NIKE, Inc.

“Nike retains a genuine, multi-layered brand moat anchored by Jordan Brand and global scale, but three years of strategic missteps under Donahoe — including $15B+ in buybacks at peak prices and a failed DTC overreach — have materially impaired ROIC and competitive position in performance categories. Elliott Hill's turnaround is directionally sound but numerically unconfirmed; FY2025 revenue and margins remain below FY2022–2023 levels. At 24x forward earnings on still-depressed estimates, the stock prices in a recovery that has yet to materialize, delivering an expected 10-year CAGR of only ~9–10% in the bull case — adequate but insufficient given the execution risk remaining. TRACK for a better entry near $35–38 where margin of safety is meaningful.”