Nike Inc. Financial Performance Analysis: With Reference To 2020 Annual Financial Report
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Table of Contents
Liquid Assets Vs. Short-Term Commitments
Financial Statements and Financial Decision
Balance Sheet Presentation Analysis
Calculation of Major Financial Ratios
INTRODUCTION
A publicly-traded company’s financial data from the accounting process provides important information on analyzing its performance presented through financial statements (Deari, 2010; Healy & Palepu, 2012). The data offer significant insight into the assessment of the firm’s plans and performance and decision-making. Consequently, this paper extensively analyzes Nike’s financial reports, including the balance sheet, income statement, and cash flow statement to understand its financial performance. The paper uses vertical analysis, horizontal analysis, trend analysis, and key ratio analysis to gauge the need for improvement for cash flows and dividends and reduce the Corporation’s liabilities. Moreover, the paper compares the latest 2019 financial report with previous year reports to determine its short and long-range financial problems and Nike’s capital structure.
The main objective of this report is to provide information and recommendations on the financial position, financial performance, and the changes in financial of the company, which is crucial for the company’s decision-makers in making accurate financial and economic decisions to compete in a competitive market, for future growth, and optimizing their market share. Additionally, by performing a trend analysis, the paper aims to provide recommendations to the short and long-range financial challenges facing the company and how its stakeholders can optimize its capital structure to enhance its financial performance.
COMPANY BACKGROUND
Nike Inc. is the leading manufacturer and marketer of athletic footwear and sports apparel incorporated under the state of Oregon laws (Nike.com, 2020). Bill Bowerman, a field and track coach at the University of Oregon, and his former student Phil Knight founded the company initially as Blue Ribbon Sports in 1964 and later renamed it to Nike in 1978. At the time of its establishment, Nike was primarily involved in the manufacture of sports footwear. However, over the years, the company has significantly diversified its business and operations portfolio as the company currently designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and other services. While headquartered in the United States, Nike has a wide revenue base as it operates globally. The company generates approximately forty percent of its sales in North America and mostly in the United States, with another quarter in Africa, Europe, and the Middle East. The company operates under a board of directors with Phil Knights as its chairman.
FINANCIAL PERFORMANCE
In the contemporary business paradigm, business decision-makers need relevant information to make accurate decisions that benefit the business (Boldeanu & Gheorghe, 2007). Generally, in terms of short and long-range financial performance, Nike Inc. has high market liquidity and low Debt on its balance sheet. With a market valuation of $ 123 billion (Nike.com, 2020b), the company is safe heaven in market uncertainty due to its strong financial position in times of low liquidity in the market, and the company will not be left high and dry.
Operating Cash flow Vs. Debt
Over the last twelve months, Nike’s debt level has fallen from $ 3.8 billion to $3.5 billion, including both the current and long-term Debt (Nike.com, 2020b). With the significant reduction in Debt, the company currently has $4.3 billion remaining in cash and short-term investment ready to redeploy back into the business. The company has generated cash from operations of $ 5.7 billion in the last twelve months resulting in operating cash to a total debt ratio of 1.63, indicating that the company’s operating cash is sufficient to cover its debts. Moreover, the ratio can also be interpreted as a measure of efficiency and an alternative to assets’ returns. For Nike, it can generate 1.63x cash from its debt capital.
Liquid Assets Vs. Short-Term Commitments
With a current liability level of $6.7b, Nike has maintained a safe current assets level to meet its short-term commitments, with its current ratio standing at 2.31x. Generally, a high current ratio is highly essential and enough for cash buffering without much Capital in low return investment.
Nike Financial Leverage
With its Debt to equity ratio standing at 0.39, the company is appropriately leveraged. The rage is considered safe, as Nike is not taking too much debt obligation to significantly constrain its future growth. Another way of checking if the company is significantly leveraged to meet its long-term debt obligations is by analyzing its net interest coverage ratio (Nike.com, 2020b). Generally, a company should have its earnings before interest and tax (EBIT) at least three times its net interest size. As for Nike Inc., the company ratio is 95.37x the size of its interest, indicating that it is comfortably covered. Therefore, the company is believed to be a safe investment due to its ability to pump out ample earnings multiple times for its interest payments.
Conclusively, Nike Inc. does not have significant short and long-term financial problems as its debt ratio is appropriate for a company of its size. The company can generate sufficient flow coverage, implying it can put its Debt in good use. Moreover, the Corporation exhibits good management of its current assets as well as its current liabilities.
