Latest Ratios: P/E Ratio 40.2x · EV/EBITDA 35.8x · ROE 101.5%. (1999–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.77T | $4.60T | $3.54T | $1.52T | $510.4B | $579.0B | $326.3B | $154.7B | $100.0B | $153.7B | $72.4B |
| Enterprise Value | $4.77T | $4.60T | $3.54T | $1.53T | $519.1B | $588.8B | $333.2B | $146.5B | $101.2B | $151.7B | $73.5B |
| P/E Ratio → | 40.19 | 38.30 | 48.51 | 51.29 | 119.76 | 60.11 | 76.41 | 56.91 | 23.53 | 50.67 | 43.59 |
| P/S Ratio | 22.09 | 21.30 | 27.11 | 24.98 | 18.92 | 21.51 | 19.57 | 14.17 | 8.54 | 15.82 | 10.48 |
| P/B Ratio | 30.69 | 29.25 | 44.59 | 35.42 | 23.10 | 21.76 | 19.32 | 12.68 | 10.70 | 20.57 | 12.57 |
| P/FCF | 49.34 | 47.59 | 58.13 | 56.33 | 134.04 | 71.20 | 69.52 | 36.22 | 31.82 | 52.84 | 48.41 |
| P/OCF | 46.44 | 44.79 | 55.20 | 54.19 | 90.48 | 63.57 | 56.05 | 32.50 | 26.72 | 43.89 | 43.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 21.31 | 27.12 | 25.05 | 19.24 | 21.88 | 19.98 | 13.42 | 8.64 | 15.62 | 10.63 |
| EV / EBITDA | 35.81 | 34.54 | 42.48 | 44.25 | 90.01 | 52.50 | 59.18 | 45.40 | 24.89 | 44.50 | 34.64 |
| EV / EBIT | 36.59 | 32.47 | 42.00 | 44.78 | 116.83 | 57.86 | 72.54 | 48.48 | 25.60 | 46.58 | 37.43 |
| EV / FCF | — | 47.60 | 58.16 | 56.47 | 136.31 | 72.41 | 70.98 | 34.29 | 32.20 | 52.15 | 49.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.1% | 71.1% | 75.0% | 72.7% | 56.9% | 64.9% | 62.3% | 62.0% | 61.2% | 59.9% | 58.8% |
| Operating Margin | 60.4% | 60.4% | 62.4% | 54.1% | 15.7% | 37.3% | 27.2% | 26.1% | 32.5% | 33.0% | 28.0% |
| Net Profit Margin | 55.6% | 55.6% | 55.8% | 48.8% | 16.2% | 36.2% | 26.0% | 25.6% | 35.3% | 31.4% | 24.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 101.5% | 101.5% | 119.2% | 91.5% | 17.9% | 44.8% | 29.8% | 26.0% | 49.3% | 46.1% | 32.6% |
| ROA | 75.4% | 75.4% | 82.2% | 55.7% | 10.2% | 26.7% | 18.8% | 18.3% | 33.8% | 28.9% | 19.4% |
| ROIC | 81.8% | 81.8% | 95.6% | 63.8% | 9.4% | 25.0% | 24.5% | 29.4% | 35.6% | 39.2% | 23.8% |
| ROCE | 97.2% | 97.2% | 109.6% | 73.5% | 11.3% | 31.0% | 22.4% | 20.7% | 34.5% | 35.4% | 29.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.13 | 0.26 | 0.54 | 0.44 | 0.46 | 0.22 | 0.21 | 0.27 | 0.49 |
| Debt / EBITDA | 0.09 | 0.09 | 0.12 | 0.32 | 2.09 | 1.05 | 1.37 | 0.82 | 0.49 | 0.59 | 1.33 |
| Net Debt / Equity | — | 0.01 | 0.02 | 0.09 | 0.39 | 0.37 | 0.41 | -0.68 | 0.13 | -0.27 | 0.18 |
| Net Debt / EBITDA | 0.01 | 0.01 | 0.02 | 0.11 | 1.50 | 0.88 | 1.22 | -2.56 | 0.30 | -0.59 | 0.50 |
| Debt / FCF | — | 0.01 | 0.03 | 0.14 | 2.27 | 1.21 | 1.46 | -1.93 | 0.38 | -0.69 | 0.70 |
| Interest Coverage | 547.14 | 547.14 | 341.19 | 132.59 | 16.96 | 43.12 | 24.96 | 58.12 | 68.17 | 53.39 | 33.84 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.91 | 3.91 | 4.44 | 4.17 | 3.52 | 6.65 | 4.09 | 7.67 | 7.94 | 8.03 | 4.69 |
| Quick Ratio | 3.24 | 3.24 | 3.88 | 3.67 | 2.73 | 6.05 | 3.63 | 7.13 | 6.76 | 7.34 | 4.26 |
| Cash Ratio | 1.94 | 1.94 | 2.39 | 2.44 | 2.03 | 4.89 | 2.95 | 6.11 | 5.58 | 6.16 | 3.74 |
| Asset Turnover | — | 1.04 | 1.17 | 0.93 | 0.65 | 0.61 | 0.58 | 0.63 | 0.88 | 0.86 | 0.70 |
| Inventory Turnover | 2.92 | 2.92 | 3.24 | 3.15 | 2.25 | 3.62 | 3.44 | 4.24 | 2.89 | 4.89 | 3.59 |
| Days Sales Outstanding | — | 65.02 | 64.51 | 59.91 | 51.79 | 63.06 | 53.17 | 55.40 | 44.36 | 47.53 | 43.63 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.3% | 0.4% | 0.2% | 0.4% |
| Payout Ratio | 0.8% | 0.8% | 1.1% | 1.3% | 9.1% | 4.1% | 9.1% | 13.9% | 9.0% | 11.2% | 15.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.6% | 2.1% | 1.9% | 0.8% | 1.7% | 1.3% | 1.8% | 4.3% | 2.0% | 2.3% |
| FCF Yield | 2.0% | 2.1% | 1.7% | 1.8% | 0.7% | 1.4% | 1.4% | 2.8% | 3.1% | 1.9% | 2.1% |
| Buyback Yield | 0.8% | 0.9% | 1.0% | 0.6% | 2.0% | 0.0% | 0.0% | 0.0% | 1.6% | 0.6% | 1.0% |
| Total Shareholder Yield | 0.9% | 0.9% | 1.0% | 0.7% | 2.0% | 0.1% | 0.1% | 0.3% | 1.9% | 0.8% | 1.4% |
| Shares Outstanding | — | $24.5B | $24.8B | $24.9B | $25.1B | $25.4B | $25.1B | $24.7B | $25.0B | $25.3B | $26.0B |
Supply Chain Concentration Risk
