09/08/2026
Nike gets removed from the S&P 100 on September 21st. Its seat goes to Dell, Palo Alto, Arista, and SanDisk.
$179 in November 2021. $38 today. −78%. About $220B in market value, gone in under five years.
Revenue is still $46.4B — basically flat vs. 2021. Sales didn’t collapse. Earnings fell 56%, and the market went from paying 50x earnings to 24x.
Goes to show that according to Wall Street, if you’re not growing you’re shrinking.
Where it actually broke ⬇️
→ Nike Direct −6%, digital −12% (the DTC bet backfired)
→ Greater China −11%
→ Hoka +16% to $2.6B, Asics sportstyle nearly doubled, On and New Balance taking share
→ Running grew 9%. Lifestyle shrank. Nike was selling the wrong shoe.
So which one killed it — DTC, China, or the competition? Drop it in the comments 👇