2019 5Y Average

Columbia Nike Columbia

Revenues $ 3,042,478,000 $ 39,117,000,000 $ 2,602,826,800
Assets $ 2,931,591,000 $ 23,717,000,000 $ 2,274,652,200
Equity (BV) $ 1,849,447,000 $ 9,040,000,000 $ 1,849,447,000
Net Income $ 330,489,000 $ 4,029,000,000 $ 214,020,600

Net Profit Margin 10.86% 10.30% 8.22%

Asset Turnover 103.78% 164.93% 114.43%
Equity Multiplier 158.51% 262.36% 122.99%
Dupont 17.87% 44.57% 11.57%
ROE 17.87% 44.57% 11.57%

Asset-Based valuation
Columbia and Nike are both going concerns, so an asset-based valuation would be quite similar to the existing Balance Sheet

Earnings-Based valuation
EBITDA $ 394,971,000 $ 4,772,000,000
Long-term Debt & Lease $ 371,507,000 $ 3,464,000,000
Cash & Equivalents $ 687,677,000 $ 4,663,000,000
Shares Outstanding 67561000 1568000000
P/E 45.69 35.42
EV/EBITDA 18.82 48.72

EV $ 7,433,354,220.00 $232,491,840,000.00
Minus LT Debt & Leases $ 7,061,847,220.00 $229,027,840,000.00
Plus Cash & Equivalents $ 7,749,524,220.00 $233,690,840,000.00
Market value Equity $ 7,749,524,220.00 $233,690,840,000.00
Share price (from EV) $ 114.70 $ 149.04
Share price (Mkt Dec 31) $ 99.86 $ 100.35
% Undervalued 15% 49%

Cash-Flow based valuation

Net Income $ 330,489,000.00 $ 4,029,000,000.00
Dep & Amort $ 121,725,000.00 $ 720,000,000.00
Change Operating Capital $ (188,228,000.00) $ 562,000,000.00
FCFF $ 263,986,000.00 $ 5,311,000,000.00
Value $ 9,816,085,920.58 $194,673,665,480.43
Share Price $ 145.29 $ 124.15
Share price (Mkt Dec 31) $ 99.86 $ 100.35
%Undervalues 45.50% 23.72%

ERP 5.50%
Risk-free rate (2019) 3.00%
Beta 0.70 0.85
COE 6.85% 7.68%
WACC 5.77% 5.81%
Long -term Growth rate 3.00% 3.00%

Economic Value Added

ROA 11.27% 16.99%
NOPAT $ 837,989,270 $ 39,495,282,850
Cost of Capital $ 428,904,538 $ 13,507,775,904
EVA $ 409,084,732 $ 25,987,506,946
 5Y Average
Nike
$ 35,560,000,000
$ 22,727,000,000
$ 10,879,250,000
$ 3,490,500,000

9.82%
156.47%
208.90%
32.08%
32.08%

uite similar to the existing Balance Sheet values

 COLM_IncomeStatement_Annual_As_Originally_Reported 2015
Gross Profit 1,073,500,000
Total Revenue 2,326,180,000
Business Revenue 2,326,180,000
Cost of Revenue -1,252,680,000
Cost of Goods and Services -1,252,680,000
Operating Income/Expenses -823,779,000
Selling, General and Administrative Expenses -831,971,000
Other Income/Expense, Operating 8,192,000
Other Income, Operating 8,192,000
Total Operating Profit/Loss 249,721,000
Non-Operating Income/Expenses, Total -2,402,000
Total Net Finance Income/Expense 432,000
Net Interest Income/Expense 432,000
Interest Expense Net of Capitalized Interest -1,099,000
Interest Income 1,531,000
Other Income/Expense, Non-Operating -2,834,000
Irregular Income/Expenses
Impairment/Write Off/Write Down of Capital Assets
Other Irregular Income/Expenses
Pretax Income 247,319,000
Provision for Income Tax -67,468,000
Net Income from Continuing Operations 179,851,000
Net Income after Extraordinary Items and Discontinued Operations 179,851,000
Non-Controlling/Minority Interests -5,514,000
Net Income after Non-Controlling/Minority Interests 174,337,000
Net Income Available to Common Stockholders 174,337,000
Diluted Net Income Available to Common Stockholders 174,337,000
Reported Total Revenue 2,326,180,000
Reported Total Operating Profit/Loss 249,721,000
Reported Effective Tax Rate 0
Reported Normalized Income
Reported Normalized Operating Profit
Basic EPS 2.48
Diluted EPS 2.45
Basic WASO 70,162,000
Diluted WASO 71,064,000
Fiscal year ends in Dec 31 | USD
 2016 2017 2018 2019 AVG 5Y
1,110,348,000 1,159,962,000 1,386,348,000 1,515,670,000 1249165600
2,377,045,000 2,466,105,000 2,802,326,000 3,042,478,000 2602826800
2,377,045,000 2,466,105,000 2,802,326,000 3,042,478,000 2602826800
-1,266,697,000 -1,306,143,000 -1,415,978,000 -1,526,808,000 -1353661200
-1,266,697,000 -1,306,143,000 -1,415,978,000 -1,526,808,000 -1353661200
-853,840,000 -896,993,000 -1,035,366,000 -1,120,699,000 -946135400
-864,084,000 -910,894,000 -1,051,152,000 -1,136,186,000 -958857400
10,244,000 13,901,000 15,786,000 15,487,000 12722000
10,244,000 13,901,000 15,786,000 15,487,000 12722000
256,508,000 262,969,000 350,982,000 394,971,000 303030200
390,000 3,765,000 9,735,000 10,458,000 4389200
962,000 4,086,000 9,876,000 8,302,000 4731600
962,000 4,086,000 9,876,000 8,302,000 4731600
-1,041,000 -429,000 0 0 -513800
2,003,000 4,515,000 9,876,000 8,302,000 5245400
-572,000 -321,000 -141,000 2,156,000 -342400