NIKE CAPITAL STRUCTURE
The Corporation’s capital structure has higher equity capital than its Debt with Equity to total Capital of 0.86, a figure that rose slightly over the last twelve months ending 2020 (Nike.com, 2020b). Its revenue has consistently grown for the last five years, with the only exception coming in 2020. At the end of the 2019 fiscal year, cash at hand was $8.3 billion, an increase of $3.9 billion for the 2018 fiscal year. Cash from operations contributed to $2.5 billion to the capital coffers, while investing activities consumed $1 billion mainly for capital expenditure. Financial activities provided another $2.5 billion from proceeding borrowings. Nike enterprise value is almost entirely driven by the appreciating market value of its Equity.
Equity Capital
Generally, Equity capital measures the Capital contributed by a company equity holders and the retained earnings (Downie, 2020). Therefore, the value of equity capital includes common stock at par value, the preferred stock, and minority interest. As of December 31, 2019, Nike Inc. has a total shareholder capital of $12.3 billion, which comprises $7.5 billion of additional paid-in capital, $4.1 billion of retained earnings, and $645 million of accumulated comprehensive income.
| 2018 | % | 2019 | % | 2020 | % | |
| Common stock at stated value | 3 | 0.03 | 3 | 0.03 | 3 | 0.04 |
| Capital above stated value | 6,384 | 65.06 | 7,163 | 79.23 | 8,299 | 103.03 |
| Accumulated other comprehensive income (loss) | (92) | (0.93) | 231 | 2.56
| (56) | (0.70) |
| Retained earnings (deficit) | 3,517 | 35.84 | 1,643 | 18.17 | (191) | (2.37) |
| Total shareholders’ Equity | 9,812 | 100 | 9,040 | 100 | 8,055 | 100 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
The Company’s Equity capital of $12.3 billion is higher than the $10.8 billion at the fiscal year ending December 31, 2018, but slightly lower than the $ 12.7 billion at the fiscal year ending 2016. In 2018, Nike had retained earnings of $4.9 billion and $4.7 billion in 2016, contributing to the slight decline in the 2016 Equity capital. Through the first three quarters of 2019, the company’s cash outflows were $752 million on dividends while the repurchase on common stock was $2.7. Therefore, the stock repurchase was a more significant contributor to the fall in retained earnings.
Debt Capital
Although some investors, generally, occasionally use a wider set of liabilities, Debt capital includes both the current and long-term liabilities such as notes payable, bonds, and term loans (Downie, 2020). Debt Financing is more senior to equity financing in the event of a liquidation and is acquired at a lower cost by firms with sufficient creditworthiness. For the year ending March 31, 2020, Nike’s total Debt is worth $17.696 billion, consisting of $8.284 billion short-term debt accounting to 46.85% and $9.406 billion of long term debts amounting to 53.15%.
| 2018 | % | 2019 | % | 2020 | % | |
| Current liabilities | ||||||
| Current Portion of long-term Debt | 6 | 6 | 3 | |||
| Notes payable | 336 | 9 | 248 | |||
| Accounts payable | 2,279 | 2,612 | 2,248 | |||
| Accrued liabilities | 3,269 | 5,010 | 5,184 | |||
| Income taxes payable | 150 | 229 | 156 | |||
| Total current liabilities | 6,040 | 63.53 | 7,866 | 69.43 | 8,284 | 46.85 |
| Current liabilities | ||||||
| Long-term Debt | 3,468 | 36.47 | 3,464 | 30.57 | 9,406 | 53.15 |
| Total Liabilities | 9508 | 11330 | 17696 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
The long term debts have an interest ranging from 2% to 6.79% with maturity dates ranging from 2017 to 2045. However, the company’s total Debt for the year ending 31st march 2019 was $11.33 billion, while for the 2018 fiscal year, it was $9.508 billion. The significant rise was primarily driven by operating lease liability of $445 million accrued in the 2020 fiscal year and a $1 billion bond issued in 2019. The Standards, Poor, and Moody’s rates Nike’s Credit upper-medium grade to high grade.
Optimum Financial Leverage
According to (Downie 2020), Financial leverage measures the amount to which a corporation capital structure utilizes debt financing relative to equity financing. When comparing firms or tracking trends in leverage over time, the Debt to Total Capital is a crucial metric. As of March 31, 2020, Nike’s Debt to total capital ratio was 0.74. This is an increase from the Debt to total capital ratio of 0.62 in the fiscal year ending 2019 and 0.56 in the fiscal year ending 2018. This is relatively a low financial leverage for a company of Nike’s size and maturity. In comparison, Adidas, Nike’s competitive, had a debt to total capital ratio of 0.24 as of the period ending December 31, 2019.
