NVIDIA Corporation (NVDA)
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Nvidia is the star witness of the AI boom: $215.9 billion in revenue (+65 percent) and $120.1 billion in net income for fiscal year 2026, roughly 90 percent of it from the data center business. We read the mandatory filings to the U.S. securities regulator — and that is where the other half of the story lives: three direct customers who most recently made up 54 percent of revenue, an investment book that doubled to $43.4 billion in a single quarter, $13 billion for a non-refundable license from rival Groq, a China business that export controls have effectively cut to zero, and $119 billion in purchase commitments. Our value scanner based on Joel Greenblatt's Magic Formula lights up anyway. Not investment advice — just a sober walk through a loop in which sellers, customers and financiers increasingly carry the same names.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.89 | 81.20 | 39,331 | 77.90 | 56.20 | 16,629 | 15,552 |
| 2025: Q2 | 0.76 | 27.60 | 44,062 | 69.20 | 42.60 | 27,414 | 26,187 |
| 2025: Q3 | 1.08 | 61.20 | 46,743 | 55.60 | 56.50 | 15,365 | 13,470 |
| 2025: Q4 | 1.30 | 67.20 | 57,006 | 62.50 | 56.00 | 23,751 | 22,115 |
| 2026: Q1 | 1.76 | 96.60 | 68,127 | 73.20 | 63.10 | 36,188 | 34,904 |
| 2026: Q2 | 2.39 | 213.40 | 81,615 | 85.20 | 71.50 | 50,344 | 48,587 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The de facto standard of AI infrastructure: 90 percent of revenue from the data center business, CUDA software as a developer moat, complete systems instead of single chips; half of data center revenue now comes from customers beyond the hyperscalers (10-K 2026; 10-Q as of April 26, 2026).
$215.9 billion in revenue (+65 percent) and $120.1 billion in net income in fiscal year 2026, $102.7 billion in operating cash flow, $62.6 billion in cash/securities against $8.5 billion in notes, Altman-Z about 16 — plus $40.4 billion in buybacks and a dividend raised to $0.25 per quarter in May 2026.
Three direct customers = 54 percent of quarterly revenue and 64 percent of receivables; at the same time $43.4 billion investment book, $27 billion in committed investments, $13 billion non-refundable Groq license, $30 billion in cloud purchases from its own customers, OpenAI agreement being finalized — and information requests from competition authorities in five jurisdictions (10-K 2026; 10-Q as of April 26, 2026).
China data center business practically zero ($4.5 billion H20 write-down, $60 million license revenue, Washington's 15 percent expectation, Beijing advising customers against); plus $119 billion in purchase commitments (+$24 billion in one quarter) and $25.8 billion in inventories, whose valuation is a critical audit matter of the auditor (10-K 2026; 10-Q as of April 26, 2026).
A P/E of about 29 and PEG below 1 are moderate for 65 percent growth (data as of July 8, 2026) — but a P/S of about 19.5 and P/B of about 24 price in sustained perfection, the latest quarterly profit included $15.9 billion in valuation gains on stakes, and insiders reported 16 sells versus 4 buys.
Nvidia is the rare case in which the most valuable company in the world is at the same time a value scanner hit: 65 percent growth, 56 percent net margin, a fortress balance sheet and a P/E of about 29 — the Magic Formula does find genuinely exceptional quality at a fair price here. Set against this are findings no scanner can price: more than half of revenue comes from three direct customers, the company increasingly takes stakes in its own buyers ($43.4 billion investment book, $27 billion in commitments, OpenAI agreement being finalized), the China business is politically cut to zero, and $119 billion in purchase commitments bet that demand will hold, of which Nvidia's own revenue is the most important proof. Not investment advice.
- Nvidia has an offset fiscal year (ending in late January): "fiscal year 2026" ended on January 25, 2026, "first quarter of 2027" on April 26, 2026 — the periods are dated in the text in each case.
- The net income of the first quarter of 2027 ($58.3 billion) included $15.9 billion in unrealized valuation gains on securities (among them the Intel stake); the operating result of $53.5 billion is the more reliable measure.
- Price and valuation figures are dated to July 8, 2026 (about $196 per share, about $4,945 billion market value); analyses are evergreen, daily prices are not a buy argument.
- The scanner membership was checked twice: data as of July 8, 2026 (seven value/quality scanners) and a live check on July 14, 2026 (Greenblatt confirmed; the rest of the scanner set drifts day to day).
- Nvidia does not name the three big customers in the mandatory filings; the "AI research and deployment company" with a significant indirect revenue contribution also remains unnamed there.
About the Company
NVIDIA Corporation ist ein Anbieter von KI-Infrastruktur im Rechenzentrumsmaßstab in den USA, Taiwan, China, Hongkong, Europa und international. Das Unternehmen ist in den Segmenten Compute & Networking sowie Graphics tätig.
| IPO Year | 1999 |
|---|---|
| Next Earnings | 26. Aug 2026 |
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Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.