Nike exits the S&P 100 after 18 years and a $200B market-cap wipeout
Nike exits the S&P 100 after 18 years and a $200B market-cap wipeout
耐克在经历 18 年的辉煌后被剔除出标普 100 指数，市值蒸发 2000 亿美元
One of the largest sports and athletic-wear companies of the modern day may be disappointing its namesake. Nike, the sportswear company named after the Greek goddess of victory, is losing its spot in the top 100 U.S. companies for the first time in nearly two decades. 作为现代最大的运动服饰公司之一，耐克（Nike）的表现或许让其名字的寓意蒙羞。这家以希腊胜利女神命名的运动服饰巨头，近二十年来首次失去了美国百强企业的席位。
The athletic apparel giant lost over $200 billion in market cap since its all-time high in 2021, a near 80% drop in just the five years that have passed, and a plummet so severe that the once mighty company is no longer listed on the S&P 100. 自 2021 年创下历史新高以来，这家运动服饰巨头的市值蒸发了超过 2000 亿美元。在短短五年内，其市值缩水近 80%，跌幅之大，导致这家曾经的行业巨头已不再被列入标普 100 指数。
From the company’s $264 billion peak in Nov. 2021 (when Nike shares traded at $179.10), the company is currently worth roughly $57 billion today, down 78%, as shares for the company are currently trading at around $38 apiece. 从 2021 年 11 月 2640 亿美元的巅峰时期（当时耐克股价为 179.10 美元）算起，该公司目前的市值约为 570 亿美元，跌幅达 78%，股价目前徘徊在每股 38 美元左右。
After almost 18 years on the S&P 100—and after a 36% drop in market cap in 2026 alone—Nike will exit the benchmark on Sept. 21. It was a slow burn: The reshuffling is a consequence of a multiyear decline for the company. Current S&P Dow Jones Indices rules posit that quarterly changes are designed to make the indexes more representative of their respective market-capitalization ranges. Nike will still remain in the S&P 500. 在标普 100 指数中停留近 18 年后，且仅在 2026 年市值就下跌了 36%，耐克将于 9 月 21 日被剔除出该基准指数。这是一个缓慢的过程：此次调整是该公司多年来持续下滑的结果。标普道琼斯指数目前的规则规定，季度调整旨在使指数更能代表其各自的市值范围。不过，耐克仍将保留在标普 500 指数中。
Nike isn’t the only company to lose its seat in the benchmark: Honeywell Aerospace, Simon Property Group and Colgate-Palmolive also leave on the same date. Instead, information technology sector companies will take their place, like Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk, marking a trend towards servers and data infrastructure in the blue-chip index. 耐克并非唯一失去该基准指数席位的公司：霍尼韦尔航空航天（Honeywell Aerospace）、西蒙地产集团（Simon Property Group）和高露洁棕榄（Colgate-Palmolive）也将于同日被剔除。取而代之的将是戴尔科技（Dell Technologies）、帕洛阿尔托网络（Palo Alto Networks）、Arista Networks 和闪迪（Sandisk）等信息技术领域的公司，这标志着蓝筹股指数正向服务器和数据基础设施领域倾斜。
Why is Nike dropping? According to Nike’s investor report, the company’s underlying business deteriorated as it reported $46.4 billion in fiscal 2026 revenue, down 2% on a currency-neutral basis. Greater China remained a problem for the company, with sales falling 17% on a constant-currency basis in the company’s fourth quarter, which ended May 31 of this year. Nike warned that revenue would continue declining into the first half of fiscal 2027. 耐克为何下滑？根据耐克的投资者报告，其基础业务出现恶化，2026 财年营收为 464 亿美元，在剔除汇率影响后同比下降 2%。大中华区依然是该公司的痛点，在截至今年 5 月 31 日的第四财季中，按固定汇率计算，该地区的销售额下降了 17%。耐克警告称，营收下滑趋势将持续到 2027 财年上半年。
The company’s direct-to-consumer business has also struggled, with FY2026 direct-to-consumer revenue falling 6% to $17.7 billion—and wholesale revenue increased 6% to $27.5 billion according to Nike’s results. The company’s turnaround under CEO Elliott Hill has increasingly focused on rebuilding wholesale relationships, reducing excess inventory and returning the brand’s emphasis on performance products. 该公司的直接面向消费者（DTC）业务也陷入困境，2026 财年 DTC 营收下降 6% 至 177 亿美元，而批发业务营收则增长 6% 至 275 亿美元。在首席执行官埃利奥特·希尔（Elliott Hill）的领导下，公司的转型日益聚焦于重建批发关系、减少库存积压，并让品牌重新回归对高性能产品的重视。
“We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities,” Hill said in the report. “While we continue to face top-line headwinds, we’re encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential.” “我们在团队文化、创新产品、品牌实力以及服务各国和各城市消费者的方式上，进行了有意义的结构性改进，为我们的‘体育攻势’奠定了基础，”希尔在报告中表示。“尽管我们继续面临营收增长的阻力，但我们在高性能产品方面取得的进展令我们备受鼓舞。我们正专注于持续执行、提高盈利能力，并扩大我们的胜势，以充分发挥我们的潜力。”
China has also become particularly important to the turnaround. Nike has endured eight consecutive quarters of declining sales in the country and is moving to take greater control over online distribution, including pulling online sales rights from major retail partners. The company is also facing competition from Chinese brands such as Anta and Li Ning as well as international rivals including Hoka and On. 中国市场对于耐克的转型也变得尤为重要。耐克在中国市场已连续八个季度销售额下滑，目前正采取行动加强对在线分销渠道的控制，包括收回主要零售合作伙伴的在线销售权。同时，该公司还面临着安踏、李宁等中国本土品牌，以及 Hoka 和 On 等国际竞争对手的激烈竞争。
Reuters reported in June that Nike shares were already down about 35% for 2026 after the company’s latest results, while the stock had fallen sharply over the preceding years as investors grew skeptical that the turnaround would produce a meaningful recovery. Nike did not immediately respond to a request for comment from Fortune. 路透社 6 月报道称，在发布最新财报后，耐克股价在 2026 年已累计下跌约 35%。由于投资者对该公司的转型能否带来实质性复苏持怀疑态度，其股价在过去几年中已大幅下跌。耐克未立即回应《财富》杂志的置评请求。