{"slug":"nike","name":"Nike","name_en":"Nike","ticker":"NKE","updated_at":"2026-07-12T04:46:32.468572+00:00","canonical":"https://valuechain.wiki/nike","same_as":["https://finance.yahoo.com/quote/NKE","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=320187"],"citable":"밸류체인 그래프 기준 Nike의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 1)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Nike is directly linked to 1 companies (0 supply, 1 revenue relationships) and reaches 14 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 스포츠웨어 · 재량소비·중국·재고 시계","kicker_en":"S&P 500 · Sportswear · Discretionary, China & inventory clock","lead":"나이키는 세계 최대 스포츠웨어 브랜드로, 도매와 자체 채널 나이키 다이렉트(매장·디지털)로 제품을 판다. 공장을 직접 두지 않고 베트남·인도네시아 중심의 위탁생산에 의존한다. 실적은 재량소비 경기와 중국 수요, 재고 사이클에 좌우되며 반도체 AI 사슬과는 거리가 있다. FY2025 매출은 $46.3B로 전년비 10% 줄었다.","lead_en":"Nike is the world's largest sportswear brand, selling through wholesale and its own Nike Direct channel of stores and digital. It owns no factories and relies on contract manufacturing centered on Vietnam and Indonesia. Its results turn on discretionary spending, Chinese demand and the inventory cycle, and sit apart from the semiconductor AI chain. FY2025 revenue was $46.3B, down 10% year on year.","segments":{"fy":2025,"parts":[{"desc":"리테일러 대상 도매, $25.9B(FY2025, -7%)","name":"도매"},{"desc":"자체 매장과 디지털 직판, $18.8B(FY2025, -13%; 디지털 -20%)","name":"나이키 다이렉트"},{"desc":"컨버스 브랜드 등","name":"컨버스·기타"}],"total":"$46.3B (FY2025, 2025-05-31 종료, 전년비 -10%)","source":"https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf","concentration":"재량소비·중국 수요에 연동. 공장 미보유로 위탁생산 의존. FY2025 중화권 매출 -12%(불변환율), 재고 약 $8.9B"},"segments_en":{"fy":2025,"parts":[{"desc":"Sales to retailers, $25.9B (FY2025, -7%)","name":"Wholesale"},{"desc":"Owned stores and digital, $18.8B (FY2025, -13%; digital -20%)","name":"Nike Direct"},{"desc":"Converse brand and other","name":"Converse and other"}],"total":"$46.3B (FY2025, ended 2025-05-31, -10% YoY)","source":"https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf","concentration":"Tied to discretionary spending and Chinese demand. Owns no factories, relying on contract manufacturing. FY2025 Greater China revenue -12% currency-neutral, inventory about $8.9B"},"returns_yearly":{"2021":18.7,"2022":-29,"2023":-6,"2024":-29.1,"2025":-13.8,"2026":-29.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}}],"benefiting":[],"analysis":"나이키의 논점은 '반도체 AI 사슬과 무관하게 재량소비·중국·재고 세 시계로 도는 브랜드 소비재'라는 데 있다. FY2025 매출 -10%는 자체 채널 나이키 다이렉트·디지털(-20%)과 중화권(-12%) 부진이 겹친 결과이고, 약 $8.9B 재고를 정상화하는 국면이 마진을 눌렀다. 공장을 두지 않는 위탁생산(베트남·인니 중심)이라 관세·환율·중국 리스크에 브랜드 마케팅으로 맞서는 구조. 관전점은 재고 정리 이후 다이렉트 회복과 중국 소비 시계, 그리고 아마존 재입점 같은 유통 재편이다. 그래프 파급: 위탁 OEM이 원가, 도매·다이렉트·아마존이 유통 채널로 재량소비 경기에 연동된다.","analysis_en":"Nike's thesis is a branded consumer good running on three clocks — discretionary spending, China and inventory — unrelated to the semiconductor AI chain. FY2025 revenue -10% reflects weakness in owned Nike Direct/digital (-20%) and Greater China (-12%), while normalizing ~$8.9B of inventory pressured margins. With no owned factories (outsourced mainly to Vietnam/Indonesia), it counters tariff, FX and China risk with brand marketing. Watch the post-destocking Direct recovery, the China consumption clock, and channel shifts like the Amazon re-entry. Graph propagation: contract OEMs are cost, while wholesale, Direct and Amazon are distribution channels tied to discretionary spending.