According to recent market data, NVDA trades at a forward P/E of 21.54, which, when viewed against its PEG ratio of 0.41, suggests that the market is pricing in aggressive long-term earnings growth that significantly outpaces the current valuation multiples of traditional semiconductor industry peers.
The current valuation appears to decouple the company from cyclical hardware manufacturers, positioning it closer to high-growth software platforms. Investors should monitor whether the forward P/E compression remains sustainable as the company scales, as any deceleration in AI infrastructure spending could lead to a rapid multiple contraction.
Based on reported financial figures, NVDA has maintained a robust ROIC of 22.7% as of 2027Q1, demonstrating that the company is effectively compounding its invested capital despite the massive scale of its recent infrastructure investments and the inherent volatility of the semiconductor supply chain.
The consistency of these returns suggests that the company's fabless model is highly optimized, allowing it to generate superior returns without the capital-intensive burden of internal manufacturing. This performance warrants further investigation into whether such high returns on capital can be sustained as the company enters more capital-heavy systems-level integration.
As reported in quarterly filings, the company's cash conversion cycle reached 98 days in 2027Q1, a trend that reflects the increasing complexity of managing large-scale, project-based data center deployments and the associated inventory requirements necessary to support global hyperscaler demand cycles.
The lengthening of the cash conversion cycle appears to be a structural byproduct of the shift toward full-stack system sales rather than a sign of operational inefficiency. Analysts should monitor the DIO and DSO trends to ensure that the company is not accumulating obsolete inventory as it transitions between product architectures.
Based on the provided balance sheet data, NVDA maintains a current ratio of 3.44 as of 2027Q1, providing a substantial liquidity buffer that insulates the company from short-term market shocks and supports its aggressive R&D and inventory procurement strategies in a high-demand environment.
This liquidity position appears more than adequate to cover existing purchase commitments to foundries, even under stress scenarios. The company's ability to maintain such high liquidity while simultaneously returning capital to shareholders suggests a highly disciplined approach to balance sheet management that is rare in the semiconductor sector.
The most commonly misapplied metric for this business model is the P/S ratio, which obscures the company's transition from a hardware component vendor to a software-defined systems provider, thereby failing to account for the high-margin, recurring revenue potential inherent in the proprietary CUDA ecosystem.
Investors should instead focus on metrics that capture the value of the software moat, such as the growth in software-attached revenue or the durability of gross margins. Relying on traditional semiconductor valuation multiples may lead to an underestimation of the company's long-term pricing power and its unique position as a foundational utility for AI.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying NVDA stock.
NVIDIA Corporation's current P/E ratio is 40.2x. The historical average is 45.4x. This places it at the 46th percentile of its historical range.
NVIDIA Corporation's current EV/EBITDA is 35.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 32.5x.
NVIDIA Corporation's return on equity (ROE) is 101.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 30.5%.
Based on historical data, NVIDIA Corporation is trading at a P/E of 40.2x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NVIDIA Corporation's current dividend yield is 0.02% with a payout ratio of 0.8%.
NVIDIA Corporation has 71.1% gross margin and 60.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NVIDIA Corporation's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.