Price to Earnings (P/E)
since 2005
Calculation
NVIDIA Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 25, 2026 | 39.58 | = | 195.56 | ÷ | 4.94 | 4.94 | = | 120,067 | ÷ | 24,300,000,000 | |
| Feb 26, 2025 | 43.95 | = | 131.28 | ÷ | 2.99 | 2.99 | = | 72,880 | ÷ | 24,400,000,000 | |
| Feb 21, 2024 | 56.68 | = | 67.47 | ÷ | 1.19 | 1.19 | = | 29,760 | ÷ | 25,000,000,000 | |
| Feb 24, 2023 | 131.70 | = | 23.29 | ÷ | 0.18 | 0.18 | = | 4,368 | ÷ | 24,700,000,000 | |
| Mar 18, 2022 | 68.08 | = | 26.45 | ÷ | 0.39 | 0.39 | = | 9,752 | ÷ | 25,100,000,000 | |
| Feb 26, 2021 | 78.54 | = | 13.72 | ÷ | 0.17 | 0.17 | = | 4,332 | ÷ | 24,800,000,000 | |
| Feb 20, 2020 | 67.59 | = | 7.72 | ÷ | 0.11 | 0.11 | = | 2,796 | ÷ | 24,480,000,000 | |
| Feb 21, 2019 | 22.77 | = | 3.89 | ÷ | 0.17 | 0.17 | = | 4,141 | ÷ | 24,240,000,000 | |
| Feb 28, 2018 | 48.05 | = | 6.05 | ÷ | 0.13 | 0.13 | = | 3,047 | ÷ | 24,200,000,000 | |
| Mar 1, 2017 | 36.34 | = | 2.57 | ÷ | 0.07 | 0.07 | = | 1,666 | ÷ | 23,560,000,000 | |
| Mar 17, 2016 | 28.95 | = | 0.82 | ÷ | 0.03 | 0.03 | = | 614 | ÷ | 21,680,000,000 | |
| Mar 12, 2015 | 19.88 | = | 0.57 | ÷ | 0.03 | 0.03 | = | 631 | ÷ | 21,993,608,440 | |
| Mar 13, 2014 | 22.17 | = | 0.44 | ÷ | 0.02 | 0.02 | = | 440 | ÷ | 22,169,656,480 | |
| Mar 12, 2013 | 14.02 | = | 0.32 | ÷ | 0.02 | 0.02 | = | 563 | ÷ | 24,639,206,880 | |
| Mar 13, 2012 | 15.69 | = | 0.37 | ÷ | 0.02 | 0.02 | = | 581 | ÷ | 24,641,124,280 | |
| Mar 16, 2011 | 41.12 | = | 0.44 | ÷ | 0.01 | 0.01 | = | 253 | ÷ | 23,656,000,000 | |
| Mar 18, 2010 | — | = | 0.44 | ÷ | 0.00 | 0.00 | = | -68 | ÷ | 22,660,000,000 | |
| Mar 13, 2009 | — | = | 0.25 | ÷ | 0.00 | 0.00 | = | -30 | ÷ | 21,698,141,880 | |
| Mar 21, 2008 | 13.91 | = | 0.50 | ÷ | 0.04 | 0.04 | = | 798 | ÷ | 22,191,284,600 | |
| Mar 16, 2007 | 22.62 | = | 0.47 | ÷ | 0.02 | 0.02 | = | 449 | ÷ | 21,602,298,200 | |
| Mar 16, 2006 | 27.68 | = | 0.40 | ÷ | 0.01 | 0.01 | = | 303 | ÷ | 20,938,247,520 | |
| Mar 22, 2005 | 42.67 | = | 0.21 | ÷ | 0.00 | 0.00 | = | 100 | ÷ | 20,391,153,840 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of NVIDIA Corp. Annual Report.
The price-to-earnings (P/E) ratio exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrates a decreasing trend from 42.67 in 2005 to a low of 13.91 in 2008. Following this decline, the ratio experiences volatility, with periods of increase and decrease, before rising significantly in recent years.
- Early Period (2005-2008)
- From 2005 to 2008, the P/E ratio decreased substantially. This decline coincided with a period of relatively low, but increasing, earnings per share (EPS). The high initial ratio in 2005 suggests a potentially overvalued stock or expectations of significant future growth, which were not immediately realized. The subsequent decrease indicates a correction or a shift in investor sentiment.
