NVIDIA Corp. (NASDAQ:NVDA)

Current Assets

The current assets of the company exhibit a generally upward trend over the analyzed period. Starting at 13,690 million US dollars in early 2020, the value increased to 16,055 million dollars by early 2021, representing moderate growth. This growth accelerates significantly by early 2022, with current assets reaching 28,829 million dollars, indicating substantial asset accumulation. However, this is followed by a notable decrease to 23,073 million dollars in early 2023, suggesting potential asset restructuring or changes in liquidity management.

Subsequent periods show a strong rebound and exceptional growth in current assets, rising sharply to 44,345 million dollars in early 2024 and further increasing to 80,126 million dollars by early 2025, more than tripling the value seen in early 2023. This pronounced increase signals a strategic shift or expansion in working capital resources, potentially reflecting increased operational scale, enhanced liquidity, or acquisition of short-term assets.

Adjusted Current Assets

The adjusted current assets closely mirror the trend observed in current assets, with values nearly identical across all periods. This alignment suggests minimal adjustments between reported and adjusted figures, implying consistent accounting practices or limited impact of adjustments over the timeframe.

Similar to current assets, adjusted current assets rise from 13,692 million dollars in early 2020 to 80,130 million dollars by early 2025, maintaining an overall pattern of moderate growth, sharp increase, a transient decline in early 2023, and subsequent aggressive expansion. This consistency strengthens the reliability of the observed asset growth and underlying liquidity trend.

The financial data reveals a consistent and significant increase in the total assets over the analyzed periods from 2020 to 2025. Beginning at 17,315 million US dollars in early 2020, the total assets nearly doubled by 2021 to 28,791 million US dollars, continued to rise to 44,187 million in early 2022, then experienced a slight decline in 2023 to 41,182 million. Subsequently, the total assets resumed a strong upward trajectory, reaching 65,728 million in 2024 and markedly increasing to 111,601 million in 2025.

The adjusted total assets follow a similar pattern, though consistently slightly lower than the total assets, indicating some adjustments that reduce the gross asset values. Starting from 16,769 million US dollars in 2020, adjusted total assets rose to 27,989 million in 2021, increased further to 42,969 million in 2022, then declined slightly to 37,790 million in 2023. From this point, adjusted assets also demonstrate robust growth to 59,651 million in 2024 and 100,626 million in 2025.

Growth Trend

There is a clear long-term upward trend in both total and adjusted assets, with the company roughly tripling its assets from 2020 to 2025.

Period of Decline

In the period from 2022 to 2023, there is a notable dip in both total and adjusted assets, which may indicate an asset revaluation, divestiture, or external market conditions affecting asset value or acquisition pace.

Post-Decline Recovery and Expansion

Following the dip, assets recover strongly in the last two periods, surpassing prior highs and indicating successful asset growth strategies or acquisitions implemented after 2023.

Adjusted vs Total Assets

The consistent difference between total and adjusted assets suggests adjustments for factors such as depreciation, impairments, or other valuation modifications, but both metrics maintain parallel trends, supporting the reliability of the observed growth patterns.

Overall, the data points to a substantial expansion of asset base over the five-year span with only a brief interruption, reflecting possible strategic decisions or market influences impacting asset levels temporarily before resuming growth. This implies strong asset management and growth orientation within the organization during this period.

Current liabilities

The current liabilities exhibit a consistent upward trend throughout the periods analyzed. Starting from US$1,784 million in the fiscal year ending January 26, 2020, the liabilities increased notably in successive years. By January 31, 2021, current liabilities more than doubled to US$3,925 million and continued escalating to US$4,335 million in 2022. The pace of increase accelerated significantly afterward, reaching US$6,563 million in 2023 and nearly doubling again to US$10,631 million by January 28, 2024. The most recent data, for January 26, 2025, shows current liabilities at US$18,047 million, reflecting a rapid growth trajectory over this six-year period.

Adjusted current liabilities

Adjusted current liabilities follow a similar pattern to total current liabilities, with values consistently lower but closely tracking the overall upward trend. Starting at US$1,628 million in 2020, adjusted liabilities rose to US$3,615 million in 2021 and increased to US$3,989 million in 2022. This was followed by a substantial rise to US$6,127 million in 2023 and US$9,561 million in 2024. By 2025, adjusted current liabilities expanded further to US$15,920 million. The adjustments presumably reflect certain exclusions, but the growth across periods is proportionally consistent with unadjusted liabilities.

