<h2>关键点</h2>
<ul>
<li>耐克的股票在过去五年中下跌超过 50%。</li>
<li>该公司连续 24 年每年增加股息。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>标志性的 <strong>耐克</strong>（NYSE: NKE）在过去五年中面临重大挑战。到 2026 年，股票下跌了 11%，但自 2021 年以来整体下跌超过 50%。该品牌正在努力实现转型，重返运动服装的辉煌，但这并不容易，也不会很快。投资者面临的问题是：现在应该购买耐克吗？让我们探讨这家传奇运动鞋制造商财务复苏的可能性。</p>
<h2>饱和且竞争激烈的行业</h2>
<p>在过去五年中，<strong>标准普尔 500 指数</strong> 的回报约为 73%。相反，耐克及其最大的竞争对手 <strong>阿迪达斯</strong> 和 <strong>安德玛</strong> 则遭遇了巨大的困难。在此期间，阿迪达斯的股票下跌了 51%，截至 3 月 10 日，安德玛的股票下跌了惊人的 65%。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<p>主要运动服装品牌的这种下滑更多地反映了整个行业面临的挑战，因为它们正在应对通货膨胀、关税和更大的供应链中断。该行业还在创新和与针对特定运动和专业化的小众品牌竞争方面面临困难。</p>
<h2>耐克的基本面依然强劲</h2>
<p>耐克正在进行复苏，内部称之为 “现在赢”。这一战略计划始于去年 12 月高层领导的重组。该服装品牌还在重组其分销方式，并逐渐减少对直接面向消费者销售的重视。因此，耐克现在正在与百货商店和 <strong>亚马逊</strong> 建立批发关系。它在 2019 年曾与亚马逊断绝了关系。</p>
<p>耐克还重新聚焦于创新和设计，以再次成为行业领导者。“现在赢” 的成果可能需要几个季度才能显现。然而，耐克的护城河依然存在，其收益并不糟糕。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTUxOS9hLXJ1bm5lci10aWVzLWhpcy1zbmVha2Vycy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTUxOS9hLXJ1bm5lci10aWVzLWhpcy1zbmVha2Vycy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>在最近的季度财报中，耐克报告了 1% 的温和收入增长。更重要的是，该公司的资产负债表依然强劲，债务负担相对于现金、短期投资和应收账款而言可控。</p>
<p>耐克还连续 24 年增加股息。</p>
<h2>2026 年值得购买吗？</h2>
<p>该股票的前瞻市盈率略低于 23，PEG 比率为 1.26，这两者都表明耐克目前的定价相对合理。自 2024 年 Elliott Hill 重新担任首席执行官以来，我对耐克能够并将慢慢扭转局面的信心增强。Hill 在耐克有超过三十年的经验，对业务非常了解。</p>
<p>这并不是一项简单的任务，因为经济压力继续对品牌施加影响，饱和的市场意味着更大的竞争和较低的消费者忠诚度。然而，耐克在体育文化中一次又一次地证明了其相关性。它有能力吸引最优秀的人才，并保持其作为全球顶级运动品牌的地位。</p>
<p>我认为耐克在未来几年会反弹，现在购买将对耐心的长期投资者带来回报。</p>
<h2>现在应该购买耐克的股票吗？</h2>
<p>在你购买耐克股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而耐克并不在其中。入选的 10 只股票在未来几年可能会带来巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 514,000 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,105,029 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 930%——相比之下，标准普尔 500 指数的回报率为 187%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 3 月 15 日。</em></p>
<p><em>Catie Hogan 在提到的任何股票中没有持仓。Motley Fool 持有并推荐耐克。Motley Fool 推荐安德玛。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc.的观点。</p>

