Updated
The most significant concentration Nike discloses is top-4 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.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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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: 'factories in Vietnam, Indonesia and China manufactured approximately 51%, 28% and 17% of total NIKE Brand footwear, 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: 'Sojitz Corporation of America...the sole owner of our redeemable preferred stock, has performed import-export financing services for us'”
“10-K Item 1: 'NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues'”
“10-K Item 1: 'factories in Vietnam, China and Cambodia manufactured approximately 31%, 15% and 15% ... of total NIKE Brand apparel, respectively'”
“10-K Item 1: 'factories in Vietnam, Indonesia and China manufactured approximately 51%, 28% and 17% of total NIKE Brand footwear, respectively'”
“10-K Item 1: 'our three largest United States customers accounted for approximately 25% of sales in the United States'”
The company's concentration profile is extensive and multi-dimensional, with the most material exposures on the supply side. Four footwear contract manufacturers each exceeded 10% of footwear production and together accounted for approximately 59% of NIKE Brand footwear production — a high-share dependency by disclosed size. Apparel production is similarly concentrated, with the top five contract manufacturers accounting for approximately 51% of NIKE Brand apparel production — also high-share. Both reflect dependency on a small set of manufacturing partners whose capacity, quality, and pricing terms directly affect the company's ability to supply product at scale. Geographically within the supply chain, factories in Vietnam manufactured approximately 51% of total NIKE Brand footwear, and those in Indonesia contributed 28% — the two highest country concentrations in footwear, both medium-to-high share by disclosed size. Vietnam's 51% share makes it by far the most critical country in the manufacturing base. Vietnam also led in apparel at approximately 31% of total NIKE Brand apparel production. Sojitz Corporation of America, as the sole owner of redeemable preferred stock and provider of import-export financing services, adds a high-share financial counterparty dependency layered on top of the manufacturing geography. On the demand side, three largest United States customers accounted for approximately 25% of US sales — a moderate-share exposure — while United States revenue represented approximately 43% of total revenues. These are moderate-share structural exposures, secondary to the supply-side picture. On balance, the supply chain is the dominant concentration risk: a high-share dependency on a handful of manufacturers in Vietnam and Indonesia, where any tariff escalation, geopolitical disruption, or labor event would affect the majority of production simultaneously.
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. | 4 | 4 | 0 | 8 |
| SHOO | Steven Madden, Ltd. | 2 | 1 | 0 | 3 |
| DECK | Deckers Outdoor Corporation | 1 | 1 | 0 | 2 |
| CROX | Crocs, Inc. | 0 | 3 | 0 | 3 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.