NVIDIA
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Nvidia Corporation is an American multinational technology company headquartered in Santa Clara, California.
From Wikipedia, CC BY-SA 4.0, revision of 1 Nov 2026.
What stands out
- Sales have grown about 66.9% a year for five years, so each $1 of sales in FY2021 is about $12.95 now.Revenue growth over 5–10 years: +66.9% a year
- NVIDIA kept about 60 cents of operating profit from each $1 of sales in FY2026.Operating margin (operating income ÷ revenue): 60.4%
- For every $1 of reported profit over 5 years, about $0.83 turned up as spare cash.Free cash flow (operating cash flow − capex), and FCF ÷ net income: $96.7B
Worth digging into
- Swings at least twice as much as the marketBeta 2.20, 5 years of monthly returns
From filed figures and the weekly screener snapshot, 30 Oct 2026. Observations to check in the tabs below, not advice.
What has the price done?
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Press and drag across the chart to see the change between two points. Source: Yahoo Finance, delayed. Bars are daily and prices are adjusted for splits, not dividends. Past returns don't predict future returns.
Dividends
Full chart
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How does it make money?
What it does
NVIDIA reports 2 businesses. In FY2026, compute and networking brought in 90% and graphics brought in 10% of revenue.
By market, the biggest seller is data centre at 90% of revenue, then gaming at 7%.
By region, United States made up 69%, then Taiwan at 20%.
From NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 25 Jan 2026.
Where the revenue comes from
- Compute and networking90%
- Graphics10%
Shares of revenue, FY2026. Source: NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 25 Jan 2026.
How it makes money
Where NVIDIA's FY2026 revenue came from, what it cost to earn, and what was left for shareholders.
- Income
- Costs and tax
- Profit
- % = share of revenue
Source: NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 25 Jan 2026 (25 Feb 2026), statement of income, Note 16. FY2026 is the year to 25 Jan 2026. Figures as reported, in US$ millions in the tooltips and table.
Technical: gross margin was 71.1%, operating margin 60.4% and net margin 55.6%. Operating costs and cost of revenue together took 39.6% of revenue.
Plain: of every dollar of sales, about 29 cents paid for making or delivering what was sold, about 11 cents went on running and growing the business, and about 56 cents ended up as profit for shareholders.
Revenue by market
Revenue by business
Revenue by region
See the numbers
| FY2026 | US$M | % of revenue |
|---|---|---|
| Revenue | 215,938 | 100.0% |
| Cost of revenue | −62,475 | 28.9% |
| Gross profit | 153,463 | 71.1% |
| Research and development | −18,497 | 8.6% |
| Sales, general and administrative | −4,579 | 2.1% |
| Operating income | 130,387 | 60.4% |
| Other income (expense), net | 11,063 | 5.1% |
| Profit before tax | 141,450 | 65.5% |
| Income tax | −21,383 | 9.9% |
| Net profit to shareholders | 120,067 | 55.6% |
- In the first quarter, NVIDIA took a US$4.5B charge for excess H20 inventory and purchase obligations after the US required a licence to export H20 chips to China.
- Other income of US$11,063M is interest income of US$2,300M, less interest expense of US$259M, plus other income, net of US$9,022M.
- Data centre revenue splits into compute (US$162,361M) and networking (US$31,376M).
- Segment operating income adds up to US$139,297M. NVIDIA keeps US$8,910M of costs outside its two segments.
- NVIDIA assigns revenue to the country of the customer's headquarters. The end customer and shipping location may be elsewhere.
History and context
Nvidia Corporation is an American multinational technology company headquartered in Santa Clara, California. The company develops graphics processing units (GPUs), systems on chips (SoCs), and application programming interfaces (APIs) for data science, high-performance computing, artificial intelligence (AI) hardware, and mobile and automotive applications. Founded in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem, Nvidia has been described as a Big Tech company and is among the largest companies by market capitalization.
Originally focused on GPUs for video games, Nvidia broadened their usage into other markets, including AI, professional visualization, and supercomputing. The company's product lines include GeForce GPUs for gaming and creative workloads, and professional GPUs for edge computing, scientific research, and industrial applications. In 2025, Nvidia became the first company to surpass US$4 trillion and US$5 trillion in market capitalization, largely driven by the AI boom and soaring demand for its AI data center hardware.
