NVIDIA Corporation (NVDA) Stock Analysis — Graham Number, Scorecard & Financials

NASDAQ · Technology

NVIDIA Corporation

NVDA · Semiconductors

$195.82

▼ -2.63 (-1.33%)

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Mr. Market is currently offering NVIDIA Corporation at $195.82.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 71.1%

Operating Margin 60.4%

Net Income Margin 55.6%

Fin. Health A

Years to Pay Off Debt 0.1 yrs

Working Capital vs Long-Term Debt $86.0B

Working Capital $93.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 30.25x

Cash Flow A

Free Cash Flow $96.7B

CapEx % of Net Income 5.0%

Owner Earnings $129.0B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $4,759.4B

Enterprise Value $4,771.2B

P/E (TTM) 39.96

Dividend Yield 0.02%

Exchange NASDAQ

Key Margins

Gross Profit 71.1%

Operating Margin 60.4%

Net Margin 55.6%

Company Info

Sector Technology

Industry Semiconductors

Employees 42000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering NVIDIA Corporation at $195.82.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $195.82, the stock trades at a 633% premium to its Graham Number of $26.71. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 62.5x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About NVIDIA Corporation

NVIDIA Corporation operates as a data center scale AI infrastructure company. The company operates through two segments, Compute & Networking, and Graphics segments. The Compute & Networking segment provides data center accelerated computing and networking platforms and artificial intelligence solutions and software, and automotive platforms and autonomous and electric vehicle solutions, including software. The Graphics segment offers GeForce GPUs for gaming and PCs; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics. The company's products are used in gaming, professional visualization, data center, and automotive markets. The company sells its products to original equipment manufacturers, original device manufacturers, system integrators and distributors, independent software vendors, cloud service providers, add-in board manufacturers, distributors, automotive manufacturers and tier-1 automotive suppliers, and other ecosystem participants worldwide. It has a collaboration with Tech Mahindra Limited to develop artificial intelligence powered telco network operations reasoning agent. The company has a strategic partnership with Lumentum Holdings Inc. to develop optics technologies for AI and data centers. It also has a strategic partnership with Nebius Group N.V. to develop and deploy hyperscale cloud for the artificial intelligence market. NVIDIA Corporation was incorporated in 1993 and is headquartered in Santa Clara, California.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	71.1% ▼	75.0%	72.7%	56.9%	N/A
Operating Margin %	60.4% ▼	62.4%	54.1%	20.7%	N/A
Net Income %	55.6% ▼	55.8%	48.8%	16.2%	N/A
Diluted EPS	4.90 ▲	2.94	1.19	0.17	N/A

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$206.8B	$111.6B	$65.7B	$41.2B	N/A
Total Debt	$11.0B ↑	$10.0B	$11.1B	$12.0B	N/A
Working Capital	$93.4B ▲	$62.1B	$33.7B	$16.5B	N/A
Years to Pay Debt	0.09	0.14	0.37	2.75	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$96.7B ▲	$60.9B	$27.0B	$3.8B	N/A
Owner Earnings	$129.0B	$78.0B	$32.3B	$7.7B	N/A
CapEx % of Net Income	5.0%	4.4%	3.6%	42.0%	N/A

