SuperworthNVIDIA NVDA
- Market cap
- $5.1T
- PE
- 26.7×
- 10y median 54.4×
- Forward PE
- 17.5×
- 10y median 33.6×
- Price to sales
- 16.8×
- EV/EBIT
- 25.4×
- Revenue, 12 months
- $303B
- +83% on a year ago
- Net margin
- 63.7%
- Free cash flow yield
- 2.5%
A Superworth story
Seven times the sales, priced for a slowdown
Growth is speeding up again, yet the price assumes the boom cools.
The AI boom runs through NVIDIA
Three years ago a year of NVIDIA's sales came to about 45 billion dollars. Now it is 303 billion, almost seven times as much, and nearly all of it comes from data centers, where AI is built and run. The company is still led by its co-founder, Jensen Huang. Most companies slow down as they grow. NVIDIA's growth sped up again over its last three reports.
It keeps two thirds of every sale as profit
In its latest quarter NVIDIA kept about 66 cents of every sales dollar as operating profit. Its ten-year norm is about a third. Margins that rich draw rivals: AMD, and the custom chips Google and OpenAI design for themselves. They have fallen fast before, to 49 cents in the quarter to April 2025.
Profit outran a fivefold rise in the price
Part of NVIDIA's reported profit is gains on its stakes in other AI companies, and gains like that can reverse. Leave them out and the stock costs about 33 times its profit, against a norm of about 54 over the last three years. The price has climbed, but profit has climbed faster, so the multiple has shrunk.
It now helps pay for its customers' data centers
The business makes about 127 billion dollars a year in free cash, the cash left after paying for equipment, and plans to hand much of it back by buying its own shares. Some of that strength now backs NVIDIA's own buyers. It will guarantee up to 105 billion dollars of lease payments on an OpenAI data center in Ohio, the latest case of NVIDIA financing the demand for its own chips.
The price assumes the boom cools
Analysts expect adjusted profit per share, NVIDIA's own measure that leaves those investment gains out, to grow about 70 percent over the next twelve months. At today's price that makes the stock about 19 times those earnings, close to the lowest of the last three years. A multiple that low on growth that fast says investors expect the boom to cool. The line before late September is rebuilt from today's estimates.
November 18 tests which side is right
Analysts expect about 109 billion dollars of sales when NVIDIA reports on November 18, a little above the company's own guide. NVIDIA also guided to keeping about 74 cents of each sales dollar after the cost of making its chips. Results at or above both would say the doubt in the price was too deep. A miss, or thinner margins, would say the market was right to worry.
What has happened lately
- NVIDIA, Nvidia adds $150 billion to its share repurchase authorization, bringing the remaining total to $235 billionNvidia expects to execute the full $235B through fiscal 2028, returning much of its cash flow and shrinking the share count that earnings are spread across.
- NVIDIA, Nvidia to acquire Hugging Face for about $12.9 billionNvidia's second-largest acquisition: about $11.9B cash plus up to $1B retention equity, expected to close in the first half of 2027 subject to regulatory approval.
- NVIDIA, Nvidia reports Q2 FY2027 revenue of $96.2 billion and guides Q3 to $108 billionRevenue up 106% at a 75.0% gross margin. GAAP profit includes $7.8B of gains on equity stakes that adjusted results leave out. Q3 guide is $108B, plus or minus 2%, at about 74% gross margin.
- Nikkei Asia, Nvidia to guarantee up to $105 billion of lease payments for OpenAI's Ohio data centerLarge contingent commitment plus a $1.5B stake in SB Energy, the site's developer, extending Nvidia's practice of financing the demand for its own chips.
Headlines link to the original source.
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Charts
Financials
| Income statement | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $18.1B+206% | $22.1B+265% | $26B+262% | $30B+122% | $35.1B+94% | $39.3B+78% | $44.1B+69% | $46.7B+56% | $57B+63% | $68.1B+73% | $81.6B+85% | $96.2B+106% | |
| Cost of revenue | $4.7B+71% | $5.3B+140% | $5.6B+122% | $7.5B+85% | $8.9B+89% | $10.6B+100% | $17.4B+209% | $12.9B+73% | $15.2B+70% | $17B+61% | $20.5B+18% | $24.1B+87% |
| Gross profit | $13.4B+322% | $16.8B+338% | $20.4B+339% | $22.6B+139% | $26.2B+95% | $28.7B+71% | $26.7B+31% | $33.9B+50% | $41.8B+60% | $51.1B+78% | $61.2B+129% | $72.1B+113% |
| R&D | $2.3B+18% | $2.5B+26% | $2.7B+45% | $3.1B+52% | $3.4B+48% | $3.7B+51% | $4B+47% | $4.3B+39% | $4.7B+39% | $5.5B+48% | $6.3B+59% | $7.1B+64% |
| SG&A | $689M+9% | $712M+14% | $777M+23% | $842M+35% | $897M+30% | $975M+37% | $1B+34% | $1.1B+33% | $1.1B+26% | $1.3B+32% | $1.3B+25% | $1.4B+21% |
| $10.4B+1633% | $13.6B+984% | $16.9B+690% | $18.6B+174% | $21.9B+110% | $24B+77% | $21.6B+28% | $28.4B+53% | $36B+65% | $44.3B+84% | $53.5B+147% | $63.7B+124% | |
| Interest expense | $63M−3% | $63M−2% | $64M−3% | $61M−6% | $61M−3% | $61M−3% | $63M−2% | $62M+2% | $61M+0% | $73M+20% | $102M+62% | $227M+266% |
| Pre-tax income | $10.5B+1617% | $14.1B+995% | $17.3B+682% | $19.2B+175% | $22.3B+112% | $25.2B+79% | $21.9B+27% | $31.2B+62% | $37.9B+70% | $50.4B+100% | $69.9B+219% | $71.5B+129% |
| $1.3B | $1.8B | $2.4B+1345% | $2.6B+230% | $3B+135% | $3.1B+72% | $3.1B+31% | $4.8B+83% | $6B+100% | $7.4B+138% | $11.6B+269% | $11.8B+147% | |
| Net income | $9.2B+1259% | $12.3B+769% | $14.9B+628% | $16.6B+168% | $19.3B+109% | $22.1B+80% | $18.8B+26% | $26.4B+59% | $31.9B+65% | $43B+95% | $58.3B+211% | $59.7B+126% |
| $0.37+1270% | $0.49+765% | $0.60+632% | $0.67+168% | $0.78+111% | $0.89+81% | $0.76+27% | $1.08+61% | $1.30+67% | $1.76+98% | $2.39+215% | $2.46+128% | |
| 24.9B−0% | 24.9B+1% | 24.9B+0% | 24.8B−1% | 24.8B−1% | 24.7B−1% | 24.6B−1% | 24.5B−1% | 24.5B−1% | 24.4B−1% | 24.4B−1% | 24.3B−1% |
Net income: 7 periods, Q4 FY10 to Q4 FY26: printed in the fourth-quarter results release.
