Been eyeing $NKE  since it’s down 50% and yeah, the chart looks like a steal. But once I dig in, the math just isn’t mathing.

It’s still trading around 36x earnings, which is actually above its historical average… while revenue is flat to down. That’s weird. Usually when a stock gets wrecked, the multiple compresses. Here it feels like we’re paying a premium for shrinking earnings.

Feels like a classic value trap until earnings actually bottom. Personally waiting closer to $45 for a real margin of safety.

Anyone buying here or is this just dead money till 2027?