NVIDIA Corporation

NVDA · Technology · Annual report 2026-01-25 · 5 reported years · Figures in USD

Market Cap

4.20T USD

Price on 2026-11-12

Average Intrinsic Value

2.45T USD

The plain average of EPV, Profit and FCFF

Intrinsic Value ÷ Market Cap

0.58×

The ratio the list ranks by

Margin of Safety

-71.3%

1 − Market Cap ÷ Average Intrinsic Value

Price ÷ Book

26.67×

Market Cap ÷ Book Value as printed (157.29B)

Greenwald Value, Case C: Earnings Power

834.01B USD

Protected franchise · -403.0%

Evidence: N is a note in the company's reports, F a line of its financial statements, R a fact from recent research; +n is n more sources. This page reads the company's own reports at its price date; the screener's values, the hollow dots, read the data provider's figures at their own date, so they differ on purpose.

Price vs Value

Every value of the company against the Market Cap on the price date above.

Bottom line

At a market cap of 4.20T USD, NVIDIA trades far above its intrinsic value of 2.45T USD, a margin of safety of -71.3%. The price is only covered if Profit and FCFF each come in at 183.9% of what is projected. So no part of the verdict rests on the projections falling short; the price needs far more than the market forecast the projections already grow at (R012). Shown alongside, Greenwald's value on the franchise case is the earnings power of the equity, 834.01B USD, a margin of -403.0%. It agrees: the market pays 5.03x the earnings power value.

← Worth Less← Worth LessWorth More →

1/32×1/16×1/8×¼×½×Market Cap 1×2×4×8×

Book Value

Assets less liabilities, as printed

157.29B USD0.04× Market Cap-2567.0% margin

Asset Value

What an entrant would spend to reproduce the assets, less what is owed

223.25B USD0.05× Market Cap-1779.1% margin

EPV + Growth Value

From the report's figures

1.11T USD0.26× Market Cap-278.6% margin

Profit

From the report's figures

7% capital at year 15 · 93% 15 years of profit

3.17T USD0.75× Market Cap-32.5% margin

FCFF

From the report's figures

5% capital at year 15 · 95% 15 years of free cash flow, before the net cash or net debt

3.07T USD0.73× Market Cap-36.5% margin

Average Intrinsic Value

Uncapped, as the screener averages them

2.45T USD0.58× Market Cap-71.3% margin

Greenwald Value, Case C: Earnings Power

The value Greenwald assigns on this case

834.01B USD0.20× Market Cap-403.0% margin

Worth more than the Market CapWorth less than the Market CapScreener (its own figures)Axis in multiples of the Market Cap (4.20T USD), logarithmic.

How Each Value Is Built

The screener's three formulas on the report's own figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The verdict rests on their plain average, as the screener ranks; the Greenwald value on the company's case is a reading beside it.

What it is worth

EPV + Growth

1.11T USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

3.17T USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

3.07T USD

15 years of cash for shareholders and lenders, less what is owed

÷ 3 =

Average Intrinsic Value

2.45T USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

4.20T USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.58×

the ratio the screener ranks by

Margin of Safety

-71.3%

1 − Market Cap ÷ Average Intrinsic Value

Earnings power value plus growth: 1.11T USD

The normal year's NOPAT as if it lasted for ever (the EPV), less what is owed ahead of the shareholders, plus what new investment adds beyond its cost (the growth value).

①EPV of the Equity834.01B USD

+②Growth Value273.98B USD

=Value1.11T USD

EPV of the Operations (NOPAT over WACC)

759.74B USD

Net Cash to the Shareholders

+74.27B USD

Growth Value

+273.98B USD

Value

1.11T USD

①EPV of the Equity

834.01B USD

②Growth Value

273.98B USD

Market value

Market Cap4.20T USD

The price on the date above times the shares.

Value vs market

Margin of Safety-278.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 3.17T USD

Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

①Present Value of the 15 Years of FCFE2.93T USD

+②Equity at Year 15, Today231.62B USD

=Value3.17T USD

FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's shareholders' net income; with a negative one the grey is below zero, capital the business releases, and the shareholders' net income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment staying at the reported years' ROE. Axes linear.

①Present Value of the 15 Years of FCFE

2.93T USD

②Equity at Year 15, Today

231.62B USD

Market value

Market Cap4.20T USD

The price on the date above times the shares.

Value vs market

Margin of Safety-32.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 3.07T USD

Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt and claims ahead of the shareholders.

①Present Value of the 15 Years of FCFF2.85T USD

+②Invested Capital at Year 15, Today153.90B USD

+③Net Cash to the Shareholders74.27B USD

=Value3.07T USD

FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment staying at the reported years' ROIC. Axes linear.

①Present Value of the 15 Years of FCFF

2.85T USD

②Invested Capital at Year 15, Today

153.90B USD

③Net Cash to the Shareholders

74.27B USD

Market value

Market Cap4.20T USD

The price on the date above times the shares.

Value vs market

Margin of Safety-36.5%

1 minus the market cap as a share of the value.

From the Reported Years to the Intrinsic Value

The average of the three values on the years as the report gives them, then what each adjustment moved it by. The formulas stay the screener's; an adjustment only reads a reported line as the books do.

12.66T USD

Average on the reported years

EPV + Growth Value, Profit and FCFF on the years as reported

+342.76B USD

The years since the business changed

Profit +1.03T USD

+2.19T USD

Acquisitions read as reinvestment

FCFF +6.57T USD

-12.93T USD

Growth basis chosen

Profit -30.18T USD, FCFF -8.60T USD

+176.95B USD

Growth by five-year blocks

Profit +279.91B USD, FCFF +250.95B USD

2.45T USD

Average Intrinsic Value

the average the verdict rests on

After	EPV + Growth Value	Profit	FCFF	Average
The reported years	1.11T USD	32.04T USD	4.85T USD	12.66T USD
The years since the business changed	1.11T USD	33.07T USD	4.85T USD	13.01T USD
Acquisitions read as reinvestment	1.11T USD	33.07T USD	11.42T USD	15.20T USD
Growth basis chosen	1.11T USD	2.89T USD	2.82T USD	2.27T USD
Growth by five-year blocks	1.11T USD	3.17T USD	3.07T USD	2.45T USD