256,898,000 266,734,000 360,717,000 405,429,000 307419400

-58,459,000 -154,419,000 -85,769,000 -74,940,000 -88211000
198,439,000 112,315,000 274,948,000 330,489,000 219208400
198,439,000 112,315,000 274,948,000 330,489,000 219208400
-6,541,000 -7,192,000 -6,692,000 0 -5187800
191,898,000 105,123,000 268,256,000 330,489,000 214020600
191,898,000 105,123,000 268,256,000 330,489,000 214020600
191,898,000 105,123,000 268,256,000 330,489,000 214020600
2,377,045,000 2,466,105,000 2,802,326,000 3,042,478,000 2602826800
256,508,000 262,969,000 350,982,000 394,971,000 303030200
0 0 0 0
210,107,000 282,044,000 246075500
277,847,000 362,431,000 320139000
2.75 1.51 3.85 4.87 3.09
2.72 1.49 3.81 4.83 3.06
69,683,000 69,759,000 69,614,000 67,837,000 69411000
70,632,000 70,453,000 70,401,000 68,493,000 70208600
 COLM_BalanceSheet_Annual_As_Originally_Reported 2015
Total Assets 1,846,153,000
Total Current Assets 1,249,389,000
Cash, Cash Equivalents and Short Term Investments 370,399,000
Cash and Cash Equivalents 369,770,000
Short Term Investments 629,000
Cash Restricted or Pledged, Current
Inventories 473,637,000
Raw Materials, Consumables and Supplies
Work-in-Process
Finished Goods and Merchandise
Trade and Other Receivables, Current 371,953,000
Trade/Accounts Receivable, Current 371,953,000
Gross Trade/Accounts Receivable, Current 381,881,000
Allowance/Adjustments for Trade/Accounts Receivable, Current -9,928,000
Prepayments and Deposits, Current 33,400,000
Deferred Tax Assets, Current
Deferred Costs/Assets, Current
Total Non-Current Assets 596,764,000
Net Property, Plant and Equipment 291,687,000
Gross Property, Plant and Equipment 654,965,000
Properties 288,070,000
Land and Improvements 20,832,000
Buildings and Improvements 165,182,000
Leasehold and Improvements 102,056,000
Machinery, Furniture and Equipment 361,737,000
Plant and Machinery 286,055,000
Furniture, Fixtures and Office Equipment 75,682,000
Construction in Progress and Advance Payments 5,158,000
Leased Property, Plant and Equipment
Accumulated Depreciation and Impairment -363,278,000
Accumulated Depreciation -363,278,000
Net Intangible Assets 207,178,000
Gross Goodwill and Other Intangible Assets 221,213,000
Goodwill 68,594,000
Intangibles other than Goodwill 152,619,000
Trademarks and Patents 14,198,000
Customer Relationships 23,000,000
Other Intangible Assets 115,421,000
Accumulated Amortization and Impairment -14,035,000
Accumulated Amortization of Intangible Assets -14,035,000
Accumulated Amortization of Intangibles other than Goodwill -14,035,000
Accumulated Amortization of Trademarks and Patents -7,992,000
Accumulated Amortization of Customer Relationships -6,043,000
Deferred Tax Assets, Non-Current 76,181,000
Other Non-Current Assets 21,718,000
Total Liabilities 430,340,000
Total Current Liabilities 366,070,000
Payables and Accrued Expenses, Current 364,130,000
Trade and Other Payables, Current 222,268,000
Trade/Accounts Payable, Current 217,230,000
Taxes Payable, Current 5,038,000
 Accrued Expenses, Current 141,862,000
Financial Liabilities, Current 1,940,000
Current Debt and Capital Lease Obligation 1,940,000
Current Portion of Long Term Debt and Capital Lease
Capital Lease Obligations, Current
Current Debt 1,940,000
Bank/Credit Facilities, Current Debt 1,940,000
Notes Payable, Current Debt
Provisions, Current
Other Provisions, Current
Provision for Employee Entitlements, Current
Tax Liabilities, Current
Deferred Tax Liabilities, Current
Other Current Liabilities
Total Non-Current Liabilities 64,270,000
Financial Liabilities, Non-Current 15,030,000
Long Term Debt and Capital Lease Obligation 15,030,000
Capital Lease Obligations, Non-Current
Long Term Debt 15,030,000
Notes Payables, Non-Current 15,030,000
Derivative and Hedging Liabilities, Non-Current
Tax Liabilities, Non-Current 229,000
Deferred Tax Liabilities, Non-Current 229,000
Payables and Accrued Expenses, Non-Current 8,839,000
Trade and Other Payables, Non-Current 8,839,000
Taxes Payable, Non-Current 8,839,000
Other Non-Current Liabilities
Provisions, Non-Current 9,859,000
Provision for Employee Entitlements, Non-Current 6,887,000
Provision for Asset Retirement Obligation/Site Restoration and Rehabilitation, Non-Current 2,972,000
Deferred Liabilities, Non-Current 30,313,000
Other Deferred Liabilities, Non-Current 30,313,000
Total Equity 1,415,813,000
Equity Attributable to Parent Stockholders 1,399,800,000
Paid in Capital 34,776,000
Capital Stock 34,776,000
Common Stock 34,776,000
Common Stock, without Par Value
Preferred Stock 0
Additional Paid in Capital/Share Premium
Retained Earnings/Accumulated Deficit 1,385,860,000
Reserves/Accumulated Comprehensive Income/Losses -20,836,000
Non-Controlling/Minority Interests 16,013,000
Common Shares Issued 69,277,000
Common Shares Outstanding 69,277,000
Fiscal year ends in Dec 31 | USD
 2016 2017 2018 2019 AVG 5Y
2,013,894,000 2,212,902,000 2,368,721,000 2,931,591,000 2,274,652,200
1,412,023,000 1,649,497,000 1,765,306,000 1,875,746,000 1,590,392,200
551,861,000 768,149,000 700,627,000 687,677,000 615,742,600
551,389,000 673,166,000 437,825,000 686,009,000 543,631,800
472,000 94,983,000 262,802,000 1,668,000 72,110,800
13,970,000 0 6,985,000
487,997,000 457,927,000 521,827,000 605,968,000 509,471,200

