Investor's Craft

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Investor's Craft

Intrinsic Value of NVIDIA Corporation (NVDA)

Previous Close	$109.67
Intrinsic Value	$239,379.91
Upside potential	+218,173%

Previous Close

$109.67

Intrinsic Value

$239,379.91

Potential

+218,173%

VALUATION INPUT DATA

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050
INCOME STATEMENT
Revenue growth rate, %	114.2	108.7	103.6	98.6	93.9	89.5	85.3	81.3	77.4	73.8	70.4	67.1	64.0	61.1	58.3	55.6	53.1	50.7	48.4	46.2	44.1	42.2	40.3	38.6	36.9
Revenue, $	279525	583480	1187690	2359054	4575245	8669947	16062987	29115519	51664182	89804353	153010519	255700422	419367414	675420389	1068880511	1663086176	2545550172	3835093830	5690351288	8319692670	11992559334	17052139717	23929244323	33157167338	45387255309
Variable operating expenses, $m	83578	174460	355119	705357	1367998	2592314	4802833	8705540	15447590	26851502	45750145	76454426	125390857	201950696	319595273	497262766	761119501	1146693055	1701415035	2487588108	3585775241	5098589775	7154844052	9913993034	13570789337
Fixed operating expenses, $m	10864	11788	12790	13877	15056	16336	17724	19231	20866	22639	24564	26651	28917	31375	34042	36935	40075	43481	47177	51187	55538	60259	65381	70938	76968
Total operating expenses, $m	94442	186248	367909	719234	1383054	2608650	4820557	8724771	15468456	26874141	45774709	76481077	125419774	201982071	319629315	497299701	761159576	1146736536	1701462212	2487639295	3585830779	5098650034	7154909433	9914063972	13570866305
Operating income, $m	185083	397232	819781	1639820	3192191	6061297	11242430	20390748	36195726	62930212	107235810	179219345	293947640	473438318	749251196	1165786474	1784390596	2688357294	3988889076	5832053375	8406728555	11953489683	16774334890	23243103366	31816389004
EBITDA, $m	186935	401199	828063	1656678	3225674	6126236	11365487	20618739	36608978	63663510	108510452	181391107	297576937	479390630	758837808	1180957681	1807995690	2724487683	4043322666	5912819651	8524814515	12123706654	17016365260	23582744253	32287006863
Interest expense (income), $m	411	3293	5870	10994	20927	39721	74444	137137	247822	439035	762463	1298452	2169262	3557158	5728487	9065029	14103893	21587188	32522518	48255101	70551916	101697826	144603067	202920914	281173702
Earnings before tax, $m	184672	393939	813911	1628826	3171264	6021576	11167986	20253611	35947904	62491177	106473347	177920893	291778378	469881160	743522709	1156721445	1770286702	2666770106	3956366558	5783798274	8336176639	11851791857	16629731822	23040182452	31535215302
Tax expense, $m	49861	106363	219756	439783	856241	1625826	3015356	5468475	9705934	16872618	28747804	48038641	78780162	126867913	200751131	312314790	477977410	720027929	1068218971	1561625534	2250767692	3199983802	4490027592	6220849262	8514508132
Net income, $m	134810	287575	594155	1189043	2315022	4395751	8152630	14785136	26241970	45618559	77725543	129882252	212998216	343013247	542771577	844406655	1292309293	1946742177	2888147587	4222172740	6085408946	8651808056	12139704230	16819333190	23020707171
BALANCE SHEET
Cash and short-term investments, $m	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total assets, $m	148148	309244	629476	1250299	2424880	4595072	8513383	15431225	27382016	47596307	81095575	135521224	222264729	357972806	566506671	881435673	1349141591	2032599730	3015886183	4409437115	6356056447	9037634050	12682499491	17573298689	24055245314
Adjusted assets (=assets-cash), $m	148148	309244	629476	1250299	2424880	4595072	8513383	15431225	27382016	47596307	81095575	135521224	222264729	357972806	566506671	881435673	1349141591	2032599730	3015886183	4409437115	6356056447	9037634050	12682499491	17573298689	24055245314
Average production assets, $m	24598	51346	104517	207597	402622	762955	1413543	2562166	4546448	7902783	13464926	22501637	36904332	59436994	94061485	146351583	224008415	337488257	500750913	732132955	1055345221	1500588295	2105773500	2917830726	3994078467
Working capital, $m	31866	66517	135397	268932	521578	988374	1831181	3319169	5889717	10237696	17443199	29149848	47807885	76997924	121852378	189591824	290192720	437200697	648700047	948444964	1367151764	1943943928	2727933853	3779917077	5174147105
Total debt, $m	82323	146762	274854	523183	993016	1861093	3428417	6195554	10975871	19061587	32461294	54231554	88928956	143212187	226625732	352597333	539679700	813062956	1206377537	1763797910	2542445643	3615076684	5073022860	7029342540	9622121189
