# NVIDIA Corporation (NVDA)

> Source: Nexqual · https://nexqual.com/NVDA · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, NVIDIA Corporation (NVDA), nexqual.com/NVDA" · informational, not investment advice.

**Price:** USD 210.96 (-0.59% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 212.21 · day 210.18–213.85 · 52w 164.27–243.37 · market cap $5.09T · NMS

## Key facts
- Last four reported quarters (through Jul 26, 2026): revenue $303B, net income $193B (63.7% margin), free cash flow $127B (SEC filings).
- Valuation: P/E 26.4x (avg 43.8x at the last 3 fiscal year-ends), EV/EBITDA 25.2x, net cash $23.2B.
- 18 of 80 tracked superinvestors hold NVDA (13F, Q2 2026 (2 investors on Q3 2026, filed early)): 1 new, 4 added, 11 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $1.38B; 6 not under a Rule 10b5-1 plan ($1.36B); 1 by opportunistic insiders (0 outside 10b5-1 plans), 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.90 on a 1–5 scale) (62 analysts), mean target USD 328.95 (range 180–515).
- Total return with dividends: 1Y +13.5% vs S&P 500 +13.4%; 5Y +728.8% vs S&P 500 +76.9%.
- Next earnings: 2026-11-17, EPS estimate USD 2.47, revenue estimate $109B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $26.9B | $27.0B | $60.9B | $130B | $216B | $303B |
| Gross profit | $17.5B | $15.4B | $44.3B | $97.9B | $153B | — |
| Operating income | $10.0B | $4.22B | $33.0B | $81.5B | $130B | $198B |
| Net income | $9.75B | $4.37B | $29.8B | $72.9B | $120B | $193B |
| EPS (diluted) | $0.39 | $0.17 | $1.19 | $2.94 | $4.90 | — |
| Free cash flow | $8.13B | $3.81B | $27.0B | $60.9B | $96.7B | $127B |
| Gross margin | 64.9% | 56.9% | 72.7% | 75.0% | 71.1% | — |
| Operating margin | 37.3% | 15.7% | 54.1% | 62.4% | 60.4% | 65.2% |
| Net margin | 36.2% | 16.2% | 48.8% | 55.8% | 55.6% | 63.7% |
| Revenue growth | +61.4% | +0.2% | +125.9% | +114.2% | +65.5% | — |
| Cash + short-term investments | $21.2B | $13.3B | $26.0B | $43.2B | $49.7B | — |
| Total debt | $10.9B | $11.0B | $9.71B | $8.46B | $8.47B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 26, 2026)
P/E 26.4x · P/S 16.8x · EV/EBITDA 25.2x · EV/Sales 16.7x · P/FCF 40.1x · P/B 22.3x · FCF yield 2.49% · Earnings yield 3.79% · Dividend yield (paid, TTM) 0.13% · Buyback yield (TTM) 1.09% · Net cash $23.2B · EV $5.07T
P/E at fiscal year-ends: Jan 2026 39.0x, Jan 2025 40.9x, Jan 2024 51.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
18 of 80 tracked investors hold NVDA (2 investors on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Chase Coleman | Tiger Global Management | 9.34% | $2.24B | Reduced -6.8% | Q2 2026 |
| John Armitage | Egerton Capital | 8.70% | $855M | Added +9.5% | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 8.64% | $942M | Reduced -1.1% | Q2 2026 |
| Polen Capital | Polen Capital Management | 6.86% | $796M | Reduced -3.1% | Q2 2026 |
| Duan Yongping | H&H International Investment | 6.58% | $1.26B | Reduced -54.6% | Q2 2026 |
| Jensen Investment Management |  | 5.81% | $240M | Reduced -26.6% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 5.52% | $612M | Reduced -3.7% | Q2 2026 |
| Samantha McLemore | Patient Capital Management | 4.72% | $142M | Reduced -0.2% | Q2 2026 |
| David Tepper | Appaloosa Management | 4.08% | $305M | Added +3.6% | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 0.48% | $7.0M | Unchanged | Q2 2026 |
| Christopher Davis | Davis Advisors | 0.13% | $31.0M | Added +36.3% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.11% | $1.4M | Reduced -2.0% | Q3 2026 |
| Torray Funds |  | 0.08% | $588K | Reduced -3.8% | Q2 2026 |
| Van Den Berg Management I |  | 0.06% | $297K | Reduced -4.8% | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | 0.01% | $714K | Reduced -0.6% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $680K | Unchanged | Q2 2026 |
| Richard Pzena | Pzena Investment Management | <0.01% | $289K | New position | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $2.5M | Added +0.1% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-21 | Teter Timothy S. | EVP, General Counsel and Sec | 30,460 | $6.8M | 1% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Stevens Mark A | Director | 1,366,000 | $300M | 4.7% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-17 | Kress Colette | EVP & Chief Financial Officer | 34,918 | $7.6M | 0.7% | Yes (adopted June 16, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-03…2026-09-04 | Stevens Mark A | Director | 1,022,239 | $236M | 3.4% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-31…2026-09-02 | Stevens Mark A | Director | 1,848,501 | $411M | 5.8% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-31 | Teter Timothy S. | EVP, General Counsel and Sec | 30,000 | $6.5M | 1% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Stevens Mark A | Director | 885,000 | $186M | 2.7% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-06-02…2026-06-04 | Stevens Mark A | Director | 1,000,000 | $221M | 3% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-06-03 | Neal Stephen C | Director | 15,500 | $3.3M | 8.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-27 | Dabiri John | Director | 625 | $134K | 4.2% | Yes (adopted December 10, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 62 analysts; mean target USD 328.95 (low 180, high 515).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Needham | Reiterated | Buy | $300 |
| 2026-10-01 | Cantor Fitzgerald | Reiterated | Overweight | $350 |
| 2026-09-29 | Rosenblatt | Maintained | Buy | $390 |
| 2026-09-10 | Piper Sandler | Initiated | Overweight | $300 |
| 2026-09-04 | Rosenblatt | Maintained | Buy | $390 |
| 2026-09-04 | Needham | Reiterated | Buy | $300 |
| 2026-08-27 | Citigroup | Target raised | Buy | $300 → $315 |
| 2026-08-27 | Mizuho | Target raised | Outperform | $300 → $315 |
| 2026-08-27 | JP Morgan | Target raised | Overweight | $280 → $320 |
| 2026-08-27 | Bernstein | Target raised | Outperform | $315 → $400 |
| 2026-08-27 | RBC Capital | Target raised | Outperform | $300 → $330 |
| 2026-08-27 | UBS | Target raised | Buy | $280 → $300 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +13.5% | +728.8% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +13.6% | +52.7% |
| Volatility (annualized) | 37.6% | 47.1% |
| Max drawdown | -20.2% (Oct 2025→Mar 2026) | -65.9% (Nov 2021→Oct 2022) |

