NVE Corp key statistics and ratios

In fiscal 2026, NVE Corp had return on equity of 25.2%, an operating margin of 60.5%, debt equal to 0.0% of equity and a current ratio of 28.21. 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.

NVE Corp: financial ratios, annual
Fiscal year	2010Mar 2010	2011Mar 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMSept 2026
Gross margin	70.5%	68.6%	67.4%	74.0%	77.9%	80.3%	76.1%	78.5%	79.0%	80.3%	80.8%	80.7%	76.8%	78.9%	77.3%	83.6%	78.7%	79.3%
Operating margin	57.9%	56.6%	49.9%	56.2%	55.5%	62.9%	58.8%	61.6%	61.8%	60.2%	61.1%	59.6%	60.5%	67.0%	62.1%	61.8%	60.5%	61.6%
Net margin	42.6%	42.8%	39.8%	43.8%	42.9%	47.0%	44.3%	45.7%	46.6%	13.6%	57.2%	54.7%	53.8%	59.3%	57.5%	58.2%	57.7%	58.1%
Free-cash-flow margin	43.2%	38.7%	39.6%	40.0%	47.2%	48.0%	50.6%	41.9%	48.7%	53.5%	62.3%	62.3%	44.5%	47.5%	61.2%	50.4%	54.9%	60.7%
Return on equity	21.4%	21.2%	15.0%	13.5%	11.3%	13.6%	11.8%	13.5%	15.5%	4.3%	18.1%	15.7%	21.4%	34.5%	25.8%	23.6%	25.2%	30.8%
Return on assets	—	18.6%	14.7%	13.2%	11.1%	13.3%	11.7%	13.3%	15.4%	4.2%	17.8%	15.4%	20.7%	33.2%	25.2%	23.0%	24.4%	29.7%
Asset turnover	—	0.43	0.37	0.30	0.26	0.28	0.26	0.29	0.33	0.31	0.31	0.28	0.39	0.56	0.44	0.39	0.42	0.51
Current ratio	—	9.14	15.69	10.69	17.09	24.85	21.02	32.13	33.03	32.84	43.19	23.71	16.90	16.80	32.05	28.40	28.21	29.05
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	33.0%	32.1%	31.5%	32.6%	32.6%	33.0%	32.4%	32.2%	30.5%	18.1%	16.0%	17.9%	17.1%	16.2%	16.3%	16.5%	14.7%	14.0%
R&D as % of revenue	4.0%	4.1%	9.1%	9.5%	13.8%	9.8%	11.0%	11.8%	12.4%	15.5%	14.5%	14.9%	10.8%	6.8%	9.2%	14.1%	12.0%	10.5%
SG&A as % of revenue	8.6%	7.9%	8.3%	8.3%	8.6%	7.6%	6.3%	5.1%	4.8%	4.6%	5.2%	6.2%	5.4%	—	—	—	—	—
Capital spending as % of revenue	1.1%	2.3%	5.2%	6.7%	0.6%	0.6%	1.0%	1.8%	2.0%	0.3%	0.2%	0.3%	1.8%	2.4%	0.1%	4.9%	8.3%	3.7%
Free cash flow ÷ net income	101.3%	90.4%	99.6%	91.5%	109.9%	102.2%	114.1%	91.6%	104.6%	392.3%	109.1%	113.7%	82.8%	80.0%	106.5%	86.6%	95.2%	104.4%
Dividends ÷ net income	—	—	—	0.0%	0.0%	69.6%	157.9%	149.4%	139.2%	537.1%	133.4%	165.3%	133.3%	85.1%	112.9%	128.4%	127.3%	108.3%
Dividends and buybacks ÷ free cash flow	—	—	0.0%	0.0%	10.3%	68.1%	154.9%	163.1%	133.1%	136.9%	126.7%	146.1%	162.2%	106.5%	106.0%	148.2%	133.7%	103.7%

US$ thousands unless shown otherwise. Fiscal quarters.

NVE Corp: financial ratios, quarterly
Quarter	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026	2027 Q2Sept 2026
Gross margin	84.2%	79.2%	80.6%	78.3%	78.6%	77.7%	81.3%	78.2%
Operating margin	58.5%	58.4%	62.0%	57.6%	60.2%	61.9%	65.8%	55.0%
Net margin	60.2%	53.5%	58.6%	52.2%	54.4%	64.4%	57.9%	54.4%
Free-cash-flow margin	−124.7%	172.0%	−80.6%	185.5%	−77.0%	162.1%	9.8%	170.9%
Current ratio	40.30	28.40	16.10	29.64	34.84	28.21	23.72	29.05
R&D as % of revenue	17.2%	14.3%	11.8%	13.8%	12.8%	10.1%	8.6%	12.5%
SG&A as % of revenue	—	—	—	6.9%	—	—	—	10.8%

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

2 of 2 checks passed · September 30, 2026

What it owns · $60m

Short-term assets $35mLonger-term assets $25m

What it owes, and who funded it · $60m

Short-term liabilities $1mLonger-term liabilities $1mShareholders' equity $58m

Short-term assets cover short-term liabilities $35m of assets due within a year against $1m of liabilities due within a year.
Short-term assets cover long-term liabilities $35m short-term assets against $678,698 of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From NVE Corp'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

97 /100

Strong moat

How hard NVE'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 22.4% of total assets over 10 years.
Pricing power 20 / 20

Gross margin has been a median 79.7%, moving by 1.2 percentage points (standard deviation) across 10 years.
Durability 20 / 20

Operating margin has been a median 61.5%; its worst year was 58.1%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 53.6% of revenue.
Discipline 17 / 20

The diluted share count rose 0.2% over five years; stock-based pay has been a median 0.2% 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 NVE Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to NVE Corp.