Nike Slumps to 12-Year Low, Outpacing Bitcoin's Decline
Nike's stock price has hit a 12-year low of $39.09, its weakest close since September 2014. This decline makes Nike's 78% drop from its 2021 peak more significant than Bitcoin's 50% fall from its record high.
As a Dow Jones Industrial Average stock, investors typically view it as a safe investment. However, the recent chart performance no longer looks safe. In just over two years, Nike has lost nearly 80% of its value since reaching an all-time high of $169.74 in November 2021.
The company's decline is particularly concerning given that it occurred during a bull market in US equities. Bitcoin, on the other hand, can attribute its downturn to a cyclical bear market. Nike's fall from grace is not limited to its stock price; the company also acquired RTFKT, an NFT studio, just five weeks after its record close.
Under new CEO Elliott Hill, who returned in October 2024 after a 32-year tenure at Nike, the company's financial performance has yet to turn around. Fiscal 2026 revenue was flat at $46.4 billion, with earnings slipping 3% to $2.10 a share.