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"도매 유통사 (리테일러)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-05-31","basis":"도매 매출","value":25900000000,"period":"FY2025","basis_en":"wholesale revenue"},"note":"리테일러 대상 도매가 최대 매출원이다. FY2025 도매 매출 $25.9B(-7%)로 재량소비 경기에 연동된다.","note_en":"Wholesale to retailers is the largest revenue stream. FY2025 wholesale revenue was $25.9B (-7%), tied to discretionary spending.","sources":[{"stance":"mentions","publisher":"Goldman Sachs","publisher_en":"Goldman Sachs","kind":"research","lang":"en","published_at":"2026-06-30","url":"https://www.marketbeat.com/stocks/NYSE/NKE/forecast/","title":"나이키 애널리스트 컨센서스(매수; 골드만 $85·모건스탠리 $70)","title_en":"Nike analyst consensus (Buy; Goldman $85, Morgan Stanley $70)","excerpt":"애널리스트 컨센서스 '매수'(39곳 평균 ~$55) — 골드만 매수 $85(중국 30%·베트남 20% 관세 반영), 모건스탠리 $70. 'Win Now' 재고정상화·도매 재정비가 턴어라운드 논점이나 중국 소비·재고가 리스크.","excerpt_en":"Consensus Buy (39 analysts, avg ~$55): Goldman Buy $85 (China 30%/Vietnam 20% tariffs), Morgan Stanley $70. The 'Win Now' destocking and wholesale reset is the turnaround thesis, with China demand and inventory the risks."},{"stance":"mentions","publisher":"한국경제","publisher_en":"Hankyung","kind":"news","lang":"ko","published_at":"2025-12-19","url":"https://www.hankyung.com/article/202512192948i","title":"나이키, 분기 매출은 예상 상회…컨버스·중국 부진에 주가는 하락","title_en":"Nike beats on quarterly revenue but falls on Converse and China weakness","excerpt":"나이키는 도매와 직판(DTC)으로 매출을 올리며, 중국 부진과 컨버스 매출 급감이 실적을 눌렀다.","excerpt_en":"Nike sells through wholesale and direct-to-consumer, with China weakness and a sharp Converse decline weighing on results."},{"stance":"confirms","publisher":"미국 SEC 공시(나이키 10-K)","publisher_en":"SEC filing (Nike 10-K)","kind":"filing","lang":"en","published_at":"2025-07-24","url":"https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf","title":"Nike, Inc. 2025 Form 10-K","title_en":"Nike, Inc. 2025 Form 10-K","excerpt":"FY2025 10-K은 도매 매출 $25.9B, 나이키 다이렉트 $18.8B, 총매출 $46.3B(-10%)를 보고한다.","excerpt_en":"The FY2025 10-K reports wholesale revenue of $25.9B, Nike Direct of $18.8B and total revenue of $46.3B (-10%)."}]},{"direction":"revenue","counterparty":"소비자 (나이키 다이렉트: 매장·디지털)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-05-31","basis":"나이키 다이렉트 매출","value":18800000000,"period":"FY2025","basis_en":"Nike Direct revenue"},"note":"자체 매장과 디지털 직판(나이키 다이렉트)으로 소비자에게 직접 판다. FY2025 나이키 다이렉트 $18.8B(-13%), 디지털은 -20%로 부진했다.","note_en":"Sells directly to consumers through owned stores and digital (Nike Direct). FY2025 Nike Direct was $18.8B (-13%), with digital down 20%.","sources":[{"stance":"confirms","publisher":"미국 SEC 공시(나이키 10-K)","publisher_en":"SEC filing (Nike 10-K)","kind":"filing","lang":"en","published_at":"2025-07-24","url":"https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf","title":"Nike, Inc. 2025 Form 10-K","title_en":"Nike, Inc. 2025 Form 10-K","excerpt":"FY2025 나이키 다이렉트 매출은 $18.8B(-13%)로, 나이키 브랜드 디지털이 -20% 감소한 영향이 컸다.","excerpt_en":"FY2025 Nike Direct revenue was $18.8B (-13%), driven by a 20% decline in Nike Brand Digital."