NKE
NIKE, Inc.
NKE offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
QSR
Restaurant Brands International Inc.
QSR has the edge over NKE overall, supported by stronger fundamentals and lower modeled downside.
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.
QSR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Weak |
QSR's profitability and cash flow are currently healthy, and its revenue is 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 has the edge over QSR in the historical PE scenario, which offers more potential upside but is not a forecast.
QSR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $75.48 | — |
| Forward | 18x | $75.48 | — |
| Cheap | 19x | $82.16 | +8.8% |
| Fair | 23x | $99.03 | +31% |
| Expensive | 28x | $121 | +61% |
Historical ranges are pointers, not guarantees.
QSR's PE is in its cheap range at 17.6x. On analysts' estimates for next year's earnings, today's price would be 17.5x.
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.
QSR Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Moderate |
QSR has the edge over NKE on the outlook, with more favorable valuation and earnings 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.
QSR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.30 | +0.3% |
| Q3 2026 | $4.29 | +53% |
| Q2 2026 | $3.71 | +41% |
| Q1 2026 | $2.83 | -4.1% |
| Q4 2025 | $2.35 | -26% |
| Q3 2025 | $2.81 | -29% |
| Q2 2025 | $2.64 | -34% |
| Q1 2025 | $2.95 | -24% |
| Q4 2024 | $3.18 | -15% |
QSR 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.
QSR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +3.1% |
| Q2 2026 | $2.5B | +4.6% |
| Q1 2026 | $2.3B | +7.3% |
| Q4 2025 | $2.5B | +7.4% |
| Q3 2025 | $2.4B | +6.9% |
| Q2 2025 | $2.4B | +16% |
| Q1 2025 | $2.1B | +21% |
| Q4 2024 | $2.3B | +26% |
QSR has the edge over NKE on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 28% | +0.5 points |
| Q2 2026 | 28% | +8.4 points |
| Q1 2026 | 27% | +6.1 points |
| Q4 2025 | 25% | -2.5 points |
| Q3 2025 | 27% | +1.9 points |
| Q2 2025 | 20% | -12 points |
| Q1 2025 | 21% | -11 points |
| Q4 2024 | 28% | +1.9 points |
QSR 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.
QSR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $479M | -9.8% |
| Q2 2026 | $479M | +17% |
| Q1 2026 | $169M | +213% |
| Q4 2025 | $453M | +12% |
| Q3 2025 | $531M | +9.5% |
| Q2 2025 | $411M | +41% |
| Q1 2025 | $54M | -56% |
| Q4 2024 | $404M | +13% |
QSR 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.
QSR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -3M shares |
| 1 year | 0% | -- |
| 3 years | +0.7% | +3M shares |
| 5 years | -2.6% | -12M shares |
QSR has the edge over NKE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $274M |
| Q2 2026 | $138M |
| Q1 2026 | $32M |
| Q4 2024 | — |
| Q4 2023 | $385M |
| Q3 2023 | $115M |
| Q2 2023 | — |
| Q1 2023 | — |
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 QSR on leverage, with a lower net debt burden relative to earnings.
QSR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.2x | High |
| Q2 2026 | 4.2x | High |
| Q1 2026 | 4.6x | High |
| Q4 2025 | 4.8x | High |
| Q3 2025 | 4.9x | High |
| Q2 2025 | 5.2x | High |
| Q1 2025 | 4.9x | High |
| Q4 2024 | 4.6x | High |
QSR's net debt is about 4.2 years of its operating earnings (EBITDA), down from 4.9 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).
QSR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.6 | Neutral |
| Stochastic | 48.0 | Neutral |
QSR's weekly RSI is 52 (neutral) and its Stochastic is 48 (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 is trading at 18x earnings, in line with the Consumer Cyclical sector's median of 18x.
QSR PE vs Consumer Cyclical Sector
| Metric | QSR | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 18x | 2.4% below |
| PE % | 7 | 47 | 40 pts below |
QSR has the edge over NKE on valuation relative to its sector.
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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 52% below its 200-week average.
QSR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $73.5 | 2.7% above |
| 20 week MA | $75.0 | 0.6% above |
| 50 week MA | $73.8 | 2.3% above |
| 100 week MA | $69.9 | 8% above |
| 200 week MA | $70.5 | 7% above |
QSR has the edge over NKE on trend strength, trading above more of its moving averages.
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.
QSR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $64.5 | $60.7 | -5.9% |
| 2021 | $60.7 | $59.3 | -2.3% |
| 2022 | $59.3 | $65.0 | +9.6% |
| 2023 | $65.0 | $78.1 | +20% |
| 2024 | $78.1 | $65.5 | -16% |
| 2025 | $65.5 | $69.9 | +6.6% |
| 2026 YTD | $69.9 | $75.5 | +8% |
QSR has the edge over NKE on returns for 2026, with the stronger performance.