零售业 ETF - VanEck Vectors

KLXY

耐克

标普零售指数 ETF - SPDR

精选消费品板块指数 ETF - SPDR

<p>耐克的股票在过去五年中下跌了超过 50%，其中 2026 年下降了 11%。尽管在竞争激烈的运动服装行业面临挑战，耐克仍保持着强劲的资产负债表，并连续 24 年增加股息。该公司正在进行一项名为 “现在赢” 的战略转型，专注于创新和重建批发关系。分析师建议，尽管耐克的股价合理，但投资者在做出购买决定之前应考虑《傻瓜投资指南》推荐的其他股票</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>Nike's stock has declined by over 50% in the past five years.</li>
<li>The company has increased its dividend annually for 24 consecutive years.</li>
<li>10 stocks we like better than Nike ›</li>
</ul>
<div class="lb-trans"><ul>
<li>耐克的股票在过去五年中下跌超过 50%。</li>
<li>该公司连续 24 年每年增加股息。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>The iconic <strong>Nike</strong>(NYSE: NKE) has faced significant challenges over the past five years. The stock is down 11% so far in 2026, but overall has declined more than 50% since 2021. The brand is attempting a turnaround and return to athletic apparel glory, but it won't be easy or quick. The question for investors is: Should you buy Nike now? Let's explore the likelihood of the legendary athletic shoemaker's financial rebound.</p>
<div class="lb-trans"><p>标志性的 <strong>耐克</strong>（NYSE: NKE）在过去五年中面临重大挑战。到 2026 年，股票下跌了 11%，但自 2021 年以来整体下跌超过 50%。该品牌正在努力实现转型，重返运动服装的辉煌，但这并不容易，也不会很快。投资者面临的问题是：现在应该购买耐克吗？让我们探讨这家传奇运动鞋制造商财务复苏的可能性。</p>
</div><h2>A saturated and highly competitive sector</h2>
<div class="lb-trans"><h2>饱和且竞争激烈的行业</h2>
</div><p>In the past five years, the <strong>S&amp;P 500</strong> has returned approximately 73%. Conversely, Nike, along with its largest competitors <strong>Adidas</strong> and <strong>Under Armour</strong>, struggled mightily. Adidas' stock in this same time frame has declined 51%, and Under Armour is down a staggering 65% as of March 10.</p>
<div class="lb-trans"><p>在过去五年中，<strong>标准普尔 500 指数</strong> 的回报约为 73%。相反，耐克及其最大的竞争对手 <strong>阿迪达斯</strong> 和 <strong>安德玛</strong> 则遭遇了巨大的困难。在此期间，阿迪达斯的股票下跌了 51%，截至 3 月 10 日，安德玛的股票下跌了惊人的 65%。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p>This decline across major athletic apparel brands speaks more to the struggles of the entire sector as it contends with inflation, tariffs, and greater supply chain disruptions. The industry has also struggled to innovate and compete with niche brands that target specific sports and specializations.</p>
<div class="lb-trans"><p>主要运动服装品牌的这种下滑更多地反映了整个行业面临的挑战，因为它们正在应对通货膨胀、关税和更大的供应链中断。该行业还在创新和与针对特定运动和专业化的小众品牌竞争方面面临困难。</p>
</div><h2>Nike's fundamentals are still strong</h2>
<div class="lb-trans"><h2>耐克的基本面依然强劲</h2>
</div><p>Nike is in the middle of its comeback, which internally is called &#34;Win Now.&#34; The strategic plan began with a shake-up of senior leadership, announced back in December. The apparel brand is also restructuring its distribution approach and is moving away from its emphasis on direct-to-consumer sales. Because of this, Nike is now building its wholesale relationships with department stores and <strong>Amazon</strong>. It had previously cut ties with Amazon in 2019.</p>
<div class="lb-trans"><p>耐克正在进行复苏，内部称之为 “现在赢”。这一战略计划始于去年 12 月高层领导的重组。该服装品牌还在重组其分销方式，并逐渐减少对直接面向消费者销售的重视。因此，耐克现在正在与百货商店和 <strong>亚马逊</strong> 建立批发关系。它在 2019 年曾与亚马逊断绝了关系。</p>
</div><p>Nike is also refocusing on innovation and design to once again be an industry leader. The results of Win Now likely won't come to fruition for a few more quarters. However, Nike's moat remains intact, and its earnings aren't a disaster.</p>