- Volatility and Stabilization (2009-2016)
- The years 2009 and 2010 show missing P/E values, likely due to zero or negative earnings per share. From 2011 onwards, the P/E ratio fluctuates between approximately 14 and 48. This period is characterized by moderate EPS growth and corresponding variations in investor valuation. The ratio demonstrates a general upward trend from 2011 to 2016, indicating increasing investor confidence.
- Significant Increase (2017-2024)
- Beginning in 2017, the P/E ratio experiences a marked increase, peaking at 131.70 in 2023. This surge correlates with substantial growth in EPS, particularly from 2020 onwards. The high P/E ratios during this period suggest strong investor optimism and a willingness to pay a premium for each dollar of earnings. A slight decrease is observed in 2024, to 43.95, potentially indicating a market correction or a reassessment of future growth prospects.
- Projected Period (2025-2026)
- The projected P/E ratios for 2025 and 2026 show a continued decline, to 39.58 and 39.58 respectively. This suggests that, even with continued EPS growth, the market may be moderating its valuation expectations. The consistency of the ratio in these projected years could indicate a stabilization of investor sentiment.
Overall, the P/E ratio demonstrates a transition from high initial values to a period of volatility, followed by a significant increase driven by earnings growth, and a potential stabilization in more recent periods. The fluctuations highlight the dynamic nature of market valuation and the influence of both earnings performance and investor expectations.
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Comparison to Competitors
NVIDIA Corp., P/E, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 25, 2026 | 39.58 | — | — | — | — | — | — | — | — | — | — |
| Feb 26, 2025 | 43.95 | 75.29 | 54.43 | 29.37 | 67.63 | — | 29.72 | 24.09 | 24.69 | 34.74 | 40.19 |
| Feb 21, 2024 | 56.68 | 110.61 | 66.48 | 19.20 | 175.56 | — | 34.24 | 27.05 | 145.72 | 18.95 | 34.72 |
| Feb 24, 2023 | 131.70 | 317.27 | 27.14 | 19.63 | 36.78 | 109.27 | 20.04 | 19.26 | — | 17.07 | 22.24 |
| Mar 18, 2022 | 68.08 | 96.16 | 31.21 | 13.55 | 20.70 | 14.54 | 16.89 | 13.77 | 6.62 | 9.75 | 18.88 |
| Feb 26, 2021 | 78.54 | 45.54 | 68.31 | 22.05 | 40.73 | 10.59 | 25.97 | 21.03 | 13.38 | 17.15 | 20.38 |
| Feb 20, 2020 | 67.59 | 41.66 | 41.43 | 22.31 | 66.38 | 11.02 | 25.92 | 24.23 | 21.80 | 28.06 | 27.95 |
| Feb 21, 2019 | 22.77 | 169.62 | 31.04 | 20.25 | 47.09 | 13.91 | 18.44 | 13.64 | 7.98 | 22.03 | 24.47 |
| Feb 28, 2018 | 48.05 | 68.76 | 22.17 | 9.75 | 8.14 | 10.41 | 23.02 | 11.70 | 3.40 | — | 18.05 |
| Mar 1, 2017 | 36.34 | 282.39 | 44.94 | 16.16 | 63.27 | 22.15 | 15.04 | 15.33 | 9.20 | 31.96 | 27.77 |
| Mar 17, 2016 | 28.95 | — | 26.07 | 20.68 | — | 16.72 | 17.19 | 15.81 | — | 17.37 | 21.45 |
