So how can investors, who are looking to cash in on the robust athleisure movement, capitalize on the brand's strength at a substantially lower cost? According to one analyst, they should consider buying Foot Locker instead.
Read MoreDenim tries to shake off yoga pants effect
"Nike is trading at 24 times our full year 2016 earnings per share estimate," Sterne Agee analyst Sam Poser wrote in a note to investors on Monday. "Foot Locker is the better way to capture Nike's strength, as [it] has the ability to curate the best of all athletic brands."
Those brands include burgeoning names such as Under Armour, which saw its sales gain 32 percent to $3.08 billion last year.
Despite its exposure to other labels, Foot Locker's performance has a strong correlation to Nike's results. As its largest vendor, the brand accounts for nearly 70 percent of Foot Locker's total purchases, according to Jefferies estimates. Selling at about $61, its shares are also a bargain compared to the $96 per share price of Nike stock.
Read More$800 for Lululemon shorts? The yoga black market
What's more, Foot Locker shares have a substantially better valuation, trading at 14 times Poser's 2016 earnings per share estimates.