Income Statement

	2026	2025	2024	2023	2022
Tax Effect Of Unusual Items	0	0	0	-284,130
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	144,552,000	86,137,000	35,583,000	7,339,000
Total Unusual Items		0	0	-1,353,000	0
Total Unusual Items Excluding Goodwill		0	0	-1,353,000	0
Net Income From Continuing Operation Net Minority Interest	120,067,000	72,880,000	29,760,000	4,368,000
Reconciled Depreciation	2,843,000	1,864,000	1,508,000	1,543,000
Reconciled Cost Of Revenue	62,475,000	32,639,000	16,621,000	11,618,000
EBITDA	144,552,000	86,137,000	35,583,000	5,986,000
EBIT	141,709,000	84,273,000	34,075,000	4,443,000
Net Interest Income	2,041,000	1,539,000	609,000	5,000
Interest Expense	259,000	247,000	257,000	262,000
Interest Income	2,300,000	1,786,000	866,000	267,000
Normalized Income	120,067,000	72,880,000	29,760,000	5,436,870
Net Income From Continuing And Discontinued Operation	120,067,000	72,880,000	29,760,000	4,368,000
Total Expenses	85,551,000	49,044,000	27,950,000	21,397,000
Total Operating Income As Reported	130,387,000	81,453,000	32,972,000	4,224,000
Diluted Average Shares	24,514,000	24,804,000	24,940,000	25,070,000
Basic Average Shares	24,359,000	24,555,000	24,690,000	24,870,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	120,067,000	72,880,000	29,760,000	4,368,000
Net Income Common Stockholders	120,067,000	72,880,000	29,760,000	4,368,000
Net Income	120,067,000	72,880,000	29,760,000	4,368,000
Net Income Including Noncontrolling Interests	120,067,000	72,880,000	29,760,000	4,368,000
Net Income Continuous Operations	120,067,000	72,880,000	29,760,000	4,368,000
Tax Provision	21,383,000	11,146,000	4,058,000	-187,000
Pretax Income	141,450,000	84,026,000	33,818,000	4,181,000
Other Income Expense	9,022,000	1,034,000	237,000	-1,401,000
Other Non Operating Income Expenses	9,022,000	1,034,000	237,000	-48,000
Special Income Charges		0	0	-1,353,000	0
Restructuring And Mergern Acquisition		0	0	1,353,000	0
Net Non Operating Interest Income Expense	2,041,000	1,539,000	609,000	5,000
Interest Expense Non Operating	259,000	247,000	257,000	262,000
Interest Income Non Operating	2,300,000	1,786,000	866,000	267,000
Operating Income	130,387,000	81,453,000	32,972,000	5,577,000
Operating Expense	23,076,000	16,405,000	11,329,000	9,779,000
Research And Development	18,497,000	12,914,000	8,675,000	7,339,000
Selling General And Administration	4,579,000	3,491,000	2,654,000	2,440,000
Gross Profit	153,463,000	97,858,000	44,301,000	15,356,000
Cost Of Revenue	62,475,000	32,639,000	16,621,000	11,618,000
Total Revenue	215,938,000	130,497,000	60,922,000	26,974,000
Operating Revenue	215,938,000	130,497,000	60,922,000	26,974,000