333,678,000 364,862,000 449,382,000 488,233,000 401,621,600

333,678,000 364,862,000 449,382,000 488,233,000 401,621,600
342,234,000 373,905,000 460,433,000 497,158,000 411,122,200
-8,556,000 -9,043,000 -11,051,000 -8,925,000 -9,500,600
38,487,000 58,559,000 79,500,000 93,868,000 60,762,800

601,871,000 563,405,000 603,415,000 1,055,845,000 684,260,000

279,650,000 281,394,000 291,596,000 741,152,000 377,095,800
688,326,000 737,205,000 780,950,000 1,264,244,000 825,138,000
294,182,000 316,933,000 323,645,000 378,788,000 320,323,600
20,862,000 21,065,000 20,961,000 26,951,000 22,134,200
165,746,000 173,919,000 170,928,000 204,077,000 175,970,400
107,574,000 121,949,000 131,756,000 147,760,000 122,219,000
380,669,000 405,645,000 415,983,000 480,184,000 408,843,600
301,566,000 322,032,000 327,678,000 383,881,000 324,242,400
79,103,000 83,613,000 88,305,000 96,303,000 84,601,200
13,475,000 14,627,000 41,322,000 10,771,000 17,070,600
394,501,000 394,501,000
-408,676,000 -455,811,000 -489,354,000 -523,092,000 -448,042,200
-408,676,000 -455,811,000 -489,354,000 -523,092,000 -448,042,200
202,032,000 198,149,000 195,169,000 192,189,000 198,943,400
221,213,000 221,213,000 221,213,000 221,213,000 221,213,000
68,594,000 68,594,000 68,594,000 68,594,000 68,594,000
152,619,000 152,619,000 152,619,000 152,619,000 152,619,000
14,198,000 14,198,000 14,198,000 14,198,000 14,198,000
23,000,000 23,000,000 23,000,000 23,000,000 23,000,000
115,421,000 115,421,000 115,421,000 115,421,000 115,421,000
-19,181,000 -23,064,000 -26,044,000 -29,024,000 -22,269,600
-19,181,000 -23,064,000 -26,044,000 -29,024,000 -22,269,600
-19,181,000 -23,064,000 -26,044,000 -29,024,000 -22,269,600
-9,321,000 -10,651,000 -11,981,000 -13,311,000 -10,651,200
-9,860,000 -12,413,000 -14,063,000 -15,713,000 -11,618,400
92,494,000 56,804,000 78,155,000 78,849,000 76,496,600
27,695,000 27,058,000 38,495,000 43,655,000 31,724,200
432,383,000 560,643,000 678,408,000 1,082,144,000 636,783,600
362,851,000 453,636,000 572,882,000 630,915,000 477,270,800
362,851,000 453,636,000 475,180,000 456,138,000 422,387,000
220,693,000 271,408,000 297,198,000 271,173,000 256,548,000
215,048,000 252,301,000 274,435,000 255,372,000 242,877,200
5,645,000 19,107,000 22,763,000 15,801,000 13,670,800
 142,158,000 182,228,000 177,982,000 184,965,000 165,839,000
0 64,019,000 21,986,333
0 64,019,000 21,986,333
64,019,000 64,019,000
64,019,000 64,019,000
0 970,000
0 970,000

97,702,000 110,758,000 104,230,000

97,702,000 110,758,000 104,230,000

69,532,000 107,007,000 105,526,000 451,229,000 159,512,800

14,053,000 3,820,000 1,000 371,507,000 80,882,200
14,053,000 0 371,507,000 100,147,500
371,507,000 371,507,000
14,053,000 0 9,694,333
14,053,000 0 9,694,333
3,820,000 1,000 1,910,500
147,000 168,000 9,521,000 6,361,000 3,285,200
147,000 168,000 9,521,000 6,361,000 3,285,200
12,710,000 58,104,000 50,791,000 48,427,000 35,774,200
12,710,000 58,104,000 50,791,000 48,427,000 35,774,200
12,710,000 58,104,000 50,791,000 48,427,000 35,774,200
42,622,000 24,934,000 33,778,000
13,899,000 14,166,000 12,641,333
9,319,000 9,475,000 8,560,333
4,580,000 4,691,000 4,081,000
31,016,000 31,047,000 30,792,000
31,016,000 31,047,000 30,792,000
1,581,511,000 1,652,259,000 1,690,313,000 1,849,447,000 1,637,868,600
1,560,820,000 1,621,951,000 1,673,857,000 1,849,447,000 1,621,175,000
53,801,000 45,829,000 0 4,937,000 27,868,600
53,801,000 45,829,000 0 4,937,000 27,868,600
53,801,000 45,829,000 0 4,937,000 27,868,600

