Nike, Inc.: FY4Q26 Preview: KPI Dashboard and Turnaround Progress Tracker

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Nike, Inc.: FY4Q26 Preview: KPI Dashboard and Turnaround Progress Tracker

Equity Research

U.S. Specialty Retail, Apparel & Footwear

18 June 2026

Nike, Inc.

FY4Q26 Preview: KPI Dashboard

and Turnaround Progress Tracker

We thought we'd take a moment to assess NKE's current NKE OVERWEIGHT

situation, deconstruct the turn into digestible metrics, and Unchanged

U.S. Specialty Retail,

lay out key KPIs to monitor as evidence of success. NKE Apparel & Footwear POSITIVE

Unchanged

shares are at a critical moment. The next leg is down $10 or Price Target USD 67.00

Unchangedup $10, and we want to understand the drivers of either

outcome. Price (17-Jun-26) USD 44.19

Potential Upside/Downside +51.6%

Source: Bloomberg, Barclays Research

Click here to register for our NKE FY4Q26 Preview webinar on 6/18/26 at 10:00 AM ET.

Market Cap (USD mn) 65440

Assessing near-term risk versus long-term opportunity. At current valuation levels, NKE

Shares Outstanding (mn) 1480.89

reflects a turnaround/restructuring story, replacing its historic positioning as a premium global

Free Float (%) 97.83

growth story. The key debate is not whether a turnaround is underway (it is), but whether

52 Wk Avg Daily Volume (mn) 17.9

margins get worse before getting better or NKE can return to a durable growth compounder at

Dividend Yield (%) 3.71

double-digit operating margins. Today's negative sentiment centers on two key

Return on Equity TTM (%) 16.02

issues: 1) structural pressure in Greater China, and 2) competitive share loss in running and

Current BVPS (USD) 9.52

lifestyle. The path to a NKE re-rating is dependent on clear, sequential evidence across a defined Source: Bloomberg

set of operating metrics. If NKE can recover, current stock levels represent a very attractive risk/

reward over a multi-year horizon.