

AG, ASICS Corporation, Fila Inc, Under Armour, Inc., Lotto Sport Italia S.p.A, NewBalance Athletics, Inc., Vans, Inc., Nike, Inc., Puma SE, Reebok International Ltd.

COMPANY STRATEGY

Established in the year 1964, Nike is an American multinational corporation best known for its footwear and sportswear The company's global headquarters are located near Beaverton, Oregon, in the Portland metropolitan area (USA) Nike, together with its subsidiaries, the Converse and Jordan brands, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide Nike Inc has enjoyed decent growth in the industry over the past few decades while maintaining a loyal customer base across generations and consolidating its influence in the sports industry Nike trades as a component of the DJIA, S&P100, and S&P500 According to Statista, it is the world's largest supplier of athletic footwear and apparel and a major manufacturer of sports equipment In 2022, the company had nearly 80,000 employees on a global scale [1], sales of $18.7 billion, and the brand itself was valued at about $33.176 billion [2]

The company offers Nike brand products in six categories, including running, Nike basketball, Jordan brand, football, training, and sportswear, the latter covering a variety of sports and all types of outdoor activities [3]

Nike has been the market leader since 1990 and has a total market share of roughly 38% in the sports industry [4]

The overarching strategy: to achieve long-term revenue growth [5]

Through the Consumer Direct Acceleration, Nike is focusing on creating the marketplace of the future through more premium, consistent, and seamless consumer experiences, leading with digital and Nike-owned stores, as well as select wholesale partners that share the Nike marketplace vision

Creating innovative, “must-have” products

Nike aligns its product offerings around the consumer demographics of Men's, Women's, and Kids', ensuring that its designs cater to their specific needs Additionally, the brand maintains separate design teams for its sub-brands, Jordan Brand and Converse, which specialize in releasing "collections" or product lines that share common aspects in terms of functionality or style.

Nike’s athletic footwear products are designed primarily for specific athletic use.Nike also sells sports apparel, which features the same trademarks and is sold predominantly through the same marketing and distribution channels as athletic footwear.Nike sports apparel, similar to Nike athletic footwear products, is designed primarily for athletic use Although many of the products are worn for casual or leisure purposes, Nike places considerable emphasis on innovation and high-quality construction in the development and manufacturing of Nike products [5]

Building deep personal consumer connections and delivering compelling consumer experiences through digital platforms and at retail

As part of its digital transformation journey, Nike is investing heavily in data and analytics to enhance its demand sensing, insight gathering, and inventory management capabilities This investment in an end-to-end technology foundation is expected to accelerate Nike's digital transformation efforts, enabling the company to meet evolving consumer demands and drive future growth.

Nike also offers interactive consumer services and experiences as well as digital products through Nike digital platforms, including fitness and activity apps; sport, fitness,and wellness content; and digital services and features in retail stores that create a deeper connection with consumers and enhance their experience [5]

COMPETITIVE POSITIONING

The global market for athletic footwear, clothing, and equipment is characterized by intense competition Nike faces international competition from a substantial array of companies specializing in athletic and casual footwear, sportswear, sports equipment, and larger enterprises that offer a broad range of athletic and casual products Some of its prominent competitors include Adidas, lululemon athletica, Li Ning, Puma, and V.F. Corporation, among others.

In 2022, Nike, a global leader in the sportswear and athletic footwear industry, achieved a remarkable milestone by attaining a staggering revenue of $46,710 million. This figure not only solidified Nike's position as a market heavyweight but also distinguished it as the frontrunner among its industry peers (Figure 3) One of the

22Figure 4 Gross Margin in 2022 and 2021 significant highlights of Nike's fiscal year was the notable increase in its gross margin, which reached an impressive number by 46% (Figure 4) This boost in gross margin is even more remarkable when compared to the performance of most other industry peers, who, in stark contrast, witnessed a decrease in their gross margins during the same period.

Figure 5 Sales by product divisions

Footwear, as a product division, took the lead, accounting for a substantial 66%

(Figure 5) of Nike's outstanding sales for the year This figure solidifies its reputation as a brand synonymous with footwear excellence Furthermore, when compared to its industry peers, Nike's lead in footwear sales is not just noteworthy; it's a significant competitive advantage

As the dominant force in the global athletic footwear and apparel market, Nike continues to thrive on the foundations of superior product attributes With a relentless commitment to improve quality, performance, and reliability, Nike pursues innovation and development in style and design ensures products stay at the forefront of the industryNike's success extends beyond the mere production of goods; it hinges on fostering deep connections and an enduring affinity with our customers These bonds are nurtured through strategic marketing, compelling promotions, and immersive digital experiences.The presence on social media platforms enhances engagement, and top-notch customer support reinforces commitment to customers The association with influential athletes, coaches, teams, colleges, and sports leagues who endorse the brand further bolstersNike's standing Effective sourcing and distribution, coupled with visually appealing merchandising in physical and digital retail spaces, ultimately completes the comprehensive strategy that has established Nike as the undisputed industry leader.