| Mar 12, 2015 | 19.88 | — | 27.06 | 15.88 | 28.48 | 11.85 | 22.52 | 17.37 | 6.25 | 17.18 | 17.66 |
| Mar 13, 2014 | 22.17 | — | 27.51 | 27.87 | 98.35 | 13.90 | 20.53 | 18.20 | 11.39 | 16.11 | 21.89 |
| Mar 12, 2013 | 14.02 | — | 23.06 | 78.13 | 23.31 | 12.80 | 17.83 | 66.48 | 14.78 | 17.19 | 22.29 |
| Mar 13, 2012 | 15.69 | — | 18.56 | 118.67 | 13.97 | 9.48 | 11.46 | 37.82 | — | 16.21 | 21.47 |
| Mar 16, 2011 | 41.12 | 10.61 | 11.45 | 7.52 | 12.75 | 10.29 | 7.61 | 6.16 | 32.47 | 20.59 | 17.06 |
| Mar 18, 2010 | — | 13.36 | 15.08 | 18.91 | 15.37 | 10.60 | 25.53 | 13.40 | 4.16 | 22.76 | 12.93 |
| Mar 13, 2009 | — | 17.53 | 35.03 | — | — | 26.39 | — | — | — | 46.01 | 20.53 |
| Mar 21, 2008 | 13.91 | — | 6.28 | 14.45 | — | 12.70 | 18.23 | 10.91 | — | 17.31 | 10.17 |
| Mar 16, 2007 | 22.62 | — | 18.79 | 14.37 | — | 16.91 | 21.96 | 6.95 | — | 19.70 | 15.55 |
| Mar 16, 2006 | 27.68 | — | 20.98 | 16.71 | — | 23.84 | 25.83 | 17.41 | 25.89 | 24.33 | 10.29 |
| Mar 22, 2005 | 42.67 | 118.04 | 33.33 | 25.22 | — | 13.93 | 20.82 | 13.36 | 45.76 | 30.98 | 20.56 |
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., P/E, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| NVIDIA Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Feb 25, 2026 | 39.58 | — |
| Feb 26, 2025 | 43.95 | 47.17 |
| Feb 21, 2024 | 56.68 | 78.62 |
| Feb 24, 2023 | 131.70 | 48.39 |
| Mar 18, 2022 | 68.08 | 22.88 |
| Feb 26, 2021 | 78.54 | 24.52 |
| Feb 20, 2020 | 67.59 | 25.24 |
| Feb 21, 2019 | 22.77 | 19.28 |
| Feb 28, 2018 | 48.05 | 13.87 |
| Mar 1, 2017 | 36.34 | 24.12 |
| Mar 17, 2016 | 28.95 | 25.31 |
| Mar 12, 2015 | 19.88 | 15.18 |
| Mar 13, 2014 | 22.17 | 17.26 |
| Mar 12, 2013 | 14.02 | 17.06 |
| Mar 13, 2012 | 15.69 | 15.68 |
| Mar 16, 2011 | 41.12 | 12.77 |
| Mar 18, 2010 | — | 13.41 |
| Mar 13, 2009 | — | 55.64 |
| Mar 21, 2008 | 13.91 | 20.73 |
| Mar 16, 2007 | 22.62 | 22.62 |
| Mar 16, 2006 | 27.68 | 20.07 |
| Mar 22, 2005 | 42.67 | 20.37 |
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., P/E, long-term trends, comparison to industry (information technology)
| NVIDIA Corp. | Information Technology | |
|---|---|---|
| Feb 25, 2026 | 39.58 | — |
| Feb 26, 2025 | 43.95 | 40.64 |
| Feb 21, 2024 | 56.68 | 45.25 |
| Feb 24, 2023 | 131.70 | 36.08 |
| Mar 18, 2022 | 68.08 | 26.93 |
| Feb 26, 2021 | 78.54 | 29.79 |
| Feb 20, 2020 | 67.59 | 31.22 |
| Feb 21, 2019 | 22.77 | 23.29 |
| Feb 28, 2018 | 48.05 | 23.19 |
| Mar 1, 2017 | 36.34 | 23.45 |
| Mar 17, 2016 | 28.95 | 19.49 |
| Mar 12, 2015 | 19.88 | 16.53 |
| Mar 13, 2014 | 22.17 | 17.12 |
| Mar 12, 2013 | 14.02 | 14.14 |
| Mar 13, 2012 | 15.69 | 14.37 |
| Mar 16, 2011 | 41.12 | 13.73 |
| Mar 18, 2010 | — | 14.99 |
| Mar 13, 2009 | — | 21.45 |
| Mar 21, 2008 | 13.91 | 15.68 |
| Mar 16, 2007 | 22.62 | 36.28 |
| Mar 16, 2006 | 27.68 | 31.95 |
| Mar 22, 2005 | 42.67 | 33.66 |
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).