Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

NVIDIA Corp., long-term (investment) activity 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
Net fixed asset turnover 20.81 20.77 21.20 19.71 19.91 15.57 11.67 8.60 6.92 7.09 7.57 9.20 10.13 9.69 9.67 9.26 8.49 7.76 7.18 6.65 6.87 6.52
Net fixed asset turnover (including operating lease, right-of-use asset) 16.60 16.16 15.96 14.95 14.40 11.58 8.70 6.49 5.35 5.57 6.08 7.28 7.83 7.46 7.27 6.92 6.43 5.84 5.39 4.90 5.10 4.76
Total asset turnover 1.19 1.17 1.18 1.13 1.04 0.93 0.83 0.66 0.58 0.65 0.71 0.68 0.65 0.61 0.60 0.57 0.63 0.58 0.55 0.52 0.51 0.63
Equity turnover 1.77 1.65 1.72 1.66 1.62 1.42 1.35 1.19 1.06 1.22 1.34 1.25 1.12 1.01 1.02 1.04 1.03 0.99 0.96 0.94 0.90 0.89

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).


The financial ratios indicate several observable trends over the analyzed period.

Net Fixed Asset Turnover
This ratio shows a general upward trend from the initial available data point at 6.52, reaching a peak around early 2024 at approximately 21.2 before slightly declining towards the last data point at 20.81. This trend suggests increasing efficiency in utilizing net fixed assets to generate sales over time, with a notable acceleration from mid-2022 onward.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
When including operating lease assets, the ratio follows a similar but more moderate increasing trend. Starting at 4.76, it grows steadily and peaks around early 2025 at 16.6. Compared to the net fixed asset turnover excluding these assets, the values are consistently lower, reflecting the impact of including leased assets in the asset base. The growth pattern still reflects improving asset utilization efficiency, albeit at a less pronounced rate.
Total Asset Turnover
The total asset turnover ratio exhibits a generally positive trend from 0.63 to about 1.19 by the latest period. There are minor fluctuations, particularly a dip around mid-2023, but the increasing trajectory over the longer term indicates enhanced overall effectiveness in using total assets to generate revenue. The rise above 1.0 in recent quarters marks a significant improvement in asset productivity.
Equity Turnover
This ratio begins at 0.89, showing a relatively consistent upward trajectory with some fluctuations, reaching a high point of 1.77 near the end of the timeline. The trend suggests improving efficiency in using shareholder equity to generate sales, with stronger gains evident in the last few periods. This increasing equity turnover indicates that the company is generating more revenue per unit of equity over time.

Overall, the data reveals persistent improvements in asset and equity utilization ratios, which implies growing operational efficiency and potentially effective asset and capital management. The more dramatic increases in net fixed asset turnover ratios in recent years point to particularly enhanced fixed asset productivity, while the steady rise in total asset and equity turnovers corroborate a broader trend of financial performance optimization.