## Peers (Semiconductors)
TSM (Taiwan Semiconductor Manufactur) USD 418.51 +1.49% · AVGO (Broadcom Inc.) USD 321.68 -0.48% · SKHY (SK hynix Inc.) USD 137.02 +4.05% · MU (Micron Technology, Inc.) USD 877.55 +2.46% · AMD (Advanced Micro Devices, Inc.) USD 516.79 +1.74% · INTC (Intel Corporation) USD 86.96 +1.72%

## More
Full page: https://nexqual.com/NVDA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NVDA's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Samsung Electronics | "We utilize foundries, such as Taiwan Semiconductor Manufacturing Company Limited, or TSMC, and Samsung Electronics Co., Ltd., or Samsung, to produce our semiconductor wafers." |
| Supplier | TSMC (TSM) | "We utilize foundries, such as Taiwan Semiconductor Manufacturing Company Limited, or TSMC, and Samsung Electronics Co., Ltd., or Samsung, to produce our semiconductor wafers." |
| Supplier | SK hynix | "We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung." |
| Supplier | Micron Technology (MU) | "We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung." |
| Supplier | Hon Hai (Foxconn) | "We engage with independent subcontractors and contract manufacturers such as Hon Hai Precision Industry Co., Ltd., Wistron Corporation, and Fabrinet to perform assembly, testing and packaging of our final products." |
| Supplier | Wistron | "We engage with independent subcontractors and contract manufacturers such as Hon Hai Precision Industry Co., Ltd., Wistron Corporation, and Fabrinet to perform assembly, testing and packaging of our final products." |
| Supplier | Fabrinet (FN) | "We engage with independent subcontractors and contract manufacturers such as Hon Hai Precision Industry Co., Ltd., Wistron Corporation, and Fabrinet to perform assembly, testing and packaging of our final products." |
| Partner | Microsoft (MSFT) | "•Delaware law, provisions in our governing documents and our agreement with Microsoft could delay or prevent a change in control." |
| Partner | OpenAI | "We are finalizing an investment and partnership agreement with OpenAI." |
| Partner | Groq | "We have entered into an intellectual property license arrangement with Groq, Inc., or Groq, that required significant, nonrefundable payments." |
| Competitor | Huawei | "•suppliers and licensors of hardware and software for discrete and integrated GPUs, custom chips and other accelerated computing solutions, including solutions offered for AI, such as Advanced Micro Devices, Inc., or AMD…" |
| Competitor | AMD (AMD) | "•suppliers and licensors of hardware and software for discrete and integrated GPUs, custom chips and other accelerated computing solutions, including solutions offered for AI, such as Advanced Micro Devices, Inc., or AMD…" |
| Competitor | Intel (INTC) | "•suppliers and licensors of hardware and software for discrete and integrated GPUs, custom chips and other accelerated computing solutions, including solutions offered for AI, such as Advanced Micro Devices, Inc., or AMD…" |
| Competitor | Amazon (AMZN) | "•large cloud services companies with internal teams designing hardware and software that incorporate accelerated or AI computing functionality as part of their internal solutions or platforms, such as Alibaba Group, Alph…" |
| Competitor | Broadcom (AVGO) | "•suppliers of hardware and software for SoC products that are used in servers or embedded into automobiles, autonomous machines, and gaming devices, such as Ambarella, Inc., AMD, Broadcom, Intel, Qualcomm Incorporated, R…" |
| Competitor | Alibaba (BABA) | "•large cloud services companies with internal teams designing hardware and software that incorporate accelerated or AI computing functionality as part of their internal solutions or platforms, such as Alibaba Group, Alph…" |
| Competitor | Alphabet (Google) (GOOGL) | "•large cloud services companies with internal teams designing hardware and software that incorporate accelerated or AI computing functionality as part of their internal solutions or platforms, such as Alibaba Group, Alph…" |
| Competitor | Baidu (BIDU) | "•large cloud services companies with internal teams designing hardware and software that incorporate accelerated or AI computing functionality as part of their internal solutions or platforms, such as Alibaba Group, Alph…" |