0 0 0 0 0

1,529,636,000 1,585,009,000 1,677,920,000 1,848,935,000 1,605,472,000

-22,617,000 -8,887,000 -4,063,000 -4,425,000 -12,165,600
20,691,000 30,308,000 16,456,000 0 16,693,600
69,873,000 69,995,000 68,246,000 67,561,000 68,990,400
69,873,000 69,995,000 68,246,000 67,561,000 68,990,400
#DIV/0!
 COLM_CashFlow_Annual_As_Originally_Reported
Cash Flow from Operating Activities, Indirect
Net Cash Flow from Continuing Operating Activities, Indirect
Cash Generated from Operating Activities
Income/Loss before Non-Cash Adjustment
Total Adjustments for Non-Cash Items
Depreciation, Amortization and Depletion, Non-Cash Adjustment
Depreciation and Amortization, Non-Cash Adjustment
Stock-Based Compensation, Non-Cash Adjustment
Taxes, Non-Cash Adjustment
Irregular Income/Loss, Non-Cash Adjustment
Gain/Loss on Disposals, Non-Cash Adjustment
Gain/Loss on Disposal/Sale of Fixed Assets, Non-Cash Adjustment
Impairment/Write Off/Write Down of Capital Assets Loss/Reversal, Non-Cash Adjustment
Excess Tax Benefit from Stock-Based Compensation, Non-Cash Adjustment
Changes in Operating Capital
Change in Inventories
Change in Trade and Other Receivables
Change in Trade/Accounts Receivable
Change in Prepayments and Deposits
Change in Payables and Accrued Expenses
Change in Trade and Other Payables
Change in Trade/Accounts Payable
Change in Taxes Payable
Change in Accrued Expenses
Change in Other Operating Capital
Change in Other Current Assets
Change in Other Current Liabilities
Other Operating Cash Flow
Cash Flow from Investing Activities
Cash Flow from Continuing Investing Activities
Capital Expenditure, Reported
Purchase/Sale and Disposal of Property, Plant and Equipment, Net
Sale and Disposal of Property, Plant and Equipment
Purchase/Sale of Investments, Net
Purchase of Investments
Sale of Investments
Purchase/Sale of Business, Net
Purchase/Acquisition of Business
Cash Flow from Financing Activities
Cash Flow from Continuing Financing Activities
Issuance of/Payments for Common Stock, Net
Payments for Common Stock
Proceeds from Issuance of Common Stock
Issuance of/Repayments for Debt, Net
Issuance of/Repayments for Short Term Debt, Net
Proceeds from Issuance of Short Term Debt
Repayments for Short Term Debt
Issuance of/Repayments for Long Term Debt, Net
Repayments for Long Term Debt
Proceeds from Issuance of Long Term Debt
Net Movement in Non-Controlling/Minority Interest
 Cash Dividends and Interest Paid
Cash Dividends Paid
Common Stock Dividends Paid
Cash Dividends Paid to Non-Controlling/Minority Interests
Proceeds from Issuance/Exercising of Stock Options/Warrants
Other Financing Cash Flow
Excess Tax Benefit from Share-Based Compensation, Financing Activities
Cash and Cash Equivalents, End of Period
Change in Cash
Effect of Exchange Rate Changes
Cash and Cash Equivalents, Beginning of Period
Change in Cash As Reported, Supplemental
Income Tax Paid, Supplemental
Interest Paid, Supplemental
Fiscal year ends in Dec 31 | USD
 2015 2016 2017 2018 2019 AVG 5Y
95,105,000 275,167,000 341,128,000 289,569,000 285,452,000 257284200
95,105,000 275,167,000 341,128,000 289,569,000 285,452,000 257284200
95,105,000 275,167,000 341,128,000 289,569,000 285,452,000 257284200
179,851,000 198,439,000 112,315,000 274,948,000 330,489,000 219208400
53,709,000 56,629,000 118,009,000 78,191,000 143,191,000 89945800
56,521,000 60,016,000 59,945,000 58,230,000 121,725,000 71287400
56,521,000 60,016,000 59,945,000 58,230,000 121,725,000 71287400
11,672,000 10,986,000 11,286,000 14,291,000 17,832,000 13213400
-11,709,000 -19,178,000 44,851,000 1,462,000 -1,808,000 2723600
5,098,000 4,805,000 1,927,000 4,208,000 5,442,000 4296000
5,098,000 4,805,000 1,927,000 4,208,000 5,442,000 4296000
5,098,000 4,805,000 1,927,000 4,208,000 5,442,000 4296000
h Adjustment
-7,873,000 0 -3936500
-138,455,000 20,099,000 110,804,000 -63,570,000 -188,228,000 -51870000
-103,296,000 -18,777,000 46,662,000 -94,716,000 -84,058,000 -50837000
-40,419,000 36,710,000 -24,197,000 -25,601,000 -37,537,000 -18208800
-40,419,000 36,710,000 -24,197,000 -25,601,000 -37,537,000 -18208800
4,411,000 -5,452,000 -19,241,000 -9,771,000 -15,068,000 -9024200
-1,593,000 11,098,000 100,851,000 82,326,000 -958,000 38344800
424,000 6,251,000 89,270,000 15,426,000 -19,821,000 18310000
11,418,000 1,483,000 30,568,000 19,384,000 -10,419,000 10486800
-10,994,000 4,768,000 58,702,000 -3,958,000 -9,402,000 7823200
-2,017,000 4,847,000 11,581,000 66,900,000 18,863,000 20034800
2,442,000 -3,480,000 6,729,000 -15,808,000 -50,607,000 -12144800

