<h2>关键要点</h2>
<ul>
<li>耐克正在逐步复苏，但仍有很长的路要走。</li>
<li>它仍在应对关税和中国业务下滑等逆风。</li>
<li>耐克的股息在较低的价格下收益率较高。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p><strong>耐克</strong>（NYSE: NKE）发生了什么？该公司是全球最大的运动服装公司，也是任何类型服装公司中最大的之一，过去 12 个月的收入接近 470 亿美元。</p>
<p>然而，销售额一直在下降，其他公司也在侵占其市场。该股在过去几年中大幅下跌，仅在 2026 年就下跌了 34%。现在是买入耐克股票的好时机吗？</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>
<h2>前路模糊</h2>
<p>耐克的挣扎涉及多种因素，正如这类故事通常所示。它放弃了批发合作伙伴关系，专注于直接面向消费者的业务，这使得竞争对手在鞋类商店获得了更多的曝光，并且它将重点转向核心品牌，牺牲了运动创新。这进一步为像 <strong>On Holding</strong> 这样的较小公司提供了机会，进入细分市场并抢占市场份额。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDExMC9uaWtlLXN0LWZsYXJlLnBuZyZ3PTcwMA?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDExMC9uaWtlLXN0LWZsYXJlLnBuZyZ3PTcwMA"/></p>
<p>图片来源：耐克。</p>
<p>该公司在一年半前任命了一位新首席执行官，并正在逆转导致其当前状态的一些举措。耐克重新建立了批发合作伙伴关系，这些关系现在正在推动增长，并且它已重组运营以按运动进行细分。它专注于更快地将新产品推向市场，并针对运动员。</p>
<p>确实有一些进展。2026 年第三季度（截至 2 月 28 日），收入同比持平，而不是继续下降。直接面向消费者的销售下降了 4%，但批发收入增长了 5%。耐克首席执行官 Elliott Hill 在财报电话会议中多次提到，尽管仍有工作要做，但他对公司已确定正确的前进方向充满信心。</p>
<p>确实还有很多工作要做，耐克仍在应对几个逆风。首先，中国的商业环境竞争激烈，它正在努力重建在那里的品牌。第三季度，中国的收入同比下降了 10%。</p>
<p>与此同时，耐克有过剩的库存需要通过降价出售，这侵蚀了利润率和品牌形象。它仍在应对更高的关税，这也影响了底线。毛利率同比从 41.5% 下降到 40.2%，降至五年来的最低点，净收入为 5 亿美元，比去年下降了 35%。</p>
<h2>不要这样做？</h2>
<p>在当前价格下，耐克股票的市盈率为过去 12 个月收益的 28 倍。这并不算便宜，尽管低于其五年平均水平。这些估值考虑了耐克的品牌和领导地位。</p>
<p>股票下跌的好消息是股息。在当前价格下，股息收益率为 3.9%，对于被动收入投资者来说是一个有吸引力的收益率。</p>
<p>虽然耐克股票正在挣扎，但我认为它的价格还不够便宜，无法称之为便宜货。然而，股息投资者可以利用这个机会锁定一个不错的收益率。</p>
<h2>现在应该买入耐克股票吗？</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> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而耐克并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</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>你现在将拥有 469,293 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>你现在将拥有 1,381,332 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 993%——相比之下，标准普尔 500 指数的回报率为 207%。<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 5 月 19 日。</em></p>
<p><em>Jennifer Saibil 在 On Holding 中持有头寸。Motley Fool 在 Berkshire Hathaway、耐克和 On Holding 中持有头寸并推荐这些公司。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>

