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NVIDIA Corporation key statistics and ratios

In fiscal 2026, NVIDIA Corporation had return on equity of 101.5%, an operating margin of 60.4%, debt equal to 5.4% of equity and a current ratio of 3.91. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Jan 20102011Jan 20112012Jan 20122013Jan 20132014Jan 20142015Jan 20152016Jan 20162017Jan 20172018Jan 20182019Jan 20192020Jan 20202021Jan 20212022Jan 20222023Jan 20232024Jan 20242025Jan 20252026Jan 2026LTMJul 2026
Gross margin35.4%39.8%51.4%52.0%54.9%55.5%56.1%58.8%59.9%61.2%62.0%62.3%64.9%56.9%72.7%75.0%71.1%74.7%
Operating margin−3.0%7.2%16.2%15.1%12.0%16.2%14.9%28.0%33.0%32.5%26.1%27.2%37.3%15.7%54.1%62.4%60.4%65.2%
Net margin−2.0%7.1%14.5%13.1%10.7%13.5%12.3%24.1%31.4%35.3%25.6%26.0%36.2%16.2%48.8%55.8%55.6%63.7%
Free-cash-flow margin12.3%16.3%19.3%—————————30.2%14.1%44.4%46.6%44.8%41.9%
Return on equity−2.6%8.7%15.9%12.5%9.5%14.2%13.8%32.6%46.1%49.3%26.0%29.8%44.8%17.9%91.5%119.2%101.5%99.9%
Return on assets−1.9%6.3%11.6%9.4%6.4%8.7%8.4%19.4%28.9%33.8%18.3%18.8%26.7%10.2%55.7%82.2%75.4%73.2%
Asset turnover0.930.880.800.720.600.650.690.800.920.960.710.720.740.631.141.471.361.15
Current ratio3.163.424.204.895.956.382.574.778.037.947.674.096.653.524.174.443.914.59
Debt to equity———0.0%30.4%31.3%0.0%34.4%26.6%21.3%16.3%41.2%41.1%49.6%22.6%10.7%5.4%14.6%
Interest cover (operating income ÷ interest)n/m81.8x—196.8x49.6x16.5x15.9x33.3x52.6x65.6x54.7x24.6x42.5x16.1x128.3x———
Effective tax rate—6.6%12.4%15.0%13.7%16.4%17.4%12.5%4.7%−6.3%5.9%1.7%1.9%−4.5%12.0%13.3%15.1%16.0%
R&D as % of revenue27.3%24.0%25.1%26.8%32.3%29.0%26.6%21.2%18.5%20.3%25.9%23.5%19.6%27.2%14.2%9.9%8.6%7.8%
SG&A as % of revenue11.0%10.2%10.1%10.1%10.6%10.3%12.0%9.6%8.4%8.5%10.0%11.6%8.0%9.0%4.4%2.7%2.1%1.7%
Capital spending as % of revenue2.3%2.8%3.5%—————————3.6%6.8%1.8%2.5%2.8%2.4%
Free cash flow ÷ net income—228.3%132.6%—————————83.4%87.2%90.8%83.5%80.5%65.8%
Dividends ÷ net income—0.0%0.0%8.3%41.1%29.5%34.7%15.7%11.2%9.0%13.9%9.1%4.1%9.1%1.3%1.1%0.8%3.5%
Dividends and buybacks ÷ free cash flow0.0%0.0%0.0%—————————4.9%274.1%36.7%56.8%42.5%48.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 7 checks passed · July 26, 2026
What it owns · $320.3bn
Short-term assets $197.4bnLonger-term assets $122.9bn
What it owes, and who funded it · $320.3bn
Short-term liabilities $43.0bnLonger-term liabilities $48.3bnShareholders' equity $229.0bn
  • Short-term assets cover short-term liabilities $197.4bn of assets due within a year against $43.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $197.4bn short-term assets against $48.3bn of longer-dated liabilities.
  • More cash than debt $22.4bn of cash against $33.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 15% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 41% to 15% over five years.
  • A year's operating cash flow covers at least 20% of debt $134.4bn of operating cash flow against $33.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $197.6bn against $463m of interest.

From NVIDIA Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

90 /100

Strong moat

How hard NVIDIA's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 36.7% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 63.3%, moving by 5.9 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 33.2%; its worst year was 22.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 5 of 5 years, at a median 41.9% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 7.5% over five years; stock-based pay has been a median 5.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from NVIDIA Corporation's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to NVIDIA Corporation.