Stock Analysis on Net
Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA) 

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

NVIDIA Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Oct 27, 2024 95.71% = 65.69% × 1.46
Jul 28, 2024 91.15% = 62.20% × 1.47
Apr 28, 2024 86.68% = 55.27% × 1.57
Jan 28, 2024 69.24% = 45.28% × 1.53
Oct 29, 2023 56.78% = 34.88% × 1.63
Jul 30, 2023 37.54% = 20.84% × 1.80
Apr 30, 2023 19.55% = 10.78% × 1.81
Jan 29, 2023 19.76% = 10.61% × 1.86
Oct 30, 2022 27.90% = 14.71% × 1.90
Jul 31, 2022 32.45% = 17.80% × 1.82
May 1, 2022 35.93% = 20.92% × 1.72
Jan 30, 2022 36.65% = 22.07% × 1.66
Oct 31, 2021 34.49% = 20.20% × 1.71
Aug 1, 2021 33.48% = 18.32% × 1.83
May 2, 2021 28.37% = 17.30% × 1.64
Jan 31, 2021 25.64% = 15.05% × 1.70
Oct 25, 2020 24.95% = 14.23% × 1.75
Jul 26, 2020 24.36% = 13.46% × 1.81
Apr 26, 2020 25.34% = 14.27% × 1.78
Jan 26, 2020 22.91% = 16.15% × 1.42
Oct 27, 2019 21.50% = 15.25% × 1.41
Jul 28, 2019 26.53% = 18.56% × 1.43
Apr 28, 2019 33.91% = 23.47% × 1.44
Jan 27, 2019 44.33% = 31.15% × 1.42
Oct 28, 2018 — = — × 1.44
Jul 29, 2018 — = — × 1.46
Apr 29, 2018 — = — × 1.49

Based on: 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-K (reporting date: 2019-01-27), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2025 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

NVIDIA Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Oct 27, 2024 95.71% = 55.69% × 1.18 × 1.46
Jul 28, 2024 91.15% = 55.04% × 1.13 × 1.47
Apr 28, 2024 86.68% = 53.40% × 1.04 × 1.57
Jan 28, 2024 69.24% = 48.85% × 0.93 × 1.53
Oct 29, 2023 56.78% = 42.09% × 0.83 × 1.63
Jul 30, 2023 37.54% = 31.59% × 0.66 × 1.80
Apr 30, 2023 19.55% = 18.52% × 0.58 × 1.81
Jan 29, 2023 19.76% = 16.19% × 0.65 × 1.86
Oct 30, 2022 27.90% = 20.85% × 0.71 × 1.90
Jul 31, 2022 32.45% = 26.03% × 0.68 × 1.82
May 1, 2022 35.93% = 32.02% × 0.65 × 1.72
Jan 30, 2022 36.65% = 36.23% × 0.61 × 1.66
Oct 31, 2021 34.49% = 33.81% × 0.60 × 1.71
Aug 1, 2021 33.48% = 32.33% × 0.57 × 1.83
May 2, 2021 28.37% = 27.66% × 0.63 × 1.64
Jan 31, 2021 25.64% = 25.98% × 0.58 × 1.70
Oct 25, 2020 24.95% = 25.89% × 0.55 × 1.75
Jul 26, 2020 24.36% = 25.94% × 0.52 × 1.81
Apr 26, 2020 25.34% = 28.18% × 0.51 × 1.78
Jan 26, 2020 22.91% = 25.61% × 0.63 × 1.42
Oct 27, 2019 21.50% = 24.07% × 0.63 × 1.41
Jul 28, 2019 26.53% = 26.92% × 0.69 × 1.43
Apr 28, 2019 33.91% = 30.67% × 0.77 × 1.44
Jan 27, 2019 44.33% = 35.34% × 0.88 × 1.42
Oct 28, 2018 — = — × — × 1.44
Jul 29, 2018 — = — × — × 1.46
Apr 29, 2018 — = — × — × 1.49

Based on: 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-K (reporting date: 2019-01-27), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2025 is the increase in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