Total liabilities, $m	59259	123698	251790	500119	969952	1838029	3405353	6172490	10952807	19038523	32438230	54208490	88905892	143189123	226602668	352574269	539656636	813039892	1206354473	1763774846	2542422579	3615053620	5072999796	7029319476	9622098125
Total equity, $m	88889	185547	377685	750179	1454928	2757043	5108030	9258735	16429210	28557784	48657345	81312734	133358838	214783684	339904002	528861404	809484955	1219559838	1809531710	2645662269	3813633868	5422580430	7609499695	10543979214	14433147188
Debt-to-equity ratio	0.116	0.444	0.389	0.366	0.360	0.360	0.364	0.370	0.377	0.384	0.392	0.399	0.407	0.414	0.421	0.429	0.436	0.443	0.449	0.456	0.462	0.469	0.475	0.481	0.487
Adjusted equity ratio	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600	0.600
CASH FLOW
Net income, $m	134810	287575	594155	1189043	2315022	4395751	8152630	14785136	26241970	45618559	77725543	129882252	212998216	343013247	542771577	844406655	1292309293	1946742177	2888147587	4222172740	6085408946	8651808056	12139704230	16819333190	23020707171
Depreciation, amort., depletion, $m	1852	3967	8282	16858	33483	64939	123057	227991	413253	733298	1274642	2171762	3629296	5952312	9586612	15171207	23605094	36130390	54433590	80766276	118085960	170216971	242030370	339640887	470617859
Funds from operations, $m	136663	291543	602437	1205900	2348506	4460690	8275687	15013127	26655222	46351857	79000185	132054014	216627512	348965558	552358189	859577862	1315914387	1982872567	2942581177	4302939016	6203494907	8822025027	12381734600	17158974077	23491325030
Change in working capital, $m	16989	34651	68880	133535	252646	466796	842807	1487989	2570548	4347979	7205503	11706649	18658037	29190039	44854454	67739446	100600896	147007977	211499350	299744918	418706800	576792164	783989925	1051983224	1394230029
Cash from operations, $m	119673	256892	533557	1072365	2095860	3993894	7432881	13525138	24084675	42003878	71794683	120347365	197969475	319775519	507503736	791838416	1215313491	1835864590	2731081827	4003194098	5784788107	8245232863	11597744675	16106990853	22097095001
Maintenance CAPEX, $m	-1852	-3967	-8282	-16858	-33483	-64939	-123057	-227991	-413253	-733298	-1274642	-2171762	-3629296	-5952312	-9586612	-15171207	-23605094	-36130390	-54433590	-80766276	-118085960	-170216971	-242030370	-339640887	-470617859
New CAPEX, $m	-13114	-26748	-53171	-103080	-195025	-360334	-650588	-1148623	-1984282	-3356335	-5562143	-9036712	-14402695	-22532662	-34624491	-52290099	-77656832	-113479842	-163262656	-231382042	-323212266	-445243074	-605185205	-812057225	-1076247741
Total CAPEX, $m	-14967	-30715	-61452	-119938	-228508	-425273	-773645	-1376614	-2397535	-4089633	-6836785	-11208474	-18031992	-28484974	-44211103	-67461306	-101261926	-149610231	-217696246	-312148318	-441298227	-615460045	-847215575	-1151698113	-1546865600
Free cash flow, $m	104707	226176	472104	952428	1867352	3568621	6659236	12148525	21687140	37914245	64957897	109138891	179937484	291290546	463292633	724377110	1114051565	1686254358	2513385581	3691045780	5343489880	7629772818	10750529100	14955292741	20550229401
Issuance/(repurchase) of shares, $m	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Cash Flow, $m	-32096	-96658	-192139	-372494	-704749	-1302115	-2350987	-4150705	-7170475	-12128574	-20099561	-32655389	-52046103	-81424846	-125120319	-188957401	-280623551	-410074883	-589971872	-836130560	-1167971599	-1608946562	-2186919265	-2934479519	-3889167975
Pot'l extraordinary dividend, $m	22534
Cash available for distribution, $m	95145	129519	279965	579934	1162603	2266506	4308249	7997820	14516665	25785671	44858337	76483502	127891380	209865700	338172314	535419709	833428015	1276179475	1923413709	2854915221	4175518281	6020826256	8563609835	12020813222	16661061426
Discount rate, %	4.90	5.15	5.40	5.67	5.96	6.25	6.57	6.89	7.24	7.60	7.98	8.38	8.80	9.24	9.70	10.19	10.70	11.23	11.79	12.38	13.00	13.65	14.33	15.05	15.80
PV of cash for distribution, $m	90701	117153	239086	465086	870571	1575036	2760303	4691581	7738783	12393525	19275096	29116967	42724935	60899756	84321781	113402988	148122017	187868667	231332612	276473657	320604456	360600336	393225943	415539816	425312718
Current shareholders' claim on cash, %	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100

Investor's Craft

Investor's Craft

Intrinsic Value of NVIDIA Corporation (NVDA)

VALUATION INPUT DATA

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

INCOME STATEMENT

BALANCE SHEET

CASH FLOW