Margins varied 21.8% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 12.2%
- Worst year
- 8.0%
- Latest · 2026
- 8.2%
# Nike (NKE.US) Canonical: https://gigainvestors.com/s/NKE Analysis as of: 2026-10-16T07:30:36.338Z. Financial observations: FY1997–FY2026. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $37.14 per share; close as of 2026-10-15. Estimated value: low $38.47 per share, central $43.09 per share, high $49.23 per share. Buy at or below the central value $43.09 per share. Valuation as of 2026-10-16T07:30:36.338Z; scenarios are not confidence intervals. Expected annual return: 11.3% at the stated quote. About 11.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points). ## Checklist ### understandable: pass - 2 revenue declines in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 2 - Years with a net loss: 0 - Operating margin variation: 0.22× Chart: Operating margin; fiscal year observations. - FY2017: 0.14× - FY2018: 0.12× - FY2019: 0.12× - FY2020: 0.08× - FY2021: 0.16× - FY2022: 0.14× - FY2023: 0.12× - FY2024: 0.12× - FY2025: 0.08× - FY2026: 0.08× ### moat: pass - ROIC, median of available years: 36.0% - ROIC, second-lowest year: 20.7% - Typical minus recent gross margin: 1.3 pp - Typical gross margin (annual median): 44.2% - Recent gross margin (lower of latest and 3-year median): 42.9% - Years with nonpositive capital: 0 - Capital spending / revenue: 1.8% - ROIC including acquisitions, ten-year median: 33.5% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2017: 41.7% - FY2018: 35.1% - FY2019: 52.0% - FY2020: 22.7% - FY2021: 66.8% - FY2022: 41.5% - FY2023: 31.8% - FY2024: 36.9% - FY2025: 20.7% - FY2026: 18.2% ### economics: fail - incremental invested capital return below threshold - Owner earnings / net income, 5-yr: 1.02× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $24B - Net income, five-year total: $23B - Return on incremental invested capital: -14.4% - Working capital / revenue, annual change: 0.1 pp - Working capital / revenue, change between three-year averages: 0.6 pp - Working capital / revenue, final three-year average: 19.2% Chart: Annual owner cash / profit; fiscal year observations. - FY2022: 1.01× - FY2023: 1.00× - FY2024: 1.01× - FY2025: 1.12× - FY2026: 1.02× ### management: pass - Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years) - potential debt-funded buybacks (informational) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 41.7% vs 20.7% - Per-share earnings: 2.16 to 2.16 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: -1.6% - Ordinary dilution, 5-year annual growth: -1.6% - Market cap gain: -$21B - Cumulative retained earnings: -$4.1B - Diluted shares, 10-year annual growth: -1.6% - Diluted shares, 5-year annual growth: -1.6% - $1 test, starting fiscal year: FY2017 - $1 test, ending fiscal year: FY2026 - Per-share value growth: 0.0% - Per-share value change: $0.01 - Per-share value, starting three-year median: $2.16 - Per-share value, ending three-year median: $2.16 - Buybacks concentrated in cheaper years (correlation): 0.14 - Average buyback yield: 2.5% - Buyback history: 10 years - Debt-funded buybacks: Yes - Acquisition spending: $160M - Cumulative net income, 10 years: $42B - ROIC, first three-year median: 41.7% - ROIC, last three-year median: 20.7% Chart: Earnings per share; fiscal year observations. - FY2017: $2.51 - FY2018: $1.17 - FY2019: $2.49 - FY2020: $1.60 - FY2021: $3.56 - FY2022: $3.75 - FY2023: $3.23 - FY2024: $3.73 - FY2025: $2.16 - FY2026: $2.10 ### accounting: pass - stock compensation exceeds 15% of operating cash flow - Sloan accruals: 0.6% - Receivables to sales index (DSRI): 1.25× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 24.9% - Earnings backed by cash: Yes - Operating cash / earnings: 0.92× - Accounting red flags: 1 - Goodwill and intangibles / equity: 0.03× Chart: Sloan accruals; fiscal year observations. - FY2017: 2.6% - FY2018: -13.4% - FY2019: -7.9% - FY2020: 0.2% - FY2021: -2.5% - FY2022: 2.1% - FY2023: -2.1% - FY2024: -4.5% - FY2025: -1.3% - FY2026: 0.6% ## Holders - [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts. - [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 78% since Nov 2021 · "NIKE (NKE) Cuts 2027 Revenue Outlook As Fair Value Stays Just Above The Stock" (finance.yahoo.com, Oct 2026) · sales +0.2% Story as of 2026-10-16T09:59:15.523Z; price observation 2026-10-15. Price needs cash profits to shrink 1.2% a year for ten years - 2025-04-30: Nike Stock, Retailers Downgraded On Tariffs, 'Mild' Recession Expectations ([finance.yahoo.com](https://finance.yahoo.com/m/2a9a7179-3df2-3bc0-a25b-7e2f7ff97f99/nike-stock%2C-retailers.html)) - 2025-06-27: Nike Plans to Mitigate $1 Billion in Tariff-Related Costs as Quarterly Results Top Views ([finance.yahoo.com](https://finance.yahoo.com/news/nike-plans-mitigate-1-billion-103216821.html)) - 2025-09-30: Nike Predicts Its Tariff Costs Will Reach $1.5 Billion for Fiscal Year ([finance.yahoo.com](https://finance.yahoo.com/m/00a3f2a6-5cb8-3546-9c71-f50ae361cdca/nike-predicts-its-tariff.html)) - 2026-03-31: Nike stock tumbles as weakness in China, high oil prices weigh on outlook ([finance.yahoo.com](https://finance.yahoo.com/news/nike-stock-tumbles-as-weakness-in-china-high-oil-prices-weigh-on-outlook-203010566.html)) - 2026-04-01: Nike shares tumble after surprise sales drop forecast ([finance.yahoo.com](https://finance.yahoo.com/video/nike-shares-tumble-surprise-sales-090731454.html)) - 2026-06-30: Tepid outlook weighs on Nike despite tariff refund boost ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/tepid-outlook-weighs-nike-despite-224252346.html)) ### Sales · FY2025–2026 sales +0.2%; source https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm; observed 2026-07-15. - FY2017: $34B - FY2018: $36B - FY2019: $39B - FY2020: $37B - FY2021: $45B - FY2022: $47B - FY2023: $51B - FY2024: $51B - FY2025: $46B - FY2026: $46B ### Gross margin · FY2026 gross margin 42.9%; source https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm; observed 2026-07-15. - FY2017: 44.6% - FY2018: 43.8% - FY2019: 44.7% - FY2020: 43.4% - FY2021: 44.8% - FY2022: 46.0% - FY2023: 43.5% - FY2024: 44.6% - FY2025: 42.7% - FY2026: 42.9% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in footwear & accessories; annual sales are USD 46.4 billion. - Source: https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm (filed 2026-07-15); FY2026: revenue 46398000000; grossProfit 19911000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NKE.US: NIKE, Inc., together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services for men, women, and kids in North America, Europe, the Middle East, Africa, Greater China, the Asia Pacific, and Latin America. The company offers its products under the NIKE, Jordan, Converse, Jumpman, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks. It also provides a line of performance equipment and accessories, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment, and other equipment for sports activities; and sports apparel, as well as sells products to wholesale customers and directly to consumers through NIKE Direct operations; distributes and licenses casual sneakers, apparel, and accessories; and markets apparel with licensed college and professional team and league logos. In addition, the company offers consumer services and experiences, including sport focused events and activations; fitness and activity apps; sport, fitness, and wellness content; and digital services and features in retail stores. It sells its products to footwear stores; sporting goods stores; athletic specialty stores; department stores; skate, tennis, and golf shops; and other wholesale accounts through NIKE-owned retail stores, independent distributors, licensees, sales representatives, and digital platforms. The company was formerly known as Blue Ribbon Sports, Inc. and changed its name to NIKE, Inc. in May 1971. NIKE, Inc. was founded in 1964 and is headquartered in Beaverton, Oregon. ### Why customers stay Margins ranged from 42.7% to 44.6% during 2024–26; it earns 36% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2024: grossProfit / revenue = 44.6%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2025: grossProfit / revenue = 42.7%. - Source: https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm (filed 2026-07-15); FY2026: grossProfit / revenue = 42.9%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); 10-year return on capital observations [[2017,0.4166528546337229],[2018,0.35136203332117233],[2019,0.519951077014759],[2020,0.22715728021938567],[2021,0.6678198975007157],[2022,0.4148367313627991],[2023,0.31833619813142305],[2024,0.3687541003772347],[2025,0.2066961879091259],[2026,0.18208813013695463]]; median 0.3600580668492035. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 10 of 10 years; bought back USD 146 million of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2017: growth capex 206109057.62537396; upkeep 898890942.374626; owner earnings 4057109057.625374. Growth capex / owner earnings = 0.05080195151224493. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2018: growth capex 224173077.07237232; upkeep 803826922.9276277; owner earnings 1903173077.0723724. Growth capex / owner earnings = 0.11778911743393038. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2019: growth capex 308391422.9216417; upkeep 810608577.0783583; owner earnings 3938391422.921642. Growth capex / owner earnings = 0.0783039037528844. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2020: growth capex 0; upkeep 1086000000; owner earnings 2572000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2021: growth capex 0; upkeep 695000000; owner earnings 5829000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2022: growth capex 0; upkeep 758000000; owner earnings 6128000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2023: growth capex 110000000; upkeep 859000000; owner earnings 5070000000. Growth capex / owner earnings = 0.021696252465483234. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2024: growth capex 0; upkeep 812000000; owner earnings 5732000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); FY2025: growth capex 0; upkeep 430000000; owner earnings 3597000000. Growth capex / owner earnings = 0. - Source: https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm (filed 2026-07-15); FY2026: growth capex 0; upkeep 684000000; owner earnings 3171000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); Dividend observations: [[2017,1133000000],[2018,1243000000],[2019,1332000000],[2020,1452000000],[2021,1638000000],[2022,1837000000],[2023,2012000000],[2024,2169000000],[2025,2300000000],[2026,2407000000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm (filed 2026-07-15); FY2026: cash repurchases 146000000 USD. ### Are managers owners Insiders own 2% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NKE.US SharesStats.PercentInsiders = 1.9529999999999998 percentage points; cache date 2026-10-16. ### What could break it "Our products are subject to risks associated with overseas sourcing, manufacturing and financing." (SEC filing, Jul 2026) - Source: https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm (filed 2026-07-15); Our products are subject to risks associated with overseas sourcing, manufacturing and financing. ### What the price says The price assumes cash profits shrink 1.2% yearly over ten years; actual growth was 0.8%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-15); Ten-year compound average after fade. Initial solved rate -0.030154563568013326. Price 37.14; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.9843801690694856 → FY2026 2.141120864280891. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $50.18 per share - 2016-11: $50.07 per share - 2016-12: $50.83 per share - 2017-01: $52.90 per share - 2017-02: $57.16 per share - 2017-03: $55.73 per share - 2017-04: $55.41 per share - 2017-05: $52.99 per share - 2017-06: $59.00 per share - 2017-07: $59.05 per share - 2017-08: $52.81 per share - 2017-09: $51.85 per share - 2017-10: $54.99 per share - 2017-11: $60.42 per share - 2017-12: $62.55 per share - 2018-01: $68.22 per share - 2018-02: $67.03 per share - 2018-03: $66.44 per share - 2018-04: $68.39 per share - 2018-05: $71.80 per share - 2018-06: $79.68 per share - 2018-07: $76.91 per share - 2018-08: $82.20 per share - 2018-09: $84.72 per share - 2018-10: $75.04 per share - 2018-11: $75.12 per share - 2018-12: $74.14 per share - 2019-01: $81.88 per share - 2019-02: $85.73 per share - 2019-03: $84.21 per share - 2019-04: $87.83 per share - 2019-05: $77.14 per share - 2019-06: $83.95 per share - 2019-07: $86.03 per share - 2019-08: $84.50 per share - 2019-09: $93.92 per share - 2019-10: $89.55 per share - 2019-11: $93.49 per share - 2019-12: $101.31 per share - 2020-01: $96.30 per share - 2020-02: $89.38 per share - 2020-03: $82.74 per share - 2020-04: $87.18 per share - 2020-05: $98.58 per share - 2020-06: $98.05 per share - 2020-07: $97.61 per share - 2020-08: $111.89 per share - 2020-09: $125.54 per share - 2020-10: $120.08 per share - 2020-11: $134.70 per share - 2020-12: $141.47 per share - 2021-01: $133.59 per share - 2021-02: $134.78 per share - 2021-03: $132.89 per share - 2021-04: $132.62 per share - 2021-05: $136.46 per share - 2021-06: $154.49 per share - 2021-07: $167.51 per share - 2021-08: $164.74 per share - 2021-09: $145.23 per share - 2021-10: $167.29 per share - 2021-11: $169.24 per share - 2021-12: $166.67 per share - 2022-01: $148.07 per share - 2022-02: $136.55 per share - 2022-03: $134.56 per share - 2022-04: $124.70 per share - 2022-05: $118.85 per share - 2022-06: $102.20 per share - 2022-07: $114.92 per share - 2022-08: $106.45 per share - 2022-09: $83.12 per share - 2022-10: $92.68 per share - 2022-11: $109.69 per share - 2022-12: $117.01 per share - 2023-01: $127.33 per share - 2023-02: $118.79 per share - 2023-03: $122.64 per share - 2023-04: $126.72 per share - 2023-05: $105.26 per share - 2023-06: $110.37 per share - 2023-07: $110.39 per share - 2023-08: $101.71 per share - 2023-09: $95.62 per share - 2023-10: $102.77 per share - 2023-11: $110.27 per share - 2023-12: $108.57 per share - 2024-01: $101.53 per share - 2024-02: $103.93 per share - 2024-03: $93.98 per share - 2024-04: $92.26 per share - 2024-05: $95.05 per share - 2024-06: $75.37 per share - 2024-07: $74.86 per share - 2024-08: $83.32 per share - 2024-09: $88.40 per share - 2024-10: $77.13 per share - 2024-11: $78.77 per share - 2024-12: $75.67 per share - 2025-01: $76.90 per share - 2025-02: $79.43 per share - 2025-03: $63.48 per share - 2025-04: $56.40 per share - 2025-05: $60.59 per share - 2025-06: $71.04 per share - 2025-07: $74.69 per share - 2025-08: $77.37 per share - 2025-09: $69.73 per share - 2025-10: $64.59 per share - 2025-11: $64.63 per share - 2025-12: $63.71 per share - 2026-01: $61.81 per share - 2026-02: $62.18 per share - 2026-03: $52.82 per share - 2026-04: $44.36 per share - 2026-05: $46.23 per share - 2026-06: $41.05 per share - 2026-07: $41.71 per share - 2026-08: $39.06 per share - 2026-09: $35.40 per share - 2026-10: $35.33 per share ## Annual estimated value (USD per share) - FY2017: low $34.45 per share, central $48.77 per share, high $56.75 per share - FY2018: low $32.68 per share, central $41.52 per share, high $48.11 per share - FY2019: low $39.55 per share, central $56.59 per share, high $66.10 per share - FY2020: low $33.66 per share, central $39.70 per share, high $45.48 per share - FY2021: low $48.28 per share, central $66.84 per share, high $77.19 per share - FY2022: low $49.88 per share, central $69.33 per share, high $80.18 per share - FY2023: low $53.85 per share, central $75.73 per share, high $87.93 per share - FY2024: low $61.31 per share, central $86.27 per share, high $100.20 per share - FY2025: low $43.50 per share, central $48.74 per share, high $55.71 per share - FY2026: low $39.37 per share, central $44.04 per share, high $50.26 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:36:20.119Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm); period 2026-05-31, filed 2026-07-15. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies
Nike
NKE · US
S&P 500 · Dow 30
Not a wonderful business
1 quality test fails. A lower price would not fix the business.
