Nike shares have fallen to their lowest closing level since September 2014, extending a nearly five-year decline that has erased more than $200 billion from the sportswear company’s peak market capitalization.
NKE closed Monday at $39.09, down 4.1%, after falling as low as $38.86 during the session. The stock is now roughly 78% below its all-time closing high of $177.51, reached on November 5, 2021.
Nike was valued at about $281 billion around that record high and now carries a market capitalization near $58 billion, putting the decline at approximately $223 billion.
The latest drop pushed Nike below every closing level recorded since 2014 and extended its decline to roughly 49% over the past year. Trading volume reached about 58.7 million shares on Monday, well above normal activity as selling accelerated into the close.
Nike’s weakness comes during a year in which U.S. equities have already experienced several sharp risk-off sessions. More than $1 trillion was erased from U.S. stocks in a June selloff as technology shares, inflation concerns and geopolitical pressure hit major indexes.
Bank of America had also flagged growing red flags across the U.S. stock market earlier in June, citing expensive valuations, market concentration and increasingly narrow leadership.
Nike’s latest financial year showed little top-line growth as Chief Executive Elliott Hill continued efforts to rebuild wholesale relationships, refresh product lines and reverse strategic decisions made under the company’s previous leadership.
The company reported fiscal 2026 revenue of $46.4 billion, flat on a reported basis and down 2% on a currency-neutral basis. NIKE Direct revenue fell 6% to $17.7 billion, while Greater China remained one of the company’s weakest major markets.
The turnaround has centered on performance footwear, stronger relationships with wholesale retailers and tighter control over product supply after Nike’s earlier push toward direct-to-consumer sales reduced its presence across major retail channels.
The collapse has radically changed Nike’s position among the largest U.S. consumer companies. Its market capitalization now stands at approximately $57.9 billion, down from roughly $281 billion when the stock reached its record closing price in November 2021.
The decline has also pushed NKE to the bottom of the Dow Jones Industrial Average by share price, making the stock increasingly influential at the lower end of the price-weighted index.
The fresh low coincided with another leadership change inside Nike. David Denton formally became executive vice president and chief financial officer on August 17, replacing Matthew Friend as the company works through its operational reset.
Nike appointed Denton to the role after his tenure as Pfizer’s finance chief and earlier senior positions at Lowe’s and CVS Health. Friend will remain with Nike through September 4 to support the transition.
Nike finished the August 17 session at $39.09, with an intraday low of $38.86, its weakest closing level in nearly 12 years.
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