Analysis of Geographic Areas
NVIDIA Corp. operates in 3 regions: United States; Taiwan; and Other countries.
Area Asset Turnover
NVIDIA Corp., asset turnover by geographic area
| Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Jan 26, 2020 | |
|---|---|---|---|---|---|---|
| United States | 16.89 | 10.39 | 3.21 | 2.15 | 1.96 | 0.57 |
| Taiwan | 13.89 | 17.34 | 9.95 | 22.54 | 24.76 | 26.54 |
| Other countries | 41.38 | 37.64 | 22.58 | 37.29 | 27.65 | 64.28 |
Based on: 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).
- United States
- The asset turnover ratio for the United States demonstrates a strong upward trend over the analyzed period. Starting at 0.57 in January 2020, the ratio saw a marked increase, reaching 1.96 by January 2021 and continuing to rise steadily through subsequent years. A particularly notable jump occurred between January 2023 and January 2024, where the ratio surged from 3.21 to 10.39, followed by a further increase to 16.89 by January 2025. This pattern indicates a significant improvement in asset utilization efficiency within the United States segment over the years.
- Taiwan
- The asset turnover ratio for Taiwan exhibits a generally declining trend, declining from a high of 26.54 in January 2020 to 22.54 by January 2022. A more pronounced decrease is observed between January 2022 and January 2023, with the ratio dropping sharply to 9.95. After this drop, there is a partial recovery in 2024, with the ratio rising to 17.34, followed by a slight decrease again to 13.89 in January 2025. Overall, the trend suggests fluctuating asset turnover efficiency in Taiwan, with an overall reduction in turnover effectiveness compared to the initial period.
- Other countries
- The asset turnover ratio for the category labeled "Other countries" shows a volatile pattern across the years. Beginning at a very high figure of 64.28 in January 2020, the ratio declined significantly to 27.65 in January 2021, followed by an increase to 37.29 in January 2022. The ratio dropped again to 22.58 in January 2023 before rebounding to 37.64 in January 2024 and further increasing to 41.38 in January 2025. This variability reflects fluctuating asset turnover efficiency, though the ratio remains relatively high compared to other regions, indicating a generally robust asset utilization outside the United States and Taiwan.
Area Asset Turnover: United States
NVIDIA Corp.; United States; area asset turnover calculation
| Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Jan 26, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 61,257) | 26,966) | 8,292) | 4,349) | 3,214) | 886) |
| Long-lived assets | 3,626) | 2,595) | 2,587) | 2,023) | 1,643) | 1,568) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 16.89 | 10.39 | 3.21 | 2.15 | 1.96 | 0.57 |
Based on: 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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 61,257 ÷ 3,626 = 16.89
- Revenue Trends
- The revenue experienced a significant and consistent increase over the examined years. Starting at 886 million US dollars in 2020, it rose sharply to 3,214 million in 2021 and continued to climb steadily each subsequent year. By 2024, revenue had surged to 26,966 million US dollars, and by early 2025, it reached 61,257 million US dollars. This pattern indicates an exponential growth trajectory in revenue from this geographic area.
- Long-lived Assets Trends
- The value of long-lived assets showed a moderate but steady increase during the period. Beginning at 1,568 million US dollars in 2020, the assets grew incrementally each year, reaching 1,643 million in 2021, then rising to 2,023 million in 2022, and eventually hitting 3,626 million by 2025. The growth rate of long-lived assets is much more gradual compared to revenue growth, reflecting measured investment or acquisition of physical assets over time.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures revenue generated per unit of long-lived asset, exhibited strong positive growth throughout the period. Beginning at a modest 0.57 in 2020, the ratio increased significantly to 1.96 in 2021 and continued rising to 2.15 in 2022 and 3.21 in 2023. Notably, there was an exceptional jump to 10.39 in 2024, and it further escalated to 16.89 by 2025. This upward trend indicates greatly improved efficiency in utilizing long-lived assets to generate revenue.
- Overall Analysis
- The combination of rapidly increasing revenue, moderate growth in long-lived assets, and a sharply rising asset turnover ratio suggests heightened operational efficiency and strong market performance. The company is generating substantially more revenue per dollar invested in long-lived assets over time. This pattern highlights successful scaling and improved asset utilization within the United States geographic area. However, the dramatic acceleration in revenue and asset turnover ratios in the most recent years may warrant further investigation to confirm sustainability.