}]},{"direction":"cost","counterparty":"위탁생산 OEM (베트남·인도네시아·중국)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-05-31","basis":"신발 생산 중 베트남 비중","value":51,"period":"FY2025","basis_en":"Vietnam share of footwear production"},"note":"나이키는 공장을 직접 두지 않고 위탁생산에 의존한다. FY2025 신발은 베트남 약 51%·인도네시아 약 28%·중국 약 17%에서 만들고, 15개 위탁생산사가 97개 공장을 운영한다. 상위 4개사가 신발 생산의 약 59%를 차지한다.","note_en":"Nike owns no factories and relies on contract manufacturing. In FY2025 footwear was made roughly 51% in Vietnam, 28% in Indonesia and 17% in China, across 97 factories run by 15 contract manufacturers, with the top four accounting for about 59% of footwear.","sources":[{"stance":"confirms","publisher":"미국 SEC 공시(나이키 10-K)","publisher_en":"SEC filing (Nike 10-K)","kind":"filing","lang":"en","published_at":"2025-07-24","url":"https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf","title":"Nike, Inc. 2025 Form 10-K","title_en":"Nike, Inc. 2025 Form 10-K","excerpt":"10-K은 나이키가 공장을 소유하지 않으며 FY2025 신발이 베트남 51%·인도네시아 28%·중국 17%에서 위탁생산됐다고 밝힌다.","excerpt_en":"The 10-K states Nike owns no factories and that FY2025 footwear was manufactured about 51% in Vietnam, 28% in Indonesia and 17% in China."},{"stance":"confirms","publisher":"디인베스터","publisher_en":"The Investor","kind":"news","lang":"en","published_at":"2025-07-24","url":"https://theinvestor.vn/vietnam-remains-nikes-biggest-manufacturing-hub-for-3rd-year-in-row-d16443.html","title":"Vietnam remains Nike's biggest manufacturing hub for 3rd year in row","title_en":"Vietnam remains Nike's biggest manufacturing hub for 3rd year in row","excerpt":"FY2025 나이키 신발은 베트남 51%·인도네시아 28%·중국 17%에서 생산됐고, 나이키는 15개 위탁생산사의 97개 공장에서 조달하며 공장을 소유하지 않는다.","excerpt_en":"In FY2025 Nike footwear was made 51% in Vietnam, 28% in Indonesia and 17% in China, sourced from 97 factories run by 15 contract manufacturers, none owned by Nike."}]},{"direction":"revenue","counterparty":"Amazon","counterparty_slug":"amazon","confidence":"high","metric":null,"note":"나이키는 2019년 철수했던 아마존에 2025년 직접 판매(직거래 벤더)로 복귀했다. 아마존은 나이키 제품을 직접 소싱해 판매하며, 나이키에는 새로운 도매·디지털 매출 경로다.","note_en":"Nike returned to Amazon in 2025 as a direct vendor after leaving in 2019; Amazon sources Nike products directly to sell, a renewed wholesale and digital revenue channel for Nike.","sources":[{"stance":"confirms","publisher":"리테일다이브","publisher_en":"Retail Dive","kind":"news","lang":"en","published_at":"2025-05-27","url":"https://www.retaildive.com/news/nike-amazon-marketplace-raising-footwear-prices-tariffs/748986/","title":"나이키, 아마존 복귀…신규 디지털 도매 계정 확대","title_en":"Nike to return to Amazon, expanding digital wholesale accounts","excerpt":"나이키는 2019년 철수 후 미국 아마존에 직접 판매로 복귀하며 아마존을 신규 디지털 계정으로 추가한다고 밝혔고, 제3자 판매자는 7월 19일까지 재고를 소진해야 한다.","excerpt_en":"Nike said it is returning to sell directly on U.S. Amazon after its 2019 exit, adding Amazon as a new digital account, with third-party sellers required to clear Nike inventory by July 19."}]},{"direction":"investor","counterparty":"Class A 지배주주(창업자 가문 등, 슈퍼보팅)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"class_a_holders":16,"buyback_program_usd_bn":18,"buyback_executed_usd_bn":12,"fy2025_shareholder_return_usd_bn":5.3},"note":"비상장 Class A(슈퍼보팅)와 상장 Class B(NKE)의 차등의결권 구조로, Class A 소수 보유자(16명, 창업자 가문 등)가 이사회를 통제한다 — 행동주의·단기 압력과 거리를 둔 창업자 지배가 장기 브랜드·유통 재편 결정을 뒷받침한다. 