Stock Analysis on Net
Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

NVIDIA Corp., adjusted financial ratios

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Activity Ratio
Total Asset Turnover
Reported 0.93 0.65 0.61 0.58 0.63 0.88
Adjusted 1.03 0.72 0.63 0.60 0.65 0.88
Liquidity Ratio
Current Ratio
Reported 4.17 3.52 6.65 4.09 7.67 7.94
Adjusted 4.64 3.77 7.23 4.44 8.41 8.66
Solvency Ratios
Debt to Equity
Reported 0.23 0.50 0.41 0.41 0.16 0.21
Adjusted 0.28 0.61 0.45 0.46 0.22 0.29
Debt to Capital
Reported 0.18 0.33 0.29 0.29 0.14 0.18
Adjusted 0.22 0.38 0.31 0.31 0.18 0.22
Financial Leverage
Reported 1.53 1.86 1.66 1.70 1.42 1.42
Adjusted 1.53 1.93 1.64 1.67 1.41 1.49
Profitability Ratios
Net Profit Margin
Reported 48.85% 16.19% 36.23% 25.98% 25.61% 35.34%
Adjusted 45.93% 8.42% 34.83% 25.57% 26.29% 33.12%
Return on Equity (ROE)
Reported 69.24% 19.76% 36.65% 25.64% 22.91% 44.33%
Adjusted 72.63% 11.62% 35.86% 25.75% 24.25% 43.57%
Return on Assets (ROA)
Reported 45.28% 10.61% 22.07% 15.05% 16.15% 31.15%
Adjusted 47.49% 6.03% 21.86% 15.46% 17.22% 29.27%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. NVIDIA Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. NVIDIA Corp. adjusted current ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. NVIDIA Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. NVIDIA Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 NVIDIA Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. NVIDIA Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. NVIDIA Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. NVIDIA Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Revenue 60,922 26,974 26,914 16,675 10,918 11,716
Total assets 65,728 41,182 44,187 28,791 17,315 13,292
Activity Ratio
Total asset turnover1 0.93 0.65 0.61 0.58 0.63 0.88
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenue2 61,687 27,044 26,965 16,925 10,981 11,786
Adjusted total assets3 59,651 37,790 42,969 27,989 16,769 13,334
Activity Ratio
Adjusted total asset turnover4 1.03 0.72 0.63 0.60 0.65 0.88

Based on: 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).

1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= 60,922 ÷ 65,728 = 0.93

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 61,687 ÷ 59,651 = 1.03

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. NVIDIA Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 44,345 23,073 28,829 16,055 13,690 10,557
Current liabilities 10,631 6,563 4,335 3,925 1,784 1,329
Liquidity Ratio
Current ratio1 4.17 3.52 6.65 4.09 7.67 7.94
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 44,349 23,077 28,833 16,059 13,692 10,559
Adjusted current liabilities3 9,561 6,127 3,989 3,615 1,628 1,219
Liquidity Ratio
Adjusted current ratio4 4.64 3.77 7.23 4.44 8.41 8.66

Based on: 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 44,345 ÷ 10,631 = 4.17

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 44,349 ÷ 9,561 = 4.64

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. NVIDIA Corp. adjusted current ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 9,709 10,953 10,946 6,963 1,991 1,988
Shareholders’ equity 42,978 22,101 26,612 16,893 12,204 9,342
Solvency Ratio
Debt to equity1 0.23 0.50 0.41 0.41 0.16 0.21
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 11,056 12,031 11,831 7,718 2,643 2,588
Adjusted shareholders’ equity3 39,008 19,611 26,188 16,805 11,903 8,959
Solvency Ratio
Adjusted debt to equity4 0.28 0.61 0.45 0.46 0.22 0.29

Based on: 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 9,709 ÷ 42,978 = 0.23

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 11,056 ÷ 39,008 = 0.28

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. NVIDIA Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Debt to Capital

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 9,709 10,953 10,946 6,963 1,991 1,988
Total capital 52,687 33,054 37,558 23,856 14,195 11,330
Solvency Ratio
Debt to capital1 0.18 0.33 0.29 0.29 0.14 0.18
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 11,056 12,031 11,831 7,718 2,643 2,588
Adjusted total capital3 50,064 31,642 38,019 24,523 14,546 11,547
Solvency Ratio
Adjusted debt to capital4 0.22 0.38 0.31 0.31 0.18 0.22

Based on: 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 9,709 ÷ 52,687 = 0.18

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 11,056 ÷ 50,064 = 0.22

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. NVIDIA Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Financial Leverage

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 65,728 41,182 44,187 28,791 17,315 13,292
Shareholders’ equity 42,978 22,101 26,612 16,893 12,204 9,342
Solvency Ratio
Financial leverage1 1.53 1.86 1.66 1.70 1.42 1.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 59,651 37,790 42,969 27,989 16,769 13,334
Adjusted shareholders’ equity3 39,008 19,611 26,188 16,805 11,903 8,959
Solvency Ratio
Adjusted financial leverage4 1.53 1.93 1.64 1.67 1.41 1.49

Based on: 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 65,728 ÷ 42,978 = 1.53

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 59,651 ÷ 39,008 = 1.53

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 NVIDIA Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 29,760 4,368 9,752 4,332 2,796 4,141
Revenue 60,922 26,974 26,914 16,675 10,918 11,716
Profitability Ratio
Net profit margin1 48.85% 16.19% 36.23% 25.98% 25.61% 35.34%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 28,330 2,278 9,391 4,327 2,887 3,903
Adjusted revenue3 61,687 27,044 26,965 16,925 10,981 11,786
Profitability Ratio
Adjusted net profit margin4 45.93% 8.42% 34.83% 25.57% 26.29% 33.12%

Based on: 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).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 29,760 ÷ 60,922 = 48.85%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 28,330 ÷ 61,687 = 45.93%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. NVIDIA Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 29,760 4,368 9,752 4,332 2,796 4,141
Shareholders’ equity 42,978 22,101 26,612 16,893 12,204 9,342
Profitability Ratio
ROE1 69.24% 19.76% 36.65% 25.64% 22.91% 44.33%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 28,330 2,278 9,391 4,327 2,887 3,903
Adjusted shareholders’ equity3 39,008 19,611 26,188 16,805 11,903 8,959
Profitability Ratio
Adjusted ROE4 72.63% 11.62% 35.86% 25.75% 24.25% 43.57%

Based on: 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).

1 2024 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 29,760 ÷ 42,978 = 69.24%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 28,330 ÷ 39,008 = 72.63%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. NVIDIA Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 29,760 4,368 9,752 4,332 2,796 4,141
Total assets 65,728 41,182 44,187 28,791 17,315 13,292
Profitability Ratio
ROA1 45.28% 10.61% 22.07% 15.05% 16.15% 31.15%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 28,330 2,278 9,391 4,327 2,887 3,903
Adjusted total assets3 59,651 37,790 42,969 27,989 16,769 13,334
Profitability Ratio
Adjusted ROA4 47.49% 6.03% 21.86% 15.46% 17.22% 29.27%

Based on: 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).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 29,760 ÷ 65,728 = 45.28%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 28,330 ÷ 59,651 = 47.49%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. NVIDIA Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.