A Financial Ratio Quarterly Trend Analysis of Nike, Inc.
A Financial Ratio Quarterly Trend Analysis of Nike, Inc. Stock Symbol: NKE Listed on the New York Stock Exchange In Partial Fulfillment of the Requirements of the Course: FIN 6406 Report Completed By: 1. Introduction A financial ratio quarterly trend analysis was completed to provide the reader with a clear assessment of the financial health of the company: NIKE International. Just knowing that this company chose a symbol that references the winged goddess of victory seems to have been a premonition for the designer of the ‘swoosh’ as well as the founder, Phil Knight, of NIKE.
(Hinker,)Our team chose this corporation to analyze NIKE’s financial data because: • NIKE is easily recognizable as a financially strong company after producing a high-quality product in their athletic shoes. • Researching a company with such level of recognition supported easier access to information for internationally based team members. • NIKE athletic shoes also supported the group’s ability to make comparisons with another company such as Adidas; • Knowing that the company started very small and grew to what seems a limitless boundary seemed intriguing to us and promoted a desire to understand their financial growth.The team chose three significant websites: MSN Money, NIKE and Yahoo Finance for our research but included other sites to augment the data in this report.
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We obtained financial statements from NIKE to analyze the company’s quarterly trends using the last four quarters of information and compared them to Adidas, the second largest company in the world after NIKE for manufacturing sporting goods. The team then created a SWOT – strength, weakness, opportunity and threat analysis on NIKE to incorporate qualitative insight to the financial data.While financial data and a SWOT assessment helps the reader understand the state and direction of this company, an analysis would not be complete without assessing the company’s record of ethical compliance. As a result, team members evaluated the company’s business ethics to complete the assessment of this company and provide the reader with reasons for our conclusions and recommendations on investing and/or lending money to this company. 2.
Financial Ratio Calculation and Analysis 1. MethodologyWe obtained the quarterly financial information: balance sheets, income statements, and cash flow statements that reflected the four most recent quarters on NIKE with quarter endings: May 31st, 2010 – Q1: August 31srt, 2010 – Q2; November 30, 2010 – Q3; February 28, 2011 – Q4 from the following internet sites: • Nike. com • MSN Money • Yahoo Finance • Forbs. com Price per share was obtained from Yahoo Finance and compared with MSN Money. The rest of the information was taken from the Q10 filings published on NIKE.
COM, and compared with the SEC filings on Yahoo Finance.For industry analysis we used data from Adidas’s statements, so we could compare how Nike has performed over its most substantial competitor. We plugged in all the data into an excel template to come up with all the ratios we have provided. 2. 2 Ratio Computations The following table reflects the ratio computations of NIKE based on the previous four quarters. NIKE: Key Financial Ratios |Liquidity Ratios |Q1 |Q2 |Q3 |Q4 |ANNUAL | |Current Ratio |3.
26 |3. 5 |3. 36 |3. 05 |3. 05 | |Quick Ratio |2. 65 |2.
65 |2. 59 |2. 47 |2. 47 | |Net Working Capital Ratio |0. 53 |0. 53 |0.
53 |0. 51 |0. 51 | |Current Liabilities to Inventory Ratio |1. 65 |1. 42 |1. 38 |1.
32 |1. 32 | |Cash Ratio |0. 92 |0. 64 |0. 54 |0.
64 |0. 4 | |Asset Ratios |Q1 |Q2 |Q3 |Q4 |ANNUAL | |Inventory Turnover Ratio |2. 35 |2. 36 |2. 14 |2.
16 |2. 27 | |Fixed Assets Turnover Ratio |2. 63 |2. 63 |2. 63 |2.
63 |2. 63 | |Total Assets Ratio |1. 41 |1. 47 |1. 34 |1.
4 |1. 41 | |Asset to Equity Ratio |1. 8 |1. 45 |1. 45 |1.
46 |1. 46 | |Profitability Ratios |Q1 |Q2 |Q3 |Q4 |ANNUAL | |Return on Assets Ratio |15 |15. 7 |12. 8 |14. 5 |14.
2 | |Return on Equity Ratio |22 |23 |18. 6 |0. 05 |20. 7 | |Profit Margin Ratio |10 |10. 8 |9. 4 |10.