Inflection: the business changed in 2024, so EPV + Growth Value, Profit and FCFF read only the reported years from it.
The business turned into an AI data center platform from fiscal 2024: "Data Center revenue for fiscal year 2024 was $47.5 billion, up 217% from fiscal year 2023" (N076), and "Demand for our data center systems and products surged in fiscal year 2024" (N023). The cause is still active at the latest report. Data Center is "$ 193,737 $ 115,186 $ 47,525" over three years (N383). Supply commitments rose "from $119 billion last quarter to $279 billion" to meet "demand for the next several years" (N434). A multi-year exclusive site has been agreed: "the site will exclusively host NVIDIA AI infrastructure" (N431) under "20-year leases to OpenAI" (N465).
R&D: read as an expense: a life of 5 years needs 7 printed years of R&D for two adjusted years; 3 are printed.
The R&D builds GPU architectures, networking and the CUDA software stack that sell for several product generations. The company says it has "invested over $76.7 billion in research and development since our inception, yielding inventions that are essential to modern computing" (N207). Platforms such as Rubin are unveiled a year before "production shipments in the second half of fiscal year 2027" (N209). The CUDA ecosystem has "over 7.5 million developers" (N211). The notes print no useful life for capitalised development, so a mid-length life fits a mix of chips and software.
Acquisitions: counted as reinvestment, since buying a business is capital spending like building one: 83.00M USD in 2024, 1.01B USD in 2025, 14.54B USD in 2026, from Acquisitions, net of cash acquired and Groq, Inc..
Profit growth: the rate its evidence prints (33.00% a year for years 1 to 5, lowered from the reported years' paid growth of 96.87%).
The printed years paid for growth from a step change in AI data center demand. A market forecast covers the next five years: IDC projects the AI infrastructure market at "a five-year compound annual growth rate (CAGR) of approximately 33% from 2025" (R012), reaching "$1.17 trillion" in 2029 (R011). Data Center is almost all of revenue (N383, N419). The company raised supply commitments "from $119 billion last quarter to $279 billion" to meet "demand for the next several years" (N434). Taking the market's printed rate for years 1 to 5 is better than running the printed years' paid growth forward. The first half of fiscal 2027 already printed revenue of 177,837M against 90,805M a year earlier (F363, F327), so the first projected year sits below what the reports already show. The rate is still held over the five years: a faster path would need most of the whole market by 2030, so the printed surge is read as growth arriving early within the same path, and the early years of this projection lean low.
FCFF growth: the rate its evidence prints (33.00% a year for years 1 to 5, lowered from the reported years' paid growth of 68.05%).
This is the same market forecast as the Profit projection. IDC projects AI infrastructure spending at "a five-year compound annual growth rate (CAGR) of approximately 33% from 2025" (R012). The company reinvests through working capital and supply commitments sized for "demand for the next several years" (N434), and it expects "to increase capital expenditures in fiscal year 2027" (N286).
Profit growth by five-year blocks: years 1 to 5 33.00%, years 6 to 10 from 27.35% to 4.75%, years 11 to 15 4.75%, the risk-free rate of the report’s currency, the long-run ceiling of an economy’s growth. The return on new capital is held at the reported years’ return through year 10, behind a proven advantage, then falls by year 15 to 16.08%, the average return on capital of the Technology sector in US, 591 companies, 1986 to 2024.
Measured on US's domestic companies, this company out. The sector, since this company is most of its industry. Largest: Apple Inc, 11.0% of the revenue. Left out: 3 reporting in another currency, 516 not domestic, 1 second listings.
The competitive verdict is franchise. The barriers are a software ecosystem of "over 7.5 million developers" on CUDA (N211), a share of "over 78% of the supercomputers on the global TOP500 list" (N210), and issued patents with "expiration dates from March 2026 to June 2045" (N214). The advantage is held for the shorter period, not the longer one, because the company reports that its foreclosure from China "helped our competitors build larger developer and customer ecosystems to challenge us worldwide" (N220), and AMD's Data Center revenue is "up 97% year-over-year" (R013).
FCFF growth by five-year blocks: years 1 to 5 33.00%, years 6 to 10 from 27.35% to 4.75%, years 11 to 15 4.75%, the risk-free rate of the report’s currency, the long-run ceiling of an economy’s growth. The return on new capital is held at the reported years’ return through year 10, behind a proven advantage, then falls by year 15 to 19.69%, the average return on capital of the Technology sector in US, 591 companies, 1986 to 2024.
Measured on US's domestic companies, this company out. The sector, since this company is most of its industry. Largest: Apple Inc, 11.0% of the revenue. Left out: 3 reporting in another currency, 516 not domestic, 1 second listings.
The barriers are the CUDA ecosystem of "over 7.5 million developers" (N211), "over 78%" of TOP500 systems (N210), and patents expiring as late as "June 2045" (N214). The asset-light, fabless model (N005) keeps invested capital low. The return is held for the shorter period only, because competitors are building rival ecosystems (N220, R013, R015).

Earnings Power vs Assets

Does the business earn more than it would cost to rebuild? Greenwald's test for a moat.

Market Cap

01.00T2.00T3.00T4.00T

Asset Value

What a newcomer would spend to rebuild it, less what it owes; the bar runs from every asset at the cautious end of its inputs to every asset at the generous end (see Adjusted Balance Sheet)

194.33B – 245.54B

Earnings Power Value

What the business earns, as if it never grew

834.01B USD

Market Cap

What the market pays for all the shares

4.20T USD

Cost to rebuild (bar: low to high)What it earns, as a value: green above the Market Cap, red belowMarket CapEarns what it costs: Case BLinear axis, USD.

Earnings Power Value ÷ Asset Value3.74×

0.25×0.80×1.25×4.00×

Logarithmic axis: 0.80× and 1.25× are the same distance from 1×.

Case A: The Assets Earn Too Little

The business earns less than it would cost to rebuild. A newcomer would not build it, so the value is what it earns, not what its assets cost.

Case B: A Normal Business

It earns about what its assets cost to rebuild: no moat and no penalty. The value is the asset value.

Case C: Something Protects It (This Company)

It earns well above what its assets cost. Something keeps newcomers out, and that franchise is worth the difference.

Franchise value

Earnings power value less asset value: what a moat is worth, negative when there is none.

610.76B USD

Bear case

In the bear case, the protection or the earnings fall back toward the asset value of 223.25B USD, with a range from 194.33B USD to 245.54B USD.

Base case

The base case is what the printed years support: Greenwald's value on case C, 834.01B USD.

Bull case

The bull case is the intrinsic value of 2.45T USD: Profit and FCFF at their growth basis, averaged with EPV + growth.

Expected Return

What a buyer at this price earns a year if the business holds: cash returned, organic growth and reinvestment, against the cost of equity.

1.9%

Cash Returned

Shareholders' Earnings 111.82B USD × Payout 69.5% ÷ Market Cap (Shareholders' Earnings = (Earnings Power − Debt × Cost of Debt After Tax) × (1 − Minority Owners' Share))

19.3%

Organic Growth

Revenue Growth 33.0% × Value ÷ Price 0.58 (the Growth the Projections Use from the Evidence, in Place of the Printed 76.4%)

-2.8%

Reinvestment

Reinvestment Beyond Organic Growth -4.07B USD × Value Created per Unit 28.79 ÷ Market Cap

18.3%

Expected Return a Year

At value equal to price: 32.1%

Against a cost of equity of 14.8%: above it by 3.6%. That is how much of the return the franchise may lose before it earns only its cost.

Payout 69.5% = (Dividends Paid + max(Buybacks − Shares Issued, 0)) ÷ Shareholders' Net Income (Reported Years Averaged)
Reinvestment Beyond Organic Growth -4.07B USD = Shareholders' Earnings 111.82B USD × (1 − Payout 69.5%) − Organic Investment 38.22B USD
Organic Investment 38.22B USD = Revenue 215.94B USD × Revenue Growth 33.0% × Working Capital ÷ Revenue 53.6% (Working Capital = Current Assets − Current Liabilities + Current Debt, Reported Years Averaged)
Value Created per Unit 28.79 = Return on Operating Capital 425.3% ÷ Cost of Equity 14.8% (Return on Operating Capital = Σ NOPAT ÷ Σ (Fixed Capital + Working Capital) at the Start of the Year, Reported Years Added Up)

What Comes Next

Dated events ahead that can matter to a holder, each with the quote that dates it.

Dec 2027Lock-up on long-term publicly-held equity securities endsOther
Either way for holders
Public equity stakes locked up through December 2027 become sellable, so their value is exposed to market prices.
2029Guarantees for the OpenAI PORTS campus leases begin to take effect as data centers are placed in serviceContract or concession
Either way for holders
Exclusive hosting of NVIDIA compute locks in demand, but the guarantees, capped at $105 billion, tie the company to one customer's credit.

Earnings Power, Step by Step

Average margin on sustainable revenue, average tax, depreciation above maintenance CapEx.

From Revenue to the Value of the Operations

215.94B USD

Latest Revenue

59.0%

Average Operating Margin, Latest 3 Reported Years

127.35B USD

Sustainable Operating Profit

× (1 −

13.5%

Average Tax Rate

) +

1.84B USD

Depreciation Above Maintenance CapEx, After Tax

112.04B USD

Earnings Power (NOPAT)

14.7%

Cost of Capital (WACC)

759.74B USD

EPV of the Operations

Cost of Equity = Risk-Free Rate 4.75% (in USD, the 10-year government bond yield less the country's default spread, 4.98 - 0.23) + Beta 2.247 (the market's) × Equity Risk Premium 4.46% (the country's) = 14.77% (in the currency of the figures it discounts).

Cost of debt after tax: interest of 259.00M USD over the year's average debt of 8.47B USD, less tax at 13.5% = 2.65%. Weighted 99.80% equity at the market cap, 0.20% debt: 14.75%.

The screener's rate, a check: 17.68%.