Net Fixed Asset Turnover

NVIDIA Corp., net fixed asset turnover 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)
Revenue 44,062 39,331 35,082 30,040 26,044 22,103 18,120 13,507 7,192 6,051 5,931 6,704 8,288 7,643 7,103 6,507 5,661 5,003 4,726 3,866 3,080 3,105 3,014 2,579 2,220
Property and equipment, net 7,136 6,283 5,343 4,885 4,006 3,914 3,844 3,799 3,740 3,807 3,774 3,233 2,916 2,778 2,509 2,364 2,268 2,149 2,059 1,964 1,715 1,674 1,517 1,484 1,473
Long-term Activity Ratio
Net fixed asset turnover1 20.81 20.77 21.20 19.71 19.91 15.57 11.67 8.60 6.92 7.09 7.57 9.20 10.13 9.69 9.67 9.26 8.49 7.76 7.18 6.65 6.87 6.52
Benchmarks
Net Fixed Asset Turnover, Competitors2
Advanced Micro Devices Inc. 14.45 14.31 14.56 13.97 14.04 14.27 14.12 14.20 15.38 15.60 15.36 14.97 13.43 23.41 20.71 19.88 16.77 15.23
Analog Devices Inc. 2.94 2.78 2.76 2.86 3.06 3.52 3.82 4.39 4.69 4.98 5.00 5.09 4.66 4.14 3.70 5.54 5.34 5.19 5.00 4.87 4.66 4.77
Applied Materials Inc. 7.33 7.76 8.14 8.66 8.96 9.37 9.74 10.19 10.41 10.53 11.18 11.47 11.99 12.25 11.93 11.92 11.21 11.11 10.72 10.63 10.06 9.66
Broadcom Inc. 23.17 22.12 20.46 17.99 15.97 14.60 16.63 16.26 15.86 15.63 14.94 14.08 13.26 12.38 11.69 11.19 10.58 9.89 9.52 9.04 8.74 8.66
Intel Corp. 0.48 0.49 0.52 0.53 0.55 0.56 0.57 0.59 0.66 0.78 0.92 1.02 1.16 1.25 1.31 1.33 1.36 1.38
KLA Corp. 9.64 9.24 9.17 8.84 8.68 8.88 9.59 10.17 10.80 10.87 10.79 10.84 10.69 11.39 10.68 10.44 10.27 10.22 10.56 11.17 11.26 10.77 10.29
Lam Research Corp. 7.22 7.01 7.04 6.92 6.53 6.67 7.50 9.39 10.16 10.22 10.47 10.46 10.72 10.99 11.48 11.22 10.37 9.87 9.75 9.37 9.17 9.12 9.21
Micron Technology Inc. 0.76 0.74 0.70 0.63 0.56 0.49 0.43 0.41 0.47 0.59 0.69 0.80 0.88 0.86 0.84 0.83 0.79 0.74 0.68 0.69 0.67 0.66 0.70
Qualcomm Inc. 9.59 9.12 8.35 7.87 7.71 7.40 7.10 7.40 7.78 8.24 8.55 8.36 8.02 7.63 7.36 7.36 7.03 6.62 6.34 5.74 7.37 7.73
Texas Instruments Inc. 1.36 1.38 1.33 1.44 1.61 1.75 1.94 2.21 2.54 2.91 3.11 3.30 3.49 3.57 4.37 4.56 4.49 4.42

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
Net fixed asset turnover = (RevenueQ1 2026 + RevenueQ4 2025 + RevenueQ3 2025 + RevenueQ2 2025) ÷ Property and equipment, net
= (44,062 + 39,331 + 35,082 + 30,040) ÷ 7,136 = 20.81

2 Click competitor name to see calculations.


Revenue Trends
The revenue shows a general upward trajectory over the analyzed periods. Starting at $2,220 million in April 2019, it increases steadily with some fluctuations, reaching $7,192 million by April 2023. From this point, a pronounced surge is observed, with revenue more than doubling between April 2023 and October 2024. Specifically, revenue moves from $7,192 million to $44,062 million, indicating accelerated growth in the latter periods.
Property and Equipment, Net Trends
The net value of property and equipment generally exhibits an increasing pattern from $1,473 million in April 2019 to $7,136 million in April 2025. There are slight decreases between some quarters (e.g., a minor decline from $3,807 million in April 2023 to $3,740 million in July 2023), but the overall trend is growth. This suggests ongoing investment and capital expenditure in fixed assets, supporting increased operational capacity or infrastructure expansion.
Net Fixed Asset Turnover Ratio Analysis
The net fixed asset turnover, calculated as revenue divided by net fixed assets, demonstrates an initial increase, with values rising from around 6.52 in October 2019 to peak values of approximately 10.13 in May 2022. After this peak, the ratio declines to a low near 6.92 in October 2022, before rebounding significantly to reach values above 20 by October 2024. This ratio's overall pattern indicates an enhanced efficiency in utilizing fixed assets to generate revenue, especially pronounced in the later periods where rapid revenue growth outpaces the growth in fixed assets.
Integrated Insights
The data collectively suggest a phase of robust expansion characterized by substantial revenue growth and increasing fixed asset investments. The initial increase in asset turnover ratio implies improving operational efficiency, while the later sharp revenue rise relative to fixed asset growth suggests leveraging existing assets more effectively or possibly improved profitability from asset use. The slight dips and fluctuations in asset values and turnover ratio may reflect periodic adjustments or capital expenditure timing but do not detract from the overarching growth and efficiency improvement narrative.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