3 |10. | |Basic Earnings Power Ratio |18. 3 |21. 8 |16. 9 |19. 4 |19.
1 | |Earnings per Share Ratio |1. 06 |1. 14 |0. 94 |1. 08 |1.
06 | |Debt Ratios |Q1 |Q2 |Q3 |Q4 |ANNUAL | |Total Debt Ratio |0. 32 |0. 31 |0. 31 |0. 32 |0. 32 | |Interest Coverage Ratio |736.
4 |766 |610 |702 |685. 3 | |Debt/Equity Ratio |0. 48 |0. 45 |0. 45 |0. 46 |0.
46 | |Market Ratios |Q1 |Q2 |Q3 |Q4 |ANNUAL | |Earnings per Share (EPS) Ratio |1. 06 |1. 14 |0. 94 |1. 08 |4.
22 | |Price to Earnings Ratio |20. 2 |21. 1 |22. 1 |21. |21. 1 | |Price to Cash Flow Ratio |26.
1 |162. 79 |96. 78 |134. 89 |19. 3 | |Payout Ratio |0.
25 |0. 23 |0. 28 |0. 28 |0. 26 | 2.
Financial Trend Analysis The financial ratios for NIKE, as represented in the above chart, identifies some trends based on information from the most recent four quarters of financial reporting by the company. The following analysis is reflected in the following five ratio categories . Liquidity Ratio The Current Ratio has varied slightly through the four quarters, ending the 4th quarter at its lowest level of 3. 05:1. The quick ratio likewise declined to 2.
47:1. In spite of these minimal declines it appears that NIKE can meet their short-term obligations as they come due. The Net Working Capital Ratio has remained essentially constant for the year. The Current Liabilities to Inventory Ratio has shown a steady decline. This is due to the steady increase in inventory in each quarter. The Cash Ratio has fluctuated during the year, mainly downward.
NIKE maintains an extremely strong cash position. It appears that the company puts a substantial portion of their liquid assets in Short-Term Investments. When these assets are aggregated with Cash and Cash Equivalents, (as they are on some of the quarterly reports), the Cash Ratio steadily declines from 1. 51 in Q1 to 1. 33 in Q4.
Again, there appears to be no doubt that NIKE can meet their short-term obligations as they come due. Not only does NIKE’s cash exceed current liabilities in Q1, 2 and 3, it exceeds total liabilities, and in Q4 cash and short term investments equals over 97% of total liabilities.It appears that NIKE accumulates too much cash for its operational needs. Accordingly, the decline in this ratio may be viewed as a positive development. 2.
Asset Ratio The Inventory Turnover Ratio reflects a downward trend. This decline, in conjunction with the Current Liabilities to Inventory Ratio reflected in the table above, may indicate that the company is carrying too much inventory. The Fixed Asset Turnover Ratio is the model of constancy. This ratio did not change at all over the 4 quarters. The Total Assets Ratio was steady throughout the year.The Asset to Equity Ratio was essentially unchanged over the 4 quarters.
3. Profitability Ratio The Return on Assets Ratio and Return on Equity Ratio declined in Q3, but rebounded somewhat in Q4. NIKE experienced a drop in sales and net income in Q3, but recovered in Q4. Except for the Q3 decline these ratios were relatively stable. The Profit Margin Ratio has reflected a relatively constant 10%, with the exception of the Q3 sales decline which dipped to 9. 4%.
The Basic Earnings Power Ratio began the year strongly, but likewise dropped in Q3 and recovered in Q4. 4. Debt RatioThe Total Debt Ratio was essentially stable over the four quarters. Times Interest Earned seems to be a rather meaningless measure in this analysis inasmuch as NIKE has very little actual debt, and accordingly, minimal interest expense. Times Interest Earned is approximately 700 times.
The Debt to Equity Ratio declined very slightly from Q1 to Q2, then stabilized for the remainder of the year. 5. Market Ratio Earnings Per Share declined in Q3, primarily as a result of the aforementioned drop in sales, then rebounded in Q4. The Price to Earnings Ratio was very stable.It appears that the market values NIKE at approximately 20 times trailing earnings. The Payout Ratio increased in Q3 and Q4 as NIKE increased their dividend from $.
