Stock Analysis on Net
Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

NVIDIA Corp., adjusted financial ratios

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Activity Ratio
Total Asset Turnover
Reported 1.17 0.93 0.65 0.61 0.58 0.63
Adjusted 1.30 1.03 0.72 0.63 0.60 0.65
Liquidity Ratio
Current Ratio
Reported 4.44 4.17 3.52 6.65 4.09 7.67
Adjusted 5.03 4.64 3.77 7.23 4.44 8.41
Solvency Ratios
Debt to Equity
Reported 0.11 0.23 0.50 0.41 0.41 0.16
Adjusted 0.14 0.28 0.61 0.45 0.46 0.22
Debt to Capital
Reported 0.10 0.18 0.33 0.29 0.29 0.14
Adjusted 0.12 0.22 0.38 0.31 0.31 0.18
Financial Leverage
Reported 1.41 1.53 1.86 1.66 1.70 1.42
Adjusted 1.39 1.53 1.93 1.64 1.67 1.41
Profitability Ratios
Net Profit Margin
Reported 55.85% 48.85% 16.19% 36.23% 25.98% 25.61%
Adjusted 53.34% 45.93% 8.42% 34.83% 25.57% 26.29%
Return on Equity (ROE)
Reported 91.87% 69.24% 19.76% 36.65% 25.64% 22.91%
Adjusted 96.58% 72.63% 11.62% 35.86% 25.75% 24.25%
Return on Assets (ROA)
Reported 65.30% 45.28% 10.61% 22.07% 15.05% 16.15%
Adjusted 69.43% 47.49% 6.03% 21.86% 15.46% 17.22%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. NVIDIA Corp. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. NVIDIA Corp. adjusted current ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. NVIDIA Corp. adjusted debt-to-equity ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. NVIDIA Corp. adjusted debt-to-capital ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 NVIDIA Corp. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total 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 adjusted total 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 adjusted total assets. NVIDIA Corp. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

NVIDIA Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Reported
Selected Financial Data (US$ in millions)
Revenue 130,497 60,922 26,974 26,914 16,675 10,918
Total assets 111,601 65,728 41,182 44,187 28,791 17,315
Activity Ratio
Total asset turnover1 1.17 0.93 0.65 0.61 0.58 0.63
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenue2 130,973 61,687 27,044 26,965 16,925 10,981
Adjusted total assets3 100,626 59,651 37,790 42,969 27,989 16,769
Activity Ratio
Adjusted total asset turnover4 1.30 1.03 0.72 0.63 0.60 0.65

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 2025 Calculation
Total asset turnover = Revenue ÷ Total assets
= 130,497 ÷ 111,601 = 1.17

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2025 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 130,973 ÷ 100,626 = 1.30

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. NVIDIA Corp. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Current Ratio

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 80,126 44,345 23,073 28,829 16,055 13,690
Current liabilities 18,047 10,631 6,563 4,335 3,925 1,784
Liquidity Ratio
Current ratio1 4.44 4.17 3.52 6.65 4.09 7.67
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 80,130 44,349 23,077 28,833 16,059 13,692
Adjusted current liabilities3 15,920 9,561 6,127 3,989 3,615 1,628
Liquidity Ratio
Adjusted current ratio4 5.03 4.64 3.77 7.23 4.44 8.41

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 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 80,126 ÷ 18,047 = 4.44

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2025 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 80,130 ÷ 15,920 = 5.03

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. NVIDIA Corp. adjusted current ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Debt to Equity

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 8,463 9,709 10,953 10,946 6,963 1,991
Shareholders’ equity 79,327 42,978 22,101 26,612 16,893 12,204
Solvency Ratio
Debt to equity1 0.11 0.23 0.50 0.41 0.41 0.16
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 10,270 11,056 12,031 11,831 7,718 2,643
Adjusted shareholders’ equity3 72,341 39,008 19,611 26,188 16,805 11,903
Solvency Ratio
Adjusted debt to equity4 0.14 0.28 0.61 0.45 0.46 0.22

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 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 8,463 ÷ 79,327 = 0.11

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2025 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 10,270 ÷ 72,341 = 0.14

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. NVIDIA Corp. adjusted debt-to-equity ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Debt to Capital

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 8,463 9,709 10,953 10,946 6,963 1,991
Total capital 87,790 52,687 33,054 37,558 23,856 14,195
Solvency Ratio
Debt to capital1 0.10 0.18 0.33 0.29 0.29 0.14
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 10,270 11,056 12,031 11,831 7,718 2,643
Adjusted total capital3 82,611 50,064 31,642 38,019 24,523 14,546
Solvency Ratio
Adjusted debt to capital4 0.12 0.22 0.38 0.31 0.31 0.18

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 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,463 ÷ 87,790 = 0.10

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2025 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 10,270 ÷ 82,611 = 0.12

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. NVIDIA Corp. adjusted debt-to-capital ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Financial Leverage

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 111,601 65,728 41,182 44,187 28,791 17,315
Shareholders’ equity 79,327 42,978 22,101 26,612 16,893 12,204
Solvency Ratio
Financial leverage1 1.41 1.53 1.86 1.66 1.70 1.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 100,626 59,651 37,790 42,969 27,989 16,769
Adjusted shareholders’ equity3 72,341 39,008 19,611 26,188 16,805 11,903
Solvency Ratio
Adjusted financial leverage4 1.39 1.53 1.93 1.64 1.67 1.41

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 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 111,601 ÷ 79,327 = 1.41

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2025 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 100,626 ÷ 72,341 = 1.39

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 NVIDIA Corp. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.

Adjusted Net Profit Margin

Microsoft Excel
Jan 26, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020
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
Selected Financial Data (US$ in millions)
Adjusted net income2 69,864 28,330 2,278 9,391 4,327 2,887
Adjusted revenue3 130,973 61,687 27,044 26,965 16,925 10,981
Profitability Ratio
Adjusted net profit margin4 53.34% 45.93% 8.42% 34.83% 25.57% 26.29%

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 2025 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 72,880 ÷ 130,497 = 55.85%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2025 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 69,864 ÷ 130,973 = 53.34%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total 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
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
Selected Financial Data (US$ in millions)
Adjusted net income2 69,864 28,330 2,278 9,391 4,327 2,887
Adjusted shareholders’ equity3 72,341 39,008 19,611 26,188 16,805 11,903
Profitability Ratio
Adjusted ROE4 96.58% 72.63% 11.62% 35.86% 25.75% 24.25%

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 2025 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 72,880 ÷ 79,327 = 91.87%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2025 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 69,864 ÷ 72,341 = 96.58%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total 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
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
Selected Financial Data (US$ in millions)
Adjusted net income2 69,864 28,330 2,278 9,391 4,327 2,887
Adjusted total assets3 100,626 59,651 37,790 42,969 27,989 16,769
Profitability Ratio
Adjusted ROA4 69.43% 47.49% 6.03% 21.86% 15.46% 17.22%

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 2025 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 72,880 ÷ 111,601 = 65.30%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2025 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 69,864 ÷ 100,626 = 69.43%

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