NVIDIA Corp., net fixed asset turnover (including operating lease, right-of-use asset) 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)
Revenue 44,062 39,331 35,082 30,040 26,044 22,103 18,120 13,507 7,192 6,051 5,931 6,704 8,288 7,643 7,103 6,507 5,661 5,003 4,726 3,866 3,080 3,105 3,014 2,579 2,220
 
Property and equipment, net 7,136 6,283 5,343 4,885 4,006 3,914 3,844 3,799 3,740 3,807 3,774 3,233 2,916 2,778 2,509 2,364 2,268 2,149 2,059 1,964 1,715 1,674 1,517 1,484 1,473
Operating lease assets 1,810 1,793 1,755 1,556 1,532 1,346 1,316 1,235 1,094 1,038 927 852 856 829 830 801 727 707 681 701 595 618 527 535 536
Property and equipment, net (including operating lease, right-of-use asset) 8,946 8,076 7,098 6,441 5,538 5,260 5,160 5,034 4,834 4,845 4,701 4,085 3,772 3,607 3,339 3,165 2,995 2,856 2,740 2,665 2,310 2,292 2,044 2,019 2,009
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 16.60 16.16 15.96 14.95 14.40 11.58 8.70 6.49 5.35 5.57 6.08 7.28 7.83 7.46 7.27 6.92 6.43 5.84 5.39 4.90 5.10 4.76
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Micron Technology Inc. 0.74 0.73 0.69 0.62 0.55 0.48 0.42 0.40 0.46 0.58 0.68 0.78 0.87 0.85 0.83 0.82 0.78 0.72 0.67 0.68 0.66 0.65 0.69

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
Net fixed asset turnover (including operating lease, right-of-use asset) = (RevenueQ1 2026 + RevenueQ4 2025 + RevenueQ3 2025 + RevenueQ2 2025) ÷ Property and equipment, net (including operating lease, right-of-use asset)
= (44,062 + 39,331 + 35,082 + 30,040) ÷ 8,946 = 16.60

2 Click competitor name to see calculations.


The financial data reveals several important trends over the analyzed quarterly periods.

Revenue
The revenue figures exhibit a general upward trajectory, starting at $2,220 million in April 2019 and increasing significantly to $44,062 million by April 2025. There are some fluctuations, including a noticeable dip around the period from July 2022 ($6,704 million) to October 2022 ($5,931 million), and a slight stagnation observed between October 2022 and January 2023 ($6,051 million). After these dips, revenue climbs again strongly, demonstrating rapid expansion especially from May 2023 onwards, with steep quarterly increments leading to the highest recorded revenue at the end of the period.
Property and Equipment, Net (including operating lease, right-of-use asset)
Property and equipment values reflect a steady increase over time, rising from $2,009 million in April 2019 to $8,946 million in April 2025. The growth is consistent across the quarters, suggesting ongoing asset investment and expansion of fixed capital. No significant declines are observed, indicating stable asset management and accumulation aligned with business growth.
Net Fixed Asset Turnover (including operating lease, right-of-use asset)
This ratio, available only from January 2020 onwards, shows a mostly increasing trend. The ratio improves from 4.76 in January 2020 to 16.6 by April 2025. This substantial rise suggests increasing efficiency in using fixed assets to generate revenue. Although there are minor decreases around early 2023 (e.g., from 7.28 to 5.57), the overall trend highlights improved asset utilization and stronger operational leverage as the revenue growth outpaces the growth in property and equipment.

