Nike - Just (Didn't) Do It

As on 23 Sept 2026. LTP: US$36

Nike (Ticker: NKE) represents one of the more spectacular declines of a global industry giant in recent years.

From an all-time high of $179 in late 2021, Nike has fallen to around $35.50 currently — a decline of more than 80%.

At its peak in 2021, Nike's market capitalisation was approximately $264 billion. For context, Reliance Industries' market cap at its peak in 2024 was around $240 billion (and is currently about $173 billion).

After the 80% decline, Nike's market cap is now approximately $53.55 billion — similar to the current market caps of Infosys at $51.30 billion and HUL at $54.40 billion.

So what happened?

More importantly, was this decline really as surprising as it appears in hindsight?

And after an 80% collapse, where does Nike go from here?

The Elliott Wave structure provides some interesting answers.