From the Operations to the Shareholders

EPV of the Operations

759.74B USD

Free Cash

cash the company may use freely

+62.56B USD

Assets the Business Does Not Need

Private company equity stakes, Locked-up listed equity stakes

+27.09B USD

Debt

the lines classed as debt: Short-term debt, Long-term debt, at its value (printed 8.47B USD)

-7.50B USD

Claims Ahead of the Shareholders

minority interests and a dividend already declared

-3.92B USD

Legacy Liabilities

pensions, lawsuits, environment: inherited from the past

-3.96B USD

EPV of the Equity

834.01B USD

If the Assumptions Were a Step Off

Earnings power value of the equity at other costs of capital and margins.

No cell reaches the price between 12.7% and 16.7% cost of capital.

WACC ↓ · margin →	58.0%	58.5%	59.0%	59.5%	60.0%
12.7%	938.55B	945.88B	953.21B	960.54B	967.87B
13.7%	875.68B	882.48B	889.27B	896.07B	902.87B
14.7%	821.34B	827.67B	834.01B	840.34B	846.68B
15.7%	773.89B	779.83B	785.76B	791.69B	797.63B
16.7%	732.12B	737.70B	743.28B	748.86B	754.44B

EPV of the equity in USD; the outlined cell is the analysis's own. Green above the market cap (4.20T), red below.

Returns, Payouts and Debt

What each reported year earned, paid to shareholders and owed, as the report prints it, before any adjustment.

Return on Capital, 2026

248.3%

NOPAT ÷ Invested Capital (Equity + Minority Interests + Debt − Cash) at the Start of the Year

Dividend Yield

0.0%

Latest Year's Dividends ÷ Market Cap (on the Price Date Above)

Paid Out in All, 2026

33.7%

(Dividends Paid + max(Buybacks − Shares Issued, 0)) ÷ Shareholders' Net Income

Net Cash, 2026

54.09B USD

Cash − Debt

	2022	2023	2024	2025	2026
Growth and returns
Revenue Growth Revenue ÷ Revenue the Year Before − 1	—	0.2%	125.9%	114.2%	65.5%
Revenue	26.91B USD	26.97B USD	60.92B USD	130.50B USD	215.94B USD
Operating Margin (Operating Profit − Non-Operating Income) ÷ Revenue	37.3%	15.7%	54.1%	62.4%	60.4%
Operating Profit	10.04B USD	4.22B USD	32.97B USD	81.45B USD	130.39B USD
Non-Operating Income (Income of Assets the Business Does Not Need, Valued Apart)	0 USD	0 USD	0 USD	0 USD	0 USD
Net Margin Net Income ÷ Revenue	36.2%	16.2%	48.8%	55.8%	55.6%
Net Income (Minority Owners' Share Included)	9.75B USD	4.37B USD	29.76B USD	72.88B USD	120.07B USD
Return on Equity Shareholders' Net Income ÷ Shareholders' Equity (Book Value) at the Start of the Year	—	—	134.7%	169.6%	151.4%
Shareholders' Net Income Net Income − Minority Owners' Share	9.75B USD	4.37B USD	29.76B USD	72.88B USD	120.07B USD
Shareholders' Equity (Book Value) at the Start of the Year (at the End of the Year Before)	—	—	22.10B USD	42.98B USD	79.33B USD
Return on Capital NOPAT ÷ Invested Capital (Equity + Minority Interests + Debt − Cash) at the Start of the Year	—	—	146.9%	264.6%	248.3%
NOPAT (Operating Profit − Non-Operating Income) × (1 − Tax Rate of the Year)	7.53B USD	3.17B USD	29.02B USD	70.65B USD	110.68B USD
Invested Capital (Equity + Minority Interests + Debt − Cash) at the Start of the Year (at the End of the Year Before)	—	—	19.76B USD	26.70B USD	44.58B USD
CapEx ÷ Depreciation (Above 1×, the Company Invests More Than It Wears Out)	0.8×	1.2×	0.7×	1.7×	2.1×
CapEx	976.00M USD	1.83B USD	1.07B USD	3.24B USD	6.04B USD
Depreciation	1.17B USD	1.54B USD	1.51B USD	1.86B USD	2.84B USD
Paid to shareholders
Dividends Paid	399.00M USD	398.00M USD	395.00M USD	834.00M USD	974.00M USD
Buybacks	0 USD	10.04B USD	9.53B USD	33.71B USD	40.09B USD
Shares Issued	281.00M USD	355.00M USD	403.00M USD	490.00M USD	644.00M USD
Dividend Payout Dividends Paid ÷ Shareholders' Net Income	4.1%	9.1%	1.3%	1.1%	0.8%
Shareholders' Net Income Net Income − Minority Owners' Share	9.75B USD	4.37B USD	29.76B USD	72.88B USD	120.07B USD
Paid Out in All (Dividends Paid + max(Buybacks − Shares Issued, 0)) ÷ Shareholders' Net Income	4.1%	230.8%	32.0%	46.7%	33.7%
Debt
Debt	—	10.95B USD	9.71B USD	8.46B USD	8.47B USD
Cash	—	13.30B USD	25.98B USD	43.21B USD	62.56B USD
Net Debt Debt − Cash (Negative Is Net Cash)	—	-2.34B USD	-16.27B USD	-34.75B USD	-54.09B USD
Net Debt ÷ EBITDA (Years of EBITDA to Repay It; Negative Is Net Cash)	—	-0.4×	-0.5×	-0.4×	-0.4×
EBITDA Operating Profit + Depreciation	11.21B USD	5.77B USD	34.48B USD	83.32B USD	133.23B USD
Interest Cover Operating Profit ÷ Interest	42.5×	16.1×	128.3×	329.8×	503.4×
Operating Profit	10.04B USD	4.22B USD	32.97B USD	81.45B USD	130.39B USD
Interest (Interest on the Debt, as Printed)	236.00M USD	262.00M USD	257.00M USD	247.00M USD	259.00M USD

Dividend policy: On May 18, 2026 the quarterly cash dividend was raised from $0.01 per share to $0.25 per share; future cash dividends depend on the Board of Directors' continuing determination, and buybacks remain the main form of capital return.

Debt Falling Due

The notes the reports name with the year they fall due, not every note, and the conditions the lenders set. The notes named add up to 11.50B USD; the latest annual balance sheet prints 8.47B USD of debt.

2026

1.00B USD

3.20% Notes Due 2026

2028

1.25B USD

1.55% Notes Due 2028

2030

1.50B USD

2.85% Notes Due 2030

2031

1.25B USD

2.00% Notes Due 2031

2040

1.00B USD

3.50% Notes Due 2040

2050

2.00B USD

3.50% Notes Due 2050

2056

3.50B USD

5.625% Notes Due 2056

Lenders' conditions

The note covenants are non-financial and restrict liens, mergers and asset sales; as of July 26, 2026 the company complied with them.
A covenant breach without a waiver from note holders, after applicable cure periods, could make the notes immediately due and payable.

Financial Statements

Every line the reports print, before any adjustment, then what is calculated from them. Open a period for the document it comes from.

