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NVIDIA Corporation

NVDA

Technology Semiconductors

NVIDIA Corporation’s revenue for fiscal 2026 (year ended January 2026) was $215.9 billion, up 65.5% from fiscal 2025.

Revenue
+105.9%
EPS
+128.7%
Free cash flow
+58.9%
Total debt
+282.3%

Quarter to July 2026, against a year earlier · Fiscal Q2 2027 earnings digest →

162.77 10.96 −6.31%
Market cap
$4.19T
P/E
21.8×
Fwd P/E
18.7×
Dividend yield
0.30%
F-score
4/9
ROIC
76.2%
Net debt / EBITDA
−0.4×
Dividend safety
90/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Compute & Networking
  • Graphics

Every year since 2010 →

Insider Decisions last twelve months

Net sold
$1.9B
Trades
30 sells · 0 buys
Ownership
4.13%

Capital & Financial Ratios $m

Size
Market Cap 4,186,890
Revenue ttm 302,969
Net income ttm 192,880
Free cash flow ttm 127,006
Net debt Q (67,003)
Valuation
P/E 21.8
Forward P/E 18.7
Price / sales 13.9 (above 10: high)
Forward P/S Powerpack
Price / FCF 33.1
Price / book 18.3 (above 6: high)
Financial health
Current ratio Q 4.6 (at or above 1.5: strong)
Debt / equity Q 0.1 (at or below 0.5: strong)
Interest coverage Q 524.9
Growth
Revenue growth Q +105.9% (above 0%: growing)
Operating income growth Q +124.1% (above 0%: growing)
EPS, this year +94.8% (at or above 15%: strong)
EPS, next year A +70.0% (at or above 15%: strong)
Revenue, next year A +90.6% (at or above 10%: strong)
EPS, past 5 yrs +95.3% (at or above 15%: strong)
EPS, next 5 yrs A +64.9% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.6×, against a ten-year median of 17.6×; over the ten years it ranged from 2.6× in 2016 to 40.2× in 2023.
P/E against its own 10 years 2.01%
10-year low 10-year high
P/S against its own 10 years 35.04%
10-year low 10-year high
P/B against its own 10 years 39.36%
10-year low 10-year high
EV/Sales against its own 10 years 37.20%
10-year low 10-year high
EV/FCF against its own 10 years 12.30%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.30%
Annual rate
0.52
Payout ratio
6.57%
Growth, 2017–25
+13.7%/yr
  1. 0.01 ’17
  2. 0.02 ’18 +8
  3. 0.02 ’19 +4
  4. 0.02 ’20 +0
  5. 0.02 ’21 +0
  6. 0.02 ’22 +0
  7. 0.02 ’23 +0
  8. 0.03 ’24 +113
  9. 0.04 ’25 +18
  10. 0.04 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 25,984 43,210 62,556 99,369
Receivables 9,999 23,065 38,466 63,059
Inventory 5,282 10,080 21,403 31,575
Other — — — —
44,345 80,126 125,605 197,412
2024 2025 2026 Q'26
Payables 2,699 6,310 9,812 15,059
ST’ Debt — — — —
Other — — — —
10,631 18,047 32,163 43,019

Compound Annual Growth %

10y 5y 3y
Sales 45.70% 66.90% 100.05%
Cash Flow 56.37% 77.55% 163.09%
Earnings 69.48% 94.33% 201.80%
Book Value 42.77% 56.24% 92.35%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 2.09 Actual 2.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 1.24 1.30 Beat by 0.06
Q4 FY26 1.52 1.62 Beat by 0.10
Q1 FY27 1.77 1.87 Beat by 0.10
Q2 FY27 2.09 2.22 Beat by 0.13
Q3 FY27 2.49 — Reports 17 November 2026

EPS $

Apr Jul Oct Jan Year
’26 2.39 2.46 — — —
’26 0.76 1.08 1.30 1.76 4.90
’25 0.60 0.67 0.78 0.89 2.94
’24 0.08 0.25 0.37 0.49 1.19
’23 0.06 0.03 0.03 0.06 0.17
’22 0.08 0.09 0.10 0.12 0.39
’21 0.04 0.02 0.05 0.06 0.17
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 81,615 96,221 — — —
’26 44,062 46,743 57,006 68,127 215,938
’25 26,044 30,040 35,082 39,331 130,497
’24 7,192 13,507 18,120 22,103 60,922
’23 8,288 6,704 5,931 6,051 26,974
’22 5,661 6,507 7,103 7,643 26,914
’21 3,080 3,866 4,726 5,003 16,675
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 50,344 24,077 — — —
’26 27,414 15,365 23,751 36,188 102,718
’25 15,345 14,488 17,627 16,629 64,089
’24 2,911 6,348 7,332 11,499 28,090
’23 1,731 1,270 392 2,248 5,641
’22 1,874 2,682 1,519 3,033 9,108
’21 909 1,567 1,279 2,067 5,822
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 48,587 21,400 — — —
’26 26,187 13,470 22,115 34,904 96,676
’25 14,976 13,511 16,814 15,552 60,853
’24 2,663 6,059 7,054 11,245 27,021
’23 1,370 837 (138) 1,739 3,808
’22 1,576 2,499 1,297 2,760 8,132
’21 754 1,350 806 1,784 4,694
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 13.0% a year for ten years. It grew 59.8% a year over the last ten.

