Updated
The most significant concentration Nike discloses is four footwear contract manufacturers at 59%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Nike’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'four footwear contract manufacturers each accounted for greater than 10% of footwear production and in the aggregate accounted for approximately 59% of NIKE Brand footwear production'”
“10-K Item 1: 'non-U.S. NIKE Brand and Converse sales accounted for approximately 57% of total revenues, compared to 58% and 57% for fiscal 2024 and fiscal 2023, respectively'”
“10-K Item 1: 'the top five contract manufacturers in the aggregate accounted for approximately 51% of NIKE Brand apparel production'”
“10-K Item 1: 'During fiscal 2025, our three largest United States customers accounted for approximately 25% of sales in the United States.'”
Nike's concentration exposures span manufacturing and customers, with manufacturing the larger risk. Four footwear contract manufacturers each account for greater than 10% of footwear production and together represent approximately 59% of NIKE Brand footwear production, a high-share dependency. On apparel, the top five contract manufacturers in aggregate account for approximately 51% of NIKE Brand apparel production, another high-share dependency — both counterparty-specific risks where a disruption at one manufacturer could constrain supply. Geographically, non-U.S. sales account for approximately 57% of total revenues, compared with 58% and 57% in the two prior fiscal years — a high-share, structural exposure that has held roughly steady. On the customer side, the three largest United States customers accounted for approximately 25% of U.S. sales, a medium-share dependency, smaller in scope than the manufacturing concentrations. Netting these out, the manufacturing dependencies are the more consequential exposures if a single supplier falters, the geographic mix is a stable structural feature, and the U.S. customer concentration is the least pronounced of the four.
For the engine’s reasoning on NKE’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| NKE● | Nike, Inc. | 3 | 1 | 0 | 4 |
| SHOO | Steven Madden, Ltd. | 2 | 1 | 0 | 3 |
| DECK | Deckers Outdoor Corporation | 1 | 1 | 0 | 2 |
| CROX | Crocs, Inc. | 0 | 3 | 0 | 3 |
| WWW | Wolverine World Wide, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.