27 to $. 31 in Q3. 3. Industry Performance Comparative Financial Ratio Due to Published Financial Information for Sports and Sportswear not being made available, the selection of NIKE’s primary competitor Adidas was selected for comparability purposes. Adidas holds similar products and standards that Nike does; they are rival companies and hold the majority of the market share in the Sports and Sportswear Industry.Analysis of “Key Financial Ratios: NIKE (NIKE) vs.
ADIDAS (ADDYY)” found below reveals the nature of performance from the four most recent quarters of Nike and Adidas. It is apparent that NIKE has Out-performed its competitor in 10/19 ratios. Nike has kept a distinct trend for many of the ratios (ratios for each quarter have been in the same range however distinct). Key Financial Ratios: NIKE (NIKE) vs. ADIDAS (ADDYY) Liquidity Ratios |Desired Value |Comparable Companies |Q1 |Q2 |Q3 | Q4 |Annual |Superior Performer |Similarity of trend pattern | |Current Ratio |HIGH |NIKE |3. 6 |3.
35 |3. 36 |3. 05 |3. 05 |? |Distinct | | | |ADIDAS |1. 57 |1.
59 |1. 50 |1. 60 |1. 56 | | | |Quick Ratio |HIGH |NIKE |2. 65 |2. 65 |2.
59 |2. 47 |2. 47 |? |Similar for Q1 & Q2 | | | |ADIDAS |1. 00 |1. 04 |. 96 |1.
60 |1. 00 | | | |Net Working Capital Ratio |HIGH |NIKE |0. 53 |0. 53 |0. 53 |0. 51 |0.
51 |? |Similar for Q1,Q2 & Q3 | | | |ADIDAS |0. 20 |0. 21 |0. 19 |0. 22 |0.
21 | | | |Current Liabilities to Inventory Ratio |LOW |NIKE |1. 65 |1. 42 |1. 38 |1. 32 |1. 32 |? |Distinct | | | |ADIDAS |1.
76 |1. 80 |1. 84 |1. 69 |1. 77 | | | |Cash Ratio |HIGH |NIKE |0. 92 |0.
4 |0. 54 |0. 64 |0. 64 |? |Distinct | | | |ADIDAS |0. 28 |0. 26 |0.
39 |0. 18 |0. 28 | | | |Asset Ratios |Desired Value |Comparable Companies |Q1 |Q2 |Q3 |Q4 |Annual |Superior Performer |Similarity of trend pattern | |Inventory Turnover Ratio |HIGH |NIKE |2. 35 |2. 36 |2.
14 |2. 16 |2. 27 |? |Distinct | | | |ADIDAS |1. 47 |1. 73 |1.
34 |1. 58 |1. 53 | | | |Fixed Assets Turnover Ratio |LOW |NIKE |2. 63 |2. 63 |2.
63 |2. 63 |2. 63 | |Similar all year around | | | |ADIDAS |3. 59 |3. 69 |3.
81 |3. 97 |3. 77 |? | | |Total Assets Ratio |HIGH |NIKE |1. 41 |1. 47 |1.
34 |1. 4 |1. 41 |? Distinct | | | |ADIDAS |0. 30 |0. 35 |0. 29 |0.
34 |0. 32 | | | |Asset to Equity Ratio |LOW |NIKE |1. 48 |1. 45 |1. 45 |1. 46 |1.
46 | |Distinct | | | |ADIDAS |2. 15 |2. 14 |2. 19 |2. 10 |2. 15 |? | | |Profitability Ratios |Desired Value |Comparable Companies |Q1 Most Recent |Q2 |Q3 |Q4 Least Recent |Annual |Superior Performer |Similarity of trend pattern | |Return on Assets Ratio |HIGH |NIKE |0.
15 |0. 15 |0. 12 |0. 14 |0. 14 | |Similar annual average for both companies | | | |ADIDAS |0. 16 |0.
18 |0. 06 |0. 14 |0. 14 | | | |Return on Equity Ratio |HIGH |NIKE |0. 22 |0.
3 |0. 18 |0. 005 |0. 20 |? |Distinct | | | |ADIDAS |0. 19 |0. 22 |0.
