NKE
NIKE, Inc.
NKE has the edge over PACK overall, supported by stronger valuation and lower modeled downside.
PACK
Ranpak Holdings Corp.
PACK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
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.
PACK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Weak |
PACK's cash flow is currently healthy, and its revenue and profitability are stable, but its balance sheet is weak.
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.
PACK PE Valuation
PACK has no meaningful PE right now: it lost money over the past year.
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.
PACK Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
PACK 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 has the edge over PACK on earnings quality, reporting a profit while its opponent remains loss making.
PACK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.40 | +$0.07 |
| Q2 2026 | -$0.44 | +$0.01 |
| Q1 2026 | -$0.44 | -$0.15 |
| Q4 2025 | -$0.45 | -$0.19 |
| Q3 2025 | -$0.47 | -$0.23 |
| Q2 2025 | -$0.45 | -$0.27 |
| Q1 2025 | -$0.29 | -$0.01 |
| Q4 2024 | -$0.26 | +$0.07 |
PACK is still losing money, but less than at its worst: $0.40 per share over the past year, against $0.69 at its worst in late 2019.
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 has the edge over PACK on profitability, with a higher operating margin.
PACK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $101.9M | +2.3% |
| Q2 2026 | $105.2M | +14% |
| Q1 2026 | $101.2M | +11% |
| Q4 2025 | $111.9M | +6.6% |
| Q3 2025 | $99.6M | +8% |
| Q2 2025 | $92.3M | +6.8% |
| Q1 2025 | $91.2M | +6.9% |
| Q4 2024 | $105M | +16% |
PACK has the edge over NKE on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0% | +5.7 points |
| Q2 2026 | -2.3% | +8.2 points |
| Q1 2026 | -3.8% | +5 points |
| Q4 2025 | -0.8% | -2.1 points |
| Q3 2025 | -5.7% | -1.2 points |
| Q2 2025 | -11% | -4.5 points |
| Q1 2025 | -8.8% | -3.1 points |
| Q4 2024 | 1.3% | +6.4 points |
PACK's operating margin was 0% last quarter, up 5.7 points from the same quarter a year ago.
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.
PACK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $13.3M | +87% |
| Q2 2026 | $0 | +$5.5M |
| Q1 2026 | $3.5M | +$5M |
| Q4 2025 | $19.7M | +246% |
| Q3 2025 | $7.1M | -32% |
| Q2 2025 | -$5.5M | -131% |
| Q1 2025 | -$1.5M | -152% |
| Q4 2024 | $5.7M | -38% |
PACK 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 the edge over PACK on shareholder dilution, with a more favorable share count trend.
| 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.
PACK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +133K shares |
| 1 year | +1.7% | +1.4M shares |
| 3 years | +4.2% | +3.4M shares |
| 5 years | +5.4% | +4.4M shares |
| Available history | +21% | +14.9M shares |
PACK has 86M diluted shares, up 1.7% from a year ago.
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 has the edge over PACK on leverage, with a lower net debt burden relative to earnings.
PACK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.0x | High |
| Q2 2026 | 9.2x | High |
| Q1 2026 | 11.1x | High |
| Q4 2025 | 13.1x | High |
| Q3 2025 | 13.0x | High |
| Q2 2025 | 12.8x | High |
| Q1 2025 | 10.7x | High |
| Q4 2024 | 8.6x | High |
PACK's net debt is about 8.0 years of its operating earnings (EBITDA), down from 13 years a year ago.
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).
PACK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.9 | Neutral |
| Stochastic | 15.1 | Oversold |
PACK's weekly RSI is 38 (neutral) and its Stochastic is 15 (oversold).
NKE PE vs Consumer Cyclical Sector
| Metric | NKE | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 18x | 0.3% above |
| PE % | 2 | 47 | 45 pts below |
NKE is trading at 18x earnings, in line with the Consumer Cyclical sector's median of 18x.
PACK PE vs Consumer Cyclical Sector
PACK has no meaningful PE right now: it lost money over the past year.
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 PACK on trend strength, trading above more of its moving averages.
PACK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.70 | 6.5% below |
| 20 week MA | $4.75 | 27% below |
| 50 week MA | $5.13 | 33% below |
| 100 week MA | $5.06 | 32% below |
| 200 week MA | $5.38 | 36% below |
PACK is in a downtrend: it's below all five of its weekly moving averages, and 36% 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 the edge over PACK on returns for 2026, with the stronger performance.
PACK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.19 | $12.2 | +49% |
| 2021 | $12.2 | $35.5 | +191% |
| 2022 | $35.5 | $5.36 | -85% |
| 2023 | $5.36 | $5.82 | +8.6% |
| 2024 | $5.82 | $6.95 | +19% |
| 2025 | $6.95 | $5.77 | -17% |
| 2026 YTD | $5.77 | $3.46 | -40% |
PACK's yearly returns have swung widely, from +191% in 2021 to −85% in 2022. It's down 40% so far in 2026.