FINANCIAL STATEMENTS

Balance Sheet

Prepaid expenses and other Current Assets 2129 1498 1653 1968 1130

Property, plant and equipment, net 4791 4904 4866 4744 4454 Operating lease right-of-use assets, net 2926 3113 3097 - -

Deferred income taxes and other assets 3821 2921 2326 2011 2509

Current portion of long - term debt 500 3 6 6

Current portion of operating lease Liabilities 420 467 445

Deferred income taxes and other Liabilities 2613 2955 2684 3347 3216 Commitments and contigencies (Note 18)

Common stock at stated value:

Class A convertible - 315 and 329 shares outstanding

Capital in excess off stated value 11484 9965 8299 7163 6384 Accumulated other comprehensive income (loss) 318 -380 -56 231 -92

Table 1 Balance Sheet of Nike 2018-2022

Income Statement

Total selling and administrative expense 11511 12702 13126 13025 14804

Weighted average common shares outstanding:

Table 2 Income Statement of Nike 2018-2022

Cash Flow Statement

Cash provided (used) by operations:

Adjustments to reconcile net income to net cash provided

Changes in certain working capital components and other assets and Liabilities:

(Increase) decrease in accounts receivable 187 -270 1239 -

1854 507 -1676 (Increase) decrease in prepaid expenses, operating lease right- of-use assets and other current and non-Current Assets 35 -203 -654 -182 -845

Increase (decrease) in accounts payable, accrued Liabilities, operating lease Liabilities and other current and non-current

Cash provided (used) by operations 4955 5903 2485 6657 5188

Cash provided (used) by investing activities:

Purchases of short-term investments -

12913 Maturities of short-term investments 3613 1715 74 4236 8199 Sales of short-term investments 2496 2072 2379 2449 3967 Additions to property, plant and equipment

Cash provided (used) by investing activities 276 -264

Cash provided (used) by financing activities:

Proceeds from borrowings, net of debt issuance costs 6134

Increase (decrease) in notes payable, net 13 -325 49 -52 15

Proceeds from exercise of stock options and other stock issuances 733 700 885 1172 1151

Cash provided (used) by financing activities -

1459 -4836 Effect of exchange rate changes on cash and equivalents 45 -129 -66 143 -143 Net increase (decrease) in cash and equivalents 441 217 3882 1541 -1315 Cash and equivalents, beginning of year 3808 4249 4466 8348 9889

CASH AND EQUIVALENTS, END OF YEAR 4249 4466 8348 9889 8574

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of capitalized interest 125 153 140 293 290

Income taxes 529 757 1028 1177 1231 Non-cash additions to property, plant and equipment 294 160 121 179 160

Dividends declared and not paid 320 347 385 438 480

FINANCIAL ANALYSIS

LIQUIDITY RATIOS

Percentage change of Current Assets - 9.19% 24.39% 27.9% 7.31% Percentage change of Current Liabilities - 30.23% 5.31% 16.78% 10.92% Percentage change of Inventories - 6.86% 31.04% -6.96% 22.85%

Figure 6 Current Ratios & Quick Ratio of Nike from 2018 to 2022

The Current Ratio is a Liquidity Ratio that measures a company's ability to pay short-term obligations or those due within one year It tells investors and analysts how a company can maximize the Current Assets on its balance sheet to satisfy its Current Debt and other payables.

The company started 2018 with a high Current Ratio of 2.51, indicating good ability to pay short-term obligations However, a significant decline was recorded in

2019, with the Current Ratio falling to 2.1 The reason is that Current Liabilities increased sharply (30.23%) compared to Current Assets (9.19%) However, this rate is still high Accounts payable is a strong increase in this item, which shows the business's reputation and relationship with good partners From 2019 to 2020, the Current Ratio increased The reason is that Current Assets increased sharply, and current Liabilities also increased but not much.

This ratio continues to increase from 2020 to 2021, both Current Assets and current Liabilities increase but Current Assets increase more strongly This shows that Nike has acquired more Current Assets and overcome most of its short-term Liabilities. There is no doubt about Nike's ability to pay its short-term obligations, but a high value of the Current Ratio may indicate that it is using its Current Assets inefficiently - instead, these assets could be used to generate additional revenue, meaning Nike is currently incurring a large opportunity cost by not using these assets.

Despite a slight decline in 2022, with a Current Ratio of 2.63, the company maintains a healthy liquidity position This year, Nike recorded a number of non- recurring charges in the fourth quarter, including approximately $150 million in charges related to the cancellation of its operations in Russia and the transformation of its business model in Argentina, Chile and Uruguay This may have increased Liabilities, leading to a decrease in the Current Ratio

In 2022, Adidas reported a Current Ratio of 1.26, showing a decline from the 1.55 ratio in 2021 Conversely, Nike maintains a notably stronger short-term liquidity position,consistently outperforming Adidas with a more than double Current Ratio This significant difference underscores Nike's superior ability to meet immediate financial obligations A higher Current Ratio, as seen with Nike, generally indicates a stronger liquidity position, allowing the company to better manage short-term obligations, pay suppliers, and handle immediate debts Nike's superior liquidity position, evident in both its higher Current Ratio and Quick Ratio, highlights its effective management of short- term financial obligations and possession of sufficient liquid assets to support ongoing operations.

