Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA)

$24.99

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

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Solvency Ratios (Summary)

NVIDIA Corp., solvency ratios (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).


Debt to Equity Ratios
The debt to equity ratio exhibited initial stability from April 2019 through January 2020, fluctuating between 0.16 and 0.2. A marked increase occurred starting in April 2020, peaking near 0.56 in May 2021. Following this peak, the ratio gradually decreased, reaching 0.10 by April 2025. When including operating lease liabilities, a similar trend was observed with slightly higher values, starting at 0.25 and peaking at 0.6 before declining to 0.12. This reflects an initial rise in leverage, followed by a sustained deleveraging phase over the last few years.
Debt to Capital Ratios
Debt to capital ratios also show a comparable pattern. The standard ratio rose sharply from 0.14 at the beginning of 2020 to a high of 0.36 by May 2021, then declined steadily to 0.09 by April 2025. Including operating lease liabilities, the ratio started at 0.20, peaked at 0.37, and decreased toward 0.11 near the most recent period. This suggests the company increased its debt load relative to total capital in the early pandemic period but has been actively reducing leverage since.
Debt to Assets Ratios
Debt to assets ratios mirrored the earlier observed trends. The basic ratio surged from around 0.11 in early 2020 to 0.31 by May 2021 before descending to 0.07 by April 2025. Including leases, the ratio rose from 0.15 to 0.33 and then fell to 0.08. These figures indicate that liabilities increased as a portion of total assets during 2020-2021, then decreased markedly, consistent with the deleveraging phase identified in equity and capital ratios.
Financial Leverage
Financial leverage ratios showed a slight increase from around 1.41 to a high of approximately 1.9 between mid-2020 and early 2023, followed by a gradual decline to about 1.49 by April 2025. This pattern suggests the company's assets were increasingly funded by debt during the 2020-2023 period before retrenching somewhat in the subsequent years.
Interest Coverage
Interest coverage ratios, where data is available, show a notably high level throughout the recorded periods, starting at 58.12 in October 2019. Despite a downward trend through January 2023 to 16.96, the ratio rebounded sharply thereafter, culminating in an exceptionally high 361.39 by April 2025. This strongly indicates the company maintained substantial earnings relative to interest expenses, with recent periods reflecting significantly enhanced ability to cover interest obligations, suggesting improved profitability or reduced debt service costs.

Debt Ratios


Coverage Ratios


Debt to Equity

NVIDIA Corp., debt to equity calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
 
Shareholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
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.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.


The financial data exhibits significant movements in total debt, shareholders’ equity, and the debt to equity ratio over the analyzed periods.

Total Debt
Total debt remained relatively stable around 1,988 to 1,991 million USD from April 2019 through January 2020 before experiencing a notable increase to approximately 6,959 million USD in April 2020. This elevated level was stable through early 2021, followed by a further surge peaking at around 11,947 million USD in August 2021 and maintained near this level until early 2023. After January 2023, total debt declined steadily, descending to approximately 8,464 million USD by April 2025.
Shareholders’ Equity
Shareholders’ equity demonstrated a consistently increasing trend throughout the period under analysis. Starting at 9,704 million USD in April 2019, equity grew steadily quarter-over-quarter, reaching 21,147 million USD by May 2021, and continued its upward trajectory to 43,265 million USD in April 2023. The growth accelerated thereafter, culminating in a significant increase to 83,843 million USD by April 2025, indicating robust capital accumulation.
Debt to Equity Ratio
The debt to equity ratio exhibited fluctuations reflective of changes in both debt and equity levels. Initially low, ranging from 0.16 to 0.2, the ratio spiked sharply to 0.53 in April 2020 corresponding with the jump in total debt. Subsequently, it trended downward with some volatility, declining from 0.56 in May 2021 to reach a low of 0.1 by April 2025. The sustained reduction suggests strengthened equity relative to debt over time, indicating improved financial leverage and reduced reliance on debt financing.

Overall, the company's equity growth outpaced debt expansion after 2021, resulting in steadily improving leverage ratios. The decline in total debt combined with substantial equity increases may suggest strategic deleveraging and enhanced financial stability approaching 2025.


Debt to Equity (including Operating Lease Liability)

NVIDIA Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Long-term operating lease liabilities
Total debt (including operating lease liability)
 
Shareholders’ equity
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Advanced Micro Devices Inc.
Micron Technology Inc.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.


The financial data exhibits clear trends in debt, equity, and leverage ratios over the reporting periods. The total debt, which includes operating lease liabilities, shows an initial stable level around 2,400 to 2,500 million US dollars from April 2019 to January 2020. This figure then experiences a sharp increase to approximately 7,500 million US dollars between April 2020 and January 2021. Following a peak above 12,600 million US dollars in May 2021, the total debt fluctuates moderately at a high level through early 2023, subsequently declining from around 11,900 million in early 2023 to under 10,000 million by mid-2024, stabilizing near 9,900 million towards early 2025.

