Debt to Equity
since 2005
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NVIDIA Corp. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
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Calculation
NVIDIA Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Jan 25, 2026 | = | ÷ | |||
| Jan 26, 2025 | = | ÷ | |||
| Jan 28, 2024 | = | ÷ | |||
| Jan 29, 2023 | = | ÷ | |||
| Jan 30, 2022 | = | ÷ | |||
| Jan 31, 2021 | = | ÷ | |||
| Jan 26, 2020 | = | ÷ | |||
| Jan 27, 2019 | = | ÷ | |||
| Jan 28, 2018 | = | ÷ | |||
| Jan 29, 2017 | = | ÷ | |||
| Jan 31, 2016 | = | ÷ | |||
| Jan 25, 2015 | = | ÷ | |||
| Jan 26, 2014 | = | ÷ | |||
| Jan 27, 2013 | = | ÷ | |||
| Jan 29, 2012 | = | ÷ | |||
| Jan 30, 2011 | = | ÷ | |||
| Jan 31, 2010 | = | ÷ | |||
| Jan 25, 2009 | = | ÷ | |||
| Jan 27, 2008 | = | ÷ | |||
| Jan 28, 2007 | = | ÷ | |||
| Jan 29, 2006 | = | ÷ | |||
| Jan 30, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2026-01-25), 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-25), 10-K (reporting date: 2014-01-26), 10-K (reporting date: 2013-01-27), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-25), 10-K (reporting date: 2008-01-27), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
1 US$ in millions
The relationship between total debt and shareholders’ equity exhibited a notable evolution over the analyzed period. Initially, debt levels were minimal relative to equity, but a significant shift occurred beginning in 2014. Subsequently, the company experienced fluctuations in its debt-to-equity ratio, culminating in a substantial increase in recent years.
- Early Period (2005-2013)
- From 2005 through 2013, total debt remained consistently low, ranging from approximately US$19 million to US$26 million. Concurrently, shareholders’ equity demonstrated a general upward trend, increasing from US$1,178 million to US$4,828 million. Consequently, the debt-to-equity ratio remained exceptionally low, consistently below 0.01, indicating a highly leveraged equity position and minimal reliance on debt financing.
- Initial Increase (2014-2016)
- A substantial increase in total debt occurred in 2014, rising to US$1,374 million, and continued to climb to US$1,423 million in 2016. Shareholders’ equity also increased during this period, but at a slower pace. This resulted in a significant rise in the debt-to-equity ratio, from 0.00 in 2013 to 0.32 in 2015 and 0.32 in 2016. This suggests the company began utilizing debt more strategically to fund operations or investments.
- Fluctuation and Subsequent Growth (2017-2020)
- The debt-to-equity ratio experienced a decrease in 2017 and 2018, falling to 0.27 and 0.21 respectively, as equity growth outpaced debt accumulation. However, from 2019 to 2020, both total debt and shareholders’ equity increased considerably. Total debt rose from US$1,988 million to US$6,963 million, while equity grew from US$9,342 million to US$12,204 million, and then dramatically to US$16,893 million in 2021. This resulted in the debt-to-equity ratio increasing from 0.16 to 0.41 in 2020.
- Recent Trends (2021-2026)
- The most recent period demonstrates continued volatility. Total debt peaked at US$10,946 million in 2022, before decreasing to US$8,468 million in 2024. Shareholders’ equity experienced substantial growth, reaching US$79,327 million in 2024 and US$157,293 million in 2026. The debt-to-equity ratio increased to 0.50 in 2022, then decreased significantly to 0.05 in 2026. This indicates a substantial strengthening of the equity position relative to debt, despite the initial increase in debt levels.
Overall, the company transitioned from a position of minimal debt reliance to one where debt played a more prominent role in its capital structure, particularly between 2014 and 2022. However, recent trends suggest a shift back towards a more equity-focused financial profile.
Comparison to Competitors
NVIDIA Corp., debt to equity, long-term trends, comparison to competitors
| NVIDIA Corp. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Micron Technology Inc. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 25, 2026 | |||||||||||
| Jan 26, 2025 | |||||||||||
| Jan 28, 2024 | |||||||||||
| Jan 29, 2023 | |||||||||||
| Jan 30, 2022 | |||||||||||
| Jan 31, 2021 | |||||||||||
| Jan 26, 2020 | |||||||||||
| Jan 27, 2019 | |||||||||||
| Jan 28, 2018 | |||||||||||
| Jan 29, 2017 | |||||||||||
| Jan 31, 2016 | |||||||||||
| Jan 25, 2015 | |||||||||||
| Jan 26, 2014 | |||||||||||
| Jan 27, 2013 | |||||||||||
| Jan 29, 2012 | |||||||||||
| Jan 30, 2011 | |||||||||||
| Jan 31, 2010 | |||||||||||
| Jan 25, 2009 | |||||||||||
| Jan 27, 2008 | |||||||||||
| Jan 28, 2007 | |||||||||||
| Jan 29, 2006 | |||||||||||
| Jan 30, 2005 |
Based on: 10-K (reporting date: 2026-01-25), 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-25), 10-K (reporting date: 2014-01-26), 10-K (reporting date: 2013-01-27), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-25), 10-K (reporting date: 2008-01-27), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
NVIDIA Corp., debt to equity, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| NVIDIA Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Jan 25, 2026 | ||
| Jan 26, 2025 | ||
| Jan 28, 2024 | ||
| Jan 29, 2023 | ||
| Jan 30, 2022 | ||
| Jan 31, 2021 | ||
| Jan 26, 2020 | ||
| Jan 27, 2019 | ||
| Jan 28, 2018 | ||
| Jan 29, 2017 | ||
| Jan 31, 2016 | ||
| Jan 25, 2015 | ||
| Jan 26, 2014 | ||
| Jan 27, 2013 | ||
| Jan 29, 2012 | ||
| Jan 30, 2011 | ||
| Jan 31, 2010 | ||
| Jan 25, 2009 | ||
| Jan 27, 2008 | ||
| Jan 28, 2007 | ||
| Jan 29, 2006 | ||
| Jan 30, 2005 |
Based on: 10-K (reporting date: 2026-01-25), 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-25), 10-K (reporting date: 2014-01-26), 10-K (reporting date: 2013-01-27), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-25), 10-K (reporting date: 2008-01-27), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Industry (Information Technology)
NVIDIA Corp., debt to equity, long-term trends, comparison to industry (information technology)
| NVIDIA Corp. | Information Technology | |
|---|---|---|
| Jan 25, 2026 | ||
| Jan 26, 2025 | ||
| Jan 28, 2024 | ||
| Jan 29, 2023 | ||
| Jan 30, 2022 | ||
| Jan 31, 2021 | ||
| Jan 26, 2020 | ||
| Jan 27, 2019 | ||
| Jan 28, 2018 | ||
| Jan 29, 2017 | ||
| Jan 31, 2016 | ||
| Jan 25, 2015 | ||
| Jan 26, 2014 | ||
| Jan 27, 2013 | ||
| Jan 29, 2012 | ||
| Jan 30, 2011 | ||
| Jan 31, 2010 | ||
| Jan 25, 2009 | ||
| Jan 27, 2008 | ||
| Jan 28, 2007 | ||
| Jan 29, 2006 | ||
| Jan 30, 2005 |
Based on: 10-K (reporting date: 2026-01-25), 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-25), 10-K (reporting date: 2014-01-26), 10-K (reporting date: 2013-01-27), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-25), 10-K (reporting date: 2008-01-27), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).