Enterprise Value (EV)
Enterprise value measures a company’s total value based on the preferred stock market value, common stock, Debt and minority interest, and fewer investments and cash (Downie, 2020). As of March 31, 2020, Nike’s enterprise value was $154.41 billion, increasing from $134.665 in 2019 and $122.064 in 2018. The company’s strong financial performance, a changing United States equity market, and an increasing debt market made Nike’s enterprise value rise sharply over the three years ending 2018. The company has a compounding annual growth rate was 26.22% over the last three-year span.
Financial Statements and Financial Decision
A crucial aspect of financial performance evaluation is benchmarking, which compares an entity’s current financial performance against its previous performance and its competitors’ financial performance. According to Bertone’s che & knight (2001), financial data provides essential information on a company’s strengths, weaknesses, and efficiency in its operations. Wilson and Joyce (2007) claim that Organizational stakeholders such as investors largely rely on the outcome of the accounting process presented through financial statements and an analysis of the presented data to make decisions and assess the company’s plan and performance. Therefore this section analysis Nike Inc.’s 2020 financial statement to ascertain its financial performance and decision-making prowess.
Nike Management is responsible for developing its consolidated financial statements, maintaining effective internal control over financial reporting, and assessing the company’s internal control over financial reporting (Nike.com, 2020b). Therefore, this paper only expresses opinions on the company’s financial statements and its internal control over financial reporting based on the paper’s analysis. The analysis is in line with generally accepted accounting principles (GAAP) in the United States.
Income Statement Analysis
The Corporation classifies its sales revenue into local and international categories. For the fiscal year ending March 31, 2020, the company’s sales in the United States contributed to forty-six (46) percent of its total revenue, with its three major brands accounting for twenty-six (26) percent of the total local sales revenue (Nike.com, 2020b). On the other hand, the company’s international sales revenue accounted for Fifty Four (54) percent of the total sales revenue, with its top three brands accounting for only six (6) percent of the total international sales revenue. These metrics significantly portray the buyers purchasing power presented in the porter’s five forces and financial data projection on the company’s financial outlook.
Also referred to as to the earnings before interest and tax (EBIT), another major financial indicator is the corporations operating income, which is presented as the enterprise’s profit after deducting operating expenses (Jarass & Obermair, 2007). It is calculated as the difference between the company’s gross revenue and the company operating expenses, depreciation expense, and amortization expense. Alternatively, operating income may be calculated by adding interest and tax to the company’s net income. Income tax is the operating income deducted interest expense while the company’s net income goes a step further to deduct corporate tax. Each of these figures is arrived at by successful deductions in the initial orders.
For the year ending May 31, 2020, Nike Inc. reported a gross profit of $16.241 billion while its operating expenses, including administrative expenses, were $9.534 billion. After ducting the operating expenses, Nike reported a total earning before interest and tax of $2.887 billion and a Net income of $2.539 billion. The company’s earnings per share (EPS), which indicates the amount of profit allocated to each company’s common share, stood at $1.63 for basic shares and $1.60 for the diluted shares for ending May 31, 2020. Another significant factor in the company’s statement of comprehensive income is the retained earnings, which refers to the Portion of generated profit, not paid to the shareholders as dividends but instead retained for reinvestment into the company’s core business. For the year ending May 31 2020, Nike Inc. Retained earnings stood at (191).
Nike Income Growth Analysis
| 2018 | % Growth | 2019 | % Growth | 2020 | % Growth | |
| Revenues | 36,397 | 5.96 | 39,117 | 7.41 | 37,403 | (4.38) |
| Gross Profit | 15,956 | 4.21 | 17,474 | 9.51 | 16,241 | (7.06) |
| EBIT | 4,325 | (11.48) | 4,801 | 11.01 | 2,887 | (39.86) |
| Net Income | 1,933 | (54.41) | 4,029 | 108.43 | 2,539 | (36.98) |
| Earnings Per Common Share | ||||||
| Basic | 1.19 | (53.52) | 2.55 | 114.29 | 1.63 | (36.08) |
| Diluted | 1.17 | (53.39) | 2.49 | 112.82 | 1.60 | (35.74) |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
While there is a significant growth in the company’s financial performance between 2017 and 2019, the financial year ending May 31, 2020, posits a significant drop in its financial performance largely brought about by a $1.714 billion drop in revenues. In the fiscal year ending May 31 2020, the company revenues dropped by 4.38%, a negative figure instead of the 7.41% growth in 2019, and a 5.96% growth in 2018. Consequently, the company’s revenue decrease led to a 36.98% decrease in net income from $4.029 billion in 2019 to $2.539 billion in 2020. Another notable decrease is 2020 is the company’s earnings per share, with basic shares decreasing by 36.08% while dilute shares decreased by 37.54%.
