NVIDIA Corp. (NASDAQ:NVDA)

The data reveals a progression in multiple turnover ratios over the observed quarterly periods, demonstrating changes in asset and equity utilization efficiency.

Net Fixed Asset Turnover

This ratio, starting at 6.52 in the earlier available period, generally increased over time with notable growth reaching a peak of 21.2 before slightly declining toward the end of the timeline, settling at 18.07. A few fluctuations occurred, such as a dip from 10.13 to 7.09, followed by recovery. Overall, the trend indicates improved efficiency in generating revenue from net fixed assets, despite some periods of reduced turnover.

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

This adjusted ratio follows a similar upward trend but with lower absolute values compared to the standard net fixed asset turnover. It starts at 4.76 and increases steadily, peaking at 16.6 before a decline toward the last period at 14.72. The ratio shows consistent improvement in asset use efficiency when including leased assets, although with occasional slowdowns.

Total Asset Turnover

The total asset turnover ratio fluctuates more moderately, beginning from 0.63 and showing a general upward trend over time, surpassing the 1.0 threshold after the midpoint of the data. Its progression suggests gradually improving capacity to generate sales from total assets, despite some short-term decreases such as the drop to 0.51 and 0.52 during mid-periods.

Equity Turnover

Equity turnover demonstrates steady growth across quarters. Starting at 0.89, it rises to values exceeding 1.5 in later quarters, reaching as high as 1.77 before exhibiting small decreases. This upward trend points to increasing efficiency in utilizing shareholder's equity to generate revenue, reflecting possibly enhanced operational performance or capital management.

In summary, the company has shown significant improvements in asset and equity utilization efficiency throughout the periods analyzed. The net fixed asset turnover ratios, including operating lease considerations, both show rising utilization efficiency, albeit with some volatility. Total asset turnover and equity turnover also exhibit overall growth, suggesting enhanced productivity and capital use over time.

The quarterly financial data reveals several notable trends in revenue, property and equipment, and net fixed asset turnover ratios over the observed periods.

Revenue

Revenue consistently increased from April 2019 through January 2022, rising from 2,220 million US dollars to 8,288 million US dollars, marking a significant growth trajectory. A temporary decline occurred in July and October 2022, with values dropping to 6,704 million and 5,931 million US dollars respectively. Subsequently, revenue rebounded sharply starting in January 2023, reaching 13,507 million US dollars and continuing an upward trend through July 2024, peaking at 46,743 million US dollars. This reflects overall robust revenue growth with brief intervals of contraction.

Property and Equipment, net

The net value of property and equipment steadily rose from 1,473 million US dollars in April 2019 to 3,233 million US dollars by July 2022. This figure experienced fluctuations around 3,800 million US dollars during the period from January 2023 through July 2023, before climbing substantially to 9,141 million US dollars by July 2025. The data indicates consistent investment and capital expansion, particularly accelerated in the latest periods.

Net Fixed Asset Turnover Ratio

This ratio, calculated for periods beginning January 2020, exhibits a generally increasing trend with fluctuations. Starting at 6.52, it rose to peak values above 10 through early 2022, demonstrating improved efficiency in utilizing fixed assets to generate revenue. Mid-2022 and early 2023 show a decline to levels between 6.92 and 7.57 before accelerating sharply to a peak of 21.2 in October 2024. The ratio slightly moderated but remained high through July 2025. This pattern suggests enhanced operational efficiency and effective asset management in later years.

Overall, the data illustrates a pattern of accelerated revenue growth accompanied by substantial capital investment and improving asset turnover rates, indicating strong operational scaling and asset utilization efficiency over the reported quarters.

Revenue Trend

Revenue exhibits a consistent upward trajectory over the analyzed periods. Starting at 2,220 million US dollars in April 2019, revenue increases steadily with occasional accelerated growth phases. Notably, from mid-2023 onward, revenue rises sharply, reaching 46,743 million US dollars by July 2025. This reflects significant expansion in the company's business scale and market demand.

Property and Equipment, Net

The net value of property and equipment, including operating lease right-of-use assets, shows a general upward trend parallel to revenue growth. Beginning at 2,009 million US dollars in April 2019, the asset base expands steadily to 11,225 million US dollars by July 2025. This suggests continued investment in fixed assets and capacity expansion over the periods.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, which measures efficiency in using fixed assets to generate revenue, starts being reported from January 2020. Initial values range from about 4.76 to 5.1, rising gradually to 7.83 by May 2022. Although there is a decline to around 5.35 by mid-2023, the ratio subsequently increases sharply, peaking at approximately 16.6 in April 2025 before a slight drop to 14.72 by July 2025. This indicates periods of improved asset utilization efficiency especially in the later years, coinciding with accelerated revenue growth and asset investments.