-43,001,000 -49,890,000 -147,784,000 -232,231,000 140,728,000 -66435600

-43,001,000 -49,890,000 -147,784,000 -232,231,000 140,728,000 -66435600
-69,917,000 -49,987,000 -53,352,000 -65,622,000 -123,516,000 -72478800
144,000 97,000 279,000 19,000 0 107800
144,000 97,000 279,000 19,000 0 107800
26,772,000 0 -94,711,000 -166,628,000 264,244,000 5935400
-38,208,000 -21,263,000 -130,993,000 -518,755,000 -136,257,000 -169095200
64,980,000 21,263,000 36,282,000 352,127,000 400,501,000 175030600
0
0
-91,245,000 -42,023,000 -84,403,000 -270,014,000 -190,722,000 -135681400
-91,245,000 -42,023,000 -84,403,000 -270,014,000 -190,722,000 -135681400
-70,068,000 -11,000 -35,542,000 -201,600,000 -121,702,000 -85784600
-70,068,000 -11,000 -35,542,000 -201,600,000 -121,702,000 -85784600

1,950,000 -1,940,000 -14,236,000 0 0 -2845200

1,950,000 -1,940,000 0 0 0 2000
53,429,000 62,885,000 3,374,000 70,576,000 78,186,000 53690000
-51,479,000 -64,825,000 -3,374,000 -70,576,000 -78,186,000 -53688000
0 -14,236,000 0 0 -3559000
-14,236,000 0 0 -4745333.33
0
-17,880,000 -17880000
-43,547,000 -48,122,000 -50,909,000 -62,664,000 -65,127,000 -54073800
-43,547,000 -48,122,000 -50,909,000 -62,664,000 -65,127,000 -54073800
-43,547,000 -48,122,000 -50,909,000 -62,664,000 -65,127,000 -54073800
-19,949,000 0 -9974500
17,442,000 13,167,000 19,946,000 18,484,000 19,793,000 17766400
-4,895,000 -5,117,000 -3,662,000 -4,285,000 -5,806,000 -4753000
7,873,000 0 3936500
369,770,000 551,389,000 673,166,000 451,795,000 686,009,000 546425800
-39,141,000 183,254,000 108,941,000 -212,676,000 235,458,000 55167200
-4,647,000 -1,635,000 12,836,000 -8,695,000 -1,244,000 -677000
413,558,000 369,770,000 551,389,000 673,166,000 451,795,000 491935600
-43,788,000 181,619,000 121,777,000 -221,371,000 234,214,000 54490200
-87,350,000 -70,424,000 -81,045,000 -77,408,000 -99,062,000 -83057800
-1,115,000 -1,049,000 -685,000 0 0 -569800
 NKE_IncomeStatement_Annual_As_Originally_Reported 2016 2017
Gross Profit 14,971,000,000 15,312,000,000
Total Revenue 32,376,000,000 34,350,000,000
Business Revenue 32,376,000,000 34,350,000,000
Cost of Revenue -17,405,000,000 -19,038,000,000
Cost of Goods and Services -17,405,000,000 -19,038,000,000
Operating Income/Expenses -10,469,000,000 -10,563,000,000
Selling, General and Administrative Expenses -10,469,000,000 -10,563,000,000
General and Administrative Expenses -7,191,000,000 -7,222,000,000
Selling and Marketing Expenses -3,278,000,000 -3,341,000,000
Total Operating Profit/Loss 4,502,000,000 4,749,000,000
Non-Operating Income/Expenses, Total 121,000,000 137,000,000
Total Net Finance Income/Expense -19,000,000 -59,000,000
Net Interest Income/Expense -19,000,000 -59,000,000
Interest Expense Net of Capitalized Interest
Other Income/Expense, Non-Operating 140,000,000 196,000,000
Irregular Income/Expenses
Impairment/Write Off/Write Down of Capital Assets
Restructuring and Reorganization Income/Expense
Pretax Income 4,623,000,000 4,886,000,000
Provision for Income Tax -863,000,000 -646,000,000
Net Income from Continuing Operations 3,760,000,000 4,240,000,000
Net Income after Extraordinary Items and Discontinued Operations 3,760,000,000 4,240,000,000
Net Income after Non-Controlling/Minority Interests 3,760,000,000 4,240,000,000
Net Income Available to Common Stockholders 3,760,000,000 4,240,000,000
Diluted Net Income Available to Common Stockholders 3,760,000,000 4,240,000,000
Discontinued Operations
Reported Total Revenue 32,376,000,000 34,350,000,000
Reported Effective Tax Rate 0 0
Basic EPS 2.21 2.56
Diluted EPS 2.16 2.51
Basic WASO 1,697,900,000 1,657,800,000
Diluted WASO 1,742,500,000 1,692,000,000
Fiscal year ends in May 31 | USD
 2018 2019 AVG 4Y
15,956,000,000 17,474,000,000 15,928,250,000
36,397,000,000 39,117,000,000 35,560,000,000
36,397,000,000 39,117,000,000 35,560,000,000
-20,441,000,000 -21,643,000,000 -19,631,750,000
-20,441,000,000 -21,643,000,000 -19,631,750,000
-11,511,000,000 -12,702,000,000 -11,311,250,000
-11,511,000,000 -12,702,000,000 -11,311,250,000
-7,934,000,000 -8,949,000,000 -7,824,000,000
-3,577,000,000 -3,753,000,000 -3,487,250,000
4,445,000,000 4,772,000,000 4,617,000,000
-120,000,000 29,000,000 41,750,000
-54,000,000 -49,000,000 -45,250,000
-54,000,000 -49,000,000 -45,250,000

