NKE
NIKE, Inc.
NKE has lower modeled downside risk, despite its lower overall score.
ONON
On Holding AG
ONON has the edge over NKE overall, supported by stronger fundamentals and stronger modeled upside.
NKE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Strong |
NKE's profitability and balance sheet are currently healthy, and its revenue and cash flow are stable.
ONON Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ONON's revenue, profitability, cash flow and balance sheet are all currently healthy.
NKE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $37.76 | — |
| Cheap | 23x | $47.70 | +26% |
| Forward | 30x | $37.76 | — |
| Fair | 33x | $68.16 | +80% |
| Expensive | 47x | $97.86 | +159% |
Historical ranges are pointers, not guarantees.
NKE's PE is in its cheap range at 18x. On analysts' estimates for next year's earnings, today's price would be 30x, in its fair range.
ONON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 23x | $33.07 | — |
| Cheap | 46x | $65.70 | +99% |
| Fair | 90x | $128 | +287% |
| Expensive | 145x | $207 | +527% |
Historical ranges are pointers, not guarantees.
ONON has the edge over NKE in the historical PE scenario, which offers more potential upside but is not a forecast.
NKE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Decline | |
| Improving | |
| Moderate | |
| Low |
Analysts expect NKE's profitability to improve, but its revenue to decline. However, they disagree widely on these estimates.
ONON Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
ONON has the edge over NKE on the outlook, with more favorable earnings and revenue expectations.
NKE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.27 | -39% |
| Q3 2026 | $2.09 | +7.2% |
| Q2 2026 | $2.10 | -2.8% |
| Q1 2026 | $1.51 | -50% |
| Q4 2025 | $1.70 | -48% |
| Q3 2025 | $1.95 | -44% |
| Q2 2025 | $2.16 | -42% |
| Q1 2025 | $3.01 | -11% |
| Q4 2024 | $3.24 | -5.3% |
NKE's earnings per share have fallen from their peak: $2.09 over the past year, against $3.82 in late 2021.
ONON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.43 | +198% |
| Q1 2026 | $0.91 | +23% |
| Q4 2025 | $0.75 | -14% |
| Q3 2025 | $0.81 | +76% |
| Q2 2025 | $0.48 | -17% |
| Q1 2025 | $0.74 | +54% |
| Q4 2024 | $0.87 | +181% |
| Q3 2024 | $0.46 | +48% |
ONON has the edge over NKE on earnings, with more consistent year-over-year improvement.
NKE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11.2B | -4.3% |
| Q2 2026 | $11B | -1.1% |
| Q1 2026 | $11.3B | +0.1% |
| Q4 2025 | $12.4B | +0.6% |
| Q3 2025 | $11.7B | +1.1% |
| Q2 2025 | $11.1B | -12% |
| Q1 2025 | $11.3B | -9.3% |
| Q4 2024 | $12.4B | -7.7% |
NKE's revenue fell from its 2023 peak and has held roughly level since: $11.2B last quarter, down 4.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.2% | +0.3 points |
| Q2 2026 | 12% | +9.2 points |
| Q1 2026 | 5.8% | -1.7 points |
| Q4 2025 | 8% | -3.4 points |
| Q3 2025 | 7.9% | -3.4 points |
| Q2 2025 | 2.9% | -11 points |
| Q1 2025 | 7.5% | -3.8 points |
| Q4 2024 | 11% | -2.9 points |
NKE's operating margin was 8.2% last quarter, about level with the same quarter a year ago.
ONON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1B | +13% |
| Q1 2026 | $1B | +17% |
| Q4 2025 | $895.4M | +23% |
| Q3 2025 | $956.3M | +25% |
| Q2 2025 | $901.9M | +32% |
| Q1 2025 | $874.7M | +43% |
| Q4 2024 | $730.3M | +36% |
| Q3 2024 | $765.4M | +32% |
ONON has the edge over NKE on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | +1.6 points |
| Q1 2026 | 14% | +3.5 points |
| Q4 2025 | 11% | +2.3 points |
| Q3 2025 | 16% | +4.3 points |
| Q2 2025 | 12% | +4.1 points |
| Q1 2025 | 11% | +3 points |
| Q4 2024 | 8.8% | -0.3 points |
| Q3 2024 | 11% | -0.6 points |
ONON has the edge over NKE on profitability, with a higher operating margin.
NKE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$64M | -527% |
| Q2 2026 | $1.5B | +313% |
| Q1 2026 | $284M | -83% |
| Q4 2025 | $386M | -58% |
| Q3 2025 | $15M | -95% |
| Q2 2025 | $363M | -85% |
| Q1 2025 | $1.7B | -11% |
| Q4 2024 | $920M | -65% |
NKE usually generates cash, though not every quarter: the latest was −$64M, but it generated $2.1B over the past year.