Income statement (USD)
Revenue	26.91B	26.97B	60.92B	130.50B	215.94B	90.81B	177.84B
Cost of revenue	9.44B	11.62B	16.62B	32.64B	62.48B	30.28B	44.54B
Gross profit	17.48B	15.36B	44.30B	97.86B	153.46B	60.52B	133.30B
Operating expenses
Research and development	5.27B	7.34B	8.68B	12.91B	18.50B	8.28B	13.38B
Sales, general and administrative	2.17B	2.44B	2.65B	3.49B	4.58B	2.16B	2.65B
Total operating expenses	7.43B	11.13B	11.33B	16.41B	23.08B	10.44B	16.03B
Operating income	10.04B	4.22B	32.97B	81.45B	130.39B	50.08B	117.27B
Interest income	29.00M	267.00M	866.00M	1.79B	2.30B	—	—
Interest expense	-236.00M	-262.00M	-257.00M	-247.00M	-259.00M	—	—
Other income, net	107.00M	-48.00M	237.00M	1.03B	9.02B	3.04B	24.14B
Total other income, net	-100.00M	-43.00M	846.00M	2.57B	11.06B	—	—
Income before income tax	9.94B	4.18B	33.82B	84.03B	141.45B	53.12B	141.41B
Income tax expense	189.00M	-187.00M	4.06B	11.15B	21.38B	7.92B	23.40B
Net income	9.75B	4.37B	29.76B	72.88B	120.07B	45.20B	118.01B
Net income per share:
Basic	3.91	1.76	1.21	2.97	4.93	1.85	4.87
Diluted	3.85	1.74	1.19	2.94	4.90	1.84	4.85
Weighted average shares used in per share computation:
Basic shares, in the report's own unit	2,496	2,487	24,690	24,555	24,359	24,404	24,238
Diluted shares, in the report's own unit	2,535	2,507	24,940	24,804	24,514	24,571	24,338
Acquisition termination cost as another report names it	0	1.35B	—	—	—	—	—
Balance sheet, period end (USD)	2022					H1 2026
Assets
Current assets:
Cash and cash equivalents	—	3.39B	7.28B	8.59B	10.61B	—	22.44B
Marketable securities	—	9.91B	18.70B	34.62B	51.95B	—	—
Accounts receivable, net	—	3.83B	10.00B	23.07B	38.47B	—	63.06B
Inventories	—	5.16B	5.28B	10.08B	21.40B	—	31.57B
Prepaid expenses and other current assets	—	791.00M	3.08B	3.77B	3.18B	—	3.41B
Total current assets	—	23.07B	44.34B	80.13B	125.61B	—	197.41B
Property and equipment, net	—	3.81B	3.91B	6.28B	10.38B	—	14.29B
Operating lease assets	—	1.04B	1.35B	1.79B	2.87B	—	5.39B
Goodwill	—	4.37B	4.43B	5.19B	20.83B	—	21.13B
Intangible assets, net	—	1.68B	1.11B	807.00M	3.31B	—	3.00B
Deferred income tax assets	—	3.40B	6.08B	10.98B	13.26B	—	12.16B
Non-marketable equity securities	—	—	—	3.39B	22.25B	—	—
Other assets	—	3.82B	4.50B	3.04B	8.30B	—	15.75B
Total assets	—	41.18B	65.73B	111.60B	206.80B	—	320.27B
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	—	1.19B	2.70B	6.31B	9.81B	—	15.06B
Accrued and other current liabilities	—	4.12B	6.68B	11.74B	21.35B	—	26.96B
Short-term debt	—	1.25B	1.25B	0	999.00M	—	1.00B
Total current liabilities	—	6.56B	10.63B	18.05B	32.16B	—	43.02B
Long-term debt	—	9.70B	8.46B	8.46B	7.47B	—	32.37B
Long-term operating lease liabilities	—	902.00M	1.12B	1.52B	2.57B	—	4.99B
Other long-term liabilities	—	1.91B	2.54B	4.25B	7.31B	—	10.92B
Total liabilities	—	19.08B	22.75B	32.27B	49.51B	—	91.29B
Commitments and contingencies - see Note 12
Shareholders’ equity:
Preferred stock, $0.001 par value; 2 shares authorized; none issued	—	0	0	0	0	—	—
Common stock, $0.001 par value; 80,000 shares authorized; 24,304 shares issued and outstanding as of January 25, 2026; 24,477 shares issued and outstanding as of January 26, 2025	—	2.00M	2.00M	24.00M	24.00M	—	24.00M
Additional paid-in capital	—	11.97B	13.13B	11.24B	10.12B	—	9.83B
Accumulated other comprehensive income	—	-43.00M	27.00M	28.00M	178.00M	—	-25.00M
Retained earnings	—	10.17B	29.82B	68.04B	146.97B	—	219.16B
Total shareholders' equity	—	22.10B	42.98B	79.33B	157.29B	—	228.98B
Total liabilities and shareholders' equity	—	41.18B	65.73B	111.60B	206.80B	—	320.27B
Marketable debt securities as another report names it	—	—	—	—	—	—	34.14B
Marketable equity securities as another report names it	—	—	—	—	—	—	42.78B
Non-marketable securities as another report names it	—	—	—	—	—	—	51.16B
Cash flow (USD)
Cash flows from operating activities:
Net income	9.75B	4.37B	29.76B	72.88B	120.07B	45.20B	118.01B
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	2.00B	2.71B	3.55B	4.74B	6.39B	3.10B	3.95B
Depreciation and amortization	1.17B	1.54B	1.51B	1.86B	2.84B	1.28B	2.12B
Gains on non-marketable equity securities and publicly-held equity securities, net	-100.00M	45.00M	-238.00M	-1.03B	-8.92B	—	—
Deferred income taxes	-406.00M	-2.16B	-2.49B	-4.48B	-1.42B	-2.16B	982.00M
Other	47.00M	-7.00M	-278.00M	-502.00M	-287.00M	-196.00M	222.00M
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	-2.21B	822.00M	-6.17B	-13.06B	-15.40B	-4.74B	-24.59B
Inventories	-774.00M	-2.55B	-98.00M	-4.78B	-11.32B	-4.88B	-10.20B
Prepaid expenses and other assets	-1.72B	-1.52B	-1.52B	-395.00M	577.00M	946.00M	-6.48B
Accounts payable	568.00M	-551.00M	1.53B	3.36B	3.10B	2.25B	4.13B
Accrued and other current liabilities	581.00M	1.34B	2.02B	4.28B	5.26B	3.08B	8.02B
Other long-term liabilities	192.00M	252.00M	514.00M	1.22B	1.84B	979.00M	1.97B
Net cash provided by operating activities	9.11B	5.64B	28.09B	64.09B	102.72B	42.78B	74.42B
Cash flows from investing activities:
Proceeds from sales of marketable securities	1.02B	1.81B	50.00M	495.00M	15.16B	—	—
Proceeds from maturities of marketable securities	15.20B	19.43B	9.73B	11.20B	11.23B	—	—
Proceeds from sales of non-marketable equity securities	—	—	1.00M	171.00M	84.00M	—	—
Purchases of marketable securities	-24.79B	-11.90B	-18.21B	-26.57B	-40.62B	—	—
Purchases of non-marketable equity securities	—	—	-862.00M	-1.49B	-17.50B	—	—
Groq, Inc.	—	—	0	0	-13.00B	—	-2.94B
Purchases related to property and equipment and intangible assets	-976.00M	-1.83B	-1.07B	-3.24B	-6.04B	-3.12B	-4.43B
Acquisitions, net of cash acquired	-263.00M	-49.00M	-83.00M	-1.01B	-1.53B	-677.00M	-298.00M
Other	-7.00M	-2.00M	-124.00M	22.00M	0	—	-15.00M
Net cash used in investing activities	-9.83B	7.38B	-10.57B	-20.42B	-52.23B	-12.34B	-35.12B
Cash flows from financing activities:
Proceeds related to employee stock plans	281.00M	355.00M	403.00M	490.00M	644.00M	370.00M	515.00M
Payments related to repurchases of common stock	—	-10.04B	-9.53B	-33.71B	-40.09B	-23.82B	-39.04B
Payments related to employee stock plan taxes	-1.90B	-1.48B	-2.78B	-6.93B	-7.95B	-3.38B	-4.53B
Dividends paid	-399.00M	-398.00M	-395.00M	-834.00M	-974.00M	-488.00M	-6.29B
Principal payments on property and equipment and intangible assets	-83.00M	-58.00M	-74.00M	-129.00M	-101.00M	-73.00M	-92.00M
Repayment of debt	-1.00B	0	-1.25B	-1.25B	0	—	—
Other	—	—	-1.00M	0	-9.00M	—	31.00M
Net cash used in financing activities	1.86B	-11.62B	-13.63B	-42.36B	-48.47B	-27.39B	-27.46B
Change in cash and cash equivalents	1.14B	1.40B	3.89B	1.31B	2.02B	3.05B	11.84B
Cash and cash equivalents at beginning of period	847.00M	1.99B	3.39B	7.28B	8.59B	8.59B	10.61B
Cash and cash equivalents at end of period	1.99B	3.39B	7.28B	8.59B	10.61B	11.64B	22.44B
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net	396.00M	1.40B	6.55B	15.12B	20.29B	—	—
Acquisition termination cost as another report names it	0	1.35B	—	—	—	—	—
Investments in non-affiliated entities and other, net as another report names it	-24.00M	-77.00M	—	—	—	—	—
Issuance of debt, net of issuance costs as another report names it	4.98B	0	—	—	—	—	—
Cash paid for interest as another report names it	246.00M	254.00M	—	—	—	—	—
Gains from equity securities, net as another report names it	—	—	—	—	—	-2.07B	-23.71B
Proceeds from sales and maturities of debt securities as another report names it	—	—	—	—	—	6.74B	26.56B
Proceeds from sales of equity securities as another report names it	—	—	—	—	—	70.00M	7.24B
Purchases of equity securities as another report names it	—	—	—	—	—	-1.25B	-42.40B
Purchases of debt securities as another report names it	—	—	—	—	—	-14.11B	-21.78B
Proceeds related to issuance of debt, net of costs as another report names it	—	—	—	—	—	—	24.90B
Calculated from the lines above (USD)	2022	2023	2024	2025	2026	H1 2026	H1 2027
Income Tax Income tax expense	—	—	4.06B	11.15B	21.38B	—	—
CapEx Purchases related to property and equipment and intangible assets	976.00M	1.83B	1.07B	3.24B	6.04B	—	—
Depreciation and Amortisation Depreciation and amortization	1.17B	1.54B	1.51B	1.86B	2.84B	—	—
Fixed Assets Property and equipment, net + Operating lease assets + Intangible assets, net	—	6.52B	6.37B	8.88B	16.56B	—	—
Tax Rate Income Tax ÷ Profit Before Tax; a loss year has none	—	—	12.0%	13.3%	15.1%	—	—