In summary, the company demonstrates strong revenue growth accompanied by consistent investments in property and equipment assets. The improving net fixed asset turnover ratio indicates enhanced efficiency in asset use, supporting sustained profitability and expansion. Temporary slowdowns in revenue growth do not significantly impact the long-term positive trend. These patterns collectively suggest successful scaling and operational optimization in the analyzed period.


Total Asset Turnover

NVIDIA Corp., total asset turnover 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)
Revenue 44,062 39,331 35,082 30,040 26,044 22,103 18,120 13,507 7,192 6,051 5,931 6,704 8,288 7,643 7,103 6,507 5,661 5,003 4,726 3,866 3,080 3,105 3,014 2,579 2,220
Total assets 125,254 111,601 96,013 85,227 77,072 65,728 54,148 49,555 44,460 41,182 40,488 43,476 45,212 44,187 40,632 38,650 30,796 28,791 26,881 25,180 23,254 17,315 15,810 14,775 14,021
Long-term Activity Ratio
Total asset turnover1 1.19 1.17 1.18 1.13 1.04 0.93 0.83 0.66 0.58 0.65 0.71 0.68 0.65 0.61 0.60 0.57 0.63 0.58 0.55 0.52 0.51 0.63
Benchmarks
Total Asset Turnover, Competitors2
Advanced Micro Devices Inc. 0.39 0.37 0.35 0.34 0.34 0.33 0.33 0.32 0.34 0.35 0.34 0.32 0.28 1.32 1.33 1.25 1.14 1.09
Analog Devices Inc. 0.21 0.19 0.20 0.20 0.21 0.24 0.25 0.26 0.26 0.25 0.24 0.22 0.19 0.16 0.14 0.30 0.29 0.27 0.26 0.26 0.26 0.27
Applied Materials Inc. 0.84 0.83 0.79 0.80 0.83 0.84 0.86 0.87 0.92 0.94 0.96 0.96 0.98 0.95 0.89 0.88 0.82 0.78 0.77 0.77 0.71 0.76
Broadcom Inc. 0.35 0.33 0.31 0.28 0.24 0.22 0.49 0.50 0.49 0.47 0.45 0.44 0.42 0.39 0.36 0.35 0.34 0.32 0.31 0.29 0.28 0.28
Intel Corp. 0.28 0.27 0.28 0.27 0.29 0.28 0.28 0.29 0.30 0.35 0.40 0.43 0.44 0.47 0.47 0.50 0.52 0.51
KLA Corp. 0.76 0.72 0.65 0.64 0.64 0.68 0.72 0.75 0.78 0.76 0.75 0.73 0.72 0.70 0.67 0.67 0.65 0.62 0.64 0.63 0.63 0.57 0.53
Lam Research Corp. 0.86 0.82 0.80 0.80 0.78 0.76 0.85 0.93 0.98 0.99 0.96 1.00 1.01 0.99 1.01 0.92 0.87 0.78 0.73 0.69 0.74 0.80 0.77
Micron Technology Inc. 0.43 0.43 0.41 0.36 0.32 0.28 0.25 0.24 0.28 0.35 0.40 0.46 0.50 0.49 0.48 0.47 0.46 0.43 0.41 0.40 0.39 0.39 0.42
Qualcomm Inc. 0.76 0.73 0.71 0.71 0.68 0.70 0.70 0.79 0.85 0.86 0.90 0.90 0.89 0.84 0.81 0.84 0.79 0.71 0.66 0.62 0.77 0.74
Texas Instruments Inc. 0.48 0.44 0.44 0.46 0.48 0.54 0.57 0.61 0.67 0.74 0.77 0.79 0.75 0.74 0.76 0.81 0.79 0.75

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
Total asset turnover = (RevenueQ1 2026 + RevenueQ4 2025 + RevenueQ3 2025 + RevenueQ2 2025) ÷ Total assets
= (44,062 + 39,331 + 35,082 + 30,040) ÷ 125,254 = 1.19

2 Click competitor name to see calculations.


The quarterly financial data indicates a consistent upward trend in revenue over the analyzed periods. Starting from approximately 2.22 billion US dollars in early 2019, revenue experienced steady growth with occasional fluctuations, notably increasing sharply from mid-2023 onward, reaching over 44 billion US dollars by the latest reported period in 2025. This growth trajectory suggests strong market demand and effective revenue generation strategies.