08 |0. 17 |0. 17 | | | |Profit Margin Ratio |HIGH |NIKE |0. 10 |0. 10 |0.
94 |0. 10 |0. 10 |? |Distinct | | | |ADIDAS |0. 31 |0. 29 |0. 12 |0.
23 |0. 24 | | | |Basic Earnings Power Ratio |HIGH |NIKE |0. 18 |0. 21 |0. 16 |0.
19 |0. 19 |? |Distinct | | | |ADIDAS |0. 03 |0. 07 |0. 01 |0.
05 |0. 04 | | | |Earnings per Share Ratio |LOW |NIKE |1. 06 |1. 14 |0. 94 |1.
08 |1. 06 | |Distinct | | | |ADIDAS |2. 69 |3. 18 |1. 19 |2.
55 |2. 40 |? | | |Debt Ratios |Desired Value |Comparable Companies |Q1 Most Recent |Q2 |Q3 |Q4Least Recent |Annual |Superior Performer |Similarity of trend pattern | |Total Debt Ratio |LOW |NIKE |0. 32 |0. 31 |0. 31 |0. 32 |0.
32 | |Similar over entire year | | | |ADIDAS |0. 64 |0. 63 |0. 66 |0. 63 |0.
64 |? | | |Interest Coverage Ratio |HIGH |NIKE |736. 44 |766 |610 |702 |685. 3 |? |Variable over year | | | |ADIDAS |7. 76 |7. 92 |9. 63 |14.
44 |39. 75 | | | |Debt/Equity Ratio |VARIABLE |NIKE |0. 48 |0. 45 |0. 45 |0. 46 |0.
46 |Better for lenders |Similar over entire year | | | |ADIDAS |0. 76 |0. 77 |0. 85 |0. 76 |0.
79 |Better for shareholders | | |Market Ratios |Desired Value |Comparable Companies |Q1 Most Recent |Q2 |Q3 |Q4Least Recent |Annual |Superior Performer |Similarity of trend pattern | |Earnings per Share (EPS) Ratio |HIGH |NIKE |1. 06 |1. 14 |0. 94 |1. 08 |4.
22 |? |Distinct | | | |ADIDAS |0. 00 |0. 02 |0. 42 |0. 56 |1. 00 | | | |Price to Earnings Ratio |HIGH |NIKE |20.
2 |21. 1 |22. 1 |21. 6 |21. 1 |? |Distinct | | | |ADIDAS |0.
00 |0. 00 |0. 00 |0. 00 |0. 00 | | | |Price to Cash Flow Ratio |HIGH |NIKE |26. 1 |162.
79 |96. 78 |134. 89 |19. 3 |? |Distinct | | | | ADIDAS |(0. 09) |(0. 27) |(0.
11) | (0. 10) |(0. 57) | | | |Payout Ratio |VARIABLE |NIKE |0. 25 |0. 23 |0.
28 |0. 28 |0. 26 |? |Distinct | | | |ADIDAS |0. 1 |0. 09 |0.
09 |0. 17 |0. 22 | | | | 3. NIKE Comparative SWOT Analysis Results of the SWOT analysis for NIKE are detailed in the following sections: 3. 1 Strengths • NIKE is the most recognized sports brand in the world, it’s “Swoosh” logo is arguable one of the top 50 logos in the world, along with the Nike slogan “Just Do It”.
• Shoe designer turned CEO, Mark Parker, is an innovative and creative force behind NIKE. • For the fiscal year ending May 31, 2010, NIKE reported revenues of $19,014 million. • Strong Brand Portfolio with several wholly-owned subsidiaries including Cole Haan, Converse Inc. Hurley International LLC, NIKE Golf, and Umbro Ltd.
• Aggressive and dynamic patent portfolio (close to 4,000 patents) gives the company competitive advantage. • Operations in over 160 countries make it a worldwide company. • NIKE is often recognized for being one of the top climate friendly and extremely sustainable companies. • NIKE is in the apparel, footwear, and equipment industries, making its product portfolio very large. • Promotes lean manufacturing by working with manufacturers on self-management rather than a constant monitoring system.