Who Owns It

Every holder of 5% or more of the capital the reports and the research name (5% is the share at which holders must disclose), then the rest of the capital.

BlackRock, Inc.

Fund or institution

7.4%

Vanguard Capital Management

Fund or institution

7.3%

The rest of the capital

holders the reports and the research do not name

85.3%

Peers

The company against listings in the same industry: how the market prices them, what they earn.

Price ÷ Book26.67× vs 12.61× peers' average

Return on Equity151.4% vs 28.6% peers' average

Operating Margin60.4% vs 25.4% peers' average

Peer	Market	Market Cap (USD)	Price ÷ Book	ROE	Op. Margin
AVGO Broadcom Inc.	US	1.64T	16.46×	34.2%	40.8%
AMD Advanced Micro Devices, Inc.	US	1.01T	14.95×	7.5%	10.7%
MU Micron Technology, Inc.	US	993.87B	7.18×	156.9%	74.6%
INTC Intel Corporation	US	634.97B	6.15×	-0.3%	0.0%
TXN Texas Instruments Incorporated	US	257.16B	14.27×	29.6%	34.7%
MRVL Marvell Technology, Inc.	US	241.17B	13.00×	19.9%	16.3%
ADI Analog Devices, Inc.	US	196.25B	5.84×	6.4%	27.2%
QCOM QUALCOMM Incorporated	US	194.68B	7.03×	21.1%	28.0%
ASX ASE Technology Holding Co., Ltd.	US	116.58B	8.85×	12.5%	8.0%
MPWR Monolithic Power Systems, Inc.	US	66.95B	17.17×	21.1%	26.1%
UMC United Microelectronics Corporation	US	63.29B	4.54×	11.0%	18.4%
ALAB Astera Labs, Inc.	US	61.90B	35.83×	22.7%	20.3%

Semiconductors in the screener: 12 of 120, the same market first, then the closest in size. The company's own figures are its report's latest year in Returns, Payouts and Debt: Shareholders' Net Income ÷ Shareholders' Equity (Book Value) at the Start of the Year, (Operating Profit − Non-Operating Income) ÷ Revenue. The peers' are the same formulas on the screener's statements of the year each peer's valuation stands on, where Operating Income already leaves out the non-operating income.

In Our Strategy

Where the screener ranks the company and whether the strategy would buy it.

Not in what the strategy buys

Place 191 of 2,310 by value in its market (US). The strategy buys the first 25.

Market	Companies above the floor	Place by value	Top 25
US	2,310	191	No
All markets	5,725	712	No

Place 1 is the cheapest: the highest value over market cap. Only companies above their market's floor count, $1B in every market and $500M in Romania, and a company listed in several markets counts once.

Adjusted Balance Sheet

From the book value the balance sheet prints to the asset value a buyer would count.

What Moves the Book Value

Book Value

assets less liabilities, as printed

157.29B USD

Cash and cash equivalents

+51.95B USD

Marketable securities

-51.95B USD

Goodwill

-12.43B USD

Intangible assets, net

+70.68B USD

Deferred income tax assets

-3.08B USD

Long-term debt

+968.00M USD

Organisation and customer relationships

not in the balance sheet

+13.74B USD

Deferred Groq consideration

not in the balance sheet

-3.92B USD

Asset Value

at reproduction, less what is owed

223.25B USD

Every Line

As printed, each line with what a buyer would count. Open an asset line for the economic assets it holds, and an asset for the figures and quotes behind its value.

Line	Balance sheet	Adjusted	Change	Why
Assets
Current assets:
Cash and cash equivalents	10.61B	62.56B	+489.9%
Marketable securitiesheld in Cash and marketable securities, valued on its first line	51.95B	0	-100.0%	held in Cash and marketable securities, valued on its first line
Accounts receivable, net	38.47B	38.47B	0.0%
Inventories	21.40B	21.40B	0.0%
Prepaid expenses and other current assets	3.18B	3.18B	0.0%
Total current assets	125.61B	125.61B	0.0%
Property and equipment, net	10.38B	10.38B	0.0%
Operating lease assets	2.87B	2.87B	0.0%
Goodwill	20.83B	8.40B	-59.7%
Intangible assets, net	3.31B	73.99B	+2138.0%
Deferred income tax assets	13.26B	10.18B	-23.2%
Non-marketable equity securities	22.25B	22.25B	0.0%
Other assetsThe sum of the economic assets below.	8.30B	8.30B	0.0%	The sum of the economic assets below.
Total assets	206.80B	261.98B	+26.7%
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	9.81B	9.81B	0.0%
Accrued and other current liabilities	21.35B	21.35B	0.0%
Short-term debt	999.00M	999.00M	0.0%
Total current liabilities	32.16B	32.16B	0.0%
Long-term debtFair value the notes print. The note prints the estimated fair value of debt as "$7.5 billion", below its carrying amount (N349). Most of the debt is low fixed-coupon notes (N342-N347).	7.47B	6.50B	-13.0%	Fair value the notes print. The note prints the estimated fair value of debt as "$7.5 billion", below its carrying amount (N349). Most of the debt is low fixed-coupon notes (N342-N347).
Long-term operating lease liabilities	2.57B	2.57B	0.0%
Other long-term liabilitiesLegacy liability: Unrecognized tax benefits (3.96B off the earnings power). These are disputes over past tax filings under examination (N280, N377), inherited from earlier years.	7.31B	7.31B	0.0%	Legacy liability: Unrecognized tax benefits (3.96B off the earnings power). These are disputes over past tax filings under examination (N280, N377), inherited from earlier years.
Total liabilities	49.51B	48.54B	-2.0%
Commitments and contingencies - see Note 12
Shareholders’ equity:
Preferred stock, $0.001 par value; 2 shares authorized; none issued	0
Common stock, $0.001 par value; 80,000 shares authorized; 24,304 shares issued and outstanding as of January 25, 2026; 24,477 shares issued and outstanding as of January 26, 2025	24.00M
Additional paid-in capital	10.12B
Accumulated other comprehensive income	178.00M
Retained earnings	146.97B
Total shareholders' equityThe adjusted assets less the liabilities as printed, before what the balance sheet does not carry (below).	157.29B	213.43B	+35.7%	The adjusted assets less the liabilities as printed, before what the balance sheet does not carry (below).
Total liabilities and shareholders' equity	206.80B	261.98B	+26.7%
Not in the balance sheet: CUDA developer ecosystemIt cannot be rebuilt and no transaction prices it, so its value shows in earnings power.	0	—	—	It cannot be rebuilt and no transaction prices it, so its value shows in earnings power.
Not in the balance sheet: Organisation and customer relationshipsValued by years of spending it takes to build. The balance sheet does not carry it. Inputs: annual spend 4.58B USD (F152); years 3 years, 2 years to 5 years.	0	13.74B	—	Valued by years of spending it takes to build. The balance sheet does not carry it. Inputs: annual spend 4.58B USD (F152); years 3 years, 2 years to 5 years.
Not in the balance sheet: Deferred Groq considerationAccrued purchase consideration of 3,921M at January 25, 2026 (N332), related to the Groq license and hires (N396), is acquisition financing owed to the sellers inside an operating liability, so the EPV bridge would not deduct it; it was paid as a financing outflow (N397).	0	-3.92B	—	Accrued purchase consideration of 3,921M at January 25, 2026 (N332), related to the Groq license and hires (N396), is acquisition financing owed to the sellers inside an operating liability, so the EPV bridge would not deduct it; it was paid as a financing outflow (N397).
Restricted cash (not the owners')Set by the analyst: The 10.5B under a short-term lock-up (N315) is listed equity carried at fair value, an owners' asset whose sale is delayed, not lost; the stakes locked until December 2027 (N316) are counted at full value, so removing the short-term ones counted the same kind of asset two ways.	0	0	—	Set by the analyst: The 10.5B under a short-term lock-up (N315) is listed equity carried at fair value, an owners' asset whose sale is delayed, not lost; the stakes locked until December 2027 (N316) are counted at full value, so removing the short-term ones counted the same kind of asset two ways.
ASSET VALUE AT REPRODUCTION, LESS WHAT IS OWEDThe adjusted assets, less the liabilities, claims, legacy amounts the balance sheet does not carry and the restricted cash.	157.29B	223.25B	+41.9%	The adjusted assets, less the liabilities, claims, legacy amounts the balance sheet does not carry and the restricted cash.