Balance Sheet

	2026	2025	2024	2023	2022
Ordinary Shares Number	24,304,000	24,477,000	24,640,000	24,661,366
Share Issued	24,304,000	24,477,000	24,640,000	24,661,366
Net Debt			2,429,000	7,564,000	8,956,000
Total Debt	11,040,000	9,982,000	11,056,000	12,031,000
Tangible Book Value	133,155,000	73,332,000	37,436,000	16,053,000
Invested Capital	165,761,000	87,790,000	52,687,000	33,054,000
Working Capital	93,442,000	62,079,000	33,714,000	16,510,000
Net Tangible Assets	133,155,000	73,332,000	37,436,000	16,053,000
Capital Lease Obligations	2,572,000	1,519,000	1,347,000	1,078,000
Common Stock Equity	157,293,000	79,327,000	42,978,000	22,101,000
Total Capitalization	164,762,000	87,790,000	51,437,000	31,804,000
Total Equity Gross Minority Interest	157,293,000	79,327,000	42,978,000	22,101,000
Stockholders Equity	157,293,000	79,327,000	42,978,000	22,101,000
Gains Losses Not Affecting Retained Earnings	178,000	28,000	27,000	-43,000
Other Equity Adjustments	178,000	28,000	27,000	-43,000
Retained Earnings	146,973,000	68,038,000	29,817,000	10,171,000
Additional Paid In Capital	10,118,000	11,237,000	13,109,000	11,971,000
Capital Stock	24,000	24,000	25,000	2,000
Common Stock	24,000	24,000	25,000	2,000
Total Liabilities Net Minority Interest	49,510,000	32,274,000	22,750,000	19,081,000
Total Non Current Liabilities Net Minority Interest	17,347,000	14,227,000	12,119,000	12,518,000
Other Non Current Liabilities	381,000	195,000	65,000	63,000
Tradeand Other Payables Non Current	3,958,000	2,188,000	1,441,000	1,385,000
Non Current Deferred Liabilities	2,967,000	1,862,000	1,035,000	465,000
Non Current Deferred Revenue	1,193,000	976,000	573,000	218,000
Non Current Deferred Taxes Liabilities	1,774,000	886,000	462,000	247,000
Long Term Debt And Capital Lease Obligation	10,041,000	9,982,000	9,578,000	10,605,000
Long Term Capital Lease Obligation	2,572,000	1,519,000	1,119,000	902,000
Long Term Debt	7,469,000	8,463,000	8,459,000	9,703,000
Current Liabilities	32,163,000	18,047,000	10,631,000	6,563,000
Other Current Liabilities	1,373,000	897,000	199,000	69,000
Current Deferred Liabilities	1,379,000	837,000	764,000	354,000
Current Deferred Revenue	1,379,000	837,000	764,000	354,000
Current Debt And Capital Lease Obligation	999,000	288,000	1,478,000	1,426,000
Current Capital Lease Obligation		288,000	228,000	176,000	144,000
Current Debt	999,000		1,250,000	1,250,000
Other Current Borrowings	999,000		1,250,000	1,250,000
Current Provisions	2,807,000	1,290,000	415,000	108,000
Payables And Accrued Expenses	25,605,000	15,023,000	7,775,000	4,606,000
Current Accrued Expenses	13,124,000	7,832,000	4,780,000	2,946,000
Payables	12,481,000	7,191,000	2,995,000	1,660,000
Total Tax Payable	2,669,000	881,000	296,000	467,000
Accounts Payable	9,812,000	6,310,000	2,699,000	1,193,000
Total Assets	206,803,000	111,601,000	65,728,000	41,182,000
Total Non Current Assets	81,198,000	31,475,000	21,383,000	18,109,000
Other Non Current Assets	8,301,000	3,038,000	357,000	145,000
Non Current Prepaid Assets		2,087,000	2,822,000	3,376,000	3,509,000
Non Current Deferred Assets	13,258,000	10,979,000	6,081,000	3,396,000
Non Current Deferred Taxes Assets	13,258,000	10,979,000	6,081,000	3,396,000
Non Current Accounts Receivable		750,000
Investments And Advances	22,251,000	3,387,000	1,321,000	299,000
Other Investments			1,546,000	299,000	266,000
Investmentin Financial Assets	22,251,000	3,387,000	1,321,000
Available For Sale Securities	22,251,000	3,387,000	1,321,000
Goodwill And Other Intangible Assets	24,138,000	5,995,000	5,542,000	6,048,000
Other Intangible Assets	3,306,000	807,000	1,112,000	1,676,000
Goodwill	20,832,000	5,188,000	4,430,000	4,372,000
Net PPE	13,250,000	8,076,000	5,260,000	4,845,000
Accumulated Depreciation	-6,587,000	-4,401,000	-3,509,000	-2,694,000
Gross PPE	19,837,000	12,477,000	8,769,000	7,539,000
Construction In Progress	683,000	529,000	189,000	382,000
Other Properties	2,867,000	1,793,000	1,346,000	1,038,000
Machinery Furniture Equipment	12,619,000	7,568,000	5,200,000	4,303,000
Buildings And Improvements	2,891,000	2,076,000	1,816,000	1,598,000
Land And Improvements	777,000	511,000	218,000	218,000
Current Assets	125,605,000	80,126,000	44,345,000	23,073,000
Other Current Assets	3,180,000	3,771,000	3,080,000	791,000
Prepaid Assets					366,000
Inventory	21,403,000	10,080,000	5,282,000	5,159,000
Finished Goods	8,774,000	3,273,000	2,058,000	2,263,000
Work In Process	8,822,000	3,399,000	1,505,000	466,000
Raw Materials	3,807,000	3,408,000	1,719,000	2,430,000
Receivables	38,466,000	23,065,000	9,999,000	3,827,000
Accounts Receivable	38,466,000	23,065,000	9,999,000	3,827,000
Cash Cash Equivalents And Short Term Investments	62,556,000	43,210,000	25,984,000	13,296,000
Other Short Term Investments	51,951,000	34,621,000	18,704,000	9,907,000
Cash And Cash Equivalents	10,605,000	8,589,000	7,280,000	3,389,000

