Nike Stock Hits 12-Year Lows as Turnaround Appears Unlikely Before 2027

Nike Inc (NKE) is trading at its lowest price in 12 years, down roughly 50% from its 52-week high. The sports apparel giant's stock price has been battered by declining revenue and earnings per share (EPS), with FY2022 numbers showing a flat growth rate of $46.7B, followed by a 44% collapse to $2.10 in FY2026.

The company is facing three main challenges: brand erosion, channel chaos, and product pipeline lag. Brand popularity has declined from 92.5% in 2021 to 38.2% in 2025, but a partial recovery to 45.8% in 2026 indicates some life. However, the broader footwear market remains soft and promotional.

Nike Running is one bright spot, delivering five consecutive quarters of double-digit growth and adding around $1B to the business in FY2026. But this success is limited to running products, which account for only a small slice of the company's massive $46B revenue.