From Wikipedia's article Nvidia, the lead section as of the revision of 1 Nov 2026, retrieved 1 Nov 2026. Text under CC BY-SA 4.0, pronunciation guides removed. Wikipedia can be edited by anyone; the company's own filings are the primary source.
What it actually sells Soon
A product-by-product guide to NVIDIA: what each one is, who buys it, and how much it brings in, in plain English and in the company's own terms. We're starting with the companies that are hardest to picture, like Broadcom.
Moat rating
Wide moat
8.8 / 10
ROIC averaged 152.1% over FY2022 to FY2026, far above a 10.55% cost of capital, and beat it every year. FY2023's 20.4% shows how cyclical chips can be before the AI boom.
NVIDIA's returns are extraordinary right now. They were much lower three years ago, so the question is how long demand stays this strong.
The numbers
10.0 / 10Return on invested capital against cost of capital, semiconductors
- Average ROIC
- 152.1%
- Average excess return
- +141.5 pp
- Years above the hurdle
- 5 of 5
Spread 10 × 60% + durability 10 × 40% = 10.0
The sources
7.6 / 10Where NVIDIA's advantage comes from
- 1. Brand and pricing power9 / 10
Gross margin of 71.1% in FY2026, even after a US$4.5B charge for excess H20 inventory and purchase obligations.
NVIDIA's AI chips are in such demand that it keeps over 70 cents of every sales dollar after making them.
- 2. Barriers to entry8 / 10
Data Center revenue of US$193.7B, 90% of sales. Research and development was US$18.5B in FY2026.
Designing chips like these takes years of work and billions of dollars before the first sale.
- 3. Switching costs8 / 10
AI developers build on NVIDIA's CUDA software platform. Moving workloads to another chip means rewriting, retesting and retuning code.
AI software is written for NVIDIA's tools. Switching chips means redoing a lot of that work.
- 4. Network effects6 / 10
More CUDA developers attract more software libraries and models built for NVIDIA hardware, which draws more developers.
The more people build for NVIDIA, the more ready-made tools there are, which pulls in more people.
- 5. Economies of scale7 / 10
Revenue of US$215.9B in FY2026, with chips made by outside foundries rather than NVIDIA's own factories.
NVIDIA's size helps it book scarce factory capacity, but it depends on partners to make its chips.
Return on invested capital: NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 30 Jan 2022; NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 29 Jan 2023; NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 28 Jan 2024; NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 26 Jan 2025; NVIDIA Corporation (SEC EDGAR), Form 10-K for the fiscal year ended 25 Jan 2026. Hurdle: Aswath Damodaran, NYU Stern, Cost of capital by sector (US), data as of January 2026.
How we worked out ROIC: operating income after tax, divided by the capital invested at the start of the year. Tax is at the year's effective rate, or the 21% US federal rate where a pre-tax loss or a tax credit makes the effective rate meaningless. Invested capital is shareholders' equity plus borrowings, less cash and short-term investments, from the opening balance sheet in the same 10-K; lease liabilities are left out. This follows Damodaran's definition. The ratios are our calculation from the filed figures, not numbers the company reports. NVIDIA tags its January 2025 marketable securities (US$34,621M) with its own label, so we took that line from the FY2026 10-K balance sheet directly.
Lens scores are rasinbun's judgment, reviewed 19 Oct 2026. A wide moat is a reason to dig deeper, not a verdict on the price. For education only. Not financial advice.
How we rate moats ›Is it a good business at a fair price?
What each method implies
Ranges, not targetsThe five questions, and the price
Six checks from the annual reports. A flag marks a reason to dig deeper, not a verdict.
- 1. Is it growing?Within the guide
+66.9% a year
Revenue growth over 5–10 years
Revenue $16.7B in FY2021 to $215.9B in FY2026; +45.7% a year over 10 years. It fell in 0 of the last 5 years.
Sales have grown about 66.9% a year for five years, so each $1 of sales in FY2021 is about $12.95 now.
What to look for Steady growth, not one lucky year.
Source: FY2021 10-K, filed 18 Mar 2022; FY2026 10-K, filed 25 Feb 2026.
- 2. Is it profitable?Within the guide
60.4%
Operating margin (operating income ÷ revenue)
FY2026 operating margin. 5-year average 46.0%, range 15.7% to 62.4%.
NVIDIA kept about 60 cents of operating profit from each $1 of sales in FY2026.
What to look for Stable or rising. It's cleaner than net income, which one-off items and tax can distort.