Balance Sheet Presentation Analysis
For the period ending May 31 2020, nuke Inc.’s total assets increased significantly by 24.39% from $16.525 billion in 2019 $20.556 billion in 2020. The large change in current assets is brought about by an 86.92% increase in cash and cash and cash equivalents, a 31.04% increase in inventories, and a 122.84% increase in cash and cash equivalents. It is also worth noting that the net accounting receivable, the prepaid expenses, and other current assets decreased by 36.65% and 16.01% respectfully. However, the decrease did not offset the total assets’ increase for the fiscal year ending May 31 2020.
| 2019 | 2020 | % Change | |
| Current Assets | |||
| Cash and equivalents | 4,466 | 8,348 | 86.92 |
| Short-term investments | 197 | 439 | 122.84 |
| Accounts receivable, net | 4,272 | 2,749 | (35.65) |
| Inventories | 5,622 | 7,367 | 31.04 |
| Prepaid expenses and other current assets | 1,968 | 1,653 | (16.01) |
| Total current assets | 16,525 | 20,556 | 24.39 |
| Non-current assets | |||
| Property, plant and equipment, net | 4,744 | 4,866 | 2.57% |
| Operating lease right-of-use assets, net | 3,097 | ||
| Identifiable intangible assets, net | 283 | 274 | (3.18) |
| Goodwill | 154 | 223 | 30.94 |
| Deferred income taxes and other assets | 2,011 | 2,326 | 13.54 |
| TOTAL ASSETS | 23,717 | 31,342 | 32.15 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
Consequently, the total assets increased by 32.15% from $23.717 billion in 2019 to $31.342 billion in 2020. Some of the notable changes in non-current assets are the net operating lease to acquire property by the company of $3.097 billion, primarily relating to lease costs of immaterial amount of Long-term lease costs stretching up to 2024. Additionally, Goodwill increased by 30.94% from $154 million to $223 in 2020, while deferred income tax and other assets increased by 13.54% from $2.011 billion in 2019 to $2.326 billion in 2020, implying consumers trust the company’s footwear and apparel products.
Liabilities
| 2019 | 2020 | % Change | |
| Current Liabilities | |||
| Current Portion of long-term Debt | 6 | 3 | (100) |
| Notes payable | 9 | 248 | 2655 |
| Accounts payable | 2,612 | 2,248 | (13.94) |
| Current Portion of operating lease liabilities | 445 | ||
| Accrued liabilities | 5,010 | 5,184 | 3.47 |
| Income taxes payable | 229 | 156 | (32.30) |
| Total current liabilities | 7,866 | 8,284 | 5.31 |
| Long-term Debt | 3,464 | 9,406 | 171.54 |
| Operating lease liabilities | 2,913 | ||
| Deferred income taxes and other liabilities | 3,347 | 2,684 | (19.81) |
| TOTAL LIABILITIES | 22,543 | 31,571 | 40.05 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
Over the last 12 months, Nike’s total liabilities increased by 40.05% to $31.571 billion in 2020, from $22.547 billion. The large increase in total debts is significant because of the operating lease liability of $2.913 billion and the current Portion of operating lease liability amounting to $445 million. However, the income tax payable decreased by $73 million, equivalent to 32.30% in 2020, due to the decrease in net income for the period. Accounts payable also recorded a notable decrease of 13.94%, mainly due to the decrease in the company’s sales in credit during the fiscal year and an improved debt collection procedure.
Calculation of Major Financial Ratios
With numerical values, financial ratios are created from an entity’s financial statement to give meaningful information about its financial performance (Oberholzer, 2012). Financial ratios use the data found in the entity’s financial statements, including the statement of the income, balance sheet, and cash flow statement, to conduct quantitative analysis and assess the company’s leverage, liquidity, growth, profitability, margins, valuations, and the rate of return.
Liquidity Ratio
Liquidity ratios refer to financial ratios, which measure an entity’s ability to meet both the short term and the long-term obligation (Saleem & Rehman, 2011). By performing Nike’s liquidity ration over the last three years, it will help understand if the company can substantially serve its short-term and long-term liabilities with the help of the current assets and ascertain whether the business has enough liquidity to service its operating cycle. This paper analyzes the three main liquidity ratios: the current ratio, acid-test ratio, and cash ratio.