The Quick Ratio is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.

In 2018, Nike had a stable Quick Ratio at 1.63, choosing the best ability to pay short-term debt with the most liquid assets, not including Inventory However, a worrying decline occurred in 2019, with the Quick Ratio falling to 1.39 due to a sharp increase in current Liabilities This may indicate that the short-term solvency of the business is decreasing.

Significant improvement occurred in 2021, with the Quick Ratio increasing to 2.01 The reason is due to Inventory decreasing The significant increase in the Quick Ratio reflects its strong financial position and enhanced ability to cover short-term Liabilities with highly liquid assets.

There is a slight decrease in 2022, with a Quick Ratio of 1.84 due to a sharp increase in Inventory Some Inventory arrived later than expected while other items arrived earlier than planned As a result, Nike struggled with Inventory and, at a certain point, found itself with unusually high levels Macroeconomic conditions, such as increased volatility or disruption in the credit markets, could adversely affect Nike's ability to refinance existing debt

Nike's Quick Ratio for 5 years is always greater than 1.0, showing that the business has the ability to quickly pay short-term obligations without having to use Inventory This shows that the business has flexibility and stability in dealing with short- term debts, and is able to meet urgent financial requirements effectively.

In 2021, Nike had a more substantial ability to cover short-term obligations with its most liquid assets than Adidas However, a shift occurred in 2022 Adidas experienced a notable decrease in its Quick Ratio, dropping to 0.622 Nike also saw a slight decrease,moving from 2.01 to 1.84 Despite this reduction, Nike maintained a relatively higherQuick Ratio compared to Adidas, indicating a continued advantage in liquidity.

CAPITAL STRUCTURE RATIOS

Percentage change of Total Debt - 15.35% 58.66% 7.24% 0.27% Percentage change of Total Assets - 5.24% 32.15% 20.41% 6.84%

Figure 7 Total Debt Ratio of Nike from 2018 to 2022

The Total Debt Ratio is defined as the ratio of Total Debt to Total Assets, expressed as a decimal or percentage It can be interpreted as the proportion of a company’s assets that are financed by debt.

During 2018-2020, Nike witnessed a substantial increase in its Total Debt Ratio from 0.56 to 0.74 This ratio measures the proportion of assets financed by debt, indicating that Nike acquired more debt during this period The surge in Total Debt outpaced the growth in Total Assets, implying the company utilized debt to finance operations, strategic initiatives, or growth opportunities.

Nike's financial strategy shifted notably from 2021 to 2022, with a decline in its Total Debt Ratio to 0.62 This is attributed to a slower growth in Total Debt compared to Total Assets Nike's decision to reduce its debt financing suggests a strategic shift towards a more balanced funding approach, utilizing both debt and equity for operations and growth initiatives.

2.2 Debt/equity Ratio and Equity Multiplier

The Debt-to-Equity (D/E) Ratio, obtained by dividing Total Liabilities by Shareholder Equity, is a critical metric assessing a company's financial leverage This ratio quantifies the extent to which debt is used to fund the company's operations, providing insights into the balance between debt and shareholder financing.

The term Equity Multiplier refers to a risk indicator that measures the portion of a company’s assets that is financed by shareholders' equity rather than by debt The Equity Multiplier is calculated by dividing a company's Total Asset value by the Total Equity held in the company's stock

Percentage change of Total Debt - 15.35% 58.66% 7.24% 0.27% Percentage change of Total Assets - 5.24% 32.15% 20.41% 6.84% Percentage change of Total Equity - -7.87% -10.90% 58.50% 19.69%

Figure 8 Debt/equity Ratio and Equity multiplier of Nike from 2018 to 2022

Over the course of the three-year period from 2018 to 2020, Nike underwent a substantial increase in both its Debt/equity Ratio and Equity Multiplier The Debt/equity Ratio starts at 1.30 in 2018 and reaches its peak at 2.89 in 2020 This surge signals a considerable shift in Nike's approach to financing, indicating an increased reliance on debt as a source of capital relative to equity Concurrently, the Equity Multiplier experienced a substantial increase, climbing from 2.30 in 2018 to 3.89 in 2020 This simultaneous increase in the debt/equity ratio and Equity Multiplier can be attributed to the growth in both Total Debt and Total Assets and the decrease in Total Equity during the same period

In 2021 and 2022, Nike experienced decrease in both its Debt/equity Ratio and Equity Multiplier in The Debt/Equity ratio falls to 1.64 in 2022 This reduction indicates that Nike chose to decrease its reliance on debt financing relative to equity during these years Simultaneously, the Equity Multiplier also witnessed a substantial drop, reaching 2.64 in 2022 This decline in financial leverage during 2021 and 2022 is attributed to the fact that Total Equity increased more significantly than Total Debt and Total Assets The reduction in both the Debt/equity Ratio and Equity Multiplier suggests a deliberate effort by Nike to optimize its capital structure, potentially seeking a more balanced mix of debt and equity.