Source: FY2026 10-K, filed 25 Feb 2026.
- 3. Is the profit real cash?Within the guide
$96.7B
Free cash flow (operating cash flow − capex), and FCF ÷ net income
FY2026 free cash flow: operating cash flow $102.7B less capex $6.0B. Over 5 years FCF was 83% of net income.
For every $1 of reported profit over 5 years, about $0.83 turned up as spare cash.
What to look for FCF positive and growing, and close to net income over time.
Source: FY2026 10-K, filed 25 Feb 2026.
- 4. Is it a good business?Within the guide
248.3% ROIC
Return on invested capital (ROIC); ROE for banks
FY2026 ROIC. 5-year average 152.1% against a 10.55% cost of capital, semiconductors; above it in 5 of 5 years.
NVIDIA has earned more on its money than that money costs, in 5 of the last 5 years.
What to look for Clearly above the cost of capital (roughly 8–10%). Sustained 15%+ usually means a moat.
Source: Our moat rating, Moat tab; Aswath Damodaran, NYU Stern, January 2026.
- 5. Can it survive a bad year?Within the guide
Net cash $60.5B
Net debt ÷ EBITDA or ÷ FCF, plus interest cover
the Stock valuation sheet, Nvidia Q2 fiscal 2027 results, debt including leases: borrowings $38.9B, cash and short-term investments $99.4B. Operating income covers interest 503.4x.
NVIDIA holds more cash than it owes, so it could pay off its borrowings today.
What to look for Debt payable from about 3 years of FCF or less, interest covered many times.
Source: FY2026 10-K, filed 25 Feb 2026; the Stock valuation sheet, Nvidia Q2 fiscal 2027 results, debt including leases.
- 6. Is the price right?
2.0% FCF yield
FCF yield or EV/EBIT, and price against a cash-flow value
Market cap $4.9T. FCF yield 2.0% on FY2026 free cash flow. EV/EBIT 37.4x on FY2026 operating income. The valuation sheet's default story values it at US$179.20–US$276.65 a share (middle US$223.26); at US$214.13, its 16 Oct 2026 price, the price is −4.1% against the middle.
At this price, each $100 of shares comes with about $1.96 of last year's spare cash. On the sheet's default story the price sits below the middle of its value range, by 4%. Change the story and that moves.
What to look for Pay less than a cash-flow value estimate, with a margin of safety.
Source: Price $204.64, Yahoo Finance weekly snapshot, 30 Oct 2026; 24,100M shares, 10-Q 21 Aug 2026; FY2026 10-K, filed 25 Feb 2026; Stock valuation, 16 Oct 2026.
US figures: each company's Form 10-K as tagged on SEC EDGAR, collected 19 Oct 2026. Free cash flow is operating cash flow less purchases of property and equipment. Borrowings exclude leases. For education only. Not financial advice.
Ten years of financials
FY2017 to FY2026, in US dollars.
Source: NVIDIA, Form 10-K for each year as first filed, via SEC EDGAR XBRL. Latest: FY2026 10-K, filed 25 Feb 2026. Later restatements aren't applied.
How peers compare
ChipmakersChipmakers are compared on how fast demand is growing their revenue and how much of it survives the cycle as operating margin.
| Company | Revenue growth, 5y | Operating margin | P/E | EV/EBITDA |
|---|---|---|---|---|
| NVDA | +66.9% a year | 60.4% | 41.8x | 37.0x |
| AMD | +28.8% a year | 10.7% | 190.5x | — |
| AVGO | +21.7% a year | 39.9% | 68.4x | — |
| INTC | −7.5% a year | −4.2% | — | — |
| TXN | +4.1% a year | 34.1% | 55.2x | — |
| QCOM | +13.5% a year | 27.9% | 32.9x | 13.4x |
| MU | +36.9% a year | 74.6% | 11.9x | 8.9x |
- Peers' middle-half P/E
- 32.9x–68.4x (median 55.2x, 5 peers)
At the peers' middle-half P/E, NVIDIA's earnings per share from the FY2026 10-K would put the share between $161 and $335. Those are the peer bars in the valuation chart above — one way to read the price, not a target.
Prices: weekly screener snapshot, 30 Oct 2026. Profits: each company's latest annual filing via SEC EDGAR, as filed. Peers are hand-picked for this industry. A multiple compares one year's profit with today's price; it says nothing about what either does next.
