Financial Instruments Business Operator Kanto Finance Bureau Director (Kinsho) No. 1960 / Membership Association Investment Trusts Association, Japan Membership No. 012-02323 Go to GogoJungle Home
icon List
イチロウ
09/16/2026 07:30
Release： 09/16/2026 07:30
Update： 09/16/2026 07:30
イチロウ
Investment style : Fundamental
Investment career : 3-5 years
Investment amount : -
ICHIRO｜Financial Report Anatomy Lab I am a researcher who dissects not the surface numbers of a company, but the underlying structure and truth hidden behind them. I provide a genuine fundamentals analysis that thoroughly reads every detail of a company's financial statements (P/L, B/S, C/F, S/S) and notes, not aiming for a one-shot turnaround tool or short-term speculative trades. ■ Our Lab’s Stance 1. Complete coverage of the four financial statements We unravel the connections among the income statement (P/L), balance sheet (B/S), cash flow statement (C/F), and statement of changes in equity (S/S). 2. Extracting the anomalies and truths hidden in the notes Beyond superficial profit increases or decreases, we delve into notes and fine-grained data to visualize the structural strengths of the business model and hidden risks. 3. Fact-focused with noise eliminated We exclude vague forecasts and hype, conducting objective and logical analyses based on the confirmed facts in the financial statements. ■ Delivery and Sales Content ・Financial Statement Anatomy Reports (latest financial reports of notable companies) ・“Financial Analysis Key Points” explained from zero accounting knowledge (without using complex accounting theories, identifying the core of the financial statements and any inconsistencies) We deliver information for genuine-minded investors and business professionals who want to see the truth behind a company’s financials without requiring difficult bookkeeping knowledge.
Article cover image

【NIKE 2026 10-K Full Deconstruction Part 3】: Why to Put 5.6 Billion USD in MMF for Immediate Funds — The Reality of a Business That Sells Things

ICHIRO｜Financial Statement Anatomy Lab


In the first installment, we uncovered a $7.56 billion liquidity cushion created by a sudden brake on stock buybacks, a defense against dissipation, and in the second installment, we revealed the mechanism behind a nearly $1 billion IEEPA tariff refund that arrived in full at the beginning of the period.

When you add the refunds received right after the period start to the $7.56 billion in cash and cash equivalents secured at the end of the period, NIKE effectively has liquidity that exceeds $8 billion (over 1.2 trillion yen) on hand.

So, as one of the world's premier global companies, NIKE, where does it place this colossal cash and how does it manage it?

When analyzing a company’s financial statements, many investors are satisfied with merely the total shown on the Balance Sheet under “Cash and equivalents.” However, opening the notes to the financial statements — “Note 4 — Fair Value Measurements (Fair Value Measurements)” (page 68) — reveals a vivid, real-world operating picture that cannot be explained by textbook financial theory alone; a set of practices that are very much grounded in reality.

More than half of the company’s liquid assets — a staggering $5.6 billion (about 800 billion yen) — were concentrated in a single vehicle, not in U.S. Treasuries, but in an MMF (Money Market Fund).

Why did the head of finance (Corporate Treasury) choose MMFs over directly buying short-term Treasuries? What underlies this choice is a pressing cash-management reality unique to a supply-chain company that makes, ships, and sells goods worldwide.


▼ Detailed explanations for each installment and back issues are available here

【NIKE 2026 10-K Complete Analysis Part 1】: The King’s Sudden Brake — Stock Buybacks “93% Plunge” and the $7.5 billion Buffer

【NIKE 2026 10-K Complete Analysis Part 2】: Bombs and Blessings Hidden in the B/S — The Mystery of Accounts Receivable Surge and the $1 billion Tariff Refund