NKE: Turnaround Test at Multi-Year Lows
Nike trades at $54.19 — down 32% from its 52-week high of $80.17 and flirting with its 52-week low of $52.28. The world's largest athletic brand has become a [consumer discretionary](/posts/2026-03-09/sector-rotation-energy-surges-consumers-crack) punching bag, caught between tariff headwinds, margin compression, and a turnaround plan that's delivering uneven results. CEO Elliott Hill, who returned to the company he'd spent three decades building, faces the hardest test of his tenure with Q3 FY2026 earnings due March 31. North America grew 9% last quarter. China did not. Tariffs are expected to cost $1.5 billion in FY2026, forcing price increases of $2 to $10 across product categories. The stock's 31.7x trailing P/E looks expensive for a company growing revenue in the low single digits — unless the turnaround inflects faster than the market expects.