| Competitor | Ambarella (AMBA) | "•suppliers of hardware and software for SoC products that are used in servers or embedded into automobiles, autonomous machines, and gaming devices, such as Ambarella, Inc., AMD, Broadcom, Intel, Qualcomm Incorporated, R…" |
| Competitor | Qualcomm (QCOM) | "•suppliers of hardware and software for SoC products that are used in servers or embedded into automobiles, autonomous machines, and gaming devices, such as Ambarella, Inc., AMD, Broadcom, Intel, Qualcomm Incorporated, R…" |
| Competitor | Tesla (TSLA) | "•suppliers of hardware and software for SoC products that are used in servers or embedded into automobiles, autonomous machines, and gaming devices, such as Ambarella, Inc., AMD, Broadcom, Intel, Qualcomm Incorporated, R…" |
| Competitor | Arista Networks (ANET) | "•networking products consisting of switches, network adapters (including DPUs), and cable solutions (including optical modules) include such as AMD, Arista Networks, Broadcom, Cisco Systems, Inc., Hewlett Packard Enterpr…" |

Other companies that name NVDA in their own reports (relationship from NVDA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and …" |
| partner | SANGRIX INC. (SGRX) | 20-F 2026-09-18 | "On June 28, 2026, we entered into an asset purchase agreement with a third party, pursuant to which we purchased approximately $11 million of NVIDIA Blackwell B300 AI servers." |
| partner | Super Micro Computer, Inc. (SMCI) | 10-K 2026-08-31 | "We work closely with NVIDIA, Intel and AMD, among others, to develop products that are compatible with the latest generation of industry-standard technologies under development." |
| partner | IREN Ltd (IREN) | 10-K 2026-08-27 | "We are an NVIDIA Cloud Partner and secured NVIDIA Preferred Partner status during fiscal year 2026." |
| customer | ChronoScale Holdings Corp (CHRN) | 10-K 2026-08-19 | "We currently rely on one major supplier, Nvidia, for the GPU chips we offer, and plan to rely on another major supplier, AMD." |
| customer | COHERENT CORP. (COHR) | 10-K 2026-08-14 | "Coherent is a leading supplier of optical transceivers for AI datacenter and networking applications, offering a comprehensive, protocol-agnostic portfolio supporting Ethernet, InfiniBand, NVIDIA NVLi…" |
| partner | Alpha Compute Corp (ALP) | 20-F 2026-07-16 | "agreement with Buzz Performance Cloud Inc. pursuant to which the Company secured rights to access 504 NVIDIA B200 GPUs for a 24-month" |
| partner | NetApp, Inc. (NTAP) | 10-K 2026-06-05 | "Our AI-ready infrastructure solutions, including the NetApp AI Data Engine and validated reference architectures with partners like NVIDIA, help organizations streamline data pipelines, accelerate mod…" |
| competitor | GSI TECHNOLOGY INC (GSIT) | 10-K 2026-06-05 | "Our principal competitors include NVIDIA Corporation and new well-funded entrants for our in-place associative computing solutions and Infineon Technologies AG, Integrated Silicon Solution and Renesas…" |
| customer | HIVE Digital Technologies Ltd. (HIVE) | 10-K 2026-06-02 | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| partner | WIPRO LTD (WIT) | 20-F 2026-06-02 | "Our top strategic partners include hyperscalers, industry-leading platforms, and AI-native companies like Amazon Web Services, Microsoft, Google, IBM, SAP, ServiceNow, and NVIDIA." |
| customer | Freedom Holding Corp. (FRHC) | 10-K 2026-06-01 | "For a discussion of risks relating to the development of the AI data center see "Our investments in AI data center infrastructure utilizing advanced GPUs, including those supplied by NVIDIA Corporatio…" |
| partner | Kyndryl Holdings, Inc. (KD) | 10-K 2026-05-29 | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and Servi…" |
| partner | EPLUS INC (PLUS) | 10-K 2026-05-28 | "Our solutions are comprised of world class leading technologies from partners such as Amazon Web Services ("AWS"), Arista Networks, Check Point, Cisco Systems, Citrix, CrowdStrike, Dell, Everpure, F5 …" |
| partner | Agencia Comercial Spirits Ltd. (AGCC) | 20-F 2026-04-30 | "company's NVIDIA cloud partnership, to strengthen advanced data center infrastructure capabilities." |

