Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice and framework of Warren Buffett and Charlie Munger. Based on the FY2026 Form 10-K (fiscal year ended May 31, 2026), the June 30, 2026 fiscal Q4 earnings release and call, and current market data. We have watched Nike for fifty years, and we will say at the outset what we conclude at the end: this is a wonderful business that has spent five years hitting itself in the face, and the market is now pricing it as if the bruises are permanent. At $42.77 — down from over $170 at the 2021 peak, down 41% in the past twelve months, and sitting near a 52-week low of $40 — Nike trades at roughly 11.5 times its fiscal 2024 peak earnings and carries a dividend yield near 3.7%, the highest in the company's modern history. The moat is dented but not breached. The new management is doing the right things in the right order.
Recent filings analysed: DEF 14A (2026-07-15), 10-K (2026-07-15), 8-K (2026-06-23), 8-K (2026-06-18).
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