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NVIDIA Corporation (NVDA)
The model for this company lays out financial schedules across multiple columns. Open it on a viewport at least 900px wide to work with the figures.
MINIMUM VIEWPORT: 900PX
DCF Implied Price
$100.05
-50.0% vs mkt
From SEC EDGAR
Market Price
$200.13
As of 2026-11-04 · Close
Statements
FY26
Ended 2026-01-31
Enterprise Value
$2.38T
PV FCFF + PV TV
Terminal value 70.5% of EV
Equity Value
$2.45T
Net Debt Adjusted
WACC
11.15%
CAPM / Capital Cost
Terminal Growth (g)
2.25%
Gordon Growth
Valuation Drivers
base scenario
WACC & Capital Cost
Risk-Free Rate (Rf)4.64%
Beta (β)1.45
Equity Risk Premium (ERP)4.50%
Cost of Equity (Ke)11.16%
Pre-Tax Cost of Debt (Kd)3.06%
Effective Tax Rate (t)21.00%
After-Tax Cost of Debt2.42%
Weights (Equity / Debt)99.8% / 0.2%
Weighted Average Cost of Capital11.15%
Source: CAPM: Rfr=4.64% (US market default for rfr (10Y sovereign yield %)), Beta=1.45 (Per-company registry benchmark beta vs primary index (1.67), Blume-adjusted), ERP=4.50% (US market default for erp (Equity Risk Premium %)). Cost of Equity=11.16% = Rf + Beta x ERP. Pre-tax Cost of Debt=3.06% (after-tax 2.42%). Capital Weights: Equity=99.8%, Debt=0.2%.
Return Metrics & Financial Health
Terminal ROIC
19.8%
+8.7% vs WACC
FCF Yield (Yr 1)
5.1%
FCFF / Equity Val
Implied EV / EBIT
12.3x
Forward Multiple
Net Debt Position
+$76,339
Net Cash Balance
FCFF & DCF Valuation Schedule
PV FCFF: $699.5B
|PV TV: $1.68T
|Net: +$76,339@ 2026-01-25
|Price: $100.05
| DCF Line Item (Mid-Year) | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
EBIT (Operating Profit) EBIT (Operating Profit)Definition Earnings Before Interest and Taxes: core operating profitability before capital structure and taxes. Formula: Revenue - COGS - Operating Expenses - D&A | 193,684 | 245,398 | 281,447 | 304,188 | 317,694 |
Tax Rate % Tax Rate %Definition Effective corporate tax rate applied to operating earnings for NOPAT calculation. Formula: Taxes / PBT | 15.1% | 16.6% | 18.1% | 19.5% | 21.0% |
NOPAT NOPATDefinition Net Operating Profit After Tax: un-levered profit generated purely by core operations. Formula: EBIT × (1 - Effective Tax Rate) | 164,399 | 204,687 | 230,618 | 244,780 | 250,978 |
+ D&A + D&ADefinition Depreciation & Amortization added back because it is a non-cash accounting expense. Formula: Cash Flow Statement D&A Add-back | 4,234 | 5,365 | 6,153 | 6,650 | 6,945 |
− CapEx − CapExDefinition Capital Expenditures: net cash spent on property, plant, equipment, and intangible assets. Formula: Cash Flow Statement Capital Investments | (8,975) | (11,372) | (13,042) | (14,096) | (14,722) |
± ΔNWC ± ΔNWCDefinition Change in Non-Cash Operating Working Capital: cash invested or freed up in working capital. Formula: − (Δ Receivables + Δ Inventory − Δ Payables) | -24,281 | -19,848 | -13,836 | -8,728 | -5,184 |
− Stock Comp − Stock CompDefinition Stock-based compensation deducted as a real economic cost even though non-cash under accounting rules. Formula: Cash Flow Statement SBC (when reported) | (9,486) | (12,019) | (13,785) | (14,899) | (15,560) |
= FCFF (Free Cash Flow) = FCFF (Free Cash Flow)Definition Free Cash Flow to Firm: unlevered cash flow available to all debt and equity capital providers. Formula: NOPAT + D&A − CapEx − ΔNWC − Stock Comp | 125,891 | 166,812 | 196,108 | 213,707 | 222,458 |
Discount Factor (Mid-Year) Discount Factor (Mid-Year)Definition Mid-year discount factor assuming cash flows arrive continuously throughout the year. Formula: 1 / (1 + WACC)^(t - 0.5) | 0.9503 | 0.8550 | 0.7691 | 0.6920 | 0.6227 |
PV(FCFF) PV(FCFF)Definition Present Value of Free Cash Flow discounted back to current fiscal year. Formula: FCFF × Mid-Year Discount Factor | 119,628 | 142,629 | 150,830 | 147,895 | 138,523 |
| Σ PV of Explicit Forecasts (PV FCFF) | $699,505 | ||||
| + PV of Terminal Value (2.3% g, 71% of EV) | $1,675,635 | ||||
| Enterprise Value (EV) | $2,375,140 | ||||
| + Net Cash & Liquid Assets | + $76,339 | ||||
| Equity Value DCF Implied Share Price | $2,451,479 $100.05 / share | ||||
WACC: 11.15%Cost of Equity: 11.16%Cost of Debt: 2.42%Equity Wt: 99.8%
Terminal ROIC: 19.8% (Reinvest 11.4%)
Financial Forecast Summary
| Line Item | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Revenue | $320,776 | $406,423↑ | $466,127↑ | $503,790↑ | $526,158↑ |
| EBITDA | $197,919 | $250,763↑ | $287,600↑ | $310,838↑ | $324,639↑ |
| EBIT (Operating Profit) | $193,684 | $245,398↑ | $281,447↑ | $304,188↑ | $317,694↑ |
| Net Profit (PAT) | $173,570 | $213,698↑ | $239,471↑ | $253,474↑ | $259,514↑ |
| D&A | $4,234 | $5,365↑ | $6,153↑ | $6,650↑ | $6,945↑ |
| CapEx | $8,975 | $11,372↑ | $13,042↑ | $14,096↑ | $14,722↑ |
| Operating Cash Flow | $153,523 | $199,215↑ | $231,788↑ | $251,396↑ | $261,275↑ |