Cash Flow

	2026	2025	2024	2023	2022
Free Cash Flow	96,676,000	60,853,000	27,021,000	3,808,000
Repurchase Of Capital Stock	-40,086,000	-33,706,000	-9,533,000	-10,039,000
Repayment Of Debt	0	-1,250,000	-1,250,000	0
Issuance Of Debt			0	0	4,977,000
Capital Expenditure	-6,042,000	-3,236,000	-1,069,000	-1,833,000
Interest Paid Supplemental Data		246,000	252,000	254,000	246,000
Income Tax Paid Supplemental Data	20,288,000	15,118,000	6,549,000	1,404,000
End Cash Position	10,605,000	8,589,000	7,280,000	3,389,000
Beginning Cash Position	8,589,000	7,280,000	3,389,000	1,990,000
Changes In Cash	2,016,000	1,309,000	3,891,000	1,399,000
Financing Cash Flow	-48,474,000	-42,359,000	-13,633,000	-11,617,000
Cash Flow From Continuing Financing Activities	-48,474,000	-42,359,000	-13,633,000	-11,617,000
Net Other Financing Charges	-8,058,000	-7,059,000	-2,858,000	-1,535,000
Proceeds From Stock Option Exercised	644,000	490,000	403,000	355,000
Cash Dividends Paid	-974,000	-834,000	-395,000	-398,000
Common Stock Dividend Paid	-974,000	-834,000	-395,000	-398,000
Net Common Stock Issuance	-40,086,000	-33,706,000	-9,533,000	-10,039,000
Common Stock Payments	-40,086,000	-33,706,000	-9,533,000	-10,039,000
Net Issuance Payments Of Debt	0	-1,250,000	-1,250,000	0
Net Long Term Debt Issuance	0	-1,250,000	-1,250,000	0
Long Term Debt Payments	0	-1,250,000	-1,250,000	0
Long Term Debt Issuance			0	0	4,977,000
Investing Cash Flow	-52,228,000	-20,421,000	-10,566,000	7,375,000
Cash Flow From Continuing Investing Activities	-52,228,000	-20,421,000	-10,566,000	7,375,000
Net Other Investing Changes		22,000	-124,000
Net Investment Purchase And Sale	-31,651,000	-16,200,000	-9,290,000	9,257,000
Sale Of Investment	26,467,000	11,861,000	9,783,000	21,239,000
Purchase Of Investment	-58,118,000	-28,061,000	-19,073,000	-11,982,000
Net Business Purchase And Sale	-14,535,000	-1,007,000	-83,000	-49,000
Purchase Of Business	-14,535,000	-1,007,000	-83,000	-49,000
Net PPE Purchase And Sale	-6,042,000	-3,236,000	-1,069,000	-1,833,000
Purchase Of PPE	-6,042,000	-3,236,000	-1,069,000	-1,833,000
Operating Cash Flow	102,718,000	64,089,000	28,090,000	5,641,000
Cash Flow From Continuing Operating Activities	102,718,000	64,089,000	28,090,000	5,640,000
Change In Working Capital	-15,949,000	-9,383,000	-3,722,000	-2,207,000
Change In Other Current Liabilities	1,844,000	1,221,000	514,000	252,000
Change In Payables And Accrued Expense	8,353,000	7,635,000	3,556,000	790,000
Change In Accrued Expense	5,257,000	4,278,000	2,025,000	1,341,000
Change In Payable	3,096,000	3,357,000	1,531,000	-551,000
Change In Account Payable	3,096,000	3,357,000	1,531,000	-551,000
Change In Prepaid Assets	577,000	-395,000	-1,522,000	-1,517,000
Change In Inventory	-11,324,000	-4,781,000	-98,000	-2,554,000
Change In Receivables	-15,399,000	-13,063,000	-6,172,000	822,000
Changes In Account Receivables	-15,399,000	-13,063,000	-6,172,000	822,000
Other Non Cash Items	-287,000	-502,000	-278,000	1,347,000
Stock Based Compensation	6,386,000	4,737,000	3,549,000	2,709,000
Deferred Tax	-1,424,000	-4,477,000	-2,489,000	-2,164,000
Deferred Income Tax	-1,424,000	-4,477,000	-2,489,000	-2,164,000
Depreciation Amortization Depletion	2,843,000	1,864,000	1,508,000	1,543,000
Depreciation And Amortization	2,843,000	1,864,000	1,508,000	1,543,000
Amortization Cash Flow			614,000	699,000	563,000
Amortization Of Intangibles			614,000	699,000	563,000
Depreciation			894,000	844,000	611,000
Operating Gains Losses	-8,918,000	-1,030,000	-238,000	45,000
Gain Loss On Investment Securities	-8,918,000	-1,030,000	-238,000	45,000
Net Income From Continuing Operations	120,067,000	72,880,000	29,760,000	4,368,000