Shareholders’ equity follows a consistent upward trajectory throughout the entire time frame. Starting at just under 10,000 million US dollars in April 2019, equity rises progressively each quarter, crossing significant milestones such as 20,000 million US dollars by May 2021, 40,000 million by April 2023, and approaching nearly 84,000 million by April 2025. Although there is a minor dip observed in mid-2022, the overall trend remains strongly positive and indicates sustained growth in net assets.

The debt to equity ratio reflects the interaction between the total debt and shareholders’ equity trends. Initially low around 0.25 or less through early 2020, the ratio sharply increases to peaks near 0.57 in April 2020 and generally remains elevated, fluctuating between 0.4 and 0.6 during 2020 and 2021. From early 2022 onward, this leverage ratio declines steadily, falling below 0.2 by mid-2024 and continuing to decrease marginally thereafter. This suggests a gradual deleveraging as equity grows faster than debt or debt levels recede moderately.

Total Debt
Stable initially, sharp rise in 2020, peaking mid-2021, followed by a gradual decrease and stabilization by 2025.
Shareholders’ Equity
Sustained and strong growth over the entire period, with minor fluctuations, reflecting increasing net worth.
Debt to Equity Ratio
Low initially, increases significantly in 2020, then steadily declines from 2022 onwards, indicating improved leverage and balance sheet strength.

Overall, the patterns suggest a phase of increased borrowing around 2020, likely related to strategic investments or other corporate actions, followed by a focus on strengthening equity and reducing leverage through 2024 and into 2025. The marked growth in equity alongside controlled debt levels enhances financial stability and reduces risk profile in later periods.


Debt to Capital

NVIDIA Corp., debt to capital calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Shareholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
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.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.


The analysis of the financial data reveals notable trends in the company's leverage and capital structure over the observed periods.

Total Debt

The total debt remained relatively stable around 1.99 billion USD through early 2020, then experienced a sharp increase in April 2020 to approximately 6.96 billion USD. This elevated debt level persisted until mid-2021, peaking at nearly 11.95 billion USD in May 2021. Subsequently, total debt fluctuated slightly but showed a general downward trajectory, decreasing to about 8.46 billion USD by April 2025.

Total Capital

Total capital steadily increased from approximately 11.7 billion USD in April 2019 to nearly 26 billion USD by May 2021, indicating growth in the company’s equity and debt financing combined. Following this point, total capital continued an upwards trend, accelerating significantly from 37.2 billion USD in October 2023 to reach over 92.3 billion USD by April 2025. This surge suggests an expansion phase, possibly supported by additional financing or retained earnings growth.

Debt to Capital Ratio

The debt to capital ratio initially declined from 0.17 in April 2019 to a low of 0.14 by January 2020, reflecting reduced leverage relative to total capital. However, coinciding with the increase in total debt in April 2020, the ratio nearly doubled to 0.35, remaining elevated through mid-2021. After this period, a consistent decrease in the ratio is observed, dropping steadily to 0.09 by April 2025. This decreasing ratio indicates improving financial leverage, with a higher proportion of capital being funded by equity or other non-debt sources.

In summary, the data indicates a phase of increased borrowing in early 2020 followed by a gradual and sustained reduction in leverage relative to total capital. This transition aligns with strong capital growth, suggesting enhanced financial strength and possibly a strategic shift to strengthen the balance sheet over the recent periods. The downward trend in the debt to capital ratio signals improved risk management and a more conservative capital structure towards the latter part of the timeline.


Debt to Capital (including Operating Lease Liability)

NVIDIA Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Long-term operating lease liabilities
Total debt (including operating lease liability)
Shareholders’ equity
Total capital (including operating lease liability)
Solvency Ratio
Debt to capital (including operating lease liability)1
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Advanced Micro Devices Inc.
Micron Technology Inc.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