<div class="lb-trans"><p>耐克还重新聚焦于创新和设计，以再次成为行业领导者。“现在赢” 的成果可能需要几个季度才能显现。然而，耐克的护城河依然存在，其收益并不糟糕。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTUxOS9hLXJ1bm5lci10aWVzLWhpcy1zbmVha2Vycy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F859519%2Fa-runner-ties-his-sneakers.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>In its last quarterly earnings release, Nike reported modest revenue growth of 1%. More importantly, the company's balance sheet is still strong with a manageable debt load compared to its cash, short-term investments, and accounts receivable.</p>
<div class="lb-trans"><p>在最近的季度财报中，耐克报告了 1% 的温和收入增长。更重要的是，该公司的资产负债表依然强劲，债务负担相对于现金、短期投资和应收账款而言可控。</p>
</div><p>Nike has also increased its dividend for 24 consecutive years now.</p>
<div class="lb-trans"><p>耐克还连续 24 年增加股息。</p>
</div><h2>Is it a buy in 2026?</h2>
<div class="lb-trans"><h2>2026 年值得购买吗？</h2>
</div><p>The stock's forward P/E ratio is just under 23, and its PEG ratio is 1.26, both of which suggest Nike is fairly priced at the moment. Since Elliott Hill returned as CEO in 2024, my belief that Nike can and will slowly right its ship has grown. Hill has more than three decades of experience within Nike and knows the business thoroughly.</p>
<div class="lb-trans"><p>该股票的前瞻市盈率略低于 23，PEG 比率为 1.26，这两者都表明耐克目前的定价相对合理。自 2024 年 Elliott Hill 重新担任首席执行官以来，我对耐克能够并将慢慢扭转局面的信心增强。Hill 在耐克有超过三十年的经验，对业务非常了解。</p>
</div><p>It's not going to be a simple task, as economic pressures continue to weigh on the brand, and a saturated market means greater competition and lower consumer loyalty. Yet Nike has shown its relevance in sports culture time and again. It has the ability to hire the brightest minds and maintain its status as the premium athletic brand around the globe.</p>
<div class="lb-trans"><p>这并不是一项简单的任务，因为经济压力继续对品牌施加影响，饱和的市场意味着更大的竞争和较低的消费者忠诚度。然而，耐克在体育文化中一次又一次地证明了其相关性。它有能力吸引最优秀的人才，并保持其作为全球顶级运动品牌的地位。</p>
</div><p>I think Nike will rebound over the next few years, and buying now will pay off for patient, long-term investors.</p>
<div class="lb-trans"><p>我认为耐克在未来几年会反弹，现在购买将对耐心的长期投资者带来回报。</p>
</div><h2>Should you buy stock in Nike right now?</h2>
<div class="lb-trans"><h2>现在应该购买耐克的股票吗？</h2>
</div><p>Before you buy stock in Nike, consider this:</p>
<div class="lb-trans"><p>在你购买耐克股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Nike wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而耐克并不在其中。入选的 10 只股票在未来几年可能会带来巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $514,000</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,105,029</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 514,000 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,105,029 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 930% — a market-crushing outperformance compared to 187% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 930%——相比之下，标准普尔 500 指数的回报率为 187%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of March 15, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 3 月 15 日。</em></p>
</div><p><em>Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nike. The Motley Fool recommends Under Armour. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Catie Hogan 在提到的任何股票中没有持仓。Motley Fool 持有并推荐耐克。Motley Fool 推荐安德玛。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc.的观点。</p>
</div>

耐克在 2026 年下跌 11%：现在是否是购买的好时机？