These metrics estimate what NVIDIA Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$26.71

Margin of Safety

Market Cap ÷ Company Value

1.05

P/B Ratio

30.25

Warren's Owner Earnings

$129.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$215.9B

vs > $1.5B revenue

✅ Strong Financial Condition

3.91x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.02%

vs Uninterrupted dividends

✅ Earnings Growth

+2716.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

40.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

30.25x P/B (P/E×P/B: 1209.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$3.13

Trading at 62.5x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$59.62

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	5.0%	4.4%	3.6%	42.0%	N/A
Repurchase of Capital Stock	-$40.1B	-$33.7B	-$9.5B	-$10.0B	N/A
Free Cash Flow	$96.7B ▲	$60.9B ▲	$27.0B ▲	$3.8B •	N/A •
Warren's Owner Earnings	$129.0B	$78.0B	$32.3B	$7.7B	N/A

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
NVDA	$195.82	$4,759.4B	39.96	71.1%	55.6%	$215.9B
AMD Advanced Micro Devices, Inc.	$340.50	$555.2B	131.0	52.5%	12.5%	$34.6B
INTC Intel Corporation	$97.42	$489.6B	N/A	37.2%	-5.9%	$53.8B
QCOM QUALCOMM Incorporated	$169.34	$178.5B	18.2	54.8%	22.3%	$44.5B
AVGO Broadcom Inc.	$412.35	$1,952.3B	80.2	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

4.21%

Moderate — some alignment with shareholders

Return on Equity (ROE)

76.3%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

58.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$40.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+10.6% YoY

Debt is growing — management is leveraging up

Leadership Team

Jen-Hsun Huang

Co-Founder, CEO & Director

Age 62

Pay: $11,054,945

0.009% of net income

Colette Kress

Executive VP & CFO

Age 58

Pay: $1,512,641

0.001% of net income

Debora Shoquist

Executive Vice President of Operations

Age 70

Pay: $1,379,071

0.001% of net income

Ajay Puri

Executive Vice President of Worldwide Field Operations

Age 70

Pay: $2,313,851

0.002% of net income

Chris Malachowsky

Co-Founder

Pay: $320,000

0.000% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.33%	2,266,683,275
Blackrock Inc.	8.00%	1,943,812,884
State Street Corporation	4.08%	991,480,489
FMR, LLC	4.00%	971,063,283
Geode Capital Management, LLC	2.42%	588,803,093
JPMORGAN CHASE & CO	1.88%	456,141,138
Price (T.Rowe) Associates Inc	1.54%	373,187,926
NORGES BANK	1.37%	333,748,700

⚠️ Very high beta — extreme price volatility

Risk Analysis

Beta (Market Risk)

2.24

High volatility — moves more than the market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.07x

Conservative balance sheet — low financial risk

Current Ratio

3.90x

Strong liquidity — Graham approved

52-Week Price Range

Low: $110.82 Current: $195.82 High: $216.83

Currently at 80% of 52-week range

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