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Nvidia Corp

Nvidia Corp

NVDA · NASDAQ · Semiconductors

Nvidia Corporation is one of the world’s most important semiconductor and accelerated computing companies, best known for pioneering the graphics processing unit, or GPU.

Current price

$221.30

▼ −$7.22 (3.16%) today

Share price

Live market data
▲ +32.98 (+17.51%)2025-10-13 — 2026-10-14
$243.68$227.09$210.50$193.91$177.32$160.732025-10-132026-10-14
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ET&A View

Last reviewed 16 September 2026

Buy

ET&A sees significant upside from the current price with an attractive risk/reward profile.

Fair Value
Members
12M Price Target
Members
Preferred Entry
Members
ET&A Score
9.3/ 10Strong overall
Members see what we think Nvidia Corp is worth today, our 12-month Price Target, the price we would prefer to buy at and the return we expect. See membership

NVIDIA remains the defining infrastructure company of the AI investment cycle, combining dominant accelerator hardware with the CUDA software ecosystem, networking and an increasingly comprehensive full-stack computing platform.

Is it expensive?

Read our full view

Why we like it

  • Sales are growing quickly (+65% a year).
  • Profits are growing fast (+65%).
  • Turns about 32% of its sales into spare cash.

What worries us

Members see every risk we are watching. See membership

Business Health

Is the business financially healthy?

Yes — very healthy

Revenue, earnings, margins, cash generation and the balance sheet stand out.

Overall

Excellent

  • Revenue

    $303.0bn · ↑ +65% last year

    Growth Excellent

  • Earnings

    $192.9bn · ↑ +65% last year

    Growth Excellent

  • Margins

    Keeps 66% of sales as operating profit

    Excellent

  • Cash generation

    $96.7bn spare cash a year · 32% of sales

    Excellent

  • Balance sheet

    More cash than debt

    Excellent

  • Dividend

    0.4% yield · Pays out 4% of earnings · covered 28.2×

    Yield Weak
Financial and earnings trends

Investor View

More on Nvidia Corp

Open a section for the detail behind the quick view.

Our full viewET&A's complete thesis — why we hold the view we do.

NVIDIA remains the defining infrastructure company of the AI investment cycle, combining dominant accelerator hardware with the CUDA software ecosystem, networking and an increasingly comprehensive full-stack computing…

Insight

The complete ET&A view

See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.

  • Our View in full
  • What could drive it higher / go wrong
  • Fair Value & Preferred Entry
  • How our view has changed
Explore Insight →Included with Insight
What could drive it higher — and what could go wrongThe catalysts and risks we are watching.
Members see every catalyst and risk we are watching. See membership
Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.
Members see where the price sits against our valuation, its history and its peers. See membership
Who it suitsStrategy suitability and investment style.

Long-term growth investors

Also suits: Adventurous investors comfortable with big swings

Investment styleQualityGrowthET&A strategies: Growth, Aggressive Growth · what these mean
How it compares with peersOther companies we cover in Semiconductors.

Compare Nvidia Corp with any company → The model’s own peer calculations are in the Research View.

What the company doesThe full company profile.

Nvidia Corporation is one of the world’s most important semiconductor and accelerated computing companies, best known for pioneering the graphics processing unit, or GPU. Originally associated with gaming graphics, Nvidia has evolved into a central supplier of the computing infrastructure behind artificial intelligence, data centres, high-performance computing, professional visualisation, robotics, and autonomous vehicles.

The company’s products now sit at the heart of the AI boom, powering the training and deployment of large language models, cloud computing platforms, enterprise AI systems, and advanced simulation tools. Alongside its chips, Nvidia also offers networking hardware, systems, software, and developer platforms, making it more than just a chip designer. It is increasingly a full-stack AI infrastructure company, with exposure to some of the strongest long-term themes in global technology.

Semiconductors · USA

Research ViewOpen the full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.

For detailed analysis. Each section opens on its own.

Financial statementsEvery published figure with its source, the market snapshot and connected sheets.

Income

Revenue
$303.0bn
Gross profit
$226.2bn
EBITDA
$201.3bn
Operating profit (EBIT)
$130.4bn
Net income
$192.9bn
Earnings per share (EPS)
$7.91

Growth

Revenue growth, latest year
65.5%
Revenue growth, 3-year average
100.0%
Earnings growth, latest year
64.7%
Earnings growth, 3-year average
201.8%
Revenue growth, latest quarter vs a year earlier
105.9%
Earnings growth, latest quarter vs a year earlier
127.8%

Margins & returns

Gross margin
74.7%
EBITDA margin
66.4%
Operating margin
66.2%
Net margin
63.7%
Return on equity (ROE)
117.2%
Return on assets (ROA)
53.6%

Cash flow

Operating cash flow
$134.4bn
Free cash flow
$96.7bn
Free-cash-flow margin
31.9%
Free cash flow ÷ net income
0.5×

Balance sheet

Cash
$62.5bn
Total debt
$38.9bn
Net cash (more cash than debt)
$23.6bn
Net debt ÷ EBITDA
−0.1×
Debt ÷ equity
0.2×
Current ratio
4.6×

Shares & dividends

Shares outstanding
24.15bn
Market capitalisation
$5.34tn
Dividend per share
$0.28
Dividend yield
0.4%
Payout ratio
3.5%
  • Market data — the live feed (Yahoo Finance)
  • Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology

Other published figures

Price / Sales
Members
EV / EBITDA
Members
Price / Book
Members
Forward P/E
Members
Valuation ratios (P/E, P/S, P/B, EV/EBITDA) are part of ET&A membership — view plans.

