What's Wrong With Nike Stock?

Nike, the world's largest athletic apparel company, has seen its stock decline 79% from its all-time high and 35% over the past decade due to management missteps including cutting wholesale partnerships and over-reliance on legacy franchises. This allowed competitors like Hoka and Brooks to gain market share. Under new leadership, Nike is rebuilding wholesale relationships and focusing on innovation, with some positive signs emerging including a 4% wholesale increase in fiscal 2026, though a full turnaround remains uncertain.