Overall analysis

The data demonstrates that both current and adjusted current liabilities have increased sharply year over year, particularly from 2022 onward. This suggests an expanding short-term financial obligation load, which may impact liquidity and working capital management. The acceleration in liabilities could be driven by factors such as increased operational scale, financing activities, or changes in working capital structure. The parallel trends between adjusted and unadjusted figures indicate that the adjustments have a stable relationship and do not significantly alter the underlying upward trend in liabilities.

Total liabilities

The total liabilities exhibit a clear upward trend over the analyzed periods. Starting at 5,111 million USD in January 2020, the liabilities increased substantially each year, reaching 32,274 million USD by January 2025. This represents more than a sixfold increase over the five-year span, indicating an aggressive growth or expansion strategy that might be funded by increased borrowings or obligations.

Adjusted total liabilities

Adjusted total liabilities follow a similar trajectory to total liabilities but show consistently slightly lower values each year. Beginning at 4,866 million USD in January 2020, adjusted liabilities increased steadily to 28,285 million USD by January 2025. Although the values remain lower than total liabilities, the pattern of growth is analogous and highlights the company's rising financial commitments after certain adjustments or exclusions.

General observations

The data reveals that liabilities, both total and adjusted, have increased significantly year over year, with the largest absolute increases occurring between the later periods (2023 to 2025). This trend suggests heightened financial leverage or greater obligations, which could imply increased investment or operational expenditures. Stakeholders should consider the implications on financial stability and the company's ability to manage rising debt levels.

The financial data reveals a consistent upward trend in both shareholders' equity and adjusted shareholders' equity over the six-year period ending January 26, 2025. Initially, shareholders’ equity rose from approximately 12.2 billion US dollars in early 2020 to about 16.9 billion by early 2021, suggesting strong growth during that year. This upward momentum accelerated significantly in the following years, with equity reaching over 26.6 billion by early 2022, followed by a temporary decline to about 22.1 billion in early 2023.

Subsequent years show a robust recovery and expansion, with shareholders’ equity nearly doubling from 22.1 billion in 2023 to 43.0 billion in 2024, then surging to approximately 79.3 billion by early 2025. This indicates a marked increase in the company's net assets, reflecting either retained earnings accumulation, capital injections, or revaluation gains.

The pattern of adjusted shareholders’ equity closely parallels that of shareholders’ equity but consistently remains slightly lower by a margin of several hundred million to a few billion dollars. Starting from around 11.9 billion in 2020, adjusted shareholders’ equity also shows major growth, peaking at about 26.2 billion in early 2022, declining to 19.6 billion in 2023, and then substantially rising to roughly 39.0 billion and 72.3 billion in 2024 and 2025, respectively.

The close alignment of these two measures suggests limited adjustments between reported equity and adjusted equity, indicating that most adjustments do not significantly impact the core equity value. The temporary decline in the 2023 measurements may warrant further investigation, as it interrupts an otherwise strong growth trajectory.

Overall, the data demonstrates strong equity growth over the period, with considerable acceleration in the latest years, indicating enhanced financial strength and possibly increased shareholder value. The persistent increase suggests positive operational performance and potentially favorable market conditions or strategic financial management leading to expanded equity bases.

The financial data reveals significant movements in the company's debt, equity, and capital structure over the six-year period ending January 2025. These trends provide insight into the company’s financing strategy and growth trajectory.

Total Reported Debt

The total reported debt shows a marked increase from 1,991 million USD in January 2020 to a peak of 10,953 million USD in January 2023. Following this peak, debt declines steadily to 8,463 million USD by January 2025. This pattern suggests an initial phase of substantial borrowing, likely to finance operations or investments, followed by a phase of debt reduction.

Shareholders’ Equity

Shareholders’ equity exhibits consistent and pronounced growth, increasing from 12,204 million USD in January 2020 to 79,327 million USD in January 2025. The increase is especially notable between January 2023 and January 2025, where equity nearly doubles from 22,101 million USD to 79,327 million USD. This sharp rise indicates strong retained earnings, capital injections, or asset appreciation, significantly strengthening the company’s net assets.