2.3 Long-term Debt to Equity Ratio

The Long-Term Debt to Equity Ratio is a financial metric that specifically focuses on the Long-term Debt of a company in relation to its equity It provides insights into the proportion of Long-term Debt used to finance a company's assets relative to the equity in the business.

Percentage change of Total Equity - -7.87% -10.90% 58.50% 19.69% Percentage change of Long-term Debt - 1.90% 120.28% 1.97% -6.46%

Long-term Debt to Equity Ratio 0.68 0.75 1.86 1.20 0.94

Figure 9 Long-term Debt to Equity Ratio of Nike from 2018 to 2022

From 2018 to 2019, Nike experienced a slight increase in its Long-Term Debt toEquity Ratio, moving from 0.68 to 0.75 This modest uptick suggests a gradual shift toward a higher reliance on Long-term Debt during this period The most notable shift occurred in 2020 when Nike's Long-Term Debt to Equity Ratio surged to 1.86 This substantial increase marked a departure from previous trends and indicated a strategic change in how Nike chose to finance its operations The surge in Long-Term Debt was a major contributor to the heightened ratio while the Total Equity decreased Covid-19 has impacted Nike's Business globally, including through store closures, reduced operating hours and decreased retail traffic The combined effect of store closures and reduced wholesale shipments caused higher than normal Inventory levels at May 31, 2020, asInventories grew 31% compared to the prior year Covid-19 also impacted distribution centers, third-party manufacturing partners and other vendors, including through the effects of facility closures, reductions in operating hours, labor shortages and real time changes in operating procedures to accommodate social distancing guidelines and additional cleaning and disinfection procedures In response to the uncertainty of the pandemic, Nike enhanced their liquidity position during the fourth quarter through the issuance of $6 billion in senior unsecured notes with tranches maturing March 27, 2025, March 27, 2027, March 27, 2030, March 27, 2040 and March 27, 2050, the temporary suspension of share repurchase program and by entering into a new committed credit facility agreement, which provides for an additional $2 billion of borrowings.

Nike's strategic capital restructuring resulted in a notable decline in its Long-Term Debt to Equity Ratio to 1.20 in 2021 and further to 0.94 in 2022 This shift was primarily driven by an increase in Total Equity The company's reduced debt-to-equity ratio reflects a more financially stable position, indicating its commitment to long-term growth and its ability to manage its financial obligations effectively.

2020 This initial decline was indicative of a shift towards a more balanced capital structure, with a focus on increasing equity relative to long-term debt.

TURNOVER RATIOS

Inventory Turnover is the rate at which Inventory stock is sold, used, and replaced. The Inventory Turnover Ratio is calculated by dividing the cost of goods by the Inventory for the same period Through Inventory Turnover, managers can grasp the product's business situation, thereby making appropriate decisions to adjust.

Percentage change of Cost Of Goods - 5.88% - 2.22% 16.13% 2.67% Percentage change of Inventory - 6.86% 31.04% -6.96% 22.85%

Figure 10 Inventory Turnover of Nike between 2018 and 2022

From the data graph, it can be observed that the Inventory Turnover of the company shows a decreasing trend with some fluctuations, though not substantial, during the period from 2018 to 2022 From 2018 to 2019, the Inventory Turnover remained stable, ranging from 3.89 to 3.85 This indicates that Nike has maintained a level of flexibility in Inventory management, with less stagnant Inventory However, in 2020, the Inventory Turnover decreased to its lowest point at 2.87 due to the impact of the pandemic and delays in the supply chain amidst market fluctuations During this period, the percentage change in the Cost Of Goods sold decreased sharply and the Inventory increased sharply This means that Nike has made adjustments in optimizing the Inventory production process, improving and maintaining the quality of Inventory Products in the face of the impact of the pandemic

From 2020 to 2022, there was a slight increase in the Inventory Turnover,insignificantly rising from 2.87 to 3.0 by the end of the cycle This is because the percentage change in the cost of goods sold increased sharply and the Inventory figure decreased This reflects adjustments and improvements in the Inventory management process to reduce storage costs, and the application of faster Inventory disposal strategies,which align with market demand after the challenging period in 2020.

Figure 11 Days' sales in Inventory of Nike from 2018 to 2022

However, there was an upward trend in days' sales in Inventory from 2018 to

2022, especially reaching the highest peak in 2020 This is because the Inventory turnover ratio decreased sharply in the period from 2019 to 2020, reflecting that Nike has held too much Inventory due to the impact of the Covid-19 pandemic But after that, Nike later adjusted its Inventory management policy to a stable level to ensure supply to the demands of the market.

The Accounts Receivable Turnover Ratio, or Receivables Turnover, is used in business accounting to quantify how well companies are managing the credit that they extend to their customers by evaluating how long it takes to collect the outstanding debt throughout the accounting period.