Manufacturing base for the most part made up of long-term partnerships, with some fluctuation based on product sourcing requirements, changing business, and fashion trends or general factory performance. • NIKE also empowers their workers by giving them the proper skills and abilities to make quality products, and putting important decisions closer to the worker. • NIKE invests about 13% percent of revenue yearly on advertising. It mostly advertises through celebrity athletes. • A third of NIKE’s revenue comes from the U. S.
When consumer demand in the U. S. goes up, revenues are positively affected. . 2 Weaknesses • A third of NIKE’s revenue comes from the U. S.
When consumer demand in the U. S. goes down, revenues are negatively affected. • Although NIKE has a wide product portfolio, its main focus and highest selling product category is footwear, making it vulnerable if its market shares in the footwear industry declines. • NIKE is highly dependent on retailers, rather than on its own store “NIKE Town”, but selling through retailers entails a lower profit margin. • NIKE products are considered “luxury” among its competitors, making it very difficult to afford in third world countries.
NIKE has a reputation for using low cost labor and child labor in countries with poor labor laws. 3. 3 Opportunities • NIKE can further expand on the six action sports of BMX, surfing, snowboarding, motocross, skiing and wakeboarding. • Nike can take advantage of its brand name and expand into fashionable apparel, footwear, and accessories, not related to sports. • Reduce controversy surrounding their trade and production practices through non-for-profit community projects aimed at the affected communities.
• NIKE can further expand in Asia, Central and South America, and Africa, since these currently have very few Nike stores. NIKE can introduce lower cost products at reasonable prices to third world country customers to expand market share in these countries while gaining brand recognition. 3. 4 Threats • Mistakes made by celebrity athletes endorsed by NIKE can cast negative image on the brand. • Customers in the apparel and footwear industry are price sensitive, since NIKE is sold through many retailers; the most inexpensive will get the most customers, further driving prices down. • NIKE has a large profit margin since it manufactures at low costs and sells at a high price.
Any other competitors willing to settle for a smaller profit margin can manufacture better quality products, and slowly take away Nike market share. • If the countries where NIKE manufactures products enact stricter environmental laws, or minimum wage laws, Nike will face higher manufacturing costs. • Strong competition from its number one rival Adidas (which merged with Reebok in 2005). Adidas mostly reacts to NIKE’s marketing strategies, but since the merger it gained wider market share, and is spending large sums on R in order to differentiate its products and gain NIKE’s market share. Selling worldwide also means selling in different currencies.
After long periods of time this unbalances costs and profit margins, resulting in manufacturing as well as selling losses. 4. Concluding Recommendations for Investors and Lenders Business Ethics Business ethics, as defined by Corporate Finance (2009) text authors’ Ehrhardt and Brigham, “are a company’s attitude and conduct toward its employees, customers, community, and stockholders”(p. 7). In this section, provide an analysis of the ethics of your company that answers the following questions: . 1 Is there a well-defined code of ethics or code of conduct? Yes there is, a well-defined code of ethics, also known as “Inside the Lines “, is a 5 part code that treats topics as crucial as Safety, Fraud and Performance violations.
A Quick description of its Code of ethics is presented as follows: 1) So, you have made the team. • Matter of Respect • Safety, Health, and Environment • Sales Agents, Consultants & Professional Services • Social Responsibility 2) Team Equipment (NIKE Product) • Product Safety • Export & Import Laws 3) Staying On the Ball Protection of Nike Information, Ideas & Intellectual Property • Accurate Records & Reports • Safeguarding Assets & Records • Computing and Information Resources • Privacy 4) What’s Fair Play and What’s a Foul • Fraud & Theft • Gifts & Gratuities • Conflict of Interest • Insider Trading • Antitrust & Competition • Compliance with Laws & Fair Dealing • Political Contributions 5) Sportsmanship • No Retaliation • Performance Violations 4. 2 Is there evidence of continued and repeated emphasis by the Board of Directors or the CEO, of the importance of ethical conduct to the corporation and its business ventures?Back in the late 90’s, NIKE faced a reality when it first started working with its suppliers in the third world, “the sweatshop” working conditions that seemed endemic in developing nations, were now a reason of global outraged, making NIKE one of the major fall guys. The company through its CEO, Mark Parker (backed by the board of directors), took immediate steps to correct the situation, implementing a code of social responsibility throughout its supply chain that improved working conditions for some 800,000 employees at 700 factories in 52 countries. Its goal was systemic change for both its suppliers and the entire industry.