Summary of Patterns and Insights

The data reveals a strong growth pattern in revenue alongside a consistent increase in property and equipment investment, reflecting business expansion. The increasing net fixed asset turnover ratio in recent years suggests enhanced operational efficiency in leveraging fixed assets to generate revenues, despite some mid-cycle fluctuations. The acceleration in financial metrics after 2023 may indicate successful strategic initiatives or favorable market conditions contributing to a marked scale-up in business operations.

The analysis of the quarterly financial data reveals significant trends in revenue, total assets, and total asset turnover over the observed periods.

Revenue

Revenue shows a consistent upward trend from April 2019 through October 2024, increasing from approximately US$2.22 billion to over US$44.7 billion. Notable acceleration in growth occurs between the periods starting July 2023 and October 2024, where revenue nearly doubles from US$13.5 billion to US$44.7 billion. Temporary decreases in revenue are observed during the mid-2022 quarters, indicating possible short-term challenges or market fluctuations before resuming growth. Overall, the revenue growth pattern indicates strong market demand and effective sales expansion over the period.

Total Assets

Total assets exhibit a steady increase from around US$14.0 billion in April 2019 to approximately US$140.7 billion by October 2024. The asset base expands steadily with minor fluctuations, reflecting continuous investment and growth in resources. The most substantial growth phases coincide with periods of rapid revenue increase, especially from mid-2023 onwards, supporting the scaling business operations. There is a slight dip observed around mid-2022, but this is relatively small and short-lived compared to the general upward trajectory.

Total Asset Turnover

Total asset turnover ratios, available starting from October 2019, demonstrate gradual improvement from 0.51 to a peak of approximately 1.19 by October 2024. This indicates an increasing efficiency in utilizing assets to generate revenue. The ratio remains mostly stable around the mid-to-high 0.6 range until early 2022, after which noticeable improvement occurs, signaling enhanced operational effectiveness or better asset management in recent quarters. The rising turnover ratio aligns with the accelerated revenue growth and asset expansions noted.

In summary, the data indicates strong overall growth in both revenue and asset base with improving asset efficiency over the analyzed timeframe. Despite short-term volatility around 2022, the continued upward trends in revenue and asset turnover suggest effective scaling and utilization of assets in generating income.

The financial data reveals several notable patterns and trends over the analyzed periods.

Revenue

The revenue demonstrates a sustained upward trajectory, increasing from approximately $2.2 billion in April 2019 to over $46.7 billion by July 2025. There is a notable acceleration in revenue growth starting around mid-2023, with revenue nearly doubling in the subsequent quarters. Although there are some fluctuations, such as a dip between May 2022 ($8.3 billion) and July 2022 ($6.7 billion), the overall long-term trend is significantly positive, indicating strong demand or expanded market presence.

Shareholders’ Equity

Shareholders’ equity similarly shows consistent growth across the periods, increasing from around $9.7 billion in April 2019 to above $100 billion by July 2025. The growth is relatively stable with minor declines, for instance, from May 2022 ($26.3 billion) to October 2022 ($21.3 billion), but the general trend points to strong capital accumulation and retention. The pronounced increase from early 2023 onward aligns with the surge in revenue, reflecting likely reinvestments or capital increases linked to business expansion.

Equity Turnover Ratio

The equity turnover ratio, which measures revenue generated per unit of shareholders’ equity, exhibits moderate fluctuations without a clear linear trend in the earlier periods. Starting from 0.89 in early 2020, the ratio generally increases over time, peaking at 1.77 in July 2024 before slightly retreating. This suggests improved efficiency in utilizing equity to generate revenue, especially pronounced from 2023 onward. The ratio values above 1 indicate that revenue growth is outpacing equity growth during much of this latter period.

In summary, the data reflects a company experiencing robust revenue growth supported by increases in shareholders’ equity. The acceleration in revenue and equity turnover from 2023 through 2025 points to enhanced operational efficiency and possibly scaling benefits. Minor dips in both revenue and equity in mid-2022 suggest transient challenges or market conditions but do not disrupt the prevailing positive momentum. Overall, the financial trends imply strong performance with effective utilization of equity capital to drive growth.