Discounted cash flow, from Stock valuation
Ten years of free cash flow to the firm, from NVIDIA's latest figures and Damodaran's industry averages (Semiconductor). It's one story told with numbers, so it comes as a range.
- Value range, the default story$179.20–$276.65Middle $223.26 a share
- Price, 16 Oct 2026 close$214.13−4.09% ▼ against the middle
- What the price implies14.4% a yearGrowth in years 2–5 that makes value equal the price; the story uses 15.0%
To be worth today's price, NVIDIA would need to grow sales about 14.4% a year in years 2–5. One way to read this is to ask whether that sounds believable.
The story's assumptions
- Revenue, last 12 months
- $302,970M
- Operating margin now
- 65.2%
- Revenue growth, year 1
- 60.0%
- Revenue growth, years 2–5
- 15.0%
- Growth after year 10
- 5.1%
- Target operating margin, by year 5
- 55.0%
- Sales to capital, years 1–5 / 6–10
- 2.00 / 2.00
- Tax rate now / after year 10
- 16.0% / 25.0%
- Cost of capital, years 1–5
- 11.4%
- Cost of capital after year 10
- 8.7%
- Return on capital after year 10
- 12.7%
- Chance of failure
- 0.0%
Value per share as two inputs change (revenue growth, years 2–5 down, target operating margin across)
| Revenue growth, years 2–5 | 50.0% | 55.0% | 60.0% |
|---|---|---|---|
| 12.0% | $179.20 | $195.95 | $212.69 |
| 15.0% | $203.88 | $223.26 | $242.64 |
| 18.0% | $231.91 | $254.28 | $276.65 |
Middle cell: the default story. Each step is 3 points of growth or 5 points of margin.
| Year | Growth | Revenue | Margin | Operating income | Tax rate | After-tax income | Reinvestment | Free cash flow | Cost of capital | Present value |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 60.0% | $484,752M | 63.2% | $306,224M | 16.0% | $257,228M | $90,891M | $166,337M | 11.4% | $149,320M |
| 2 | 15.0% | $557,465M | 61.1% | $340,769M | 16.0% | $286,246M | $36,356M | $249,890M | 11.4% | $201,375M |
| 3 | 15.0% | $641,085M | 59.1% | $378,789M | 16.0% | $318,183M | $41,810M | $276,373M | 11.4% | $199,931M |
| 4 | 15.0% | $737,247M | 57.0% | $420,547M | 16.0% | $353,259M | $48,081M | $305,178M | 11.4% | $198,183M |
| 5 | 15.0% | $847,834M | 55.0% | $466,309M | 16.0% | $391,699M | $55,294M | $336,406M | 11.4% | $196,113M |
| 6 | 13.0% | $958,205M | 55.0% | $527,013M | 17.8% | $433,205M | $55,186M | $378,019M | 10.9% | $198,792M |
| 7 | 11.0% | $1,063,953M | 55.0% | $585,174M | 19.6% | $470,480M | $52,874M | $417,606M | 10.3% | $199,078M |
| 8 | 9.1% | $1,160,283M | 55.0% | $638,156M | 21.4% | $501,590M | $48,165M | $453,425M | 9.8% | $196,910M |
| 9 | 7.1% | $1,242,338M | 55.0% | $683,286M | 23.2% | $524,764M | $41,028M | $483,736M | 9.2% | $192,319M |
| 10 | 5.1% | $1,305,573M | 55.0% | $718,065M | 25.0% | $538,549M | $31,618M | $506,932M | 8.7% | $185,428M |
| After 10 | 5.1% | $1,372,027M | 55.0% | $754,615M | 25.0% | $565,961M | $227,009M | $338,952M | 8.7% | $3,443,985M |
- Present value of years 1–10
- $1,917,449M
- Present value after year 10
- $3,443,985M
- Less debt, plus cash
- $60,509M
- Value of equity
- $5,421,943M
- Shares
- 24,285M
- Value per share, default story
- $223.26
Company figures: Nvidia Q2 fiscal 2027 results, 12 months to Jul 2026 (fiscal Q2 2027); cash includes $42.8B of equity securities; debt includes leases; price at 16 Oct 2026 close. Industry averages: Aswath Damodaran, January 2026 US data. Risk-free rates: US 10-year Treasury 5.09% and Singapore 10-year 2.34%, 16 Oct 2026. Equity risk premium: Damodaran's implied premium of 4.20%, 1 Oct 2026. Company figures are the latest reported before 19 Oct 2026. Data as of 16 Oct 2026. The sheet follows the spreadsheets Aswath Damodaran publishes; it is not affiliated with or endorsed by him. A model's value is not a price target. For education only. Not financial advice.