NVIDIA Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Oct 27, 2024 95.71% = 0.87 × 1.00 × 64.59% × 1.18 × 1.46
Jul 28, 2024 91.15% = 0.87 × 1.00 × 63.73% × 1.13 × 1.47
Apr 28, 2024 86.68% = 0.87 × 0.99 × 61.60% × 1.04 × 1.57
Jan 28, 2024 69.24% = 0.88 × 0.99 × 55.93% × 0.93 × 1.53
Oct 29, 2023 56.78% = 0.90 × 0.99 × 47.38% × 0.83 × 1.63
Jul 30, 2023 37.54% = 0.93 × 0.98 × 34.73% × 0.66 × 1.80
Apr 30, 2023 19.55% = 1.05 × 0.95 × 18.72% × 0.58 × 1.81
Jan 29, 2023 19.76% = 1.04 × 0.94 × 16.47% × 0.65 × 1.86
Oct 30, 2022 27.90% = 1.03 × 0.96 × 21.06% × 0.71 × 1.90
Jul 31, 2022 32.45% = 0.99 × 0.97 × 27.03% × 0.68 × 1.82
May 1, 2022 35.93% = 0.97 × 0.97 × 33.69% × 0.65 × 1.72
Jan 30, 2022 36.65% = 0.98 × 0.98 × 37.81% × 0.61 × 1.66
Oct 31, 2021 34.49% = 0.96 × 0.97 × 36.15% × 0.60 × 1.71
Aug 1, 2021 33.48% = 0.98 × 0.97 × 34.14% × 0.57 × 1.83
May 2, 2021 28.37% = 0.97 × 0.96 × 29.52% × 0.63 × 1.64
Jan 31, 2021 25.64% = 0.98 × 0.96 × 27.54% × 0.58 × 1.70
Oct 25, 2020 24.95% = 0.97 × 0.96 × 27.74% × 0.55 × 1.75
Jul 26, 2020 24.36% = 0.95 × 0.97 × 28.09% × 0.52 × 1.81
Apr 26, 2020 25.34% = 0.93 × 0.98 × 30.79% × 0.51 × 1.78
Jan 26, 2020 22.91% = 0.94 × 0.98 × 27.68% × 0.63 × 1.42
Oct 27, 2019 21.50% = 1.06 × 0.98 × 23.27% × 0.63 × 1.41
Jul 28, 2019 26.53% = 1.14 × 0.98 × 24.10% × 0.69 × 1.43
Apr 28, 2019 33.91% = 1.11 × 0.98 × 28.24% × 0.77 × 1.44
Jan 27, 2019 44.33% = 1.06 × 0.99 × 33.75% × 0.88 × 1.42
Oct 28, 2018 — = — × — × — × — × 1.44
Jul 29, 2018 — = — × — × — × — × 1.46
Apr 29, 2018 — = — × — × — × — × 1.49

Based on: 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-K (reporting date: 2019-01-27), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2025 is the increase in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

NVIDIA Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Oct 27, 2024 65.69% = 55.69% × 1.18
Jul 28, 2024 62.20% = 55.04% × 1.13
Apr 28, 2024 55.27% = 53.40% × 1.04
Jan 28, 2024 45.28% = 48.85% × 0.93
Oct 29, 2023 34.88% = 42.09% × 0.83
Jul 30, 2023 20.84% = 31.59% × 0.66
Apr 30, 2023 10.78% = 18.52% × 0.58
Jan 29, 2023 10.61% = 16.19% × 0.65
Oct 30, 2022 14.71% = 20.85% × 0.71
Jul 31, 2022 17.80% = 26.03% × 0.68
May 1, 2022 20.92% = 32.02% × 0.65
Jan 30, 2022 22.07% = 36.23% × 0.61
Oct 31, 2021 20.20% = 33.81% × 0.60
Aug 1, 2021 18.32% = 32.33% × 0.57
May 2, 2021 17.30% = 27.66% × 0.63
Jan 31, 2021 15.05% = 25.98% × 0.58
Oct 25, 2020 14.23% = 25.89% × 0.55
Jul 26, 2020 13.46% = 25.94% × 0.52
Apr 26, 2020 14.27% = 28.18% × 0.51
Jan 26, 2020 16.15% = 25.61% × 0.63
Oct 27, 2019 15.25% = 24.07% × 0.63
Jul 28, 2019 18.56% = 26.92% × 0.69
Apr 28, 2019 23.47% = 30.67% × 0.77
Jan 27, 2019 31.15% = 35.34% × 0.88
Oct 28, 2018 — = — × —
Jul 29, 2018 — = — × —
Apr 29, 2018 — = — × —

Based on: 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-K (reporting date: 2019-01-27), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2025 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