Liquidity ratio analyzes an entity to service its short-term liabilities when they become due and its long-term liabilities when they become current (Saleem & Rehman, 2011). They show the entity’s cash levels and its ability to turn other assets into cash to service liabilities and other current obligations. Additionally, it measures how easy it is for the business to raise enough cash or convert assets into cash. Assets such as trading securities accounts receivable and inventory are relatively easy for an entity to convert them into cash and meet short-term financial obligations and calculate the company’s liquidity.
| Ratio/Year | 2020 | 2019 | 2018 | 2017 |
| Current Ratio | 1.98 | 2.10 | 2.50 | 2.9 |
| Quick Ratio | 1.00 | 1.39 | 1.63 | 2.01 |
| Cash Ratio | 0.42 | 0.59 | 0.87 | 1.13 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
While Nike Inc.’s current ratio has been declining in the last four years, the 2020 current ratio of 1.98 implies that the company can pay off 1.98 times its current liabilities. It shows that Nike is high leverage and lowly risky as investors, banks, and other investors prefer the entity’s current ratio of at least one to cover all the current liabilities. The company has a quick ratio, implying that the company can pay all its current liabilities with quick assets, i.e., the total current assets less inventory and prepaid expenses. Lastly, the company has a cash ratio of 0.42, which implies that it can have enough cash and cash equivalent to paying off 42 percent of its current liabilities, which is fairly high. This means the company is maintaining relatively high cash balances during the fiscal year ending May 31 2020.
Activity Ratios
Commonly referred to as efficiency ratios, activity ratios measure how well an entity utilizes its assets to generate income (Saleem & Rehman, 2011). In most cases, they look at the time the entity takes to generate income and collect the income from customers or the time it takes the company to convert inventory into cash. They can be used by the management to help the entity improve and the investors and creditors by looking at the operations and the profitability of the entity. This paper analyses the three main activity ratios for Nike Inc., which includes total assets turnover, Inventory turnover, and receivables turn over.
| Ratio/Year | 2020 | 2019 | 2018 | 2017 |
| Inventory Turnover | 3.85 | 3.89 | 3.77 | |
| Receivable Turnover | 9.16 | 10.40 | 9.34 | |
| Total Asset Turnover | 1.65 | 1.62 | 1.48 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
Profitability Ratio
An entity prepares profitability ratios to compare its income statement accounts and categories to show its ability to generate profits from its operations (Saleem & Rehman, 2011). They focus on the company’s return on investments in inventory and other assets. They show how well companies can achieve profits from their operations. Investors and creditors use profitability ratios to judge the entity’s return on investment based on its relative level of assets and other resources.
| Ratio/Year | 2020 | 2019 | 2018 | 2017 |
| Return on Equity | 0.51 | 0.45 | 0.2 | 0.34 |
| Return on Assets | 0.19 | 0.17 | 0.09 | 0.18 |
| Net Profit Margin | 0.11 | 0.10 | 0.05 | 0.12 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
COST OF CAPITAL
Also known as the opportunity cost, Capital’s cost refers to the required rate of return by a capita provider in exchanging an initial investment in another project or business with similar risk (Drobetz et al., 2018). There are four major aspects in determining Capital’s cost, which includes the cost of Debt, the cost of Equity, the weights of the capital components, and single or multiple cost of capital elements. It is worth noting that the cost of Capital used for discounting cash flows in the future, and thus the entire element must reflect the entity’s concurrent or future abilities in raising Capital.
Nike cost of Capital
Since Nike Inc. capital is finance by Equity and Equity, the weighted average cost of Capital is the best method to calculate the Corporation’s Capital. Based on the financial balance sheet for the fiscal year ending May 31, 2020, the Debt as a proportion of the total Capital makes 27.79% while Equity accounts for 72.21%
| Capital Source | Book Value (Millions) |
| Debt | |
| Current Portion of long term debt | 6 |
| Notes Payable | 9 |
| Long Term Debt | 3,464 |
| Equity | 9,040 |
Data Source: United States Securities and Exchange Commission. (2020) Annual reports
Cost of Debt
The estimated cost of Capital for Nike is 2.82%. The figure is arrived at by dividing the total interest expense for the year ending May 31, 2020, by the company’s average debt balance. The rate is lower than treasury yields, as Nike raised a Portion of its funding through international notes with rates ranging from 2.0% to 3.8%.
Cost of Equity
The cost of Equity is estimated using the Capital Asset Pricing Model (CAPM). While there other methods such as earnings capitalization Ratio (ECR) and Dividend Discount Model (DDM) of estimating Equity’s cost, CAPM is deemed more superior. According to Finance.yahoo.com. (2020), Nike has an average beta for the last five years of 0.84.
Re = Rf + b (Rm-Rf)
Re = 2.13 + 0.84(5.9-2.13)
Re = 5.30
WACC
(2. 82 X 27.79) + (5.30 X 72.21)
0.78+ 3.83
4.61
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