Investor Checklist

The questions to ask of any business, answered from the reports and research, or marked unknown.

Answered

questions

Not applicable

question

Unknown

questions

business

The largest customers, products, suppliers and countries, and their share of revenue.

Revenue is concentrated by customer, product, supplier and country.

Customers: in fiscal 2026, one direct customer was "22% of total revenue" and another "14%" (N237). In the first half of fiscal 2027, three direct customers made up a large share (N415). Hyperscale revenue is about half of the total (N420).
Products: Compute & Networking produces almost all revenue (N261, N418).
Suppliers: TSMC and Samsung make the wafers (N006). SK Hynix, Micron and Samsung supply memory (N212). Contract manufacturers such as Hon Hai, Wistron and Fabrinet assemble and test the products (N008).
Countries: NVIDIA is "effectively foreclosed" from China's data center market (N475). Revenue billed to Taiwan-headquartered customers largely ends up with US and European end customers (N387).

Fixed against variable costs, operating leverage, the main cost lines and what drives them.

Most costs are variable cost of revenue. Operating expenses are small and largely fixed against revenue, which gives strong operating leverage (N252). In fiscal 2026, revenue was 215,938,000,000 (F147) and operating income was 130,387,000,000 (F154).

Cost of revenue was 62,475,000,000 (F148). It is driven by the shift to full Blackwell systems (N254), by inventory provisions (N255) and by memory prices. TrendForce projects DRAM contract prices to rise another 10–15% in 4Q26 (R019).
Research and development was 18,497,000,000 (F151). It grows mainly with compute infrastructure costs and compensation (N494).
Sales, general and administrative was 4,579,000,000 (F152).

How revenue, volumes and margins moved through past cycles and shocks.

Revenue and margins have swung hard. In fiscal 2023, revenue was flat while operating income fell, hit by the Arm termination charge and inventory write-downs (N071, N075, N028). Fiscal 2024 tripled Data Center revenue (N076), and the H20 export charge cut margins in fiscal 2026 (N266, N267). Quarterly revenue reached 96,221,000,000 in Q2 fiscal 2027 (N480).

industry

What could replace the product or shrink the industry: substitutes, technology, energy transition, regulation.

No substitute for accelerated computing appears in the reports. The risks come from rival chips, China's own suppliers and regulation.

AMD's Data Center revenue was "a record $8.5 billion, up 97%" (R013).
Broadcom's AI semiconductor revenue reached "$16.7 Billion" in a quarter (R015).
The Chinese government "has encouraged customers to purchase from our China-based competitors" (N222). NVIDIA says its foreclosure from China helped its competitors build larger ecosystems (N220).
Regulation: the worldwide AI export rule is due to be replaced (N221). The proposed RASA legislation could ban cloud services to companies with a Chinese ultimate parent (N477). The French Competition Authority is examining how gaming and data center GPUs are categorised (N476).

moat

Return on equity and on capital over the years in the statements, against the cost of capital.

Returns are far above the cost of capital. Fiscal 2026 net income was 120,067,000,000 (F161) on year-end equity of 157,293,000,000 (F103), and operating income was 130,387,000,000 (F154). The projections assume returns of 157.8% on equity and 254.4% on capital, against a cost of capital of 14.7%.

When the protections expire or could erode: licence or concession end dates, patent expiries, regulatory reviews, contract renewals.

There is no concession or licence to expire. The protections are patents, the pace of product launches and the CUDA ecosystem, and they can erode in several ways.

Patents: "Our currently issued patents have expiration dates from March 2026 to June 2045" (N214).
Product cadence: a new data center architecture began production shipments (N461).
No contracts lock customers in: purchase orders can be cancelled without penalty (N238).
Regulators: the French authority has an inquiry under way (N242). Chinese regulators preliminarily found a breach of the Mellanox approval conditions (N243).
The Groq LPU technology was licensed on a non-exclusive basis (N293).

earnings

One-off items, accruals against cash, capitalised costs, stock-based pay, provisions built or released.

Reported net income is boosted by equity gains and is not fully matched by cash. Fiscal 2026 operating cash flow was 102,718,000,000 (F265), against net income of 120,067,000,000 (F161).

Gains on equity securities were -8,918,000,000 in fiscal 2026 (F255) and -23,707,000,000 in the first half of fiscal 2027 (F443), as the cash flow statement prints them.
Stock-based compensation was 6,386,000,000 (F253). Payments for employee stock plan taxes were -7,948,000,000 (F280).
Receivables absorbed -15,399,000,000 in fiscal 2026 (F259) and -24,590,000,000 in the first half (F446). Part of this comes from extended payment terms (N499).
Releases of inventory provisions flattered gross margin (N268). A state tax valuation allowance was released, a one-off (N277).
The 13.0B Groq payment of fiscal 2026 sits in investing cash flows (F272); the 2,944M paid in the first half of fiscal 2027 sits in financing (N397).

Capital spending needed just to keep capacity, against growth spending and against depreciation.

The reports do not split maintenance from growth capital spending. The business is fabless (N005). Capital spending of -6,042,000,000 in fiscal 2026 (F273) against depreciation of 2,843,000,000 (F254) reads as mostly growth spending. Management guides capital spending higher (N286), including US manufacturing equipment (N233).

balance sheet

Guarantees, purchase commitments, leases, pensions, litigation, environmental and decommissioning duties, obligations at the end of a concession.

Off-balance-sheet commitments are very large and growing.

Supply commitments rose "from $119 billion last quarter to $279 billion" (N434).
The guarantees for the OpenAI campus leases are "capped at $105 billion in the aggregate" (N465). There are also land, power and shell guarantees for AI cloud partners (N427).
NVIDIA must buy any capacity that AI clouds fail to sell to third parties (N470). It also has leases not yet started (N436), leases taken for third parties (N442) and uncapped indemnities (N362).
Committed equity investments in AI model makers and other companies (N438). Financing platforms aim to mobilise over $500 billion of third-party capital (R004).
Litigation: the crypto-mining securities class action was certified on March 25, 2026 (N454), and nothing is accrued (N455). Unrecognized tax benefits are "$4.0 billion" (N279).

Debt, maturities, covenants, refinancing needs, liquidity.

Debt is small against liquid assets, but it rose sharply in 2026. Long-term debt was 7,469,000,000 at January 25, 2026 (F092) and 32,366,000,000 at July 26, 2026 (F314), after $25.0 billion of notes in seven tranches (R008). Short-term debt is 1,000,000,000 (F312). The covenants are non-financial and were met (N447), commercial paper is undrawn (N510), and July cash was 22,443,000,000 (F293).

Assets the business does not need to run: surplus cash, investments, idle land or plant.

The company holds sizeable assets that the business does not need to run.