Total assets also show a general increasing pattern, reflecting expansion in the company's resource base. Beginning at around 14 billion US dollars in early 2019, total assets rose progressively to exceed 125 billion US dollars by 2025. This significant increase highlights ongoing investment in assets, possibly to support operational growth, capacity enhancement, or strategic acquisitions. A slight dip is observed in the 2022 periods before the upward momentum resumes.

The total asset turnover ratio, representing how efficiently assets generate revenue, exhibits variability with an initial ratio near 0.5 in 2019-2020, followed by gradual improvement, reaching above 1.0 by 2024. This increase demonstrates enhanced asset utilization effectiveness, with the company generating progressively more revenue per unit of asset held. The ratio peaks around 1.19 in early 2025, indicating a strong operational performance relative to asset base size.

Revenue Analysis
Demonstrated steady growth with acceleration from mid-2023, rising from 2.22 billion US dollars to over 44 billion US dollars.
Minor fluctuations in mid-periods do not detract from an overall positive revenue trend.
Total Assets Analysis
Expanded significantly from 14 billion US dollars to 125 billion US dollars, indicating considerable reinvestment and asset accumulation.
Minor asset base reduction in 2022 may suggest asset reallocation or divestiture activities.
Total Asset Turnover Analysis
Improved steadily, moving from around 0.5 to over 1.1, signaling improved operational efficiency.
Increases suggest better leveraging of assets to boost revenue generation.

Overall, the data reflects strong growth in financial scale and improved efficiency in asset utilization, with notable acceleration in revenue and consistent expansion of total assets, supported by enhanced turnover ratios. This trend points toward a favorable operational and strategic posture during the analyzed timeframe.


Equity Turnover

NVIDIA Corp., equity turnover 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)
Revenue 44,062 39,331 35,082 30,040 26,044 22,103 18,120 13,507 7,192 6,051 5,931 6,704 8,288 7,643 7,103 6,507 5,661 5,003 4,726 3,866 3,080 3,105 3,014 2,579 2,220
Shareholders’ equity 83,843 79,327 65,899 58,157 49,142 42,978 33,265 27,501 24,520 22,101 21,349 23,851 26,320 26,612 23,798 21,147 18,774 16,893 15,334 13,914 13,099 12,204 11,214 10,336 9,704
Long-term Activity Ratio
Equity turnover1 1.77 1.65 1.72 1.66 1.62 1.42 1.35 1.19 1.06 1.22 1.34 1.25 1.12 1.01 1.02 1.04 1.03 0.99 0.96 0.94 0.90 0.89
Benchmarks
Equity Turnover, Competitors2
Advanced Micro Devices Inc. 0.48 0.45 0.43 0.41 0.41 0.41 0.40 0.40 0.42 0.43 0.42 0.39 0.34 2.19 2.08 1.89 1.76 1.67
Analog Devices Inc. 0.28 0.27 0.27 0.28 0.30 0.33 0.35 0.36 0.36 0.34 0.33 0.30 0.26 0.23 0.19 0.53 0.51 0.48 0.47 0.47 0.48 0.49
Applied Materials Inc. 1.48 1.48 1.43 1.43 1.46 1.52 1.62 1.76 1.89 1.96 2.11 2.08 2.14 2.03 1.88 1.79 1.65 1.59 1.63 1.70 1.71 1.73
Broadcom Inc. 0.82 0.78 0.76 0.71 0.61 0.55 1.49 1.61 1.59 1.48 1.46 1.52 1.43 1.24 1.10 1.09 1.07 1.03 1.00 0.98 0.96 0.93
Intel Corp. 0.53 0.53 0.55 0.48 0.52 0.51 0.52 0.53 0.58 0.62 0.70 0.73 0.75 0.83 0.87 0.91 0.97 0.96
KLA Corp. 2.88 3.03 2.88 2.91 3.10 3.18 3.40 3.59 3.96 4.03 4.69 6.57 2.12 2.02 1.93 2.05 2.07 2.07 2.16 2.18 2.43 1.98 1.84
Lam Research Corp. 1.80 1.84 1.84 1.75 1.78 1.74 1.97 2.12 2.24 2.29 2.43 2.74 2.78 2.55 2.71 2.43 2.47 2.17 2.04 1.94 2.12 2.18 1.92
Micron Technology Inc. 0.67 0.64 0.62 0.56 0.48 0.42 0.38 0.35 0.40 0.49 0.55 0.62 0.66 0.65 0.65 0.63 0.60 0.58 0.55 0.55 0.54 0.53 0.57
Qualcomm Inc. 1.53 1.51 1.48 1.51 1.49 1.57 1.66 1.87 2.08 2.28 2.45 2.63 2.95 3.18 3.37 3.98 3.96 3.62 3.87 6.05 8.13 5.43
Texas Instruments Inc. 0.98 0.93 0.91 0.93 0.99 1.04 1.09 1.18 1.28 1.37 1.39 1.39 1.35 1.38 1.45 1.50 1.52 1.57