Market data

Live
Price$221.30
Day−$7.22 (−3.16%)
52-week range$165.17 – $239.24
vs 52-week low+33.98%
vs 52-week high−7.50%

As of 14 October 2026

P/E Ratio
27.98x
Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.

Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.

MeasureTodaySource
P/EMembers
Forward P/EMembers
EV/EBITDAMembers
Price/SalesMembers
FCF YieldMembers

Valuation ratios are part of ET&A membership.

Other published measures

Price / Book
Members
Historical dataValuation history, how our view has changed, and the share-price history.

Valuation history

Members see how the valuation compares with its history. See membership

Share-price history

Use the 5Y and Max ranges on the price chart at the top of the page.

ForecastsWhat analysts expect — market consensus, not ET&A estimates.

Forecasts

Forward EPS (next year, consensus)
$15.91
Expected EPS growth, next year
95.2%
Expected revenue growth, next year
90.6%

Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.

MethodologyHow ET&A values a company and reaches a view.

How we value Nvidia Corp

  1. 1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
  2. 2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
  3. 3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
  4. 4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
  5. 5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.

Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →

Read the full ET&A methodology →

How we reach a view

The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.

  • Business quality
  • Financial performance
  • Growth outlook
  • Debt and financial strength
  • Valuation
  • Risk
  • What could drive it higher
Buy
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Accumulate
ET&A likes the company but would prefer investors to build exposure gradually.
Hold
ET&A sees limited reason to buy aggressively or sell at the current price.
Reduce
ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
Sell
ET&A believes the downside risk materially outweighs the potential return at the current price.

ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.

Powered by the ET&A Company Assessment FrameworkSee the full framework →

Scoring calculationsBehind the ET&A Score and the Business Health ratings.

Behind the ET&A Score

The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →

ET&A Quant Score

9.2/ 10Strong

Highly profitable · Strong balance sheet · Strong

Profitability & margins · Highly profitable10.0
Balance sheet · Strong balance sheet8.6
Price momentum · Strong8.4

Context — not part of the score

  • Valuation multiplesExpensive
  • Share-price steadinessHigh volatility
  • IncomeLow yield

Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.

Annualised volatility
Members
Max drawdown (1y)
Members
12-month return
Members
3-month return
Members
P/E
Members
Price / Sales
Members
EV / EBITDA
Members
EBITDA margin
Members
Net debt / EBITDA
Members
Dividend yield
Members
The detailed figures behind these scores — price swings, past falls, returns, valuation and margins — are part of ET&A membership. View plans

Based on the factors that could be measured (45% of the model).

Business Health ratings

Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.

AreaBased onScoreRating
Revenue
  • Revenue growth, 3-year average 100.0% → 10.0

Rated on 3-year average revenue growth, on ET&A's growth scale.

10.0 / 10Excellent
Earnings
  • Earnings growth, 3-year average 201.8% → 10.0

Rated on 3-year average earnings growth, on ET&A's growth scale.

10.0 / 10Excellent
Margins
  • Operating margin 66.2% → 9.5
  • Net margin 63.7% → 9.0

The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak).

9.3 / 10Excellent
Cash generation
  • Free-cash-flow margin 31.9% → 9.5

Free cash flow as a share of sales, on ET&A's cash-generation scale.

9.5 / 10Excellent
Balance sheet
  • Net debt ÷ EBITDA −0.1× → 8.7

Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale.

8.7 / 10Excellent
Dividend
  • Dividend yield 0.4% → 1.9

Dividend yield on ET&A's income scale. Not part of the overall health rating.

1.9 / 10Weak
OverallAverage of the 5 rated areas9.5 / 10Excellent

ET&A's scales

Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.

MeasureExcellentStrongGoodAverageBelow AverageWeak
GrowthStructural Growth (Fundamental Conviction)18%+10%+5.0%+1.7%+−2.5%+below −2.5%
Operating marginCompetitive Position (Fundamental Conviction)29%+20%+13%+7.5%+0%+below 0% (loss)
Net marginEarnings Durability (Fundamental Conviction)23%+15%+9.8%+6.0%+0%+below 0% (loss)
Free-cash-flow marginCapital Allocation (Fundamental Conviction)15%+8.5%+3.8%+1.3%+−2.5%+below −2.5%
Net debt ÷ EBITDAStructural Risk (Fundamental Conviction)net cash≤ 1.5×≤ 2.8×≤ 3.6×≤ 5.0×above 5.0×
Return on equity (banks & insurers)Bank and insurer quality16%+12%+9.0%+6.7%+2.7%+below 2.7%
Equity ÷ assetsBank capital7.5%+6.0%+4.7%+4.0%+any—
Dividend yieldIncome factor (ET&A Quant Score)5.8%+4.0%+2.5%+1.8%+1.0%+below 1.0%

Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.

Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.
Members see how we calculate the Fair Value and Preferred Entry. See membership
Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.
Members see the peer set behind our valuation. See membership
Detailed assumptionsEvery input the valuation model used, with its source.
Members see the assumptions behind our valuation. See membership
Research notes1 downloadable research note.

Need deeper analysis on Nvidia Corp? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.

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