Area Asset Turnover: Taiwan
NVIDIA Corp.; Taiwan; area asset turnover calculation
| Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Jan 26, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 20,573) | 13,405) | 6,986) | 8,544) | 4,531) | 3,025) |
| Long-lived assets | 1,481) | 773) | 702) | 379) | 183) | 114) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 13.89 | 17.34 | 9.95 | 22.54 | 24.76 | 26.54 |
Based on: 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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 20,573 ÷ 1,481 = 13.89
- Revenue Trends
- The revenue in the Taiwan geographic area demonstrates a generally strong upward trajectory over the analyzed periods. Starting at $3,025 million in early 2020, revenue increased significantly to $4,531 million in early 2021, followed by a further rise to $8,544 million in early 2022. There was a decline observed in early 2023, where revenue fell to $6,986 million, but this was followed by substantial growth in the subsequent years, reaching $13,405 million in early 2024 and continuing to $20,573 million in early 2025. Despite the dip in 2023, the overall trend points to robust revenue growth with a pronounced acceleration in the last two years.
- Long-lived Assets Trends
- Long-lived assets have consistently increased throughout the periods under review. Starting from $114 million in 2020, the asset base expanded to $183 million in 2021 and sharply to $379 million in 2022. The upward movement persisted, with assets nearly doubling to $702 million in 2023 and further increasing to $773 million in 2024. By early 2025, the long-lived assets nearly doubled again, reaching $1,481 million. This steady growth reflects ongoing investments in fixed assets over the years, likely supporting capacity expansion or technological upgrades.
- Area Asset Turnover Trends
- The area asset turnover ratio, which measures the efficiency in using assets to generate revenue, shows a declining trend from 2020 to 2023. The ratio dropped from a high 26.54 in 2020 to 24.76 in 2021 and 22.54 in 2022, then sharply declined to 9.95 in 2023. This decrease suggests reduced efficiency or increased asset base relative to revenue during these years. However, from 2023 to 2024, the ratio rebounded to 17.34, indicating improved turnover efficiency, before declining again slightly to 13.89 in 2025. Overall, the asset turnover ratio reflects periods of asset-heavy investment that temporarily outpaced revenue growth, with some recovery in efficiency toward the later years.
- Summary
- The financial data for the Taiwan area reveals strong revenue growth paired with significant increases in long-lived assets over the period analyzed. The growth in assets suggests substantial investments, while the fluctuating asset turnover ratio indicates varying efficiency in asset utilization. Despite a notable dip in revenue in early 2023, the subsequent recovery and acceleration highlight resilience and a positive growth outlook. The divergent trends in turnover ratios emphasize the impact of large asset acquisitions on efficiency metrics, which partially normalize as revenue catches up with the asset base expansions.
Area Asset Turnover: Other countries
NVIDIA Corp.; Other countries; area asset turnover calculation
| Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Jan 26, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 48,667) | 20,551) | 11,696) | 14,021) | 8,930) | 7,007) |
| Long-lived assets | 1,176) | 546) | 518) | 376) | 323) | 109) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 41.38 | 37.64 | 22.58 | 37.29 | 27.65 | 64.28 |
Based on: 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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 48,667 ÷ 1,176 = 41.38
- Revenue Trends
- The revenue from other countries exhibits a generally upward trajectory over the analyzed periods. Starting at $7,007 million in 2020, the figure increased steadily to $8,930 million in 2021, followed by a more pronounced rise to $14,021 million in 2022. There was a decline in 2023 to $11,696 million, but this was quickly reversed with a substantial jump to $20,551 million in 2024. The most significant increase occurred in 2025, when revenue surged to $48,667 million, more than doubling the previous year's amount.
- Long-lived Assets
- Long-lived assets grew consistently from $109 million in 2020 to $1,176 million in 2025. The increase was relatively moderate during the initial years, moving from $109 million to $546 million between 2020 and 2024. However, a marked acceleration occurred in 2025, where the value more than doubled compared to the prior year, indicating considerable investment or acquisitions related to long-term assets in this geographic segment.
- Area Asset Turnover Ratio
- The asset turnover ratio, a measure of efficiency in using assets to generate revenue, fluctuated considerably. It started at a high level of 64.28 in 2020 but dropped sharply to 27.65 in 2021. Slight recovery to 37.29 was observed in 2022, although it declined again to 22.58 in 2023. The ratio improved in 2024 to 37.64 and further increased to 41.38 in 2025. Despite volatility, the later years show a trend toward improved asset utilization, though the ratio remains below the 2020 peak.
- Summary of Insights
- The data indicates robust revenue growth in other countries, especially marked in the last two years, aligning with significant increases in long-lived assets. This suggests active investment to support expanding operations or market penetration. The fluctuation and partial recovery of the area asset turnover ratio imply adjustments in operating efficiency relative to asset base changes. The sharp revenue rise accompanied by expanding assets may reflect successful strategic initiatives or market opportunities in this region, although the variability in asset turnover ratio warrants ongoing monitoring to ensure efficient use of resources.
