Nike Stock Hasn't Been This Cheap Since 2017. Is It a No-Brainer Buy?

By David Jagielski, CPA – Mar 30, 2026 at 6:00PM ESTKey PointsThe company underwent a turnaround strategy more than a year ago with a change in CEO.Nike's results, however, have remained lackluster.Investors often wish they could go back and buy a top growth stock at the price it was at many years ago. With Nike (NKE 0.25%) stock, you have that opportunity today. It's trading at the levels it was at in 2017. The only problem is that the economy is much different today than it was back then, and there's more competition. In 2026 and beyond, there are many more question marks around the business. But with this still being a top footwear and apparel brand, has Nike's stock fallen so much in recent years that it's effectively become a no-brainer buy? Image source: Getty Images. Nike's business faces many obstacles ahead In the Fall of 2024, Nike announced Elliott Hill would be its new CEO. Hill is a longtime veteran of the business who has been with the company for decades. Hill's goal has been to reconnect with Nike's partners and build stronger relationships, which would also hopefully help improve the apparel company's growth in the process. While many people point to the previous CEO's mistake of focusing too much on the direct-to-consumer market as a key reason for the company's struggles, that may be an oversimplification of the issues at hand. Consumers are shopping more online since the pandemic, and there is greater competition, both domestically and overseas. On top of all this, inflation has been a factor for multiple years -- paying a premium for the company's high-priced apparel and footwear just isn't practical for people trying to keep their costs down. The hard truth is there in plain sight on the company's earnings report. Over the six-month period ending Nov. 30, 2025, its revenue was up just 1%, and cost of sales rose by 6%. Profits were down 31% even as the company spent more on demand creation. Even under Hill, the company has continued to struggle, proving that it's not an easy path ahead for the business. ExpandNYSE: NKENikeToday's Change(-0.25%) $-0.13Current Price$51.24Key Data PointsMarket Cap$76BDay's Range$50.95 - $52.1952wk Range$50.95 - $80.17Volume17MAvg Vol16MGross Margin40.72%Dividend Yield3.15% The stock may look cheap, but that doesn't mean it's a deal In the past five years, Nike's shares have cratered a whopping 61% in value. Today, the stock trades at 30 times earnings, and that falls to a forward price-to-earnings multiple of 20, which is based on analyst expectations. But those expectations may change if analysts don't see enough progress from the company's turnaround efforts. Nike may have an iconic brand, but it needs much more than that to convince investors that it's still a good growth stock to buy. Even at a reduced multiple, I wouldn't take a chance on the stock today. Turnarounds can take a long time, and there's no guarantee that Nike's business will dominate the market as it once did. Taking a wait-and-see approach is the most prudent option for investors given just how much uncertainty still hovers around the shoe stock.Read NextMar 27, 2026 •By Jeremy BowmanOne Magnificent Dividend Stock Down 71%: Too Cheap Not to Buy and Hold ForeverMar 27, 2026 •By Leo SunShould You Buy Nike (NKE) Stock Before March 31?Mar 27, 2026 •By Micah ZimmermanShould You Buy Nike Stock Before March 31?Mar 25, 2026 •By Bram BerkowitzWith the Stock Down Roughly 60% Over the Past 5 Years, Should Investors Buy Nike Before March 31?Mar 22, 2026 •By Rachel WarrenBest Apparel Stocks to Buy in 2026 and How to Invest in ThemMar 20, 2026 •By Daniel SparksNike Stock Has Been Absolutely Slammed, Bolstering Its Dividend Yield. Is This a Buying Opportunity?About the AuthorDavid Jagielski, CPA, has been a contributing Motley Fool stock market analyst covering healthcare, consumer staples, consumer discretionary, and technology stocks since 2017. David has more than 10 years of experience in finance roles across businesses of different sizes and sectors. He holds a Certified Public Accountant designation in Canada.TMFdjagielskiStocks MentionedNikeNYSE: NKE$51.24(-0.25%)-$0.13*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.