Nvidia (NVDA)
Information Technology · $5.50T market cap · SEC CIK 0001045810
fundamentals score out of 100
Next reports on Nov 17, 2026, after the close, with analysts expecting $2.52 in earnings per share.
The case for NVDA
- Generated $96.7B of free cash flow in FY2025, 45% of revenue.
- Earns 110% on shareholder equity.
- 64% of revenue drops through to net profit.
- Holds more cash ($10.6B) than long-term debt ($7.5B).
- Earnings per share up 125.2%.
- A PEG of 0.23: a P/E of 28.5× is low for EPS growing 125%.
The case against
- Priced at 18.2× sales, which leaves no room for a stumble.
- Priced at 21× book value. Very little hard asset backing here.
- Swings harder than the market (beta 2.22).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 35 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 96 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 87 |
| Momentumhow the price has behaved lately | 78 |
| Stabilityhow violently it moves, what it owes and what it pays you | 53 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 28.5× |
|---|---|
| Price / book | 20.77× |
| Price / sales | 18.2× |
| Revenue growth (YoY) | +83.4% |
| EPS growth (YoY) | +125.2% |
| Gross margin | 75% |
| Operating margin | 65% |
| Net margin | 64% |
| Return on equity | 110% |
| Debt / equity | 0.15× |
| Current ratio | 4.59 |
| Dividend yield | 0.03% |
| Beta | 2.22 |
| 52-week range | $164.27 – $236.54 |
| Position in that range | 89% of the way up |
| 3-month return | +7.9% |
| 1-year return | +28.7% |
Five years of financials, as filed
Pulled from Nvidia's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $216B | $130B | $60.9B | $27.0B | $26.9B |
| Gross profit | $153B | $97.9B | $44.3B | $15.4B | $17.5B |
| Operating income | $130B | $81.5B | $33.0B | $4.2B | $10.0B |
| Net income | $120B | $72.9B | $29.8B | $4.4B | $9.8B |
| Operating cash flow | $103B | $64.1B | $28.1B | $5.6B | $9.1B |
| Capital expenditure | $6.0B | $3.2B | $1.1B | $1.8B | $976M |
| Total assets | $207B | $112B | $65.7B | $41.2B | $44.2B |
| Total liabilities | $49.5B | $32.3B | $22.8B | $19.1B | $17.6B |
| Shareholder equity | $157B | $79.3B | $43.0B | $22.1B | $26.6B |
| Cash | $10.6B | $8.6B | $7.3B | $3.4B | $2.0B |
| Long-term debt | $7.5B | $8.5B | $8.5B | $9.7B | $10.9B |
| Free cash flow | $96.7B | $60.9B | $27.0B | $3.8B | $8.1B |
| Gross margin | 71.1% | 75.0% | 72.7% | 56.9% | 64.9% |
| Operating margin | 60.4% | 62.4% | 54.1% | 15.7% | 37.3% |
| Net margin | 55.6% | 55.8% | 48.8% | 16.2% | 36.2% |
| Diluted shares | 24.5B | 24.8B | 24.9B | 25.1B | 25.4B |
Share count is down 3.3% over 4 years. Buybacks have been shrinking the pie. Counts are restated for stock splits so the years compare.
What Nvidia says it does
Our Company NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. NVIDIA is now a data center scale AI infrastructure company reshaping all industries. Our technology stack includes the foundational NVIDIA CUDA development platform that runs on all NVIDIA GPUs, as well as hundreds of domain-specific software libraries, frameworks, algorithms, software development kits, or SDKs, and application programming interfaces, or APIs. This deep and broad software stack accelerates the performance and facilitates the deployment of NVIDIA accelerated computing for computationally intensive workloads such as artificial intelligence, or AI, model training and inference, data analytics, scientific computing, robotics, and 3D graphics, with vertical-specific optimizations to address industries ranging from healthcare and telecom to automotive and manufacturing. Introduced with the Blackwell architecture,…
Risk factors NVDA lists in its 10-K
- Recent Developments, Future Objectives and Challenges
- ($ in millions, except per share data)
- Contracts with Multiple Performance Obligations
- Operating Income by Reportable Segments
- Reportable segment operating income
- Outstanding Indebtedness and Commercial Paper Program
- Material Cash Requirements and Other Obligations
- Adoption of New and Recently Issued Accounting Pronouncements
- Management’s Annual Report on Internal Control Over Financial Reporting
- Internal Control - Integrated Framework (2013)
- Internal Control — Integrated Framework
- Changes in Internal Control Over Financial Reporting
- Inherent Limitations on Effectiveness of Controls
- Total Shares of Common Stock to be Sold