Nike's Dow Jones Seat at Risk as Share Price Slumps to $36

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3▲2 ▼1Impact / 5
Summary · why it matters

Nike's falling share price is putting its place in the Dow Jones Industrial Average at risk, with Reuters reporting the stock trading around $36 and carrying just a 0.4% weighting in the price-weighted index, the smallest among its 30 components. Nike has gained only about 5% since joining the Dow in 2013, while its market value has fallen roughly 80% over the past five years, and Reuters also noted the company is set to leave the S&P 100 after 18 years. The weakness reflects underlying business pressures: Nike's fiscal 2026 revenue was $46.4 billion, essentially flat from $46.3 billion a year earlier and down from $51.4 billion in fiscal 2024, while net income fell to $3.1 billion from $5.7 billion two years earlier. Nike Direct revenue declined 6% in fiscal 2026 and digital sales fell 12%, with Greater China sales down 17% in the fiscal fourth quarter and management expecting another revenue decline in fiscal 2027 amid competition from Anta and Li Ning. The company ended fiscal 2026 with $7.6 billion of cash and equivalents and $2.9 billion in operating cash flow, down from $3.7 billion, leaving the recovery under CEO Elliott Hill dependent on whether new products and wholesale stabilization can restore sustainable growth.

Impact on assets 3

Consumer Discretionary± Mixed · 3 stocks
Nike Inc
NKE
▼ NegativeCapitalDemandrelevance

Nike's share price slump to ~$36 puts its Dow Jones seat at risk and it is set to leave the S&P 100, alongside falling net income ($3.1B from $5.7B) and flat-to-declining revenue.

ANTA Sports Products Ltd
2020
▲ PositiveCompetitionrelevance

Nike's management attributes its expected fiscal 2027 revenue decline partly to competition from Anta, implying Anta is gaining at Nike's expense.

Li Ning Co Ltd
2331
▲ PositiveCompetitionrelevance

Nike's expected fiscal 2027 revenue decline is partly blamed on competition from Li Ning, implying Li Ning is taking share from Nike.

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