EPS, diluted: Q4 FY09 and Q4 FY18: quarter's net income to common over its shares, to the cent. 7 periods, Q4 FY10 to Q4 FY26: printed in the fourth-quarter results release.
Diluted shares: Q4 FY09: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 7 periods, Q4 FY10 to Q4 FY26: printed in the fourth-quarter results release. 10 periods, Q4 FY11 to Q4 FY20: share-days: the 12-month average less the 9-month, weighted by days.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet. Figures from older filings without data tags, and from a results release before its 10-Q, are read from the document's text and checked against it.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q3 FY27 | $108.8B | $107.8B to $112.3B | $2.47 | $2.32 to $2.68 | 28 |
| Q4 FY27 | $124.5B | $117.9B to $133.4B | $2.74 | $2.52 to $2.93 | 27 |
| Q1 FY28 | $142.9B | $135.8B to $154.9B | $3.18 | $2.97 to $3.52 | 12 |
| Q2 FY28 | $162.7B | $154.6B to $176.4B | $3.65 | $3.41 to $4.05 | 15 |
| Q3 FY28 | $184.8B | $175.6B to $200.4B | $4.21 | $3.93 to $4.67 | 18 |
| Q4 FY28 | $210.5B | $200B to $228.3B | $4.79 | $4.48 to $5.32 | 20 |
| Q1 FY29 | $220.9B | $209.9B to $239.5B | $4.95 | $4.63 to $5.50 | 23 |
| Q2 FY29 | $231.4B | $219.9B to $251B | $5.18 | $4.85 to $5.75 | 26 |
Peers
Companies in Semiconductors nearest NVIDIA's size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| NVDANVIDIA | $5.1T | 26.7× | 54.4× | 17.5× | 16.8× | +83% | 63.7% |
| AVGOBroadcom | $1.5T | 41.1× | 46.3× | 18.6× | 17.2× | +49% | 42.9% |
| MUMicron Technology | $992.9B | 11.8× | 18.1× | 5.0× | 7.5× | +256% | 63.8% |
| AMDAdvanced Micro Devices | $843.6B | 133× | 106× | 45.7× | 20.4× | +40% | 15.6% |
| Peer median | $992.9B | 41.1× | 46.3× | 18.6× | 17.2× | +49% | 42.9% |
Investors who own it
Investors we follow who held NVIDIA at the end of Jun 30, 2026, from their 13F filings.
- Brad GerstnerAltimeter Capital19.2% of portfolioadded
- Chase ColemanTiger Global Management9.3% of portfoliotrimmed
- Baillie GiffordBaillie Gifford7.6% of portfolioadded
- Polen CapitalPolen Capital6.9% of portfoliotrimmed
- John ArmitageEgerton Capital6.6% of portfolioadded
- Lee AinslieMaverick Capital5.5% of portfoliotrimmed
- David TepperAppaloosa4.1% of portfolioadded
- Philippe LaffontCoatue Management2.5% of portfoliotrimmed
- Gavin BakerAtreides Management2.2% of portfolioadded
- Cathie WoodARK Investment Management1.8% of portfolioadded
- Ron BaronBaron Capital0.9% of portfolioadded
- Bill NygrenHarris Associates (Oakmark)0.0% of portfolioadded
More on NVIDIA
Each number over time
- PE ratio
- Forward PE
- Price to sales ratio
- EV/EBIT
- Price to free cash flow
- Price to book ratio
- Dividend yield
- Market cap
- Revenue
- EPS
- Free cash flow
- Profit margin
- Shares outstanding
Where it ranks
- #6of 427Technology stocks with the highest profit margins
- #9of 433Technology stocks with the fastest revenue growth
- #2of 75Semiconductor stocks with the highest profit margins
- #1of 31Semiconductor stocks cheapest against their own PE history
- #5of 146Technology stocks cheapest against their own PE history
- #5of 74Semiconductor stocks with the fastest revenue growth
- #7of 97Technology stocks with the fastest expected revenue growth
- #8of 83Technology stocks with the lowest PEG ratio
Its groups
About
- Chief executive
- Jensen Huang, since 1993FounderCo-founded NVIDIA in 1993 and has been CEO since. Source
- Industry
- Semiconductors
- Sector
- Technology
Valuation data, not investment advice. Prices as of .