Nvidia Corp. (NVDA) intrinsic value & 10-year financials
Nvidia Corp. (NVDA) has a Graham intrinsic value of $162.76 per share. At $216.00 on Oct 26, 2026, the stock trades 33% above that value. Over the last 10 fiscal years revenue grew 46.6% a year to $215.9B, with an average return on invested capital of 52.4%.
- Graham intrinsic value
- $162.76
- Share price (Oct 26, 2026)
- $216.00
- Price vs Graham value
- 33% above
- Market cap
- $5.3T
- Revenue (FY2026)
- $215.9B
- Revenue growth (10-yr CAGR)
- 46.6%
- ROIC (10-yr avg)
- 52.4%
- Free cash flow (FY2026)
- $96.7B
NVDA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | $4.90 | $96.7B | 60.4% | 92.8% |
| FY2025 | $130.5B | $72.9B | $2.94 | $60.9B | 62.4% | 111.0% |
| FY2024 | $60.9B | $29.8B | $1.19 | $27.0B | 54.1% | 75.3% |
| FY2023 | $27.0B | $4.4B | $0.17 | $3.8B | 15.7% | 12.6% |
| FY2022 | $26.9B | $9.8B | $0.39 | $8.1B | 37.3% | 32.9% |
| FY2021 | $16.7B | $4.3B | $0.17 | — | 27.2% | 32.4% |
| FY2020 | $10.9B | $2.8B | $0.11 | — | 26.1% | 37.2% |
| FY2019 | $11.7B | $4.1B | $0.17 | — | 32.5% | 47.5% |
| FY2018 | $9.7B | $3.0B | $0.12 | — | 33.0% | 53.5% |
| FY2017 | $6.9B | $1.7B | $0.06 | — | 28.0% | 28.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Nvidia is a consistent compounder, expanding top-line revenue at 46.6% annually over the past decade.
Nvidia has earned high returns on invested capital, averaging 52.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Nvidia shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Nvidia is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $162.76 per share.