The starting point for NIKE was to develop a supplier code of conduct that extends the corporation’s values to its suppliers. One of the reasons for the disconnect between a company’s code of ethics and what happens among its suppliers is that suppliers—and even boards of directors—often are seen as external to the company. NIKE’s 2006 CSR(corporate social responsibility) report shows that the number of its suppliers meeting its requirements is actually increasing, with about half earning an “A” or “B”, indicating they are making progress towards Nike’s CSR goals.But, there’s still a lot left to be done. The greatest challenges among NIKE’s suppliers, according to NIKE’s own audits, are lack of freedom of association and collective bargaining, harassment, excessive working hours, inaccurate or non-payment of wages and health and safety issues. Those challenges have being their main goals throughout the last decade, making NIKE, one of today’s pioneers in taking foreign timeframes and differing cultural norms into account by working with suppliers and their employees, other buyers and non-governmental organizations to design CSR endeavors.
NIKE helps them define the project goals, implementation and accountability components. 4. 3What processes are in place (if any) that make it safe and easy for employees or other interested parties to report ethical lapse? ALERTLINE has being NIKE’s most successful program, operated by an independent company staffed by trained communication specialists who gather information related to your concern. If the employee prefers, those concerns may be reported to Alertline via the web.Alertline may be used only to report issues relating to internal controls in the areas of finance, accounting, banking, and anti-corruption or to report any concern related to potential violations of the law or NIKE’s code of ethics, and you may choose to remain anonymous. All Alertline reports are provided to NIKE Legal, who ensures concerns are reviewed and addressed.
If the employees concern relates to an accounting, auditing, or internal control matter it will also be communicated to the Audit Committee of NIKE’s Board of Directors.In the end, if the employee feels that his/her concern has not been adequately addressed, he/she may contact a member of the “Inside the Lines” Leadership Team which includes Nike’s VP & Chief Financial Officer, NIKE’s VP – Global Human Resources and NIKE’s VP & Chief Administrative Officer. 5. Conclusions and Decisions 1. Would you place a personal deposit of $1,000,000 or more in the publicly traded stock of this company? NIKE has demonstrated the ability to perform exceptionally well despite the economic recession.
We would place a deposit of one million dollars or more in the publicly traded stock of the company.NIKE was able to maintain a respectable stock price throughout the year. The first two quarters had the highest stock price at $89 and $86 per share. Although in the last two quarters the stock price decreased, comparing NIKE’s rate to its major competitor Adidas, NIKE was distinctly superior. During the third quarter, the earnings per share declined as a result of a decrease in sales, but then it rebounded again in the fourth quarter, which categorizes NIKE as a financially strong company with decent steady stock prices. Finally, the profitability ratios were relatively stable throughout the year.
. Would you invest $500,000 in the debt (bonds) of this company? We would not invest $500,000 in NIKE bonds. Bonds are a very safe investment; consequently the rate of return on the bond will be relatively low. Interest rates are expected to rise slowly and if we invest in bonds we would be stuck with a bond that is not going to be paying much and would have to sell at a discount. We would instead invest the money towards NIKE’s stocks which have been moderately high during the year and have also given a good return for the investors of the company.The return on assets ratio was relatively stable throughout the year and the payout ratio increased in the third and fourth increasing the dividend amount.
5. 3 If you were a member of the Board of Directors of a bank and you sat on that Bank’s Credit Committee, would you grant a $1,000,000 line of credit for Overnight or Term Federal Funds to this Company? We would grant NIKE a $1,000,000 line of credit for Overnight or Term Federal Funds because its capital structure and financial strengths favor a loan from a bank. If the loan were to default, the bank can take the account receivables as collateral for the loan.If liquidation occurs the bank will receive payment for the loan before the shareholders receive any dividends. Also, NIKE has very little actual debt and despite a minimal decline in the current and quick ratios, it appears that NIKE can meet its short-term obligations. Finally, NIKE’s cash exceeds current and total liabilities in the first, second and third quarter.
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