NKE
NIKE, Inc.
NKE has the edge over UA overall, supported by stronger valuation and stronger fundamentals.
UA
Under Armour, Inc.
UA offers stronger modeled upside, 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.
UA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Weak |
UA's revenue is currently stable, but its profitability, cash flow and balance sheet are under pressure.
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.
UA PE Valuation
UA has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 42x next year's earnings.
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.
UA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Stable | |
| Improving | |
| Moderate | |
| High |
UA 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 UA on earnings quality, reporting a profit while its opponent remains loss making.
UA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.11 | — |
| Q3 2026 | -$1.11 | -$0.90 |
| Q2 2026 | -$1.15 | -623% |
| Q1 2026 | -$1.16 | -$0.69 |
| Q4 2025 | -$1.22 | -$0.93 |
| Q3 2025 | -$0.21 | -$0.18 |
| Q2 2025 | $0.22 | +$0.40 |
| Q1 2025 | -$0.47 | -187% |
| Q4 2024 | -$0.29 | -133% |
UA is still losing money, but less than at its worst: $1.11 per share over the past year, against $1.64 at its worst in late 2020.
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 has the edge over UA on sales, with more consistent year-over-year improvement.
| 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 UA on profitability, with a higher operating margin.
UA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -6.9% |
| Q2 2026 | $1.1B | -3.2% |
| Q1 2026 | $1.2B | -0.8% |
| Q4 2025 | $1.3B | -5.2% |
| Q3 2025 | $1.3B | -4.7% |
| Q2 2025 | $1.1B | -4.2% |
| Q1 2025 | $1.2B | -11% |
| Q4 2024 | $1.4B | -5.7% |
UA's revenue has slid since its 2022 peak: $1.2B last quarter, down 6.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.2% | -0.1 points |
| Q2 2026 | 4.3% | +4 points |
| Q1 2026 | -2.9% | +3.2 points |
| Q4 2025 | -11% | -12 points |
| Q3 2025 | 1.3% | -11 points |
| Q2 2025 | 0.3% | +26 points |
| Q1 2025 | -6.1% | -5.8 points |
| Q4 2024 | 1% | -3.7 points |
UA's operating margin was 1.2% last quarter, about level with 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 has the edge over UA on cash generation, producing positive trailing cash flow while its opponent burns cash.
UA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$101.7M | -$11.4M |
| Q2 2026 | $94.5M | +601% |
| Q1 2026 | -$347.3M | -$116.3M |
| Q4 2025 | $261.9M | -0.4% |
| Q3 2025 | -$90.3M | +$276.9M |
| Q2 2025 | $13.5M | -87% |
| Q1 2025 | -$231M | -$74.3M |
| Q4 2024 | $262.9M | -31% |
UA's free cash flow was −$93M over the past year, against −$45M the year before.
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.
UA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -2.3M shares |
| 1 year | +0.3% | +1.3M shares |
| 3 years | -5.3% | -24M shares |
| 5 years | -9.2% | -43.4M shares |
| Available history | -5.4% | -24.6M shares |
UA has 430M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $25M |
| Q2 2025 | — |
| Q1 2025 | $25M |
| Q4 2024 | $25M |
| Q3 2024 | — |
| Q2 2024 | $40M |
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).
UA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | 9.0x | High |
| Q2 2025 | 0.3x | Very low |
| Q4 2024 | -8.2x | Net Cash |
| Q3 2024 | 0.8x | Very low |
| Q2 2024 | -5.6x | Net Cash |
| Q1 2024 | -0.5x | Net Cash |
| Q4 2023 | -0.9x | Net Cash |
| Q3 2023 | 0.1x | Very low |
UA's net debt is about 9.0 years of its operating earnings (EBITDA), after holding more cash than debt 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).
UA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 30.4 | Neutral |
UA's weekly RSI is 43 (neutral) and its Stochastic is 30 (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.
UA PE vs Consumer Cyclical Sector
| Metric | UA | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 18x | — |
UA 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 52% below its 200-week average.
UA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.70 | 0.9% above |
| 20 week MA | $5.38 | 12% below |
| 50 week MA | $5.64 | 16% below |
| 100 week MA | $5.75 | 18% below |
| 200 week MA | $6.64 | 29% below |
UA has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 29% 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.
UA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.3 | $15.1 | -22% |
| 2021 | $15.1 | $17.6 | +17% |
| 2022 | $17.6 | $8.60 | -51% |
| 2023 | $8.60 | $8.35 | -2.9% |
| 2024 | $8.35 | $7.56 | -9.5% |
| 2025 | $7.56 | $4.43 | -41% |
| 2026 YTD | $4.43 | $4.74 | +7% |
UA has the edge over NKE on returns for 2026, with the stronger performance.