Figure 12 Receivables Turnover of Nike from 2018 to 2022

From the data graph, a clear downward trend in The Receivable Turnover of Nike can be observed over the period from 2018 to 2022 The trend of this ratio is because the change is mainly due to the sharp increase in receivables over the years From 2018 to

2020, there was a notable and significant increase in The Receivable Turnover, reaching its peak at 13.61 in 2020 This increase could be the result of the percentage change in Sales and the significant decrease in Accounts Receivable This is because of a decline in business activities and customers delaying payments or debts being uncollectible due to the impact of Covid-19 This also can be attributed to Nike's cautious approach in extending credit to customers, aiming to mitigate the risk of difficult debt collection during the impact of the pandemic.

However, from 2020 to 2022, The Receivable Turnover experienced a sharp decline, reaching 9.98 in 2021 and maintaining stability at 10.01 at the end of the period.The percentage change in revenue and accounts receivable increased more sharply,marking a recovery in business activities This may be a result of increased marketing and product development strategies This may indicate that Nike has implemented measures to improve the receivable management process and maintain performance in the reduction of financial pressure.

Figure 13 Days' sales in Receivables of Nike from 2018 to 2022

Overall, Day's Sales in Receivables maintained a stable level in the period 2018 to

2022, except for notable fluctuations in the period 2019 to 2021 From 2019 to 2020, Day's Sales in Receivables decreased sharply from 39.86 to 26.83 because the Receivables Turnover Ratio increased sharply, reflecting that Nike faced difficulties in collecting money due to customer delays during the pandemic period But after that, Nike took control of its Receivables management policy more stably and maintained it at around 36.0 from 2021 onwards.

Fixed Asset Turnover (FAT) is an efficiency ratio that indicates how well or efficiently a business uses Fixed Assets to generate Sales The Fixed Asset Turnover Ratio is calculated by dividing Net Sales by the balance in Fixed Assets.

Percentage change of Fixed Asset - 6.51% 2.57% 0.78% -2.30%

Figure 14 Fixed Asset Turnover of Nike from 2018 to 2022

From the data graph, The Fixed Assets Turnover has shown an upward trend during the period from 2018 to 2022 The trend of this ratio is because the percentage change in Nike's Revenue maintains an increase while The Fixed Assets decrease over the period From 2018 to 2020, The Turnover Ratio decreased to its lowest point, reaching 7.69 from 8.17 This may be because the percentage change in Revenue decreased while The Fixed Assets decreased sharply This is a sign of a decline in business activities and a reduction in investment in Nike's Fixed Assets.

However, from 2020 to 2022, the enterprise experienced a significant increase in Fixed Assets Turnover, with the ratio rising to 9.75 at the end of the period This indicates that Nike has effectively employed and leveraged its Fixed Assets, and a high level of business management proficiency Additionally, this can stem from the decision to reduce investment in Fixed Assets, increase the efficiency of existing assets, or even sell off ineffective assets.

The Asset Turnover Ratio measures the value of a company's Sales or Revenues relative to the value of its assets The Asset Turnover Ratio can be used as an indicator of the efficiency with which a company is using its assets to generate revenue.

Percentage change of Total Asset - 5.24% 32.15% 20.41% 6.84%

Figure 15 Total Asset Turnover of Nike from 2018 to 2022

From the data graph, The Total Asset Turnover of Nike has shown a decreasing trend during the period from 2018 to 2022 The trend for this ratio is because the percentage change in Nike's Total Assets increased more than its Revenue over the period From 2018 to 2019, the growth rate increased only slightly from 1.59 to 1.65. However, from 2019 to 2022, the company's Total Asset Turnover Ratio sharply declined to 1.16 by the end of the period This is because the percentage change in Total Assets increased noticeably, stemming from business expansion strategies, investments in product diversification, and the development of digital platforms for construction strategies relationships and increase customer experience.

PROFITABILITY RATIOS

Percentage change of Net Income - 108.43% -36.98% 125.56% 5.57%

Figure 16 Profit Margin of Nike from 2018 to 2022

Profit Margin measures a company's financial performance by calculating the percentage of revenue remaining as profit after deducting all expenses It reflects the portion of sales revenue that the company retains as profit, providing insights into a company's profitability and efficiency in generating revenue.

From 2018 to 2019, Nike witnessed a significant upswing as Nike's Profit Margin soared from 5.31% to 10.30%, suggesting a substantial improvement in the company's profitability However, this upward trajectory encountered a reversal in 2020, as the profit margin dipped to 6.79% It can be explained by the fact that 2020 presented a unique set of challenges, marked by global economic uncertainties and unprecedented events However, Nike demonstrated resilience and adaptability in the ensuing years in

Nike has witnessed a remarkable financial turnaround from 2021 to 2022 The company's profit margin surged from 6.79% to an impressive 12.94%, indicating a strategic recalibration and effective resource management This enhanced financial performance demonstrates Nike's ability to adapt and thrive despite global challenges.