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
Equity turnover = (RevenueQ1 2026 + RevenueQ4 2025 + RevenueQ3 2025 + RevenueQ2 2025) ÷ Shareholders’ equity
= (44,062 + 39,331 + 35,082 + 30,040) ÷ 83,843 = 1.77

2 Click competitor name to see calculations.


Revenue Trends
The revenue demonstrates a generally strong upward trajectory over the entire period. Starting from approximately 2.22 billion USD in April 2019, revenue increases steadily through early 2022, reaching highs around 8.3 billion USD by May 2022. After this peak, a decline is observed through early 2023, with revenues dropping to around 5.9 to 6.1 billion USD. Following this dip, revenue experiences a significant acceleration, surging from approximately 7.2 billion USD in early 2023 to exceed 44 billion USD by April 2025. This pattern suggests a cyclical phase with a strong recovery and robust growth in the latest quarters.
Shareholders’ Equity Trends
Shareholders’ equity shows consistent growth across the entire timeframe. Starting around 9.7 billion USD in April 2019, equity steadily rises with minor fluctuation, surpassing 26.6 billion USD by early 2022. A slight decrease occurs in mid-2022 and early 2023, dipping to approximately 21.3 billion USD, followed by recovery and marked acceleration, reaching approximately 83.8 billion USD by April 2025. The continued increase in equity points to retained earnings growth and/or capital infusions, supporting the company’s expansion and asset base growth.
Equity Turnover Ratio Dynamics
The equity turnover ratio, available from early 2020, reveals insight into how efficiently shareholders’ equity is being utilized to generate revenue. Initially close to 0.89-0.9 in early 2020, this ratio experiences a gradual rise, climbing to about 1.12 by May 2022, indicating improving efficiency. Following a short-term rise and fluctuation around 1.25 to 1.34 until early 2023, the metric shows some volatility but generally trends upward, reaching a peak near 1.77 by April 2025. This reflects an increasing ability to generate more revenue per unit of equity, especially pronounced in the latest periods coinciding with strong revenue growth.
Summary of Financial Performance and Operational Efficiency
The data depicts a company experiencing robust revenue growth over multiple years with a phase of temporary slowdown around 2022 to early 2023, followed by a substantial recovery and acceleration in 2023-2025. Shareholders’ equity aligns with this pattern, growing steadily and sustaining operational capacity. The rising equity turnover ratio illustrates enhanced performance efficiency, where the company is generating higher revenues relative to its equity base in recent periods. This combination indicates effective asset utilization and strong market demand supporting scalable growth in recent quarters.