I looked at the entire top 100 Kantar BrandZ list. Nike is sitting surprisingly low down at #69 with a brand equity of 41bn. This is down from 75bn in 2023.
What's interesting is that Nike is the only company on that list (except for Chinese brand Haier) trading so close to its brand equity value.
For context L'oreal has a brand value of 37bn and market cap of 210bn. Zara has a brand value of 44bn with Inditex trading at 150bn.
Edit: the comments have made me realise reddit is not a representative of the global consumer market. It skews US and young. The amount of people citing Lululemon and Under Armour as comparables suggest a huge recency bias, US bias and inability to look at enduring brand value. Most people in the UK dont know what Lululemon is. Everyone knows Nike. It's like Coca Cola or McDonalds over here. It sponsors 7 out of the top 20 club soccer teams. And 8 out of the top 20 int'l soccer teams.
The moat is in our heads. Brand availability. Maybe not in the US from the sounds of it...