NKE
NIKE, Inc.
NKE offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
RCKY
Rocky Brands, Inc.
RCKY has the edge over NKE overall, supported by stronger modeled upside and stronger fundamentals.
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.
RCKY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
RCKY'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 has the edge over RCKY in the historical PE scenario, which offers more potential upside but is not a forecast.
RCKY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $46.61 | -9.9% |
| Current | 11x | $51.71 | — |
| Fair | 13x | $58.73 | +14% |
| Forward | 13x | $51.71 | — |
| Expensive | 17x | $75.66 | +46% |
Historical ranges are pointers, not guarantees.
RCKY's PE is in its cheap range at 11x. On analysts' estimates for next year's earnings, today's price would be 13x, in its fair range.
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.
RCKY Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
RCKY 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.
RCKY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.09 | -10% |
| Q3 2026 | $4.55 | +65% |
| Q2 2026 | $3.82 | +53% |
| Q1 2026 | $2.47 | +34% |
| Q4 2025 | $2.96 | +95% |
| Q3 2025 | $2.75 | +55% |
| Q2 2025 | $2.49 | +25% |
| Q1 2025 | $1.84 | +2.2% |
| Q4 2024 | $1.52 | +7.8% |
RCKY 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.
RCKY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $138.8M | +13% |
| Q2 2026 | $118.4M | +12% |
| Q1 2026 | $124.4M | +9.1% |
| Q4 2025 | $139.7M | +9.1% |
| Q3 2025 | $122.5M | +7% |
| Q2 2025 | $105.6M | +7.5% |
| Q1 2025 | $114.1M | +1% |
| Q4 2024 | $128.1M | +1.7% |
RCKY has the edge over NKE on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +3.5 points |
| Q2 2026 | 17% | +9.9 points |
| Q1 2026 | 2.9% | -4.7 points |
| Q4 2025 | 6.9% | +0.2 points |
| Q3 2025 | 9.6% | +0.8 points |
| Q2 2025 | 6.8% | +2.2 points |
| Q1 2025 | 7.6% | +0.6 points |
| Q4 2024 | 6.6% | -5.1 points |
RCKY 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.
RCKY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.3M | +$11.4M |
| Q2 2026 | $4.1M | +$6.5M |
| Q1 2026 | $744K | +41% |
| Q4 2025 | $16.7M | -27% |
| Q3 2025 | -$5.2M | -249% |
| Q2 2025 | -$2.4M | -151% |
| Q1 2025 | $529K | -97% |
| Q4 2024 | $22.9M | -45% |
RCKY 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 RCKY 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.
RCKY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +21K shares |
| 1 year | +1% | +76K shares |
| 3 years | +3.3% | +244K shares |
| 5 years | +3.4% | +249K shares |
| Available history | +2.4% | +180K shares |
RCKY has 8M diluted shares, up 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $2M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $201,000 |
| Q4 2021 | — |
RCKY spent $2M buying back its own shares over 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 has the edge over RCKY on leverage, with a lower net debt burden relative to earnings.
RCKY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 3.0x | Moderate |
| Q2 2025 | 2.9x | Moderate |
| Q1 2025 | 3.0x | Elevated |
| Q4 2024 | 3.0x | Elevated |
RCKY's net debt is about 1.9 years of its operating earnings (EBITDA), down from 3.0 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).
RCKY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.5 | Neutral |
| Stochastic | 70.6 | Neutral |
RCKY's weekly RSI is 69 (neutral) and its Stochastic is 71 (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.
RCKY PE vs Consumer Cyclical Sector
| Metric | RCKY | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 18x | 37% below |
| PE % | 28 | 47 | 19 pts below |
RCKY 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.
RCKY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $47.7 | 8.4% above |
| 20 week MA | $45.7 | 13% above |
| 50 week MA | $40.2 | 29% above |
| 100 week MA | $32.0 | 62% above |
| 200 week MA | $29.0 | 79% above |
RCKY 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.
RCKY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $28.7 | $28.7 | 0% |
| 2021 | $28.7 | $38.6 | +35% |
| 2022 | $38.6 | $24.0 | -38% |
| 2023 | $24.0 | $30.2 | +26% |
| 2024 | $30.2 | $22.5 | -25% |
| 2025 | $22.5 | $30.0 | +33% |
| 2026 YTD | $30.0 | $51.7 | +72% |
RCKY has the edge over NKE on returns for 2026, with the stronger performance.