Implied
13.0%
10 years, reported
59.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 6,910 9,714 11,716 10,918 16,675 26,914 26,974 60,922 130,497 215,938 302,969 +46.6% 411,653 692,206 903,185 +61.1%
Gross margin, % 58.80 59.93 61.21 61.99 62.34 64.93 56.93 72.72 74.99 71.07 74.67 +12.3 pt
EBT 1,905 3,196 3,896 2,970 4,409 9,941 4,181 33,818 84,026 141,450 229,744 +61.4%
EBT margin, % 27.57 32.90 33.25 27.20 26.44 36.94 15.50 55.51 64.39 65.50 75.83 +37.9 pt
Net income 1,666 3,047 4,141 2,796 4,332 9,752 4,368 29,760 72,880 120,067 192,880 +60.8%
Per share, $
Per share, $ Revenue 0.32 0.41 0.48 0.45 0.68 1.08 1.08 2.47 5.31 8.86 12.52 +44.7%
Earnings 0.08 0.13 0.17 0.11 0.18 0.39 0.18 1.21 2.97 4.93 7.95 +58.7%
Cash flow 0.08 0.15 0.15 0.20 0.24 0.36 0.23 1.14 2.61 4.22 5.55 +55.9%
Capex (0.01) (0.02) (0.02) (0.02) (0.05) (0.04) (0.07) (0.04) (0.13) (0.25) (0.30) +46.9%
Free cash flow 0.07 0.12 0.13 0.18 0.19 0.33 0.15 1.09 2.48 3.97 5.25 +56.7%
Book value 0.27 0.31 0.38 0.50 0.68 1.07 0.89 1.74 3.23 6.46 9.47 +42.5%
Shares, m 21,640 23,960 24,320 24,390 24,670 24,960 24,870 24,690 24,555 24,359 24,291 +1.3%
Valuation, ×
Valuation, × P/E 36.11 48.50 21.07 51.53 75.48 62.63 111.66 51.02 40.37 37.65 21.83 53.6
P/S 8.55 15.17 7.45 13.20 19.59 22.71 18.02 24.94 22.59 20.94 13.86 17.3
P/B 10.25 19.72 9.35 11.81 19.34 22.97 21.99 35.35 37.17 28.74 18.33 21.7
EV/Sales 7.97 14.64 6.99 12.39 19.25 22.33 17.88 24.65 22.33 20.68 13.63 16.9
EV/FCF 36.65 48.87 26.05 31.66 68.39 73.91 126.67 55.57 47.88 46.20 32.53 56.2
Cash, $m
Cash, $m Operating cash flow 1,672 3,502 3,743 4,761 5,822 9,108 5,641 28,090 64,089 102,718 134,360 +58.0%
Capex (169) (591) (600) (489) (1,128) (976) (1,833) (1,069) (3,236) (6,042) (7,354) +48.8%
Free cash flow 1,503 2,911 3,143 4,272 4,694 8,132 3,808 27,021 60,853 96,676 127,006 +58.8%
Balance, $m
Balance, $m Working capital 6,748 8,102 9,228 11,906 12,130 24,494 16,510 33,714 62,079 93,442 154,393 +33.9%
Net debt (3,988) (5,108) (5,434) (8,906) (5,597) (10,262) (3,593) (17,525) (34,747) (55,087) (67,003) +33.9%
Shareholders’ equity 5,762 7,471 9,342 12,204 16,893 26,612 22,101 42,978 79,327 157,293 228,984 +44.4%
Returns, %
Returns, % ROA 19.36 28.91 33.76 18.27 18.79 26.73 10.23 55.67 82.20 75.42 83.68 +56.1 pt
ROIC 68.14 84.90 60.84 53.93 25.08 38.38 14.26 80.96 114.19 79.73 76.24 +11.6 pt
ROE 32.57 46.05 49.26 25.95 29.78 44.83 17.93 91.46 119.18 101.49 117.21 +68.9 pt
People
People Employees 10,299 8,191 13,277 13,775 18,975 22,473 26,196 29,600 36,000 42,000 — +16.9%
Revenue/emp, $m 0.67 1.19 0.88 0.79 0.88 1.20 1.03 2.06 3.62 5.14 — +25.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Business profile

Updated

NVIDIA is a data-center-scale AI infrastructure company headquartered in Santa Clara, California. Jen-Hsun Huang is President and Chief Executive Officer. It designs computing platforms that help customers train and run AI models, process data, simulate scientific problems, create graphics, operate robots and develop automated-driving systems.