Percentage change of Total Assets - 5.24% 32.15% 20.41% 6.84%

Figure 17 Return In Investment of Nike from 2018 to 2022

Return On Investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of a number of different investments ROI tries to directly measure the amount of return on a particular investment, relative to the investment’s cost.

From its peak in 2019 and 2018, ROI dropped significantly to its lowest point in

Nike's Return on Investment (ROI) index has shown fluctuations over the last few years From 2019 to 2020, ROI experienced a steep decline Though ROI rose in 2021, it remained below pre-2019 levels Despite a slight dip in 2022, ROI has generally remained stable, indicating a consistent performance.

The increase or decrease fluctuation of this index depends on the rate of change of EBIT rather than Total Assets This could indicate Nike trying to improve operational performance, reduce costs, or increase revenue effectively without having to excessively increase Total Assets This focus indicates that the company is focusing on optimizing profits from its core activities such as: Investing in R&D and technology, Managing cooperation with suppliers (“manufacturing outsourcing" strategy), and Marketing,

Percentage change of Net Income - 108.43% -36.98% 125.56% 5.57%

Figure 18 Return On Asset (ROA) & Return On Equity (ROE) from 2018 to 2022

The term Return On Assets (ROA) refers to a financial ratio that indicates how profitable a company is in relation to its total assets Corporate management, analysts, and investors can use ROA to determine how efficiently a company uses its assets to generate a profit The metric is commonly expressed as a percentage by using a company's Net Income and its average assets A higher ROA means a company is more efficient and productive at managing its balance sheet to generate profits while a lower ROA indicates there is room for improvement.

Beginning at 8.58% in 2018, the ROA experienced a substantial ascent, reaching its peak at 16.99% in 2019 However, this upward trajectory was followed by a decline, plummeting to 8.10% in 2020 The subsequent year, 2021, witnessed a noteworthy recovery as the ROA surged to 15.17% Despite this resurgence, there was a marginal decrease in 2022, with the ROA settling at 14.99%.

ROE: Return On Equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity Because shareholders' equity is equal to a company’s assets minus its debt, ROE is considered the return on net assets ROE is considered a gauge of a corporation's profitability and how efficient it is in generating profits The higher the ROE, the more efficient a company's management is at generating income and growth from its equity financing.

In 2018, the ROE stood at 19.70%, indicating the level of profit generated per unit of shareholder equity invested The following year, 2019, saw a significant increase in

ROE to the highest level at 44.86%, signifying a substantial improvement in profit generation However, in 2020, the ROE dropped to 31.52%, which could indicate issues negatively impacting the company's business performance 2021 witnessed a rise in ROE to 44.57%, showcasing recovery from the previous year's decline Finally, by 2022, this rate slightly decreased to 39.57%, suggesting some minor fluctuations in the company's business performance

In general, indicators such as: Profit margin, ROI, ROE and ROA are mostly affected by Net Income and EBIT, this shows that in the past 5 years Nike has focused on optimizing production costs rather than focus on increasing revenue The indexes all had strong fluctuations in the 3 years from 2019 - 2021 This was the period when the Covid pandemic swept the world in 2019, many people feared for its future, but Nike successfully recovered after the impact and continues to be one of the most influential companies in the sportswear market.

There was a clear reduction in the size of the ratios from 2019 to 2020, followed by an increase from 2020 to 2021 The sharp decline in 2020 demonstrates the impact of Covid on Nike, severely reducing Revenue and therefore Net Income, significantly reducing ROE, ROA The large increases in both ROE and ROA indicate that the company has earned more Revenue per unit of Total Assets or Equity, and thus Nike's performance has increased significantly post-pandemic Notably, ROE has recovered to a level similar to 2019, before the pandemic Overall, Nike has shown better operating performance than before pandemic in 2019 and healthy recovery from low rates in 2020.

Paragraphs show that for ROE and ROA, Nike is worth more than Adidas in both

2020 and 2021 This reflects that Nike is the most effective in generating revenue.

Figure 20 Return On Assets of Nike and

Figure 19 Return On Equity (ROE) of Nike and Adidas from 2021 to 2022

Nike's ratios trended down overall in 2020 due to the impact from Covid and falling demand as well as falling net income, followed by a significant increase in 2021, recovering from the crisis and returning to high growth and profits Comparing vertically, Nike has been improving its performance and is more efficient than before, generating more revenue with its assets and equity This will satisfy investors as they are receiving favorable returns relative to their costs Compared horizontally, Nike's ratios are larger than Adidas's Therefore, it can be inferred that Nike is generally more efficient than them and is also more stable with relatively less fluctuations In terms of profitability, Nike outperforms Adidas and is the highest in the past 3 years.

Nike's financial performance dipped in 2022, with a 1% revenue decline to $12.2 billion in Q4 due to excess inventory, sluggish sales in China, and supply chain issues Despite gains in EMEA, mainland China and North America experienced sales declines of 19% and 5%, respectively Rising costs and fluctuating demand impacted Q4, with net income dropping 5% to $1.4 billion Gross margin also suffered due to increased freight costs and excessive inventory Notably, the ROE index significantly decreased, attributed to stock buybacks worth $650 million in fiscal year 2021, ceasing 4.9 million shares as part of a $15 billion program approved in 2018.

