Nike (NKE 0.25%) is one of the leading consumer-facing brands in the world. It has long held a strong position in the sportswear market. However, its challenges have been widely publicized in recent years, and investors hope that better days are in the near future.
Can this consumer discretionary stock reach $100 in 2026? The last time Nike was at this three-figure level was in March 2024 -- nearly two years ago.
Image source: Nike.
Nike stock needs a huge gain
If Nike shares rise from $64 today to $100 by the end of this year, shareholders would see a huge 56% gain in about 11 months. It looks like a low-probability outcome, especially when you consider that the stock price is currently 64% below its all-time high from November 2021.
Nike wasn't always a losing investment. During the five-year period leading up to their peak, the shares had soared 255%. The bulls desperately want the business to get back to its winning ways.
The market has low expectations
It helps Nike's case that the valuation is cheap on a historical basis. Shares currently trade at a price-to-sales ratio of 2. In the past 10 years, this multiple has averaged 3.5, so the setup right now indicates subdued investor enthusiasm.
The market is clearly struggling to find reasons to be optimistic. It makes sense why. Nike reported $46.3 billion in revenue in fiscal 2025 (ended May 31, 2025), showing a decline of 10% from the prior year. Net income tanked 44% at the same time.
The company leaned too much on certain classic footwear products and direct-to-consumer distribution channels during the COVID-19 pandemic's height. That's understandable, given that this was working well at the time. But Nike wasn't ready when consumer behavior normalized, and its shortcomings opened up the door for younger rivals to take some market share and customer attention.
Nike is trying to get its business back on the right track, led by Nike veteran Elliott Hill, who has identified the top priorities.
"Fiscal year '26 continues to be a year of taking action to rightsize our Classics business, return NIKE Digital to a premium experience, diversify our product portfolio, deepen our consumer connections, strengthen our partner relationships and realign our teams and leadership," he said on the second-quarter 2026 earnings call.
NYSE: NKE
Key Data Points
Investors should have muted expectations
While it's important for investors to understand what leadership is working on, what matters at a high level is how these actions can affect the company's financial performance. Nike's earnings per share are expected to fall 28% in fiscal 2026, according to analyst estimates. That's not going to drive the stock higher.
Unless financial results improve dramatically and surprise investors to the upside, Nike shares getting to $100 is an unlikely outcome this year.
