Nike vs Target
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The short version
- Target is the larger business, with $104.8B of revenue in fiscal 2025 against $46.4B for Nike, about 2.3 times as much.
- Nike grew revenue faster (0.2%, against −1.7%).
- Nike turned more of its sales into free cash flow (4.7% FCF margin, against 2.7%).
- Nike earned a higher return on the capital invested in it (26.1%, against 15.0%).
- Investors pay more for each dollar of Nike’s earnings: a P/E of 17.9x against 15.9x for Target.
| Latest fiscal year | NKE · FY26 | TGT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.4B | $69.8B |
| Revenue | $46.4B | $104.8B |
| Free cash flow | $2.2B | $2.8B |
| Net income | $3.1B | $3.7B |
| Growth | ||
| Revenue growth | 0.2% | −1.7% |
| 5-year growth | 0.8% | 2.3% |
| Share count change | −0.4% | −1.3% |
| Profitability | ||
| Gross margin | 42.9% | 27.9% |
| Operating margin | — | 4.9% |
| Net margin | 6.7% | 3.5% |
| FCF margin | 4.7% | 2.7% |
| Return on capital | 26.1% | 15.0% |
| Return on equity | 22.1% | 24.0% |
| Balance sheet | ||
| Net debt | −$1.1B | $11.0B |
| Net debt / EBITDA | −0.2x | 1.3x |
| Dividends and buybacks | $2.6B | $2.5B |
| Valuation & quality | ||
| P/E | 17.9x | 15.9x |
| Piotroski F-score | 7 | 6 |
FY17
NKE $34.4B
TGT $72.7B
FY18
NKE $36.4B
TGT $75.4B
FY19
NKE $39.1B
TGT $78.1B
FY20
NKE $37.4B
TGT $93.6B
FY21
NKE $44.5B
TGT $106.0B
FY22
NKE $46.7B
TGT $109.1B
FY23
NKE $51.2B
TGT $107.4B
FY24
NKE $51.4B
TGT $106.6B
FY25
NKE $46.3B
TGT $104.8B
FY26
NKE $46.4B
TGT —
NKE
TGT
FY17
NKE —
TGT 5.8%
FY18
NKE —
TGT 5.5%
FY19
NKE —
TGT 6.0%
FY20
NKE —
TGT 7.0%
FY21
NKE —
TGT 8.4%
FY22
NKE —
TGT 3.5%
FY23
NKE —
TGT 5.3%
FY24
NKE —
TGT 5.2%
FY25
NKE —
TGT 4.9%
FY26
NKE —
TGT —
NKE
TGT
FY17
NKE $2.7B
TGT $4.4B
FY18
NKE $3.9B
TGT $2.5B
FY19
NKE $4.8B
TGT $4.1B
FY20
NKE $1.4B
TGT $7.9B
FY21
NKE $6.0B
TGT $5.1B
FY22
NKE $4.4B
TGT −$1.5B
FY23
NKE $4.9B
TGT $3.8B
FY24
NKE $6.6B
TGT $4.5B
FY25
NKE $3.3B
TGT $2.8B
FY26
NKE $2.2B
TGT —
NKE
TGT
FY17
NKE 74.5%
TGT 16.3%
FY18
NKE 21.4%
TGT 15.8%
FY19
NKE 51.2%
TGT 17.4%
FY20
NKE 31.7%
TGT 26.2%
FY21
NKE 67.8%
TGT 35.6%
FY22
NKE 61.8%
TGT 13.7%
FY23
NKE 44.7%
TGT 17.6%
FY24
NKE 50.2%
TGT 16.8%
FY25
NKE 29.8%
TGT 15.0%
FY26
NKE 26.1%
TGT —
NKE
TGT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.