Its basic building blocks are GPUs, CPUs, data-processing units, networking equipment and software. GPUs perform many calculations at once, which suits AI training and inference, the process of using a trained model. NVIDIA combines those components into systems that can link hundreds of thousands of GPUs as one large computer. Its CUDA development platform, libraries, application frameworks and tools let developers write software for those systems.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Compute & Networking 193,479 89.60%
Graphics 22,459 10.40%
Gross margin 71.07%
Operating margin 60.38%
Pre-tax margin 65.50%

Revenue by segment since 2010

NVIDIA Corporation vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NVDA NVIDIA Corporation $4.19T 21.8× 18.7× +105.85% (above 0%: growing) +128.70% (above 0%: growing) +58.87% (above 0%: growing) 74.98% 66.24%
TSM Taiwan Semiconductor Manufacturing Company Ltd. $2.14T 29.7× — +32.70% (above 0%: growing) +74.49% (above 0%: growing) +24.55% (above 0%: growing) 67.72% 60.34% Compare
AVGO Broadcom Inc. $1.65T 42.8× 31.7× +85.50% (above 0%: growing) +212.50% (above 0%: growing) +94.55% (above 0%: growing) 69.13% 53.92% Compare
SKHY SK Hynix, Inc. - Sponsored ADR $1.04T — — — — — 83.20% 76.33% Compare
MU Micron Technology, Inc. $917.9B 10.8× 4.0× +379.27% (above 0%: growing) +1,066.43% (above 0%: growing) +45,543.06% (above 0%: growing) 86.76% 80.68% Compare
AMD Advanced Micro Devices, Inc. $906.8B 118× 72.9× +44.68% (above 0%: growing) +95.28% (above 0%: growing) −71.19% (below 0%: shrinking) 53.90% 21.17% Compare
INTC Intel Corporation $332.2B — (loss-making) — (loss-making) +25.42% (above 0%: growing) n/m 0.00% 40.36% 11.14% Compare
TXN Texas Instruments Incorporated $283.1B 39.8× 30.6× +27.69% (above 0%: growing) +76.67% (above 0%: growing) +197.38% (above 0%: growing) 64.19% 47.46% Compare
ARM ARM Holdings PLC Sponsored ADR $217.6B 233× 161× +27.14% (above 0%: growing) −44.73% (below 0%: shrinking) −69.56% (below 0%: shrinking) 97.09% 13.93% Compare
Median of peers $912.4B 41.3× 31.7× +32.70% +85.98% +24.55% 68.43% 50.69%

All 68 Semiconductors stocks →

From the latest earnings call

Updated

  • Colette Kress said NVIDIA expects fiscal 2028 revenue to grow approximately 70% year over year, while supply is expected to remain a bottleneck through that fiscal year.
  • Kress said Q3 growth is expected to come primarily from ACIE within Data Center, while hyperscale growth is expected to reaccelerate in Q4 and fiscal 2028.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bernstein Nov 12, 2026 Downgrade Outperform → Hold 400.00 → 200.00
RBC Nov 12, 2026 Target cut — 330.00 → 230.00
UBS Nov 12, 2026 Reiterated Buy 300.00
Raymond James Nov 12, 2026 Reiterated Buy —
Stifel Nov 12, 2026 Target cut Buy 315.00 → 205.00
Citi Nov 12, 2026 Target cut Buy 285.00 → 225.00
William Blair Nov 12, 2026 Downgrade Outperform → Hold —
Oppenheimer Nov 12, 2026 Downgrade Outperform → Hold —
Morgan Stanley Nov 11, 2026 Reiterated Outperform 300.00
Baird Nov 11, 2026 Downgrade Outperform → Hold 500.00 → 200.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 68.55%
Held by the ten largest 36.47%
Holder Shares Stake Change
Vanguard 2.31b 9.54% +13.12m
BlackRock 1.94b 8.02% +16.39m
Fidelity (FMR) 1.03b 4.24% +32.20m
State Street 1.01b 4.17% +15.90m
Geode Capital Management 606.22m 2.51% +4.89m
JPMorgan Chase 449.40m 1.86% +1.61m
Capital Group 409.44m 1.69% −16.12m
T. Rowe Price 386.70m 1.60% −2.84m
Morgan Stanley 356.42m 1.47% +13.47m
Invesco 329.59m 1.36% +2.10m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 12 May 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 36.34m 162.18m 1,445.67
2025 49.87m 344.19m 1,100.69
2024 34.17m 234.13m 470.88
2023 21.36m (4.12m) 157.05
2022 23.74m 105.54m 175.98

Ownership

Directors and executive officers, together 3.94%
BlackRock, Inc. 7.43%
Vanguard Capital Management 7.31%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NVIDIA Corporation (NVDA) Latest News

12 Nov

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NVDA metrics, ten years each

stockrow.com/NVDA · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com