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NVIDIA Corporation NVDA

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NVIDIA sells the compute that trains and runs artificial intelligence, and at $214.72 the stock trades at 23.8 times what 31 analysts think it earns next fiscal year.

The whole setup turns on one unanswered question: whether the $394.7B of FY2027 consensus revenue is demand NVIDIA found or demand NVIDIA funded.

Key data

ItemValue
Price, 2026-08-21$214.72
Market capitalization$5.20T
FY2026 revenue$215.9B, up 65%
FY2026 free cash flow$96.7B
Net cash position$0.4B net cash
Diluted shares, FY202624,514M
Gross margin, trailing74.1%
Free cash flow yield, trailing1.9%

NVDA · price with moving averages

Daily · 6MWeekly · 3Y
$19$74$130$185$241 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

NVIDIA designs the processors that train and run AI models, the networking gear that welds tens of thousands of them into a single machine, and CUDA, the software layer most AI code is written against. The buyers are a short list: Microsoft, Amazon, Google, Meta, Oracle, and a newer cohort of AI-native firms building their own compute. Payment is upfront hardware revenue on enormous orders, revenue is concentrated, and the product cycle now runs about a year.

The engine is scale multiplied by margin. Revenue went from $27.0B in FY2023 to $215.9B in FY2026, operating income from $4.2B to $130.4B, and free cash flow from $3.8B to $96.7B, an 81% conversion in FY2026. What changed last year is the shape of the profit: pre-tax income of $141.5B now sits $11.1B above operating income, because NVIDIA is marking up equity stakes in private AI companies rather than netting out interest and other items.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

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