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There (NKE) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €237B · ISIN US6541061031

What is There really worth?

T There NKE · HA
Price€32.93
Fair Value€6.12
Upside−81.4%
Quality72/100

A solid business, but trading 438% above our fair value of €6.12.

As of Aug 22, 2026, the fair value of There is €6.12 per share against a price of €32.93, so the fair value sits 81% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Moderate debt · generates free cash flow
Wide moat 96/100

Risks

!Mixed Growth (revenue 5y +4.4 %/yr)
!Thin margins · 0.0% net margin
!Mixed vs. peers (8/15)
!Weak on valuation: 24 out of 100

For context

·0.91% dividend yield
Evidence: High Range €4.06 – €7.96

Fair value as of: Aug 22, 2026

From 23 valuation models · updated 15 days ago

Fair value updated Aug 22, 2026, revised from €8.05 to €6.12 (−24.0%) since Aug 13, 2026.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (€7.96). The favourable scenario is already priced in.
  • A fairly wide model range (€4.06 to €7.96) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€144.31 €32.84 Fair Value €6.12 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

60‑month range €32.84 – €144.31 · fair‑value band €4.06 – €7.96 · the €32.93 price screens above the €6.12 fair value. Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

There (NKE) currently trades at €32.93, while our model-based Fair Value estimate is €6.12, implying the stock looks roughly 438.2% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of €7.82 per share, and 0 of the 23 models we run sit above the €32.93 price. Bear case: the Asset-Based group reads lowest at €1.23, and 23 of the 23 models stay below the price. Evidence for this calculation is high.

Net debt stands at €502M. Fundamentals as of Aug 22, 2026

Our scenario range runs from €4.06 (bear case) to €7.96 (bull case); at €32.93, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 51% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 43% fair-value upside, at −81%, NKE screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (€1.23 to €9.84). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €4.97 €7.27 €10.68 80
Growth DCF €5.15 €7.33 €10.43 79
Owner Earnings €5.48 €8.01 €11.76 76
All 23 models by family
DCF Models
FCF DCF €4.97 €7.27 €10.68 80
Owner Earnings €5.48 €8.01 €11.76 76
5Y Revenue Exit €4.54 €6.85 €9.67 73
5Y EBITDA Exit €4.90 €7.47 €10.32 75
5Y P/E Exit €5.88 €9.21 €12.49 71
10Y Revenue Exit €4.51 €6.63 €9.19 67
10Y EBITDA Exit €4.88 €7.06 €9.68 69
10Y P/E Exit €5.51 €8.25 €11.28 64
Earnings-Based
Graham-Dodd €3.04 €6.70 €8.55 66
PEG = 1.0 €1.07 €1.53 €1.98 57
EPV €4.00 €4.71 €5.35 71
Multiples
P/E Multiple €7.38 €9.84 €12.30 63
P/S Multiple €5.70 €7.61 €9.51 58
P/B Multiple €5.51 €7.35 €9.18 55
EV/EBIT €6.88 €9.19 €11.51 66
EV/EBITDA €5.57 €7.45 €9.33 67
EV/Revenue €4.61 €6.62 €8.63 53
Asset-Based
NCAV (Graham) €0.9200 €1.23 €1.84 54
Growth DCF
Growth DCF €5.15 €7.33 €10.43 79
Rev-Margin DCF €4.54 €6.91 €9.41 73
Economic Profit
Residual Income €3.08 €4.15 €22.95 64
ROIC Compounder €4.16 €5.14 €6.19 72
Growth Earnings
Growth-Adj P/E €5.47 €7.82 €10.16 67

Widest divergence: Growth Earnings (€7.82) versus Asset-Based (€1.23). Highest evidence: FCF DCF (80).

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Key figures & financial health

Dividend yield 0.9%
Net margin 7.0% FY2025
Return on assets (EBIT) 15.5% avg 5y
Free cash flow €3.3B FY2025
Net debt €502M FY2025 · ≈ 0.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 65 · Market factors (momentum, volatility) 22

Profitability 75
Margins and returns on capital today
Quality Growth 15
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 99
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

There is no Profile data available for NKE.HA.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

There reported revenue of $46.3B in FY2025 versus $44.5B in FY2021, a compound +1.0%/yr. Reported net income was $3.2B in FY2025, compounding −13.4%/yr from FY2021.

Growth Quality 56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€46.3B
Latest YoY
−9.8%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−2.3% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−3.2%
Dividend yield0.9%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8.3% (2020) → 8.0% (2025) · steady
Worst earnings drop43% (2025) · in EUR
Revenue +1.0%/yr
FY21 $44.5B
FY22 $46.7B
FY23 $51.2B
FY24 $51.4B
FY25 $46.3B
Net income −13.4%/yr
FY21 $5.7B
FY22 $6.0B
FY23 $5.1B
FY24 $5.7B
FY25 $3.2B

NKE screens 438% overvalued. Compare with Deckers Outdoor Corporation →

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Cite: Fair Value Calculator (2026). "There Fair Value". https://www.fairvalue-calculator.com/stock/NKE.HA

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE24 · sector 6
FUTURE0 · sector 0
PAST89 · sector 22
HEALTH73 · sector 97
DIVIDEND84 · sector 48

Insider activity: 88/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Footwear & Accessories stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

Stock Price Fair Value vs Fair Value
Deckers Outdoor Corporation DECK $87.76 $125.16 +43%
On Holding ONON $31.03 $17.79 −43%
Zhejiang China Commodities City Group 600415 ¥12.61 ¥13.03 +3%
Birkenstock Holding BIRK $33.95 $44.93 +32%
Crocs, Inc CROX $122.23 $203.65 +67%
Huali Industrial Group 300979 ¥34.24 ¥51.36 +50%
PUMA SE PUM €25.63 €10.57 −59%
Steven Madden, Ltd SHOO $47.70 $11.69 −75%
Yue Yuen Industrial (Holdings) Limited 0551 HK$13.65 HK$31.67 +132%
Samsonite Group 1910 HK$13.20 HK$36.62 +177%

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Frequently asked questions

Is There (NKE) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of €6.12 versus a price of €32.93, about −81% upside (overvalued).
What is the fair value of NKE?
Our model-based fair value for There is €6.12 (as of Aug 22, 2026), built from audited fundamentals. The current price: €32.93.
What is the quality score of NKE?
There has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for There (NKE)?
Our model-based price target is the fair value of €6.12 (as of Aug 22, 2026) from 23 valuation models. Cautious scenario €4.06, optimistic scenario €7.96. It is a calculation from audited fundamentals, not an analyst target.
What is the There stock forecast for 2026?
Our models put fair value at €6.12, about −81% upside versus a price of €32.93 (overvalued). Cautious scenario €4.06, optimistic scenario €7.96. The calculation is refreshed regularly with new filings.
What is the net profit margin of NKE?
The net profit margin of There is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
Does There pay a dividend?
There currently shows a dividend yield of about 0.91% relative to its recent price (as of Aug 22, 2026).
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