One of the largest sports and athletic-wear companies of the modern day may be disappointing its namesake. Nike, the sportswear company named after the Greek goddess of victory, is losing its spot in the top 100 U.S. companies for the first time in nearly two decades. The athletic apparel giant lost over $200 billion in market cap since its all-time high in 2021, a near 80% drop in just the five years that have passed, and a plummet so severe that the once mighty company is no longer listed on the S&P 100.

From the company’s $264 billion peak in Nov. 2021 (when Nike shares traded at $179.10), the company is currently worth roughly $57 billion today, down 78%, as shares for the company are currently trading at around $38 apiece.

After almost 18 years on the S&P 100—and after a 36% drop in market cap in 2026 alone—Nike will exit the benchmark on Sept. 21. It was a slow burn: The reshuffling is a consequence of a multiyear decline for the company. Current S&P Dow Jones Indices rules posit that quarterly changes are designed to make the indexes more representative of their respective market-capitalization ranges. Nike will still remain in the S&P 500.

Nike isn’t the only company to lose its seat in the benchmark: Honeywell Aerospace, Simon Property Group and Colgate-Palmolive also leave on the same date. Instead, information technology sector companies will take their place, likeDell Technologies, Palo Alto Networks, Arista Networks and Sandisk, marking a trend towards servers and data infrastructure in the blue-chip index.

Why is Nike dropping?

According to Nike’s investor report, the company’s underlying business deteriorated as it reported $46.4 billion in fiscal 2026 revenue, down 2% on a currency-neutral basis. Greater China remained a problem for the company, with sales falling 17% on a constant-currency basis in the company’s fourth quarter, which ended May 31 of this year. Nike warned that revenue would continue declining into the first half of fiscal 2027.

The company’s direct-to-consumer business has also struggled, with FY2026 direct-to-consumer revenue falling 6% to $17.7 billion—and wholesale revenue increased 6% to $27.5 billion according to Nike’s results. The company’s turnaround under CEO Elliott Hill has increasingly focused on rebuilding wholesale relationships, reducing excess inventory and returning the brand’s emphasis on performance products.

“We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities,” Hill said in the report. “While we continue to face top-line headwinds, we’re encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential.”

China has also become particularly important to the turnaround. Nike has endured eight consecutive quarters of declining sales in the country and is moving to take greater control over online distribution, including pulling online sales rights from major retail partners. The company is also facing competition from Chinese brands such as Anta and Li Ning as well as international rivals including Hoka and On.

Reuters reported in June that Nike shares were already down about 35% for 2026 after the company’s latest results, while the stock had fallen sharply over the preceding years as investors grew skeptical that the turnaround would produce a meaningful recovery.

Nike did not immediately respond to a request for comment from Fortune.