- Share price
- $37.14
- Buy up to
- $43.09
- Expected / yr
- 11.3% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Where the cash goes
- Are managers owners
- What could break it
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 36% (minimum 15%), and the second-worst year 20.7% (minimum 10%).
- 10y median
- 36.0%
- Worst year
- 18.2%
- Latest · 2026
- 18.2%
New investment earned -14.4% (minimum 12%).
- Five-year totals
- 1.02×
- Annual median
- 1.01×
- Latest · 2026
- 1.02×
Per-share value rose from 2.16 to 2.16, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- $2.50
- Worst year
- $1.17
- Latest · 2026
- $2.10
Profits were backed by cash: accruals were 0.6% of assets (limit 10%).
- 10y median
- -1.7%
- Worst year
- 2.6%
- Latest · 2026
- 0.6%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 11.6%, three-year average owner earnings per share 2.77 USD.
2. Is the price low enough?
| Value range | $38.47 – $49.23 |
|---|---|
| Buy at or below | Central value $43.09 |
| Discount to value | 1 − 37.14 / 43.09 = 13.8% |
| Return / year | About 11.3% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash USD 3.06/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash USD 5.02/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
Revenue$46B
FY2017 · Revenue: $34B; FY2018 · Revenue: $36B; FY2019 · Revenue: $39B; FY2020 · Revenue: $37B; FY2021 · Revenue: $45B; FY2022 · Revenue: $47B; FY2023 · Revenue: $51B; FY2024 · Revenue: $51B; FY2025 · Revenue: $46B; FY2026 · Revenue: $46B
Owner earnings$3.2B
FY2017 · Owner earnings: $4.1B; FY2018 · Owner earnings: $1.9B; FY2019 · Owner earnings: $3.9B; FY2020 · Owner earnings: $2.6B; FY2021 · Owner earnings: $5.8B; FY2022 · Owner earnings: $6.1B; FY2023 · Owner earnings: $5.1B; FY2024 · Owner earnings: $5.7B; FY2025 · Owner earnings: $3.6B; FY2026 · Owner earnings: $3.2B
Operating margin8.2%
FY2017 · Operating margin: 13.8%; FY2018 · Operating margin: 12.2%; FY2019 · Operating margin: 12.2%; FY2020 · Operating margin: 8.3%; FY2021 · Operating margin: 15.6%; FY2022 · Operating margin: 14.3%; FY2023 · Operating margin: 11.5%; FY2024 · Operating margin: 12.3%; FY2025 · Operating margin: 8.0%; FY2026 · Operating margin: 8.2%
Net cash / debt-$2.0B
FY2017 · Net cash / debt: $2.4B; FY2018 · Net cash / debt: $1.4B; FY2019 · Net cash / debt: $1.2B; FY2020 · Net cash / debt: -$4.2B; FY2021 · Net cash / debt: $3.6B; FY2022 · Net cash / debt: $370M; FY2023 · Net cash / debt: -$1.5B; FY2024 · Net cash / debt: -$370M; FY2025 · Net cash / debt: -$1.9B; FY2026 · Net cash / debt: -$2.0B
Diluted shares1.5B
FY2017 · Diluted shares: 1.7B; FY2018 · Diluted shares: 1.7B; FY2019 · Diluted shares: 1.6B; FY2020 · Diluted shares: 1.6B; FY2021 · Diluted shares: 1.6B; FY2022 · Diluted shares: 1.6B; FY2023 · Diluted shares: 1.6B; FY2024 · Diluted shares: 1.5B; FY2025 · Diluted shares: 1.5B; FY2026 · Diluted shares: 1.5B
Prices 15 Oct 2026 · FY2026Original filing ↗ ·