NVIDIA Corporation (NVDA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+12.0%

$231.34

vs $206.59 price

Levered DCF

$241.35

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

37.17

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	37.82×	39.87×	51.63×	106.44×	62.79×	73.56×	50.08×	20.29×
P/B	28.88×	36.66×	35.89×	21.56×	22.97×	19.34×	12×	8.98×
P/S	21.03×	22.28×	25.32×	17.67×	22.71×	19.6×	13.41×	7.16×
EV / EBITDA	31.43×	33.78×	43.45×	81.05×	54.72×	58.62×	40.6×	20.19×
Gross margin	71.1%	75.0%	72.7%	56.9%	64.9%	62.3%	62.0%	61.2%
Operating margin	60.4%	62.4%	54.1%	15.7%	37.3%	27.2%	26.1%	32.5%
Net margin	55.6%	55.8%	48.8%	16.2%	36.2%	26.0%	25.6%	35.3%
Current ratio	3.91×	4.44×	4.17×	3.52×	6.65×	4.09×	7.67×	7.94×
Debt / equity	0.07×	0.13×	0.26×	0.54×	0.44×	0.46×	0.22×	0.21×
Interest coverage	503.42×	329.77×	128.3×	16.12×	42.55×	24.63×	54.73×	65.59×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.3%	0.4%
Payout ratio	0.8%	1.1%	1.3%	9.1%	4.1%	9.1%	13.9%	9.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	76.3%	91.9%	69.2%	19.8%	36.6%	25.6%	22.9%	44.3%
Return on invested capital	62.9%	75.3%	51.3%	11.7%	24.6%	17.1%	17.2%	31.8%
Return on assets	58.1%	65.3%	45.3%	10.6%	22.1%	15.0%	16.1%	31.2%
Free cash flow yield	2.1%	2.1%	1.8%	0.8%	1.3%	1.4%	2.9%	3.7%
Earnings yield	2.6%	2.5%	1.9%	0.9%	1.6%	1.3%	1.9%	4.9%
Enterprise value	$4.5T	$2.9T	$1.5T	$485.2B	$621.1B	$333.6B	$138.2B	$85.1B
Net debt / EBITDA	0.01×	0.02×	0.11×	1.44×	0.87×	1.21×	-2.43×	0.29×
Cash conversion cycle (days)	133	107	117	176	95	93	81	130