NVDA
NVIDIA CORP
Technology • CIK: 0001045810
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Market Cap
$4.57T
P/E (TTM)
38.1x
Rev Growth (TTM)
+65.5%
Net Margin (TTM)
55.6%
FCF Yield (TTM)
2.1%
FCF Margin (TTM)
44.8%
What Changed
10-K FY2026 vs 10-K FY2025
Manufacturing & Supply Commitments$30.8B (FY2025 10-K)→$95.2B (FY2026 10-K)
Gross Margin75.0% (FY2025)→71.1% (FY2026)
Return on Invested Capital (FY)100.6% (FY2025)→87.3% (FY2026)
Revenue$130.5B (FY2025)→$215.9B (FY2026)
Goodwill — Groq License Agreement$0 (FY2025)→$20.8B (FY2026, $14.4B attributed to workforce and...
Gross margin recovery above 72%: monitor FY2027 Q1-Q2 as Blackwell platform...·Manufacturing commitment cash conversion: $95.2B due substantially through...·China revenue stabilization: USG granted H20 licenses in August 2025 generated...
Filing Intelligence
5.0/10
10-K filed Feb 25, 2026 • FY 2026
Executive Summary
Significant manufacturing and supply commitments totaling $95.2 billion, with the majority due by FY2027, pose a substantial near-term cash outflow obligation.. Significant revenue growth in both...
Key Concerns
- ●Gross margins declined from 75.0% to 71.1% due to a business model transition and a substantial $4.5 billion charge for excess H20...
- ●Significant goodwill of $20.8 billion recorded in FY26 from the Groq license agreement, with $14.4 billion attributed to workforce and...
- ●Significant manufacturing and supply commitments totaling $95.2 billion, with the majority due by FY2027, pose a substantial near-term cash...
Key Strengths
- ●Significant revenue growth was driven by AI and accelerated computing platforms, with Data Center revenue up 68% and overall revenue up 65%.
- ●Operating expenses increased by 41% driven by higher compensation and infrastructure costs associated with company growth.
- ●The Compute & Networking segment saw strong revenue growth, though operating income was impacted by the H20 inventory charge.
Cash Flow Health
Free Cash Flow8/8 positive
TTM$96.7B
Q4 '26
$34.9B+58%
Q3 '26
$22.1B+64%
FCF Margin
TTM44.8%
Q4 '2651.2%+32%
Sector: 9.1%Top 10%
OCF Margin47.6%
OCF/NI0.86x
CapEx Coverage17.0x
FCF Yield2.1%
FCF Growth (2Y)+142%
Cash Conversion Cycle
90 days
DSO: 48+DIO: 90−DPO: 48
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM0.9%
Div Yield0.0%
+Buyback (TTM)0.9%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
FCF Payout Ratio1.0%
Free Cash Flow (TTM)$96.7B
Stock Repurchases (TTM)$40.1B
Capital Return / FCF42.5%
Est. Dividends Paid (TTM)$974.4M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
97.3%
Moderate
-0.1% YoY-5.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
51.3%
Asset Turnover
1.47x
8Q: 1.48x
Leverage (1+D/E)
1.05x
D/E: 0.05x
DuPont: 79.6% ≈ 97.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
25.12x
8Q:26.67x
-198.0%
Invested Cap Turn
2.23x
8Q:2.25x
Flat
CapEx Intensity
6.2%
8Q:6.2%
CapEx/Depreciation
2.69x
Depreciation Rate Trend
⚠ Declining -7.6%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $215.9B | $68.1B↑19.5% | $57.0B↑22.0% | $46.7B↑6.1% | $44.1B↑12.0% | $39.3B↑12.1% | $35.1B↑16.8% | $30.0B↑15.3% | $26.0B |
Operating Income | $130.4B | $44.3B↑23.0% | $36.0B↑26.6% | $28.4B↑31.4% | $21.6B↓10.0% | $24.0B↑9.9% | $21.9B↑17.3% | $18.6B↑10.2% | $16.9B |
Net Income | $120.1B | $43.0B↑34.6% | $31.9B↑20.8% | $26.4B↑40.7% | $18.8B↓15.0% | $22.1B↑14.4% | $19.3B↑16.3% | $16.6B↑11.5% | $14.9B |
Operating Cash Flow | $102.7B | $36.2B↑52.4% | $23.8B↑54.6% | $15.4B↓44.0% | $27.4B↑64.9% | $16.6B↓5.7% | $17.6B↑21.7% | $14.5B↓5.6% | $15.3B |
Free Cash Flow | $96.7B | $34.9B↑57.8% | $22.1B↑64.2% | $13.5B↓48.6% | $26.2B↑68.4% | $15.6B↓7.5% | $16.8B↑24.4% | $13.5B↓9.8% | $15.0B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
38.1x
Volatile
8Q: 159.6x-80698%
Valuation Lenses
Earnings
38.1x
vs – sector
Cash Flow
46.9x
EV/FCF vs –
Growth-Adj
0.6xPEG
Undervalued for growth
Quality-Adj
0.4P/E per %ROIC
ROIC: 97.3%
Shareholder Returns
Dividend
0.0%
Buyback
0.9%
Total Yield
0.9%
Market Cap$4.57T
EV$4.53T
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
84/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
1.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
97.3%
8Q:–
-5.5%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 51.3%
Asset Turnover: 1.47x
Earnings Quality
Cash Conversion
0.86x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin71.1%
Capital Efficiency
Invested Capital Turnover2.23x
Working Capital
Cash Conversion Cycle90 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
65.5%
OpInc Growth YoY
84.3%
EPS Growth YoY
66.1%
FCF 3Y CAGR
142.0%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
71.1%
Operating
60.4%
Top 25% in sector
Net
55.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-10.8 pts
FCF: 44.8% | Net: 55.6%
FCF margin lags net margin by 10.8 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $2.14B
Interest Coverage
–
+Net cash position: $2.14B
Balance sheet risk & solvency analysis