耐克

标普零售指数 ETF - SPDR

零售业 ETF - VanEck Vectors

精选消费品板块指数 ETF - SPDR

<p>耐克面临挑战，包括销售下滑和中国市场的竞争环境，尽管最近努力改善其商业模式。该股票在 2026 年下跌了 34%，但提供 3.9% 的股息收益率。分析师建议保持谨慎，因为与其他投资机会相比，耐克目前并不被视为便宜货。公司正在进行重组，收入保持平稳，但仍需解决过剩库存和影响利润率的关税问题</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>Nike is making progress in its comeback, but it has a ways to go.</li>
<li>It's still dealing with headwinds like tariffs and a decline in its China business.</li>
<li>Nike's dividend has a high yield at the lower price.</li>
<li>10 stocks we like better than Nike ›</li>
</ul>
<div class="lb-trans"><ul>
<li>耐克正在逐步复苏，但仍有很长的路要走。</li>
<li>它仍在应对关税和中国业务下滑等逆风。</li>
<li>耐克的股息在较低的价格下收益率较高。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>What's going on with <strong>Nike</strong>(NYSE: NKE)? The company is the largest athletic apparel company in the world, and it's one of the largest apparel companies of any kind, with nearly $47 billion in trailing-12-month revenue.</p>
<div class="lb-trans"><p><strong>耐克</strong>（NYSE: NKE）发生了什么？该公司是全球最大的运动服装公司，也是任何类型服装公司中最大的之一，过去 12 个月的收入接近 470 亿美元。</p>
</div><p>However, sales have been dropping, and other companies have been moving in on its territory. The stock has been plunging over several years, and it's down 34% so far in 2026 alone. Is it time to buy Nike stock on the dip?</p>
<div class="lb-trans"><p>然而，销售额一直在下降，其他公司也在侵占其市场。该股在过去几年中大幅下跌，仅在 2026 年就下跌了 34%。现在是买入耐克股票的好时机吗？</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><h2>A murky path forward</h2>
<div class="lb-trans"><h2>前路模糊</h2>
</div><p>Nike's struggle features a confluence of factors, as these kinds of stories tend to do. It passed over wholesale partnerships to focus on its direct-to-consumer business, which allowed competitors to gain more views in footwear stores, and it turned its focus to core franchises at the expense of innovation in sport. That further provided opportunities for smaller companies like <strong>On Holding</strong>, to crack open the niches and grab market share.</p>
<div class="lb-trans"><p>耐克的挣扎涉及多种因素，正如这类故事通常所示。它放弃了批发合作伙伴关系，专注于直接面向消费者的业务，这使得竞争对手在鞋类商店获得了更多的曝光，并且它将重点转向核心品牌，牺牲了运动创新。这进一步为像 <strong>On Holding</strong> 这样的较小公司提供了机会，进入细分市场并抢占市场份额。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDExMC9uaWtlLXN0LWZsYXJlLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870110%2Fnike-st-flare.png&amp;w=700"/></p>
<p>Image source: Nike.</p>
<div class="lb-trans"><p>图片来源：耐克。</p>
</div><p>The company appointed a new CEO a year and a half ago, and it's reversing some of the actions that brought it to its current state. Nike has reestablished wholesale partnerships, which are now driving growth, and it has restructured operations to segment by sport. It's focused on bringing new products to market more quickly and targeting the athlete.</p>
<div class="lb-trans"><p>该公司在一年半前任命了一位新首席执行官，并正在逆转导致其当前状态的一些举措。耐克重新建立了批发合作伙伴关系，这些关系现在正在推动增长，并且它已重组运营以按运动进行细分。它专注于更快地将新产品推向市场，并针对运动员。</p>
</div><p>There has been some progress. Rather than continuing to decline, revenue stayed flat year over year in the 2026 third quarter (ended Feb. 28). Direct-to-consumer sales fell 4%, but wholesale revenue increased 5%. Nike CEO Elliott Hill mentioned several times during theearnings callthat, while there's still work to do, he's confident the company has identified the right path forward.</p>
<div class="lb-trans"><p>确实有一些进展。2026 年第三季度（截至 2 月 28 日），收入同比持平，而不是继续下降。直接面向消费者的销售下降了 4%，但批发收入增长了 5%。耐克首席执行官 Elliott Hill 在财报电话会议中多次提到，尽管仍有工作要做，但他对公司已确定正确的前进方向充满信心。</p>
</div><p>There definitely is work to do, and Nike is still dealing with several headwinds. For starters, China's business environment is highly competitive, and it's trying to rebuild its brand there. Revenue in China fell 10% from last year in the third quarter.</p>
<div class="lb-trans"><p>确实还有很多工作要做，耐克仍在应对几个逆风。首先，中国的商业环境竞争激烈，它正在努力重建在那里的品牌。第三季度，中国的收入同比下降了 10%。</p>
</div><p>In the meantime, Nike has excess inventory that it needs to sell off through markdowns, which erodes margins and branding. It's also still managing through higher tariffs, which are also impacting the bottom line. Gross margin declined from 41.5% to 40.2% year over year, falling to a five-year low, and net income was $500 million, 35% lower than last year.</p>
<div class="lb-trans"><p>与此同时，耐克有过剩的库存需要通过降价出售，这侵蚀了利润率和品牌形象。它仍在应对更高的关税，这也影响了底线。毛利率同比从 41.5% 下降到 40.2%，降至五年来的最低点，净收入为 5 亿美元，比去年下降了 35%。</p>
</div><h2>Don't do it?</h2>
<div class="lb-trans"><h2>不要这样做？</h2>
</div><p>At the current price, Nike stock trades at 28 times trailing-12-month earnings. That's not super cheap, although it's below its five-year average. Those valuations price in Nike's brand and leadership positions.</p>
<div class="lb-trans"><p>在当前价格下，耐克股票的市盈率为过去 12 个月收益的 28 倍。这并不算便宜，尽管低于其五年平均水平。这些估值考虑了耐克的品牌和领导地位。</p>
</div><p>The bright side of the stock drop is the dividend. It yields 3.9% at the current price, an attractive yield for passive income investors.</p>
<div class="lb-trans"><p>股票下跌的好消息是股息。在当前价格下，股息收益率为 3.9%，对于被动收入投资者来说是一个有吸引力的收益率。</p>
</div><p>While Nike stock is struggling, I don't think it looks cheap enough to call a bargain. However, dividend investors can take advantage of this opportunity to lock in a great yield.</p>
<div class="lb-trans"><p>虽然耐克股票正在挣扎，但我认为它的价格还不够便宜，无法称之为便宜货。然而，股息投资者可以利用这个机会锁定一个不错的收益率。</p>
</div><h2>Should you buy stock in Nike right now?</h2>
<div class="lb-trans"><h2>现在应该买入耐克股票吗？</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> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而耐克并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</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 $469,293</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 $1,381,332</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>你现在将拥有 469,293 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>你现在将拥有 1,381,332 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 993% — a market-crushing outperformance compared to 207% 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 993%——相比之下，标准普尔 500 指数的回报率为 207%。<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 May 19, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 5 月 19 日。</em></p>
</div><p><em>Jennifer Saibil has positions in On Holding. The Motley Fool has positions in and recommends Berkshire Hathaway, Nike, and On Holding. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Jennifer Saibil 在 On Holding 中持有头寸。Motley Fool 在 Berkshire Hathaway、耐克和 On Holding 中持有头寸并推荐这些公司。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>

你是否应该在耐克股票下跌时买入？