Stock Analysis on Net
Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA)

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

NVIDIA Corp., adjustment to net income

US$ in millions

Microsoft Excel
12 months ended: Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Net income (as reported) 72,880 29,760 4,368 9,752 4,332 2,796
Add: Available-for-sale debt securities, net change in unrealized gain (loss) 1 80 (30) (16) — 8
Net income (adjusted) 72,881 29,840 4,338 9,736 4,332 2,804

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).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

NVIDIA Corp., adjusted profitability ratios

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Net Profit Margin
Reported net profit margin 55.85% 48.85% 16.19% 36.23% 25.98% 25.61%
Adjusted net profit margin 55.85% 48.98% 16.08% 36.17% 25.98% 25.68%
Return on Equity (ROE)
Reported ROE 91.87% 69.24% 19.76% 36.65% 25.64% 22.91%
Adjusted ROE 91.87% 69.43% 19.63% 36.58% 25.64% 22.98%
Return on Assets (ROA)
Reported ROA 65.30% 45.28% 10.61% 22.07% 15.05% 16.15%
Adjusted ROA 65.30% 45.40% 10.53% 22.03% 15.05% 16.19%

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).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. NVIDIA Corp. adjusted net profit margin ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. NVIDIA Corp. adjusted ROE improved from 2023 to 2024 and from 2024 to 2025.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. NVIDIA Corp. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

NVIDIA Corp., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income 72,880 29,760 4,368 9,752 4,332 2,796
Revenue 130,497 60,922 26,974 26,914 16,675 10,918
Profitability Ratio
Net profit margin1 55.85% 48.85% 16.19% 36.23% 25.98% 25.61%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income 72,881 29,840 4,338 9,736 4,332 2,804
Revenue 130,497 60,922 26,974 26,914 16,675 10,918
Profitability Ratio
Adjusted net profit margin2 55.85% 48.98% 16.08% 36.17% 25.98% 25.68%

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).

2025 Calculations

1 Net profit margin = 100 × Net income ÷ Revenue
= 100 × 72,880 ÷ 130,497 = 55.85%

2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 72,881 ÷ 130,497 = 55.85%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. NVIDIA Corp. adjusted net profit margin ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income 72,880 29,760 4,368 9,752 4,332 2,796
Shareholders’ equity 79,327 42,978 22,101 26,612 16,893 12,204
Profitability Ratio
ROE1 91.87% 69.24% 19.76% 36.65% 25.64% 22.91%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income 72,881 29,840 4,338 9,736 4,332 2,804
Shareholders’ equity 79,327 42,978 22,101 26,612 16,893 12,204
Profitability Ratio
Adjusted ROE2 91.87% 69.43% 19.63% 36.58% 25.64% 22.98%

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).

2025 Calculations

1 ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 72,880 ÷ 79,327 = 91.87%

2 Adjusted ROE = 100 × Adjusted net income ÷ Shareholders’ equity
= 100 × 72,881 ÷ 79,327 = 91.87%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. NVIDIA Corp. adjusted ROE improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income 72,880 29,760 4,368 9,752 4,332 2,796
Total assets 111,601 65,728 41,182 44,187 28,791 17,315
Profitability Ratio
ROA1 65.30% 45.28% 10.61% 22.07% 15.05% 16.15%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income 72,881 29,840 4,338 9,736 4,332 2,804
Total assets 111,601 65,728 41,182 44,187 28,791 17,315
Profitability Ratio
Adjusted ROA2 65.30% 45.40% 10.53% 22.03% 15.05% 16.19%

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).

2025 Calculations

1 ROA = 100 × Net income ÷ Total assets
= 100 × 72,880 ÷ 111,601 = 65.30%

2 Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 72,881 ÷ 111,601 = 65.30%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. NVIDIA Corp. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.