-66,000,000 78,000,000 87,000,000

4,325,000,000 4,801,000,000 4,658,750,000

-2,392,000,000 -772,000,000 -1,168,250,000
1,933,000,000 4,029,000,000 3,490,500,000
1,933,000,000 4,029,000,000 3,490,500,000
1,933,000,000 4,029,000,000 3,490,500,000
1,933,000,000 4,029,000,000 3,490,500,000
1,933,000,000 4,029,000,000 3,490,500,000

36,397,000,000 39,117,000,000 35,560,000,000

0 0 0
1.19 2.55 2
1.17 2.49 2
1,623,800,000 1,579,700,000 1,639,800,000
1,659,100,000 1,618,400,000 1,678,000,000
 NKE_BalanceSheet_Annual_As_Originally_Reported 2016 2017
Total Assets 21,396,000,000 23,259,000,000
Total Current Assets 15,025,000,000 16,061,000,000
Cash, Cash Equivalents and Short Term Investments 5,457,000,000 6,179,000,000
Cash and Cash Equivalents 3,138,000,000 3,808,000,000
Cash 505,000,000
Cash Equivalents 3,303,000,000
Short Term Investments 2,319,000,000 2,371,000,000
Inventories 4,838,000,000 5,055,000,000
Finished Goods and Merchandise
Trade and Other Receivables, Current 3,241,000,000 3,677,000,000
Trade/Accounts Receivable, Current 3,241,000,000 3,677,000,000
Gross Trade/Accounts Receivable, Current
Allowance/Adjustments for Trade/Accounts Receivable, Current
Prepayments and Deposits, Current 1,489,000,000 1,150,000,000
Deferred Tax Assets, Current
Assets Held for Sale/Discontinued Operations, Current
Deferred Costs/Assets, Current
Total Non-Current Assets 6,371,000,000 7,198,000,000
Net Property, Plant and Equipment 3,520,000,000 3,989,000,000
Gross Property, Plant and Equipment 7,038,000,000 7,958,000,000
Properties 3,091,000,000 3,333,000,000
Land and Improvements 286,000,000 285,000,000
Buildings and Improvements 1,467,000,000 1,564,000,000
Leasehold and Improvements 1,338,000,000 1,484,000,000
Machinery, Furniture and Equipment 3,510,000,000 3,867,000,000
Plant and Machinery
Furniture, Fixtures and Office Equipment
Construction in Progress and Advance Payments 437,000,000 758,000,000
Leased Property, Plant and Equipment
Accumulated Depreciation and Impairment -3,518,000,000 -3,969,000,000
Accumulated Depreciation -3,518,000,000 -3,969,000,000
Net Intangible Assets 412,000,000 422,000,000
Gross Goodwill and Other Intangible Assets 412,000,000 422,000,000
Goodwill 131,000,000 139,000,000
Intangibles other than Goodwill 281,000,000 283,000,000
Trademarks and Patents
Other Intangible Assets
Accumulated Amortization and Impairment
Accumulated Amortization of Intangible Assets
Accumulated Amortization of Intangibles other than Goodwill
Accumulated Amortization of Trademarks and Patents
Accumulated Amortization of Other Intangible Assets
Deferred Tax Assets, Non-Current 2,439,000,000 2,787,000,000
Deferred Costs/Assets, Non-Current
Total Liabilities 9,138,000,000 10,852,000,000
Total Current Liabilities 5,358,000,000 5,474,000,000
Payables and Accrued Expenses, Current 3,710,000,000 3,708,000,000
Trade and Other Payables, Current 2,706,000,000 2,628,000,000
Trade/Accounts Payable, Current 2,191,000,000 2,048,000,000
Dividends Payable, Current 271,000,000 300,000,000
Taxes Payable, Current 244,000,000 280,000,000
 Accrued Expenses, Current 1,004,000,000 1,080,000,000
Financial Liabilities, Current 312,000,000 499,000,000
Current Debt and Capital Lease Obligation 45,000,000 331,000,000
Current Debt 1,000,000 325,000,000
Notes Payable, Current Debt 1,000,000 325,000,000
Current Portion of Long Term Debt and Capital Lease 44,000,000 6,000,000
Current Portion of Long Term Debt 44,000,000 6,000,000
Capital Lease Obligations, Current
Derivative and Hedging Liabilities, Current 267,000,000 168,000,000
Provisions, Current 1,336,000,000 1,267,000,000
Provision for Employee Entitlements, Current 1,336,000,000 1,267,000,000
Other Provisions, Current
Liabilities Held for Sale/Discontinued Operations, Current
Total Non-Current Liabilities 3,780,000,000 5,378,000,000
Financial Liabilities, Non-Current 2,010,000,000 3,471,000,000
Long Term Debt and Capital Lease Obligation 2,010,000,000 3,471,000,000
Long Term Debt 2,010,000,000 3,471,000,000
Capital Lease Obligations, Non-Current
Tax Liabilities, Non-Current 1,770,000,000 1,907,000,000
Deferred Tax Liabilities, Non-Current 1,770,000,000 1,907,000,000
Total Equity 12,258,000,000 12,407,000,000
Equity Attributable to Parent Stockholders 12,258,000,000 12,407,000,000
Paid in Capital 7,789,000,000 8,641,000,000
Capital Stock 7,789,000,000 8,641,000,000
Common Stock 3,000,000 3,000,000
Common Stock, with Par Value
Additional Paid in Capital/Share Premium 7,786,000,000 8,638,000,000
Preferred Stock 0 0
Retained Earnings/Accumulated Deficit 4,151,000,000 3,979,000,000
Reserves/Accumulated Comprehensive Income/Losses 318,000,000 -213,000,000
Common Shares Issued 1,682,000,000 1,643,000,000
Common Shares Outstanding 1,682,000,000 1,643,000,000
Fiscal year ends in May 31 | USD
 2018 2019 AVG 4Y
22,536,000,000 23,717,000,000 22,727,000,000
15,134,000,000 16,525,000,000 15,686,250,000
5,245,000,000 4,663,000,000 5,386,000,000
4,249,000,000 4,466,000,000 3,915,250,000
505,000,000
3,303,000,000
996,000,000 197,000,000 1,470,750,000
5,261,000,000 5,622,000,000 5,194,000,000
5,622,000,000 5,622,000,000
3,498,000,000 4,272,000,000 3,672,000,000
3,498,000,000 4,272,000,000 3,672,000,000