Total Reported Capital

Total reported capital, which combines debt and equity, trends upward from 14,195 million USD in January 2020 to 87,790 million USD in January 2025. Despite the reduction in debt in later years, the substantial equity growth drives a robust increase in total capital, indicative of an expanding capital base.

Adjusted Total Debt

Adjusted total debt follows a similar trajectory to total reported debt, rising from 2,643 million USD in January 2020 to a high of 12,031 million USD in January 2023, then decreasing to 10,270 million USD by January 2025. The adjusted figures, which presumably account for certain financial adjustments, suggest a cautious approach to leverage with some reduction in debt load during recent periods.

Adjusted Shareholders’ Equity

The adjusted equity figures mirror the reported equity trend and increase substantially from 11,903 million USD in January 2020 to 72,341 million USD in January 2025. The adjusted equity is consistently slightly lower than reported equity but shows the same pattern of strong growth, reaffirming the company’s strengthening financial position.

Adjusted Total Capital

Adjusted total capital also exhibits a significant rise from 14,546 million USD in January 2020 to 82,611 million USD in January 2025. The growth aligns with trends in both adjusted debt and equity, reflecting an overall expansion in the company’s financial resources despite the recent decline in debt components.

In summary, the data indicates a strategic shift in capital structure marked by initial heavy leveraging followed by debt reduction and substantial equity growth. The overall capital base expands considerably, driven primarily by increases in equity, which enhances the company's financial stability and capacity for future investments.

The financial data reveals a consistent and substantial growth in revenue over the observed periods. The revenue, measured in millions of US dollars, has risen from 10,918 in the year ending January 26, 2020, to a projected 130,497 by January 26, 2025. This reflects a remarkable upward trajectory in the top line, particularly pronounced in the last two years under review.

Similarly, the adjusted revenue follows a nearly identical growth pattern, starting at 10,981 million US dollars in 2020 and reaching an estimated 130,973 million by 2025. The slight differences between revenue and adjusted revenue values suggest minimal adjustments affecting reported revenue figures, indicating consistent reporting standards and relatively stable adjustments over the years.

Revenue Growth

There is a sharp increase between 2023 and 2024, with revenue more than doubling from 26,974 million to 60,922 million, followed by another substantial rise to 130,497 million in 2025.

Adjusted Revenue Growth

The adjusted revenue mirrors the revenue trend closely, supporting the notion of reliable financial adjustments and affirming the robustness of income growth during the period.

Trend Analysis

The overall trend indicates aggressive expansion, possibly driven by increased market demand, new product introductions, or successful strategic initiatives contributing to revenue enhancement.

Financial Stability

The minor differences between reported and adjusted figures suggest financial stability and transparency in accounting practices.

In summary, the company demonstrates strong and accelerating revenue growth with consistent adjustments, signifying a healthy and expanding business operation over the given timeframe.

Net Income

The net income exhibited a significant upward trajectory over the analyzed periods. Starting at 2,796 million USD in January 2020, it showed consistent growth in the following years, reaching 4,332 million USD in January 2021. There was a notable spike to 9,752 million USD in January 2022, followed by a temporary decline to 4,368 million USD in January 2023. Subsequently, the net income surged markedly to 29,760 million USD in January 2024 and further increased to 72,880 million USD by January 2025. This pattern indicates overall strong profitability growth with some volatility in the middle period.

Adjusted Net Income

Adjusted net income trends broadly mirrored the net income with some deviations. Beginning at 2,887 million USD in January 2020, it rose to 4,327 million USD in January 2021 and then reached 9,391 million USD in January 2022. Unlike net income, it experienced a more pronounced decline to 2,278 million USD in January 2023, indicating adjustments may have accounted for factors impacting profitability negatively in that year. Following this trough, adjusted net income rebounded significantly to 28,330 million USD in January 2024 and increased further to 69,864 million USD in January 2025.

Comparative Observations

Both net income and adjusted net income illustrate a strong long-term growth trend, despite fluctuations around January 2023. The adjusted net income is slightly lower than net income across most periods, reflecting adjustments for non-recurring or irregular items that affect reported profitability. The sharp increases in the final two years highlight exceptional financial performance improvements during those periods. The trends suggest that the company experienced volatile operational or external factors during 2023 but achieved substantial recovery and growth subsequently.