2022년 승인한 4년 $18B 자사주 매입(2025.5까지 $12B 집행)과 배당으로 FY2025 $5.3B를 주주환원했다.","note_en":"A dual-class structure of non-traded Class A (supervoting) and listed Class B (NKE), where a handful of Class A holders (16, including the founding family) control the board — founder control, insulated from activist and short-term pressure, underpins long-horizon brand and channel decisions. Under a June-2022 four-year $18B buyback ($12B executed by May 2025) plus dividends, it returned $5.3B to shareholders in FY2025.","sources":[{"stance":"confirms","publisher":"미국 SEC 공시(나이키 10-K)","publisher_en":"SEC filing (Nike 10-K)","kind":"filing","lang":"en","published_at":"2025-07-24","url":"https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf","title":"Nike, Inc. 2025 Form 10-K","title_en":"Nike, Inc. 2025 Form 10-K","excerpt":"At July 9, 2025 there were 16 holders of record of Class A Common Stock (not publicly traded, convertible 1:1 into Class B). June 2022 four-year $18B repurchase program; 122.6M shares repurchased for ~$12.0B by May 31, 2025; $5.3B returned to shareholders in fiscal 2025.","excerpt_en":"16 Class A holders (non-traded supervoting); $18B buyback ($12B done); $5.3B returned in FY2025."}]},{"direction":"cost","counterparty":"원자재·마케팅(수요창출) (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"제품 원자재와 브랜드 마케팅(수요창출) 비용이 주요 원가·판관비다. 브랜드 소비재 특성상 마케팅 지출이 크며 개별 내역 일부는 (비공개).","note_en":"Product materials and brand marketing (demand creation) are major costs. As a branded consumer company its marketing spend is large, with some line-item detail not broken out.","sources":[{"stance":"mentions","publisher":"미국 SEC 공시(나이키 10-K)","publisher_en":"SEC filing (Nike 10-K)","kind":"filing","lang":"en","published_at":"2025-07-24","url":"https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf","title":"Nike, Inc. 2025 Form 10-K","title_en":"Nike, Inc. 2025 Form 10-K","excerpt":"10-K은 매출원가와 수요창출(demand creation) 등 판매관리비를 주요 비용 항목으로 구분한다.","excerpt_en":"The 10-K breaks out cost of sales and selling and administrative expense including demand creation as major cost items."}]},{"direction":"revenue","counterparty":"중화권 시장 (Greater China)","counterparty_slug":null,"confidence":"mid","metric":{"type":"share","unit":"%","as_of":"2025-05-31","basis":"중화권 매출 증감(불변환율)","value":-12,"period":"FY2025","basis_en":"Greater China revenue change, currency-neutral"},"note":"중화권은 별도로 관리하는 핵심 시장이자 실적 변동의 진원이다. FY2025 중화권 매출은 불변환율 기준 -12%로, 중국 소비 시계가 나이키 실적의 관전 포인트다.","note_en":"Greater China is a separately managed key market and a source of earnings swings. FY2025 Greater China revenue fell 12% currency-neutral, making the Chinese consumption clock a key watch point for Nike.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Hankyung","kind":"news","lang":"ko","published_at":"2025-12-19","url":"https://www.hankyung.com/article/202512192948i","title":"나이키, 분기 매출은 예상 상회…컨버스·중국 부진에 주가는 하락","title_en":"Nike beats on quarterly revenue but falls on Converse and China weakness","excerpt":"중국 시장 판매 부진이 이어지며 나이키 실적과 주가를 눌렀고, CEO는 우선순위 영역에서 진전을 이루고 있다고 밝혔다.","excerpt_en":"Continued weakness in China weighed on Nike's results and shares, with the CEO saying it is making progress in priority areas."}]}]}