1,130,000,000 1,968,000,000 1,434,250,000

7,402,000,000 7,192,000,000 7,040,750,000

4,454,000,000 4,744,000,000 4,176,750,000
8,891,000,000 9,469,000,000 8,339,000,000
4,020,000,000 4,337,000,000 3,695,250,000
331,000,000 329,000,000 307,750,000
2,195,000,000 2,445,000,000 1,917,750,000
1,494,000,000 1,563,000,000 1,469,750,000
4,230,000,000 4,335,000,000 3,985,500,000

641,000,000 797,000,000 658,250,000

-4,437,000,000 -4,725,000,000 -4,162,250,000

-4,437,000,000 -4,725,000,000 -4,162,250,000
439,000,000 437,000,000 427,500,000
457,000,000 457,000,000 437,000,000
154,000,000 154,000,000 144,500,000
303,000,000 303,000,000 292,500,000
303,000,000 303,000,000 303,000,000

-18,000,000 -20,000,000 -19,000,000

-18,000,000 -20,000,000 -19,000,000
-18,000,000 -20,000,000 -19,000,000
-18,000,000 -20,000,000 -19,000,000

2,509,000,000 2,011,000,000 2,436,500,000

12,724,000,000 14,677,000,000 11,847,750,000

6,040,000,000 7,866,000,000 6,184,500,000
4,169,000,000 4,636,000,000 4,055,750,000
2,973,000,000 3,421,000,000 2,932,000,000
2,279,000,000 2,612,000,000 2,282,500,000
320,000,000 346,000,000 309,250,000
374,000,000 463,000,000 340,250,000
1,196,000,000 1,215,000,000 1,123,750,000
549,000,000 356,000,000 429,000,000
342,000,000 15,000,000 183,250,000
336,000,000 9,000,000 167,750,000
336,000,000 9,000,000 167,750,000
6,000,000 6,000,000 15,500,000
6,000,000 6,000,000 15,500,000

207,000,000 341,000,000 245,750,000

1,322,000,000 2,874,000,000 1,699,750,000
1,322,000,000 1,656,000,000 1,395,250,000
1,218,000,000 1,218,000,000

6,684,000,000 6,811,000,000 5,663,250,000

3,468,000,000 3,464,000,000 3,103,250,000
3,468,000,000 3,464,000,000 3,103,250,000
3,468,000,000 3,464,000,000 3,103,250,000

3,216,000,000 3,347,000,000 2,560,000,000

3,216,000,000 3,347,000,000 2,560,000,000
9,812,000,000 9,040,000,000 10,879,250,000
9,812,000,000 9,040,000,000 10,879,250,000
6,387,000,000 7,166,000,000 7,495,750,000
6,387,000,000 7,166,000,000 7,495,750,000
3,000,000 3,000,000 3,000,000