## Revenue by business segment (quarter ended 2026-07-26)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Compute & Networking | $88.30B | 91.8% | +113.6% | $62.70B | 71.0% |
| Graphics | $7.92B | 8.2% | +46.4% | $3.90B | 49.2% |
| Corporate costs (not allocated) | — | — | — | $66.59B | — |
| Total revenue | $96.22B | 100% | — | $66.59B | 69.2% |

## Revenue by product line (quarter ended 2026-07-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Data Center | $89.02B | 92.5% | +116.6% |
| — Hyperscale (part of Data Center) | $48.71B | 50.6% | +101.5% |
| — AI Clouds, Industrial, & Enterprise (part of Data Center) | $40.31B | 41.9% | +138.1% |
| Edge Computing | $7.20B | 7.5% | +27.5% |
| Total revenue | $96.22B | 100% | — |

## Revenue by region (quarter ended 2026-07-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $60.07B | 62.4% | +82.6% |
| Taiwan | $26.98B | 28.0% | +203.1% |
| China (including Hong Kong) | $7.88B | 8.2% | +97.7% |
| Other | $1.28B | 1.3% | +33.7% |
| Total revenue | $96.22B | 100% | — |

## Customer concentration

Period ended 2026-07-26: 16% of revenue from unnamed direct customers (10-Q, filed 2026-08-26).

## Company outlook (8-K filed 2026-08-26)

- "NVIDIA's outlook for the third quarter of fiscal 2027 is as follows: • Revenue is expected to be $108.0 billion, plus or minus 2%."
- "NVIDIA is not assuming any Data Center compute revenue from China in its outlook. • GAAP and non-GAAP gross margins are expected to be 74.0%, plus or minus 50 basis points. • GAAP and non-GAAP operating expenses are expected to be approximately $9.2 billion and $9.0 billion, respectively."
- "For the full year fiscal 2027, NVIDIA expects GAAP and non-GAAP tax rates to be between 16.0% and 18.0%, excluding any discrete items and material changes to NVIDIA's tax environment."

Analysts expect $108.98B for the current quarter, +0.9% vs the guidance midpoint $108.00B. Source: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000073/q2fy27pr.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $2.47 | $2.34 | +5.6% | $108.98B | 44 |
| Next quarter (ends 2027-01-31) | $2.75 | $2.65 | +3.5% | $124.48B | 42 |
| Current fiscal year (ends 2027-01-31) | $9.31 | $8.95 | +4.0% | $411.65B | 51 |
| Next fiscal year (ends 2028-01-31) | $15.91 | $12.81 | +24.2% | $692.21B | 52 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-17): ±9.7%; earnings reaction alone ±5.3%; last 8 reports averaged ±2.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-26 | 2 | 29.2% | ±2.2% |
| 2026-10-28 | 4 | 37.2% | ±3.5% |
| 2026-10-30 | 6 | 38.4% | ±4.3% |
| 2026-11-02 | 9 | 35.9% | ±4.8% |
| 2026-11-04 | 11 | 36.9% | ±5.4% |
| 2026-11-06 | 13 | 38.0% | ±6.0% |
| 2026-11-13 | 20 | 37.6% | ±7.2% |
| 2026-11-20 | 27 | 43.9% | ±9.7% |