Things have been going from bad to worse for Nike (NKE), and it has been falling from one low to another. The stock hit a new 52-week low of $35.22 on Friday, and extended its year-to-date decline to nearly 44%. This isn't a one-off bad year for the sneaker giant, which has closed in the red for four straight years and looks on track to extend the losing streak to a fifth year.
The stock is down 80% from its November 2021 highs, and in absolute terms it has lost $200 billion in market cap from the peak. Such perennial and frustrating underperformance would test the nerves of even the most patient investors, especially as the S&P 500 Index ($SPX) has delivered double-digit returns in each of the previous three years and is sitting on double-digit gains so far in 2026.