The Du Pont Identity is a financial ratio analysis framework that breaks down the return on equity (ROE) into three components: Profit Margin, Total Asset Turnover, and Equity Multiplier.

Percentages of Total Asset Turnover 2.12% -27.64% -1.11% -1.84%

Nike's identity from 2018 to 2021 was largely influenced by profit margin fluctuations, highlighting the significance of operational efficiency and profitability in determining return on equity This demonstrates the strong impact of Nike's business operations and profitability on its overall financial performance during this period.

MARKET VALUE RATIOS

Percentage change of Earnings per common share - 114.29 -36.08 123.31 5.22

Percentage change of Market Value - 4.52 26.1 39.69 -12.58 Percentage change of Book Value - -7.87 -10.9 58.5 19.69 Percentage change of Stock Price - 7.44 27.79 38.43 -12.9

Figure 21 Price/earning ratio and Market - to - book ratio of Nike from 2018 to 2022

The Price Earnings Ratio (P/E Ratio) is the relationship between a company's stock price and Earnings Per Share (EPS) It is a popular ratio that gives investors a better sense of the value of the company.

In 2018, Nike's P/E Ratio stood at a relatively high level of 60.34 A high P/E Ratio typically suggests a premium is being placed on a company's stock due to expected strong performance.

In 2019, Nike's P/E Ratio dropped to 30.25 because even though Nike's stock price increased, EPS grew much higher This decline was due to changes in market sentiment,economic conditions or company-specific developments The lower P/E Ratio indicated investors are less willing to pay more for Nike's earnings, possibly reflecting concerns about the company's growth prospects.

In 2020, Nike's P/E Ratio increased again to 60.48, exceeding the 2018 level That was due to an increase in price per share and a decrease in EPS A high P/E Ratio indicates growth prospects, but it's also possible that the stock is overvalued When overall market sentiment is positive, the P/E Ratio can be very high, as investors value future growth prospects However, P/E Ratios can also be very high when total earnings decline significantly.

Entering 2021, Nike's P/E Ratio dropped again to 37.49 Industry trends, competitive pressures or global economic conditions could also influence the decline

Amidst market volatility, Nike's P/E ratio witnessed a steady decline to 31.3 in 2022, reflecting a drop in its stock price This ongoing decrease suggests that investors perceive the company's future growth prospects differently Factors such as evolving industry dynamics, shifting consumer demands, or broader economic uncertainties may have influenced these perspectives, leading some investors to question the company's long-term earnings potential.

The Market To Book Ratio is a metric that compares your business's Book Value to its Market Value This is determined by its current price on the stock market and any outstanding shares it may have.

From 2018 to 2022, Nike's Market To Book (M/B) Ratio experienced notable fluctuations In 2018, M/B was 11.8, showing that the Market Valued Nike at nearly 12 times its Book Value The slight increase in 2019 (13.39) and strong increase in 2020 (18.84) may reflect confidence in Nike's future and positive financial performance This increase is due to an increase in Market Value and a decrease in Book Value The high Market To Book ratio may be because the market has high expectations for the business's future business prospects Therefore, investors are willing to pay more for the Book Value of the business.

However, in 2021, this index decreased because both Market Value and BookValue increased but Book Value increased more strongly In 2022, the index will decrease because Book Value increases and Market Value decreases A significant decline in 2021 (16.85) and continued decline in 2022 (12.3) could be a sign of a market correction or concerns about Nike's prospects This change represents volatility in how the Market Values Nike relative to its Book Value and provides important information about how different factors influence investors' assessment of Nike with this big sports business.

In 2021, Adidas' Market-to-Book Ratio (M/B Ratio) was 5.92, while Nike's was 16.85 This indicates a premium valuation for Nike due to factors such as brand perception, market position, and growth prospects In 2022, both companies' M/B Ratios declined to 3.94 and 12.3, respectively, but Nike maintained a higher relative valuation This suggests ongoing differences in market perception and investor sentiment between the two companies.

SHORT-TERM FINANCIAL POLICY

Over the span of 2018 to 2022, Nike witnessed a substantial augmentation in its overall Current Assets Notably, during the intervals from 2018 to 2019 and 2020 to

2021, the surge in Accounts Receivable emerged as the paramount factor exerting a profound influence on the expansion of Current Assets.

In the period from 2019 to 2020, there was a sharp increase in Cash and Equivalents The reason is that Total liquidity on May 31 2020 was $12.5 billion with robust cash and equivalents and short-term investments of $8.8 billion, $4.1 billion higher than last year primarily due to proceeds from a $6 billion corporate bond issuance in March, partially offset by share repurchase activity in the first ten months of the year, cash dividends and investments in infrastructure In addition, Nike secured a new $2 billion credit facility adding to the existing credit facility of $2 billion to ensure appropriate liquidity and flexibility during the Covid-19 pandemic.

