Nike’s removal from the S&P 100 on September 21 has put a number back in circulation that deserves more scrutiny than it is getting. The company has shed roughly 80% of its market capitalisation since November 2021, somewhere near $215 billion depending on whether you measure against the closing high of $169.74 or an intraday print. The interesting part is what did not happen alongside it. Fiscal 2022 revenue, the year containing the peak, was $46.