2 Click competitor name to see calculations.


Total Debt (including operating lease liability)
The total debt shows an overall increasing trend from April 28, 2019, to April 27, 2025. Initially, the debt remains relatively stable around the 2,470 million US$ mark until January 26, 2020. Subsequently, there is a sharp increase beginning April 26, 2020, jumping to 7,478 million US$, which then rises further, peaking at 12,659 million US$ by May 2, 2021. After this peak, the debt fluctuates slightly but generally decreases, declining to approximately 9,985 million US$ by January 26, 2025. The data suggests a significant debt accumulation phase followed by a gradual reduction in leverage.
Total Capital (including operating lease liability)
Total capital demonstrates a consistent upward trajectory throughout the analyzed periods. Beginning at 12,178 million US$ in April 2019, the capital base experiences steady growth, with notable acceleration from May 2, 2021, onward, reaching 93,828 million US$ by April 27, 2025. This growth may indicate the company's expanding asset base or equity financing efforts alongside liabilities, reflecting strengthened capitalization over time.
Debt to Capital Ratio (including operating lease liability)
The debt-to-capital ratio displays considerable variation across the quarters. It starts at 0.20 in April 2019, decreasing slightly to 0.17 by January 26, 2020. A sharp increase follows, reaching as high as 0.37 on May 2, 2021, coinciding with substantial debt increases during this period. Following this peak, the ratio steadily declines, dropping to 0.11 by April 27, 2025, indicative of a declining reliance on debt relative to total capital. This downward trend towards the end suggests improving financial leverage and possibly a more conservative capital structure.

Debt to Assets

NVIDIA Corp., debt to assets calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
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.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


The analysis of the financial data reveals several notable trends regarding total debt, total assets, and the debt to assets ratio over the indicated periods.

Total Debt
Total debt remained relatively stable around $1.99 billion from April 2019 to January 2020 before experiencing a significant increase to approximately $6.96 billion starting in April 2020. This elevated debt level was maintained through early 2022, peaking near $11.95 billion in May 2021. Subsequently, total debt gradually declined from the latter part of 2022 through April 2025, dropping to about $8.46 billion by the end of the observation period.
Total Assets
Total assets exhibited a generally upward trajectory, increasing consistently from about $14.0 billion in April 2019 to a peak of approximately $125.3 billion by April 2025. This growth reflects a steady accumulation of assets over the years, with some fluctuations around 2022 and early 2023 where assets slightly decreased and then resumed growth. The most rapid asset growth appears in the periods following mid-2022.
Debt to Assets Ratio
The debt to assets ratio initially declined from 0.14 in April 2019 to a low of 0.11 by January 2020, reflecting stronger asset growth relative to debt. A sharp increase followed, reaching 0.3 in April 2020 concurrent with the rise in total debt. This ratio then gradually decreased from above 0.27 in early 2022 to a low of 0.07 by April 2025, indicating improving financial leverage as assets outpaced the growth or reduction of debt.

Overall, the data indicate a period of increased leverage starting in early 2020, likely driven by significant debt acquisition, which was followed by a sustained reduction in leverage through controlled debt management and robust asset growth. This evolving balance suggests a strategic approach to capital structure, emphasizing asset expansion while reducing relative indebtedness by the end of the observed timeframe.


Debt to Assets (including Operating Lease Liability)

NVIDIA Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Long-term operating lease liabilities
Total debt (including operating lease liability)
 
Total assets
Solvency Ratio
Debt to assets (including operating lease liability)1
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Advanced Micro Devices Inc.
Micron Technology Inc.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals notable trends in the company's leverage and asset base over the observed periods.

Total Debt (Including Operating Lease Liability)
The total debt showed a relatively stable level around 2,400 to 2,500 million USD from April 2019 to January 2020. Starting in April 2020, there was a substantial increase in debt levels, rising sharply to over 7,400 million USD and peaking around 12,600 million USD in August 2021. Subsequent quarters saw the debt fluctuate slightly but generally remained within the 9,700 to 11,800 million USD range through April 2025. This indicates a significant increase in leverage initiated in the early pandemic period, followed by a stabilization at a higher debt level.
Total Assets
Total assets exhibited a consistent upward trajectory throughout the period, increasing steadily from approximately 14,000 million USD in April 2019 to well over 125,000 million USD by April 2025. This represents aggressive asset growth, particularly notable after mid-2020 with accelerated increases after May 2021, indicating expansion and increased investment in assets.
Debt to Assets Ratio
The debt to assets ratio decreased from 0.18 in April 2019 down to a low of 0.15 by January 2020, reflecting a modest reduction in leverage relative to asset size initially. However, starting in April 2020, the ratio spiked sharply to 0.32, coinciding with the jump in total debt. Afterward, the ratio generally declined over the subsequent quarters, reaching 0.08 by April 2025. This downward trend in the ratio suggests that asset growth outpaced the increase in debt over the longer term, reducing relative leverage risk despite higher absolute debt levels.

In summary, the company experienced a significant increase in debt in the early part of the analyzed period, correlated with economic conditions around 2020. Concurrently, total assets increased substantially, especially in the later quarters, which led to a consistent decline in the debt to assets ratio. This pattern reflects an enhanced asset base and a progressively lower financial leverage ratio, indicating improved financial stability over time despite elevated absolute debt figures.


Financial Leverage

NVIDIA Corp., financial leverage calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
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.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.