Private equity stakes: 22,251,000,000 at year end (F083), and non-marketable securities of 51,157,000,000 at July 26, 2026 (F305). They are carried at values that follow funding rounds (N289).
Marketable equity securities: 42,783,000,000 (F295). Of these, "$10.5 billion" was under short-term lock-up at year end (N315), and some are locked until December 2027 (N316).
Cash held abroad is largely usable. Only a small part would carry repatriation tax (N283).

management

Dividends, buybacks, investments and acquisitions over time, and what they returned.

Most cash goes to buybacks and to stakes in the AI ecosystem. The reports do not show what the stakes have returned in cash.

Buybacks: -40,086,000,000 in fiscal 2026 (F279) and -39,044,000,000 in the first half of fiscal 2027 (F465).
Dividends: -974,000,000 (F281) and -6,290,000,000 (F466). The quarterly dividend was raised from $0.01 to $0.25 per share (R027).
Groq: -13,000,000,000 in fiscal 2026 (F272).
Purchases of non-marketable equity securities: -17,502,000,000 (F271). Purchases of equity securities in the first half: -42,404,000,000 (F456). A $1.5 billion investment in SB Energy (R005). A large part of the private portfolio's carrying value is write-ups (N321).

Minority protection, related-party dealings, the board and its independence (the main shareholders have their own section).

PwC, the auditor since 2004, gave clean opinions and found internal control effective (N308). A clawback policy covers incentive pay after any restatement (N203). Takeovers are hindered by Delaware law, the governing documents and Microsoft's possible first and last rights of refusal (N034, N060). Investing in AI model makers that buy its products reads as circular dealing (N241, N470). The reports given do not describe the board's composition or independence.

Who runs it, their record, their incentives, turnover.

The company is founder-led, with key-person dependence. The co-founder has been CEO since 1993 (N225) and holds 3.58% (R024). The CFO has been in the role since 2013 (N226) and adopted a Rule 10b5-1 share sale plan (N514). Employee turnover is low (N224).

regulation

Who regulates, how prices or tariffs are set, the allowed return, the next review.

No regulator sets NVIDIA's prices or an allowed return. Regulation reaches it through US export controls, antitrust inquiries and tax law, covered under political and country risk.

Special taxes, state intervention, currency, country risk.

Political risk is high on several fronts.

US export controls: NVIDIA is "effectively foreclosed" from China's data center market (N475). The US government expects a share of licensed China revenue (N217), and licensed H200s pay a US import tariff (N474).
China discourages purchases of NVIDIA products (N222). Its antitrust regulators raise the Mellanox conditions (N243).
Supply depends on partners in Taiwan and South Korea (N478). The Israel operations have about 6,200 employees (N479).
Tax: the FDDEI deduction and the OBBBA law shape the effective tax rate (N257, N367).

technology

The systems the business runs on (control, IT, automation): their state, cyber risk, obsolescence.

The reports say little about internal systems. A new ERP system was being implemented, a risk to controls and reporting (N087). The GFN service holds partners' game source code and has been breached before (N086). Internal control was judged effective (N308).

For a technology-driven business: switching costs, network effects, proprietary data, R&D as investment, marginal cost of scale, retention.

The moat rests on CUDA's network effect and on scale in R&D. "over 7.5 million developers" use CUDA (N211), NVIDIA powers "over 78%" of the TOP500 (N210), and it has invested "over $76.7 billion" in R&D since inception (N207). Data Center networking revenue "grew 142%" (N265). Switching costs are partial because orders can be cancelled (N238). R&D was not read as an investment here, because too few years of R&D are printed.

Age and condition of the physical assets, remaining life, deferred maintenance.

The business is fabless (N005). Its physical assets are recently bought, short-lived compute hardware (N326, N330). Net property and equipment rose from 10,383,000,000 (F078) to 14,285,000,000 at July 26, 2026 (F300), and land is carried at cost (N327). The reports give no evidence of deferred maintenance.

market

What the price implies, liquidity, analyst coverage, why the market pays what it pays.

The market pays 5.03x the earnings power value. The price needs Profit and FCFF at 183.9% of what is projected, which reads as pricing in AI infrastructure growth like IDC's "approximately 33%" a year (R012) for well beyond five years. BlackRock holds 7.43% (R022) and Vanguard 7.31% (R023). The research gives no data on trading liquidity or analyst coverage.

Why the gap might never close.

Here the price stands above every value, so the question is whether the gap closes through the price or through earnings. If Data Center growth and margins hold, as the Q3 guidance of $108.0 billion suggests (R002) with margins high and stable (N483), earnings could rise to meet the price, and the gap would never close by the price falling.

decision

The facts that, if observed, would prove the conclusion wrong.

The conclusion is that the price is above intrinsic value. These facts would prove it wrong.

Revenue keeps growing at rates like IDC's "approximately 33%" (R012) while gross margins stay high and stable (N483).
Results beat the Q3 guidance of $108.0 billion (R002), and the higher supply commitments are absorbed without excess inventory charges (N434).
China reopens to H200 sales (N219).
The large customers keep their orders, despite their right to cancel (N238).