Revenue
NVIDIA Corp., revenue by geographic area
US$ in millions
| Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Jan 26, 2020 | |
|---|---|---|---|---|---|---|
| United States | 61,257) | 26,966) | 8,292) | 4,349) | 3,214) | 886) |
| Taiwan | 20,573) | 13,405) | 6,986) | 8,544) | 4,531) | 3,025) |
| Other countries | 48,667) | 20,551) | 11,696) | 14,021) | 8,930) | 7,007) |
| Total | 130,497) | 60,922) | 26,974) | 26,914) | 16,675) | 10,918) |
Based on: 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).
- United States Revenue Trend
- The revenue from the United States exhibits a strong upward trajectory over the observed periods. Starting at $886 million in 2020, it sees a significant increase to $3,214 million in 2021 and continues to grow notably to $4,349 million in 2022. The revenue further escalates to $8,292 million in 2023, surging sharply to $26,966 million in 2024 and culminating at $61,257 million in 2025. This pattern indicates a robust and accelerating expansion in the U.S. market contribution.
- Taiwan Revenue Trend
- Revenue from Taiwan demonstrates initial growth followed by fluctuation. Beginning at $3,025 million in 2020, revenue rises steadily to $4,531 million in 2021 and continues to increase to $8,544 million in 2022. In 2023, however, there is a decline to $6,986 million, before rebounding to $13,405 million in 2024 and growing further to $20,573 million in 2025. The dip in 2023 suggests a temporary slowdown but is followed by a strong recovery.
- Other Countries Revenue Trend
- Revenue from other countries reflects consistent growth with some variability. Starting at $7,007 million in 2020, it rises to $8,930 million in 2021 and then to $14,021 million in 2022. A slight decrease occurs in 2023 at $11,696 million, but the revenue sharply increases to $20,551 million in 2024 and nearly doubles to $48,667 million in 2025. The growth pattern indicates expanding global presence with a brief stagnation in 2023.
- Total Revenue Trend
- The total revenue across all geographic areas shows a pronounced increasing trend. From $10,918 million in 2020, total revenue climbs to $16,675 million in 2021 and substantially to $26,914 million in 2022. It stabilizes slightly at $26,974 million in 2023 before experiencing rapid growth reaching $60,922 million in 2024 and more than doubling to $130,497 million in 2025. This overall trend reflects strong company growth, underpinned by significant contributions from the U.S. and other countries.
- Summary Insight
- The data reveals that revenue growth is highly concentrated in the United States and other countries, particularly marked by an accelerated increase starting in 2024. Taiwan's revenue shows a less consistent pattern with a dip in 2023 followed by recovery. The total revenue growth is driven primarily by the surging U.S. market and expanding international revenues, indicating diversification and scaling of operations globally. The slight dips observed in Taiwan and other countries in 2023 may warrant further investigation to understand the underlying causes.
Long-lived assets
NVIDIA Corp., long-lived assets by geographic area
US$ in millions
| Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Jan 26, 2020 | |
|---|---|---|---|---|---|---|
| United States | 3,626) | 2,595) | 2,587) | 2,023) | 1,643) | 1,568) |
| Taiwan | 1,481) | 773) | 702) | 379) | 183) | 114) |
| Other countries | 1,176) | 546) | 518) | 376) | 323) | 109) |
| Total | 6,283) | 3,914) | 3,807) | 2,778) | 2,149) | 1,791) |
Based on: 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).
The annual geographic area long-lived assets data demonstrates a consistent upward trend across all regions over the observed periods, reflecting significant growth in asset holdings.
- United States
- The United States shows a steady increase in long-lived assets from $1,568 million in January 2020 to $3,626 million in January 2025. Notably, there is a moderate growth between 2020 and 2021, followed by a more pronounced acceleration from 2021 onwards, particularly between 2024 and 2025 where the asset base expands by approximately 40%. This suggests a strong and increasing investment focus in this region.
- Taiwan
- Long-lived assets in Taiwan exhibit a significant upward trajectory, starting at $114 million in January 2020 and accelerating to $1,481 million by January 2025. Growth is relatively gradual until January 2022, after which the increase becomes more pronounced, particularly in the latest one-year period where assets almost double. This pattern indicates an increased strategic emphasis and capacity expansion in Taiwan over the period.
- Other countries
- The assets categorized under other countries also display robust growth, rising from $109 million in January 2020 to $1,176 million in January 2025. The growth rate accelerates notably after January 2021, with a roughly twofold increase by January 2023 and continuing to climb substantially by January 2025. This indicates an expansion of investments and asset base in multiple international regions aside from the United States and Taiwan.
- Total
- The aggregate total long-lived assets demonstrate a strong and consistent upward trend, increasing from $1,791 million in January 2020 to $6,283 million in January 2025. The growth accelerates significantly after January 2022, with notable jumps between 2022 and 2023, and again between 2024 and 2025. This overall increase reflects broad-based asset growth across all geographic segments, suggesting an aggressive capital deployment and capacity expansion strategy.