The data reveals a general upward trend in total assets over the examined periods, increasing from US$14,021 million in April 2019 to US$125,254 million by April 2025. This represents a substantial growth trajectory, with particularly notable acceleration observed from around May 2021 onwards. The asset base nearly tripled from approximately US$40,488 million in October 2022 to over US$125,000 million in April 2025, indicating considerable expansion of company resources or investments during this time frame.

Similarly, shareholders’ equity shows a consistent increase throughout the periods, rising from US$9,704 million in April 2019 to US$83,843 million by April 2025. Although the growth is generally steady, minor fluctuations are observable, such as a dip around July 2022 and October 2022, where equity decreased before continuing its upward trend. The growth rate in equity aligns with the increase in total assets, suggesting effective capitalization and retention of earnings or capital injections to support asset expansion.

Examining financial leverage, expressed as a ratio, the data exhibits fluctuations but remains within a relatively narrow range. Initially, the ratio hovered around 1.4 to 1.5 in early periods, then it increased to peaks above 1.8 between April 2020 and July 2022. Post mid-2022, the ratio generally trends downwards, falling below 1.5 by early 2025. This pattern indicates varying reliance on debt relative to equity over time. Higher leverage ratios during 2020-2022 suggest increased use of financial obligations for funding, possibly correlating with rapid asset growth. The subsequent decline may reflect deleveraging efforts or equity growth outpacing debt increases, improving the company’s financial structure stability.

Total Assets
Progressive growth with acceleration from mid-2021.
Increase from US$14 billion to US$125 billion over six years.
Indicates expansion of company’s resources and investments.
Shareholders’ Equity
Consistent upward trend with minor intermediate declines.
Rise from approximately US$9.7 billion to US$83.8 billion.
Suggests effective capitalization and retained earnings support.
Financial Leverage
Fluctuated between roughly 1.4 and 1.9 over the period.
Increased leverage noted during 2020-2022 coinciding with asset growth.
Decrease in leverage post-2022 indicates reduced debt reliance or faster equity growth.

Interest Coverage

NVIDIA Corp., interest coverage calculation (quarterly data)

Microsoft Excel
Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Selected Financial Data (US$ in millions)
Net income
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Advanced Micro Devices Inc.
Analog Devices Inc.
Applied Materials Inc.
Broadcom Inc.
KLA Corp.
Micron Technology Inc.
Qualcomm Inc.
Texas Instruments Inc.

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).

1 Q1 2026 Calculation
Interest coverage = (EBITQ1 2026 + EBITQ4 2025 + EBITQ3 2025 + EBITQ2 2025) ÷ (Interest expenseQ1 2026 + Interest expenseQ4 2025 + Interest expenseQ3 2025 + Interest expenseQ2 2025)
= ( + + + ) ÷ ( + + + ) =

2 Click competitor name to see calculations.


The earnings before interest and tax (EBIT) demonstrates a clear upward trend over the analyzed periods with some fluctuations. Starting at 402 million US dollars in April 2019, EBIT steadily increased, reaching a notable peak of 2926 million US dollars by January 2022. Subsequently, there is a decline to 540 million by July 2022, followed by recovery and substantial growth from October 2022 onwards, culminating at 25278 million US dollars in July 2024. However, there is a slight decrease to 21973 million as of April 2025.

Interest expense reveals a relatively stable pattern, fluctuating modestly around the 60 million US dollars mark over the majority of reported quarters. Initial values around 13 million in early 2019 increased to approximately 50-68 million range from mid-2020 onward with little variation thereafter.

The interest coverage ratio, representing EBIT relative to interest expense, shows significant variability but an overall increasing trend. Early in the timeline, ratios were extremely high, with values over 50 in early 2020, followed by a drop and stabilization around the 20s to 40s through mid-2022. After this period, a strong upward trajectory is observed, with interest coverage rising to over 300 by early 2025, indicating a considerable strengthening in the company's ability to cover interest obligations from operating earnings.

EBIT Trends
Consistent growth with temporary dips; early rise to near 3 billion US dollars by early 2022, followed by a sharp dip mid-2022, and then rapid growth to over 25 billion by mid-2024.
Interest Expense Stability
Relatively stable across quarters, maintaining around 60 million US dollars post mid-2020, indicating stable financing costs or debt levels.
Interest Coverage Ratio Dynamics
Fluctuations correlate with EBIT volatility; very high ratios imply strong earnings relative to interest costs, with an exceptional increase beyond 300 times coverage in 2025 suggesting heightened operating profitability or controlled interest expenses.

Overall, the data reflects a significant improvement in operating profitability and debt service capability over the analyzed timeframe, notwithstanding intermittent declines in EBIT. The stability in interest expense alongside rising EBIT underscores strong operational performance relative to financing costs.