Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
NVIDIA Corp., FCFE calculation
US$ in millions
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 financial data demonstrates notable fluctuations and an overall upward trend in both net cash provided by operating activities and free cash flow to equity (FCFE) across the observed periods.
- Net cash provided by operating activities
- This metric shows substantial growth over the timeframe. Starting at US$4,761 million in early 2020, it increased steadily through 2022, peaking initially at US$9,108 million. There was a decline in 2023 to US$5,641 million, followed by a remarkable surge to US$28,090 million in early 2024 and further rising to US$64,089 million by early 2025. This indicates an accelerating capacity to generate cash from core business operations, with a particularly significant expansion in the final two years.
- Free cash flow to equity (FCFE)
- The FCFE figures generally mirror the trend of operating cash flows, reflecting the company's ability to generate cash available to equity shareholders after expenses and investments. The FCFE increased from US$4,272 million in early 2020 to US$12,109 million by early 2022. Similar to operating cash, FCFE experienced a decline in early 2023, falling to US$3,808 million. Subsequently, it showed a strong recovery, reaching US$25,771 million in early 2024 and sharply increasing further to US$59,603 million in early 2025. This trend suggests enhanced financial flexibility and improved capacity to return capital to shareholders or invest in growth initiatives.
In summary, both operating cash flow and FCFE reflect a positive trajectory with intermittent declines but a pronounced increase in the later years. This pattern may imply successful operational improvements, stronger cash generation, and efficient capital management in recent periods. The extraordinary growth observed in 2024 and 2025 warrants further examination to understand underlying drivers, such as operational performance, capital expenditures, or changes in working capital management.
Price to FCFE Ratio, Current
NVIDIA Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 24,400,000,000 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 59,603) |
| FCFE per share | 2.44 |
| Current share price (P) | 143.85 |
| Valuation Ratio | |
| P/FCFE | 58.89 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Advanced Micro Devices Inc. | 125.64 |
| Analog Devices Inc. | 30.54 |
| Applied Materials Inc. | 16.83 |
| Broadcom Inc. | 29.57 |
| Intel Corp. | — |
| KLA Corp. | 29.85 |
| Lam Research Corp. | 28.94 |
| Micron Technology Inc. | — |
| Monolithic Power Systems Inc. | 51.13 |
| Qualcomm Inc. | 16.06 |
| Texas Instruments Inc. | 46.43 |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | 69.65 |
| P/FCFE, Industry | |
| Information Technology | 43.09 |
Based on: 10-K (reporting date: 2025-01-26).
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 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Jan 26, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 24,400,000,000 | 25,000,000,000 | 24,700,000,000 | 25,100,000,000 | 24,800,000,000 | 24,480,000,000 | |
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | 59,603) | 25,771) | 3,808) | 12,109) | 9,662) | 4,272) | |
| FCFE per share3 | 2.44 | 1.03 | 0.15 | 0.48 | 0.39 | 0.17 | |
| Share price1, 4 | 131.28 | 67.47 | 23.29 | 26.45 | 13.72 | 7.72 | |
| Valuation Ratio | |||||||
| P/FCFE5 | 53.74 | 65.45 | 151.07 | 54.83 | 35.22 | 44.24 | |
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Advanced Micro Devices Inc. | — | 109.67 | 241.70 | 33.46 | 44.72 | 133.51 | |
| Analog Devices Inc. | — | 29.30 | 22.28 | 24.14 | 34.67 | 33.98 | |
| Applied Materials Inc. | — | 17.05 | 17.53 | 19.17 | 27.20 | 23.21 | |
| Broadcom Inc. | — | 26.03 | 30.06 | 14.62 | 22.35 | 9.16 | |
| Intel Corp. | — | — | — | — | 14.25 | 8.57 | |
| KLA Corp. | — | 25.11 | 26.78 | 9.01 | 28.05 | 19.15 | |
| Lam Research Corp. | — | 25.89 | 18.67 | 24.95 | 34.58 | 16.89 | |
| Micron Technology Inc. | — | — | — | 18.66 | 37.24 | 81.71 | |
| Monolithic Power Systems Inc. | — | 43.14 | 60.34 | 121.66 | 95.13 | 83.64 | |
| Qualcomm Inc. | — | 18.57 | 11.97 | 19.13 | 17.93 | 34.91 | |
| Texas Instruments Inc. | — | 42.96 | 37.61 | 23.88 | 21.87 | 24.10 | |
| P/FCFE, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 45.79 | 47.70 | 29.30 | 25.10 | 17.84 | |
| P/FCFE, Industry | |||||||
| Information Technology | — | 36.62 | 33.19 | 26.96 | 27.33 | 23.40 | |
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 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 59,603,000,000 ÷ 24,400,000,000 = 2.44
4 Closing price as at the filing date of NVIDIA Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 131.28 ÷ 2.44 = 53.74
6 Click competitor name to see calculations.
- Share Price
- The share price demonstrates a consistent upward trend over the observed periods, increasing from $7.72 in January 2020 to $131.28 by January 2025. Notably, there was a substantial acceleration in growth starting in January 2024, where the share price jumped significantly from $23.29 in January 2023 to $67.47, and continued this steep rise through January 2025.
- Free Cash Flow to Equity (FCFE) Per Share
- FCFE per share showed a positive trend overall but with considerable fluctuations. It began at $0.17 in January 2020, rising steadily to $0.48 by January 2022, followed by a marked decline to $0.15 in January 2023. Subsequently, the FCFE per share rebounded strongly to $1.03 in January 2024 and further increased to $2.44 by January 2025, indicating significant recovery and growth in cash flows available to equity holders in the later periods.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio exhibits volatility throughout the years. It started at 44.24 in January 2020, decreased moderately to 35.22 in January 2021, then sharply increased to 54.83 in January 2022. The ratio peaked dramatically at 151.07 in January 2023, coinciding with the dip in FCFE per share, indicating a relatively high valuation compared to free cash flow in that period. After this peak, the ratio declined to 65.45 in January 2024 and further to 53.74 by January 2025, reflecting a valuation adjustment as the FCFE per share recovered and increased substantially.
- Overall Insights
- The data depicts strong growth in market valuation and improvements in free cash flow generation, particularly in the later years. The share price growth outpaced the fluctuations in FCFE per share, which may indicate increased investor optimism or improved market sentiment. The large spike in P/FCFE ratio in January 2023 suggests a temporary overvaluation relative to free cash flow, likely due to the dip in FCFE that year. However, the subsequent normalization of this ratio aligns with the recovery in FCFE per share and continued appreciation in the share price. This suggests an overall strengthening financial position and market confidence moving toward 2025.