6,384,000,000 7,163,000,000 7,492,750,000

0 0
3,517,000,000 1,643,000,000 3,322,500,000
-92,000,000 231,000,000 61,000,000
1,601,000,000 1,568,000,000 1,623,500,000
1,601,000,000 1,568,000,000 1,623,500,000
 NKE_CashFlow_Annual_As_Originally_Reported
Cash Flow from Operating Activities, Indirect
Net Cash Flow from Continuing Operating Activities, Indirect
Cash Generated from Operating Activities
Income/Loss before Non-Cash Adjustment
Total Adjustments for Non-Cash Items
Depreciation, Amortization and Depletion, Non-Cash Adjustment
Depreciation and Amortization, Non-Cash Adjustment
Depreciation, Non-Cash Adjustment
Amortization, Non-Cash Adjustment
Stock-Based Compensation, Non-Cash Adjustment
Taxes, Non-Cash Adjustment
Net Investment Income/Loss, Non-Cash Adjustment
Net Foreign Exchange Gain/Loss, Non-Cash Adjustment
Irregular Income/Loss, Non-Cash Adjustment
Gain/Loss on Disposals, Non-Cash Adjustment
Gain/Loss on Disposal/Sale of Business, Non-Cash Adjustment
Impairment/Write Off/Write Down of Capital Assets Loss/Reversal, Non-Cash Adjustment
Changes in Operating Capital
Change in Inventories
Change in Trade and Other Receivables
Change in Trade/Accounts Receivable
Change in Prepayments and Deposits
Change in Payables and Accrued Expenses
Change in Trade and Other Payables
Change in Trade/Accounts Payable
Cash Flow from Investing Activities
Cash Flow from Continuing Investing Activities
Purchase/Sale and Disposal of Property, Plant and Equipment, Net
Purchase of Property, Plant and Equipment
Sale and Disposal of Property, Plant and Equipment
Purchase/Sale of Investments, Net
Purchase of Investments
Sale of Investments
Other Investing Cash Flow
Purchase/Sale of Other Non-Current Assets, Net
Purchase/Sale of Business, Net
Sale of Business
Cash Flow from Financing Activities
Cash Flow from Continuing Financing Activities
Issuance of/Payments for Common Stock, Net
Payments for Common Stock
Issuance of/Repayments for Debt, Net
Issuance of/Repayments for Short Term Debt, Net
Issuance of/Repayments for Long Term Debt, Net
Proceeds from Issuance of Long Term Debt
Repayments for Long Term Debt
Cash Dividends and Interest Paid
Cash Dividends Paid
Common Stock Dividends Paid
Proceeds from Issuance/Exercising of Stock Options/Warrants
Other Financing Cash Flow
 Issuance of/Repayments for Lease Financing
Repayments for Lease Financing
Excess Tax Benefit from Share-Based Compensation, Financing Activities
Cash and Cash Equivalents, End of Period
Change in Cash
Effect of Exchange Rate Changes
Cash and Cash Equivalents, Beginning of Period
Change in Cash As Reported, Supplemental
Income Tax Paid, Supplemental
Interest Paid, Supplemental
Total Net Change in Cash
Fiscal year ends in May 31 | USD
 2016 2017 2018 2019 AVG 4Y
3,096,000,000 3,640,000,000 4,955,000,000 5,903,000,000 4398500000
3,096,000,000 3,640,000,000 4,955,000,000 5,903,000,000 4398500000
3,096,000,000 3,640,000,000 4,955,000,000 5,903,000,000 4398500000
3,760,000,000 4,240,000,000 1,933,000,000 4,029,000,000 3490500000
916,000,000 541,000,000 1,540,000,000 1,312,000,000 1077250000
662,000,000 716,000,000 774,000,000 720,000,000 718000000
662,000,000 716,000,000 774,000,000 720,000,000 718000000
649,000,000 706,000,000 747,000,000 705,000,000 701750000
13,000,000 10,000,000 27,000,000 15,000,000 16250000
236,000,000 215,000,000 218,000,000 325,000,000 248500000
-80,000,000 -273,000,000 647,000,000 34,000,000 82000000
98,000,000 -117,000,000 -99,000,000 233,000,000 28750000
98,000,000 -117,000,000 -99,000,000 233,000,000 28750000

h Adjustment
-1,580,000,000 -1,141,000,000 1,482,000,000 562,000,000 -169250000
-590,000,000 -231,000,000 -255,000,000 -490,000,000 -391500000
60,000,000 -426,000,000 187,000,000 -270,000,000 -112250000
60,000,000 -426,000,000 187,000,000 -270,000,000 -112250000
-161,000,000 -120,000,000 35,000,000 -203,000,000 -112250000
-889,000,000 -364,000,000 1,515,000,000 1,525,000,000 446750000

-1,034,000,000 -1,008,000,000 276,000,000 -264,000,000 -507500000

-1,034,000,000 -1,008,000,000 276,000,000 -264,000,000 -507500000
-1,133,000,000 -1,092,000,000 -1,025,000,000 -1,114,000,000 -1091000000
-1,143,000,000 -1,105,000,000 -1,028,000,000 -1,119,000,000 -1098750000
10,000,000 13,000,000 3,000,000 5,000,000 7750000
93,000,000 118,000,000 1,326,000,000 850,000,000 596750000
-5,217,000,000 -5,928,000,000 -4,783,000,000 -2,937,000,000 -4716250000
5,310,000,000 6,046,000,000 6,109,000,000 3,787,000,000 5313000000
-34,000,000 -25,000,000 0 -19666666.67
6,000,000 6000000

-2,671,000,000 -1,942,000,000 -4,835,000,000 -5,293,000,000 -3685250000

-2,671,000,000 -1,942,000,000 -4,835,000,000 -5,293,000,000 -3685250000
-3,238,000,000 -3,223,000,000 -4,254,000,000 -4,286,000,000 -3750250000
-3,238,000,000 -3,223,000,000 -4,254,000,000 -4,286,000,000 -3750250000
808,000,000 1,765,000,000 7,000,000 -331,000,000 562250000
-67,000,000 327,000,000 13,000,000 -325,000,000 -13000000
875,000,000 1,438,000,000 -6,000,000 -6,000,000 575250000
981,000,000 1,482,000,000 0 821000000
-106,000,000 -44,000,000 -6,000,000 -6,000,000 -40500000
-1,022,000,000 -1,133,000,000 -1,243,000,000 -1,332,000,000 -1182500000
-1,022,000,000 -1,133,000,000 -1,243,000,000 -1,332,000,000 -1182500000
-1,022,000,000 -1,133,000,000 -1,243,000,000 -1,332,000,000 -1182500000
507,000,000 489,000,000 733,000,000 700,000,000 607250000
-55,000,000 -17,000,000 -36000000
 -7,000,000 -17,000,000 -23,000,000 -27,000,000 -18500000
-7,000,000 -17,000,000 -23,000,000 -27,000,000 -18500000
281,000,000 177,000,000 229000000
3,138,000,000 3,808,000,000 4,249,000,000 4,466,000,000 3915250000
-609,000,000 690,000,000 396,000,000 346,000,000 205750000
-105,000,000 -20,000,000 45,000,000 -129,000,000 -52250000
3,852,000,000 3,138,000,000 3,808,000,000 4,249,000,000 3761750000
-714,000,000 670,000,000 441,000,000 217,000,000 153500000
748,000,000 703,000,000 -529,000,000 -757,000,000 41250000
70,000,000 98,000,000 -125,000,000 -153,000,000 -27500000