Birkenstock Holding Plc (BIRK) is undervalued and Nike Inc (NKE) is overvalued.
Against our estimates of intrinsic value, BIRK trades at the wider discount: a margin of safety of +44%, against -25% for NKE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $56.39; the price of $31.68 is 44% below that value, and 76% of that value comes from beyond year five.
Leak Score 68/100 on 3 of 12 signals
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $28.84; the price of $36.10 is 25% above that value, and 73% of that value comes from beyond year five.
Leak Score 63/100 on 9 of 12 signals
| Metric | BIRK | NKE |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $31.68 | $36.10 |
| Intrinsic value | $56.39 | $28.84 |
| Margin of safety | +44% | -25% |
| Leak Score | 68/100 (3/12) | 63/100 (9/12) |
| Market cap | $5.6B | $53.6B |
| Revenue growth, 5 years | 19.1% | 0.8% |
| Operating margin | 24.5% | 8.8% |
| Net margin | 14.8% | 6.7% |
| Return on equity | 12.4% | 22.1% |
| Debt to equity | 0.69 | 0.74 |
| P/E | 14.8x | 17.2x |
| Forward P/E | 11.2x | 16.9x |
| P/B | 1.8x | 3.6x |
| Dividend yield | — | 4.5% |