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: 'For fiscal 2025, 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: 'NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues'”
Nike's concentration risk sits almost entirely on the manufacturing side rather than with any single customer. On footwear, four contract manufacturers each individually exceeded 10% of production and together accounted for approximately 59% of NIKE Brand footwear production — a high-share dependency on a small handful of manufacturing partners. Geographically, that production is itself concentrated: factories in Vietnam, Indonesia, and China manufactured approximately 51%, 28%, and 17% of total NIKE Brand footwear, respectively, in fiscal 2025, with Vietnam representing a high-share dependency on a single country's manufacturing base and labor, trade, and logistics conditions. Apparel shows a similar pattern: the top five contract manufacturers accounted in aggregate for approximately 51% of NIKE Brand apparel production, also a high-share dependency. On the demand side, exposure is comparatively lighter: NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues, a medium-share structural exposure to Nike's largest single market rather than a counterparty risk. Together, the supply chain — concentrated in a small set of manufacturing partners and disproportionately sited in Vietnam — is the more idiosyncratic and consequential exposure, while the revenue base remains geographically diversified enough that no single market dominates outright.
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.