ONON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $241.6M | +139% |
| Q1 2026 | $7.9M | +$37M |
| Q4 2025 | $96.4M | -46% |
| Q3 2025 | $164.7M | -1.7% |
| Q2 2025 | $100.9M | -2.1% |
| Q1 2025 | -$29.1M | -134% |
| Q4 2024 | $179.4M | +44% |
| Q3 2024 | $167.5M | +40% |
ONON has the edge over NKE on cash flow, with more consistent year-over-year improvement.
NKE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +3.2M shares |
| 1 year | +0.4% | +5.2M shares |
| 3 years | -3.8% | -59.1M shares |
| 5 years | -8.4% | -135M shares |
| Available history | -6.9% | -110M shares |
NKE has 1.5B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $20M |
| Q3 2025 | $126M |
| Q2 2025 | $199M |
| Q1 2025 | $506M |
| Q4 2024 | $1.1B |
NKE has spent almost nothing on buybacks in the past year.
ONON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +278K shares |
| 1 year | -0.9% | -3M shares |
| 3 years | +3.9% | +12.6M shares |
| 5 years | +9.9% | +30.2M shares |
| Available history | +30% | +76.7M shares |
ONON has the edge over NKE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
ONON hasn't bought back shares in the past year.
NKE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.2x | Very low |
| Q2 2026 | 0.1x | Very low |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | 0.2x | Very low |
| Q3 2024 | 0.1x | Very low |
| Q2 2024 | -0.1x | Net Cash |
| Q1 2024 | -0.0x | Very low |
| Q4 2023 | 0.1x | Very low |
NKE's net debt is less than a year of its operating earnings (EBITDA).
ONON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -1.0x | Net Cash |
| Q4 2025 | -1.3x | Net Cash |
| Q3 2025 | -1.3x | Net Cash |
| Q2 2025 | -1.3x | Net Cash |
| Q1 2025 | -1.5x | Net Cash |
| Q4 2024 | -1.5x | Net Cash |
| Q3 2024 | -1.4x | Net Cash |
ONON has the edge over NKE on leverage, with a lower net debt burden relative to earnings.
NKE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.0 | Neutral |
| Stochastic | 57.5 | Neutral |
NKE's weekly RSI is 40 (neutral) and its Stochastic is 58 (neutral).
ONON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.3 | Neutral |
| Stochastic | 65.7 | Neutral |
ONON's weekly RSI is 47 (neutral) and its Stochastic is 66 (neutral).
NKE PE vs Consumer Cyclical Sector
| Metric | NKE | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 18x | 0.3% above |
| PE % | 2 | 47 | 45 pts below |
NKE has the edge over ONON on valuation relative to its sector.
ONON PE vs Consumer Cyclical Sector
| Metric | ONON | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 18x | 28% above |
| PE % | 1 | 57 | 56 pts below |
ONON is trading at 23x earnings, a 28% premium to the Consumer Cyclical sector's median of 18x, though its earnings don't support one.
NKE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $36.7 | 2.8% above |
| 20 week MA | $39.2 | 3.6% below |
| 50 week MA | $48.0 | 21% below |
| 100 week MA | $58.4 | 35% below |
| 200 week MA | $79.2 | 52% below |
NKE has the edge over ONON on trend strength, trading above more of its moving averages.
ONON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $33.4 | 1% below |
| 20 week MA | $33.2 | 0.3% below |
| 50 week MA | $38.0 | 13% below |
| 100 week MA | $43.4 | 24% below |
| 200 week MA | $38.9 | 15% below |
ONON is in a downtrend: it's below all five of its weekly moving averages, and 15% below its 200-week average.
NKE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $101.6 | $141.6 | +39% |
| 2021 | $141.6 | $165.7 | +17% |
| 2022 | $165.7 | $116.3 | -30% |
| 2023 | $116.3 | $108.6 | -6.6% |
| 2024 | $108.6 | $76.4 | -30% |
| 2025 | $76.4 | $60.9 | -20% |
| 2026 YTD | $60.9 | $37.8 | -38% |
NKE has finished four years in a row lower, and it's down 38% so far in 2026.
ONON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $39.0 | $38.6 | -0.9% |
| 2022 | $38.6 | $16.3 | -58% |
| 2023 | $16.3 | $27.0 | +66% |
| 2024 | $27.0 | $55.6 | +106% |
| 2025 | $55.6 | $46.8 | -16% |
| 2026 YTD | $46.8 | $33.1 | -29% |
ONON has the edge over NKE on returns for 2026, with the stronger performance.