Nike, Inc.

Nike’s financial position is very strong. As of FY2024, Nike reported roughly $11.6B in cash and short-term investments against about $12.1B in total debt, implying near-net-cash leverage. The company generates large operating cash flows, supporting buybacks and dividends.

Return on Invested Capital is high (~34.9% in 2024), indicating efficient use of capital. Nike’s access to capital markets is excellent and it carries minimal default risk.