Between 2021 and 2022, inventory levels significantly increased, influencing Current Assets Government-mandated COVID-19 shutdowns in Vietnam and Indonesia disrupted Nike Brand and Converse production in the first quarter of 2022, resulting in a three-month production loss and impacting product availability throughout the fiscal year Currently, most suppliers are operating unrestricted globally, with factory production surpassing pre-closure levels.

In addition, their supply of available Inventory continued to be impacted in the fourth quarter of fiscal 2022 as extended Inventory transit times drove elevated levels of in- transit Inventory These supply chain impacts and a Covid-19 resurgence in Greater

China, combined with other factors, caused Inventories to grow to $8.4 billion, an increase of 23% compared to fiscal 2021.

Based on the above analysis, it can be seen that, in the period from 2018 to 2022,Nike used a Flexible Financial Policy through increasing short-term assets, receivables,cash and equivalents, and increasing Inventory By following this policy, Nike positions itself to swiftly respond to emerging opportunities and challenges, reinforcing its capability to navigate industry dynamics with finesse This financial agility allows the company not only to weather uncertainties but also to exploit market conditions to its advantage.

After carefully analyzing each financial index in the 5-year period 2018 - 2022 of Nike, we found that most of the indexes were negatively affected in the period from 2019

- 2020, however, there has been a shift change well in the period 2020 - 2022.

First, with Liquidity Ratios with two indicators: Current Ratio and Quick Ratio. During the period from 2018 - 2022, Nike started with a high Current Ratio and maintained a stable position from 2018 - 2022 The increase in this ratio each reporting period demonstrates a good grasp of Current Assets Dynamics and the ability to effectively manage debt helped Nike maintain fast and strong liquidity, creating favorable conditions for their business activities Nike's Quick Ratio initially stabilized in 2018, then decreased significantly in 2019 before improving in 2021 Despite a slight decrease in 2022, Nike maintained a stable Quick Ratio.

Next is about Capital Structure Ratios, Nike's Total Debt Ratio, Debt/Equity ratio and Equity Multiplier all increased significantly from 2018 - 2020, but decreased sharply from 2021 - 2022 This increase and decrease reflected the strategy The company's finances, from increasing its reliance on debt to optimizing its capital structure, seeking a greater balance between debt and equity, demonstrate Nike's deliberate attempt to adjust financial structure Nike experienced a marked strategic shift, from a significant increase in the Long-term Debt to Equity ratio in 2020, indicating a greater reliance on Long-term Debt, to a significant decrease in the ratio in recent years latter, showing a shift to a more balanced capital structure, focusing on increasing equity over Long-term Debt This reflects a clear adjustment in the way Nike manages its financial structure.

Nike's turnover ratios demonstrate strategic adjustments to market fluctuations Inventory Turnover highlights flexibility in inventory management, while Receivables Turnover indicates improvements in receivables collection and control Fixed Asset Turnover has rebounded, showcasing more effective asset utilization Total Asset Turnover has declined in recent years, potentially reflecting asset growth outpacing revenue growth and Nike's revenue-driven business strategy.

Profitability ratios, including profit margin, return on assets, return on investment, and return on equity, are impacted by net income and EBIT Despite negative fluctuations from 2019 to 2021 due to the COVID-19 pandemic, these ratios have shown recovery in 2021 and a slight decline in 2022 Notably, the return on equity (ROE) is of particular interest in 2022 due to Nike's implementation of a 4-year program.

$15 billion that was approved by the Board of Directors in June 2018 Total Equity has therefore increased sharply this year and led to a decrease in ROE.

Nike's valuation ratios, including the Price-to-Earnings (P/E) ratio and Market-to-Book (M/B) ratio, have demonstrated a pattern of fluctuations, ranging from high to low This volatility reflects the dynamic nature of the company's future prospects, influenced by external factors such as market fluctuations, stock performance, and investor sentiment.

In addition, based on Nike's Du Pont Identity, it has been shown that from 2018 -

2021, company performance plays a key role in determining return on equity However, in 2022, Nike's use of financial leverage became the decisive factor.

During the period 2018-2022, Nike applied a Flexible Financial Policy by increasing Short-term Assets, Receivables, Cash, Equivalents and Inventory This strategic approach enhances Nike's adaptability to quickly respond to market changes, allowing Nike to overcome challenges while capitalizing on opportunities This Financial Flexibility helps Nike not only withstand uncertainties but also take advantage of favorable market conditions.

Overall, Nike experienced major fluctuations in financial metrics from 2018 to

From 2020 to 2022, Nike's financial performance significantly improved, demonstrating resilience amidst market shifts and the pandemic The company successfully adapted its strategies to mitigate challenges, resulting in stability While investors should monitor Nike's capital structure and industry outlook, the company's ability to adjust its business model is promising for its future prospects.

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Ngày đăng: 03/06/2024, 19:44

Nguồn tham khảo

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