Price to FCFE (P/FCFE)
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
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Free Cash Flow to Equity (FCFE)
NVIDIA Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2026-01-25), 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).
The financial information reveals a notable evolution in net cash provided by operating activities and free cash flow to equity (FCFE) over the observed period. Both metrics demonstrate substantial growth, particularly in the later years.
- Net Cash from Operations
- Net cash provided by operating activities exhibited an initial increase from US$5,822 million in 2021 to US$9,108 million in 2022. A subsequent decrease to US$5,641 million was observed in 2023. However, a significant surge occurred in 2024, reaching US$28,090 million, followed by further increases to US$64,089 million in 2025 and US$102,718 million in 2026. This indicates a strengthening of the company’s core business operations and its ability to generate cash.
- Free Cash Flow to Equity (FCFE)
- FCFE mirrored the trend in operating cash flow, though with different magnitudes. It rose from US$9,662 million in 2021 to US$12,109 million in 2022, before declining to US$3,808 million in 2023. A substantial increase was then recorded in 2024, reaching US$25,771 million, continuing to US$59,603 million in 2025 and US$96,676 million in 2026. The FCFE growth suggests an increasing capacity to distribute cash to equity holders, potentially through dividends or share repurchases.
- Relationship between Operating Cash Flow and FCFE
- While both metrics increased significantly from 2021 to 2026, the FCFE consistently remained below the net cash provided by operating activities. The gap between the two metrics narrowed in 2024, 2025, and 2026, suggesting a more efficient conversion of operating cash flow into free cash flow available to equity holders. The decline in FCFE in 2023, despite a decrease in operating cash flow, warrants further investigation to understand the underlying factors affecting cash allocation.
Overall, the period demonstrates a strong positive trajectory in both operating cash flow generation and FCFE, particularly from 2024 onwards. The substantial growth in these metrics suggests improved financial health and increased flexibility in capital allocation.
Price to FCFE Ratio, Current
NVIDIA Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| 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. | |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2026-01-25).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
NVIDIA Corp., historical P/FCFE calculation, comparison to benchmarks
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| 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. | |||||||
| P/FCFE, Sector | |||||||
| Semiconductors & Semiconductor Equipment | |||||||
| P/FCFE, Industry | |||||||
| Information Technology | |||||||
Based on: 10-K (reporting date: 2026-01-25), 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).
1 Data adjusted for splits and stock dividends.
3 2026 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of NVIDIA Corp. Annual Report.
5 2026 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initially, the ratio increased significantly before stabilizing and then declining. A detailed examination of the components and the resulting ratio reveals key trends.
- Share Price
- The share price demonstrated a consistent increase from January 31, 2021, to January 26, 2025, rising from US$13.72 to US$131.28. A further increase was observed through January 25, 2026, reaching US$195.56. This indicates a strong positive market sentiment towards the equity during this timeframe.
- FCFE per Share
- Free Cash Flow to Equity per share experienced an initial increase from US$0.39 in 2021 to US$0.48 in 2022. However, a substantial decrease to US$0.15 was recorded in 2023. Subsequently, FCFE per share increased significantly, reaching US$1.03 in 2024, US$2.44 in 2025, and US$3.98 in 2026. This suggests improving cash flow generation for equity holders in the later years of the period.
- P/FCFE Ratio
- The P/FCFE ratio increased from 35.22 in 2021 to 54.83 in 2022, reflecting the combined effect of increasing share price and relatively stable FCFE per share. A dramatic increase to 151.07 occurred in 2023, primarily driven by the significant decline in FCFE per share. The ratio then decreased to 65.45 in 2024, 53.74 in 2025, and 49.15 in 2026, coinciding with the substantial growth in FCFE per share. This suggests that while the share price continued to rise, the increasing FCFE per share tempered the ratio’s growth, and ultimately led to a decline from its peak in 2023.
The observed pattern indicates that the P/FCFE ratio is highly sensitive to changes in FCFE per share. The initial increase in the ratio was moderate, but the subsequent volatility highlights the importance of underlying cash flow generation. The recent decline in the P/FCFE ratio, despite continued share price appreciation, suggests that the market is recognizing the improving cash flow position of the equity.