Who owns it, and what's the mood?
Tracked investors and insiders
Trades in NVIDIA by the people we follow: Warren Buffett and Michael Burry (13F), Grab's officers (Form 4) and Nancy Pelosi (House reports). They show what happened, often weeks later, not what to copy.
| Who | Did | Size | When | Disclosed |
|---|---|---|---|---|
| TemasekTemasek Holdings | TrimmedShares | −604,873 sharesabout $138,140,896 at quarter-end value | Q3 2026 | 28 Oct 202628 days after Q3 2026 ended |
| Jensen HuangPresident and CEO, NVIDIA | Gave awayShares | −438,000 shares | 17 Sep 2026 | 18 Sep 20261 day after the trade |
| Jensen HuangPresident and CEO, NVIDIA | Withheld for taxShares | −45,728 shares | 16 Sep 2026 | 18 Sep 20262 days after the trade |
| David TepperAppaloosa | AddedShares | +53,500 sharesabout $10,704,815 at quarter-end value | Q2 2026 | 14 Aug 202645 days after Q2 2026 ended |
| Dan LoebThird Point | Sold outShares | −190,000 shares | Q2 2026 | 14 Aug 202645 days after Q2 2026 ended |
| Cathie WoodARK Investment Management | AddedShares | +345,821 sharesabout $69,195,324 at quarter-end value | Q2 2026 | 14 Aug 202645 days after Q2 2026 ended |
| Chase ColemanTiger Global Management | TrimmedShares | −812,979 sharesabout $162,668,968 at quarter-end value | Q2 2026 | 14 Aug 202645 days after Q2 2026 ended |
| Jensen HuangPresident and CEO, NVIDIA | Withheld for taxShares | −45,723 shares | 17 Jun 2026 | 23 Jun 20266 days after the trade |
| Jensen HuangPresident and CEO, NVIDIA | Gave awayShares | −400,000 shares | 16 Jun 2026 | 18 Jun 20262 days after the trade |
| Jensen HuangPresident and CEO, NVIDIA | Withheld for taxShares | −437,908 shares | 18 Mar 2026 | 20 Mar 20262 days after the trade |
Sources: SEC EDGAR 13F-HR and Form 4 filings, and the US House Clerk's Periodic Transaction Reports, checked 30 Oct 2026. 13F values are the quarter-end value, not the price paid. Showing the 10 latest of 112. All tracked trades ›
- Largest shareholdersSoonThe biggest holders from 13F filings and the annual proxy statement.—
- Chief executive and board holdingsSoonShares held by the CEO and directors, from the proxy statement and Form 4s.—
- Short interestSoonHow many shares are sold short, from exchange short-interest reports.—
Crowd favourite or value trap?
Neither is a label we can put on a stock. These are signs worth looking into, each from a figure on this page.
Signs of a crowd-driven price
Meme stocks move on attention more than on results: big swings, a price far from cash-flow value, thin profits.
1 of 4 signs
- YesSwings at least twice as much as the marketBeta 2.20, 5 years of monthly returns
- NoUp more than 100%, or down more than 50%, in a year1-year price change +1.30%
- NoPrice more than 50% above the valuation sheet's middle valuePrice −4% against the sheet's default story, 16 Oct 2026
- NoThin profits: operating margin under 5%, or a lossFY2026 operating margin 60.4%
Signs of a value trap
A value trap looks cheap because the business is shrinking or earning less than its capital costs.
0 of 4 signs
- NoLooks cheap: P/E under 12 or FCF yield over 8%P/E 41.8x, FCF yield 2.0%
- NoRevenue lower than five years agoRevenue +66.9% a year over 5 years
- NoReturns below the cost of capital5-year average ROIC 152.1% against 10.6%
- NoMore than 30% below its 52-week high−15.9% from the 52-week high
Prices, beta and 1-year change: Yahoo Finance weekly snapshot, 30 Oct 2026. Business figures: the five questions under Valuation and financials. A sign is a reason to dig deeper, not a verdict. For education only. Not financial advice.
Read it through a lens
Price data: Yahoo Finance, delayed. Company figures: each company's own filings, dated where they appear. A ticker on this site is not a recommendation. For education only. Not financial advice.