$NKE Erases $200 Billion in Market Value as Stock Suffers Worst Drawdown in Company History

Nike’s stock has plunged roughly 78% from its November 2021 peak of $169.15, closing at $39.09 on Aug. 17, near a 12-year low. The decline has erased roughly $200 billion in market value and marks the worst drawdown in the company’s history as a public company.
Nike Direct revenue fell 7% in fiscal Q4, while digital sales dropped 12%. Greater China has also recorded eight consecutive quarters of declining sales, with fourth-quarter revenue down 12% year over year on a reported basis and 17% on a constant-currency basis.
JPMorgan downgraded Nike to Underweight on Aug. 4 and cut its price target to $40 from $47, arguing that consensus earnings estimates are roughly 20% too high. Meanwhile, Nike has appointed David Denton as CFO and plans to cut off more than 1,000 third-party online storefronts in China starting in January 2027 as part of its broader turnaround effort.