	Question	Answer
business
	The largest customers, products, suppliers and countries, and their share of revenue.	Revenue is concentrated by customer, product, supplier and country. Customers: in fiscal 2026, one direct customer was "22% of total revenue" and another "14%" (N237). In the first half of fiscal 2027, three direct customers made up a large share (N415). Hyperscale revenue is about half of the total (N420). Products: Compute & Networking produces almost all revenue (N261, N418). Suppliers: TSMC and Samsung make the wafers (N006). SK Hynix, Micron and Samsung supply memory (N212). Contract manufacturers such as Hon Hai, Wistron and Fabrinet assemble and test the products (N008). Countries: NVIDIA is "effectively foreclosed" from China's data center market (N475). Revenue billed to Taiwan-headquartered customers largely ends up with US and European end customers (N387).
	Fixed against variable costs, operating leverage, the main cost lines and what drives them.	Most costs are variable cost of revenue. Operating expenses are small and largely fixed against revenue, which gives strong operating leverage (N252). In fiscal 2026, revenue was 215,938,000,000 (F147) and operating income was 130,387,000,000 (F154). Cost of revenue was 62,475,000,000 (F148). It is driven by the shift to full Blackwell systems (N254), by inventory provisions (N255) and by memory prices. TrendForce projects DRAM contract prices to rise another 10–15% in 4Q26 (R019). Research and development was 18,497,000,000 (F151). It grows mainly with compute infrastructure costs and compensation (N494). Sales, general and administrative was 4,579,000,000 (F152).
	How revenue, volumes and margins moved through past cycles and shocks.	Revenue and margins have swung hard. In fiscal 2023, revenue was flat while operating income fell, hit by the Arm termination charge and inventory write-downs (N071, N075, N028). Fiscal 2024 tripled Data Center revenue (N076), and the H20 export charge cut margins in fiscal 2026 (N266, N267). Quarterly revenue reached 96,221,000,000 in Q2 fiscal 2027 (N480).
industry
	What could replace the product or shrink the industry: substitutes, technology, energy transition, regulation.	No substitute for accelerated computing appears in the reports. The risks come from rival chips, China's own suppliers and regulation. AMD's Data Center revenue was "a record $8.5 billion, up 97%" (R013). Broadcom's AI semiconductor revenue reached "$16.7 Billion" in a quarter (R015). The Chinese government "has encouraged customers to purchase from our China-based competitors" (N222). NVIDIA says its foreclosure from China helped its competitors build larger ecosystems (N220). Regulation: the worldwide AI export rule is due to be replaced (N221). The proposed RASA legislation could ban cloud services to companies with a Chinese ultimate parent (N477). The French Competition Authority is examining how gaming and data center GPUs are categorised (N476).
moat
	Return on equity and on capital over the years in the statements, against the cost of capital.	Returns are far above the cost of capital. Fiscal 2026 net income was 120,067,000,000 (F161) on year-end equity of 157,293,000,000 (F103), and operating income was 130,387,000,000 (F154). The projections assume returns of 157.8% on equity and 254.4% on capital, against a cost of capital of 14.7%.
	When the protections expire or could erode: licence or concession end dates, patent expiries, regulatory reviews, contract renewals.	There is no concession or licence to expire. The protections are patents, the pace of product launches and the CUDA ecosystem, and they can erode in several ways. Patents: "Our currently issued patents have expiration dates from March 2026 to June 2045" (N214). Product cadence: a new data center architecture began production shipments (N461). No contracts lock customers in: purchase orders can be cancelled without penalty (N238). Regulators: the French authority has an inquiry under way (N242). Chinese regulators preliminarily found a breach of the Mellanox approval conditions (N243). The Groq LPU technology was licensed on a non-exclusive basis (N293).
earnings
	One-off items, accruals against cash, capitalised costs, stock-based pay, provisions built or released.	Reported net income is boosted by equity gains and is not fully matched by cash. Fiscal 2026 operating cash flow was 102,718,000,000 (F265), against net income of 120,067,000,000 (F161). Gains on equity securities were -8,918,000,000 in fiscal 2026 (F255) and -23,707,000,000 in the first half of fiscal 2027 (F443), as the cash flow statement prints them. Stock-based compensation was 6,386,000,000 (F253). Payments for employee stock plan taxes were -7,948,000,000 (F280). Receivables absorbed -15,399,000,000 in fiscal 2026 (F259) and -24,590,000,000 in the first half (F446). Part of this comes from extended payment terms (N499). Releases of inventory provisions flattered gross margin (N268). A state tax valuation allowance was released, a one-off (N277). The 13.0B Groq payment of fiscal 2026 sits in investing cash flows (F272); the 2,944M paid in the first half of fiscal 2027 sits in financing (N397).
	Capital spending needed just to keep capacity, against growth spending and against depreciation.	The reports do not split maintenance from growth capital spending. The business is fabless (N005). Capital spending of -6,042,000,000 in fiscal 2026 (F273) against depreciation of 2,843,000,000 (F254) reads as mostly growth spending. Management guides capital spending higher (N286), including US manufacturing equipment (N233).
balance sheet
	Guarantees, purchase commitments, leases, pensions, litigation, environmental and decommissioning duties, obligations at the end of a concession.	Off-balance-sheet commitments are very large and growing. Supply commitments rose "from $119 billion last quarter to $279 billion" (N434). The guarantees for the OpenAI campus leases are "capped at $105 billion in the aggregate" (N465). There are also land, power and shell guarantees for AI cloud partners (N427). NVIDIA must buy any capacity that AI clouds fail to sell to third parties (N470). It also has leases not yet started (N436), leases taken for third parties (N442) and uncapped indemnities (N362). Committed equity investments in AI model makers and other companies (N438). Financing platforms aim to mobilise over $500 billion of third-party capital (R004). Litigation: the crypto-mining securities class action was certified on March 25, 2026 (N454), and nothing is accrued (N455). Unrecognized tax benefits are "$4.0 billion" (N279).
	Debt, maturities, covenants, refinancing needs, liquidity.	Debt is small against liquid assets, but it rose sharply in 2026. Long-term debt was 7,469,000,000 at January 25, 2026 (F092) and 32,366,000,000 at July 26, 2026 (F314), after $25.0 billion of notes in seven tranches (R008). Short-term debt is 1,000,000,000 (F312). The covenants are non-financial and were met (N447), commercial paper is undrawn (N510), and July cash was 22,443,000,000 (F293).
	Assets the business does not need to run: surplus cash, investments, idle land or plant.	The company holds sizeable assets that the business does not need to run. Private equity stakes: 22,251,000,000 at year end (F083), and non-marketable securities of 51,157,000,000 at July 26, 2026 (F305). They are carried at values that follow funding rounds (N289). Marketable equity securities: 42,783,000,000 (F295). Of these, "$10.5 billion" was under short-term lock-up at year end (N315), and some are locked until December 2027 (N316). Cash held abroad is largely usable. Only a small part would carry repatriation tax (N283).
management
	Dividends, buybacks, investments and acquisitions over time, and what they returned.	Most cash goes to buybacks and to stakes in the AI ecosystem. The reports do not show what the stakes have returned in cash. Buybacks: -40,086,000,000 in fiscal 2026 (F279) and -39,044,000,000 in the first half of fiscal 2027 (F465). Dividends: -974,000,000 (F281) and -6,290,000,000 (F466). The quarterly dividend was raised from $0.01 to $0.25 per share (R027). Groq: -13,000,000,000 in fiscal 2026 (F272). Purchases of non-marketable equity securities: -17,502,000,000 (F271). Purchases of equity securities in the first half: -42,404,000,000 (F456). A $1.5 billion investment in SB Energy (R005). A large part of the private portfolio's carrying value is write-ups (N321).
	Minority protection, related-party dealings, the board and its independence (the main shareholders have their own section).	PwC, the auditor since 2004, gave clean opinions and found internal control effective (N308). A clawback policy covers incentive pay after any restatement (N203). Takeovers are hindered by Delaware law, the governing documents and Microsoft's possible first and last rights of refusal (N034, N060). Investing in AI model makers that buy its products reads as circular dealing (N241, N470). The reports given do not describe the board's composition or independence.
	Who runs it, their record, their incentives, turnover.	The company is founder-led, with key-person dependence. The co-founder has been CEO since 1993 (N225) and holds 3.58% (R024). The CFO has been in the role since 2013 (N226) and adopted a Rule 10b5-1 share sale plan (N514). Employee turnover is low (N224).
regulation
	Who regulates, how prices or tariffs are set, the allowed return, the next review.	No regulator sets NVIDIA's prices or an allowed return. Regulation reaches it through US export controls, antitrust inquiries and tax law, covered under political and country risk.
	Special taxes, state intervention, currency, country risk.	Political risk is high on several fronts. US export controls: NVIDIA is "effectively foreclosed" from China's data center market (N475). The US government expects a share of licensed China revenue (N217), and licensed H200s pay a US import tariff (N474). China discourages purchases of NVIDIA products (N222). Its antitrust regulators raise the Mellanox conditions (N243). Supply depends on partners in Taiwan and South Korea (N478). The Israel operations have about 6,200 employees (N479). Tax: the FDDEI deduction and the OBBBA law shape the effective tax rate (N257, N367).
technology
	The systems the business runs on (control, IT, automation): their state, cyber risk, obsolescence.	The reports say little about internal systems. A new ERP system was being implemented, a risk to controls and reporting (N087). The GFN service holds partners' game source code and has been breached before (N086). Internal control was judged effective (N308).
	For a technology-driven business: switching costs, network effects, proprietary data, R&D as investment, marginal cost of scale, retention.	The moat rests on CUDA's network effect and on scale in R&D. "over 7.5 million developers" use CUDA (N211), NVIDIA powers "over 78%" of the TOP500 (N210), and it has invested "over $76.7 billion" in R&D since inception (N207). Data Center networking revenue "grew 142%" (N265). Switching costs are partial because orders can be cancelled (N238). R&D was not read as an investment here, because too few years of R&D are printed.
	Age and condition of the physical assets, remaining life, deferred maintenance.	The business is fabless (N005). Its physical assets are recently bought, short-lived compute hardware (N326, N330). Net property and equipment rose from 10,383,000,000 (F078) to 14,285,000,000 at July 26, 2026 (F300), and land is carried at cost (N327). The reports give no evidence of deferred maintenance.
market
	What the price implies, liquidity, analyst coverage, why the market pays what it pays.	The market pays 5.03x the earnings power value. The price needs Profit and FCFF at 183.9% of what is projected, which reads as pricing in AI infrastructure growth like IDC's "approximately 33%" a year (R012) for well beyond five years. BlackRock holds 7.43% (R022) and Vanguard 7.31% (R023). The research gives no data on trading liquidity or analyst coverage.
	Why the gap might never close.	Here the price stands above every value, so the question is whether the gap closes through the price or through earnings. If Data Center growth and margins hold, as the Q3 guidance of $108.0 billion suggests (R002) with margins high and stable (N483), earnings could rise to meet the price, and the gap would never close by the price falling.
decision
	The facts that, if observed, would prove the conclusion wrong.	The conclusion is that the price is above intrinsic value. These facts would prove it wrong. Revenue keeps growing at rates like IDC's "approximately 33%" (R012) while gross margins stay high and stable (N483). Results beat the Q3 guidance of $108.0 billion (R002), and the higher supply commitments are absorbed without excess inventory charges (N434). China reopens to H200 sales (N219). The large customers keep their orders, despite their right to cancel (N238).

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