NVIDIA Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Oct 27, 2024 65.69% = 0.87 × 1.00 × 64.59% × 1.18
Jul 28, 2024 62.20% = 0.87 × 1.00 × 63.73% × 1.13
Apr 28, 2024 55.27% = 0.87 × 0.99 × 61.60% × 1.04
Jan 28, 2024 45.28% = 0.88 × 0.99 × 55.93% × 0.93
Oct 29, 2023 34.88% = 0.90 × 0.99 × 47.38% × 0.83
Jul 30, 2023 20.84% = 0.93 × 0.98 × 34.73% × 0.66
Apr 30, 2023 10.78% = 1.05 × 0.95 × 18.72% × 0.58
Jan 29, 2023 10.61% = 1.04 × 0.94 × 16.47% × 0.65
Oct 30, 2022 14.71% = 1.03 × 0.96 × 21.06% × 0.71
Jul 31, 2022 17.80% = 0.99 × 0.97 × 27.03% × 0.68
May 1, 2022 20.92% = 0.97 × 0.97 × 33.69% × 0.65
Jan 30, 2022 22.07% = 0.98 × 0.98 × 37.81% × 0.61
Oct 31, 2021 20.20% = 0.96 × 0.97 × 36.15% × 0.60
Aug 1, 2021 18.32% = 0.98 × 0.97 × 34.14% × 0.57
May 2, 2021 17.30% = 0.97 × 0.96 × 29.52% × 0.63
Jan 31, 2021 15.05% = 0.98 × 0.96 × 27.54% × 0.58
Oct 25, 2020 14.23% = 0.97 × 0.96 × 27.74% × 0.55
Jul 26, 2020 13.46% = 0.95 × 0.97 × 28.09% × 0.52
Apr 26, 2020 14.27% = 0.93 × 0.98 × 30.79% × 0.51
Jan 26, 2020 16.15% = 0.94 × 0.98 × 27.68% × 0.63
Oct 27, 2019 15.25% = 1.06 × 0.98 × 23.27% × 0.63
Jul 28, 2019 18.56% = 1.14 × 0.98 × 24.10% × 0.69
Apr 28, 2019 23.47% = 1.11 × 0.98 × 28.24% × 0.77
Jan 27, 2019 31.15% = 1.06 × 0.99 × 33.75% × 0.88
Oct 28, 2018 — = — × — × — × —
Jul 29, 2018 — = — × — × — × —
Apr 29, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-K (reporting date: 2019-01-27), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2025 is the increase in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

NVIDIA Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Oct 27, 2024 55.69% = 0.87 × 1.00 × 64.59%
Jul 28, 2024 55.04% = 0.87 × 1.00 × 63.73%
Apr 28, 2024 53.40% = 0.87 × 0.99 × 61.60%
Jan 28, 2024 48.85% = 0.88 × 0.99 × 55.93%
Oct 29, 2023 42.09% = 0.90 × 0.99 × 47.38%
Jul 30, 2023 31.59% = 0.93 × 0.98 × 34.73%
Apr 30, 2023 18.52% = 1.05 × 0.95 × 18.72%
Jan 29, 2023 16.19% = 1.04 × 0.94 × 16.47%
Oct 30, 2022 20.85% = 1.03 × 0.96 × 21.06%
Jul 31, 2022 26.03% = 0.99 × 0.97 × 27.03%
May 1, 2022 32.02% = 0.97 × 0.97 × 33.69%
Jan 30, 2022 36.23% = 0.98 × 0.98 × 37.81%
Oct 31, 2021 33.81% = 0.96 × 0.97 × 36.15%
Aug 1, 2021 32.33% = 0.98 × 0.97 × 34.14%
May 2, 2021 27.66% = 0.97 × 0.96 × 29.52%
Jan 31, 2021 25.98% = 0.98 × 0.96 × 27.54%
Oct 25, 2020 25.89% = 0.97 × 0.96 × 27.74%
Jul 26, 2020 25.94% = 0.95 × 0.97 × 28.09%
Apr 26, 2020 28.18% = 0.93 × 0.98 × 30.79%
Jan 26, 2020 25.61% = 0.94 × 0.98 × 27.68%
Oct 27, 2019 24.07% = 1.06 × 0.98 × 23.27%
Jul 28, 2019 26.92% = 1.14 × 0.98 × 24.10%
Apr 28, 2019 30.67% = 1.11 × 0.98 × 28.24%
Jan 27, 2019 35.34% = 1.06 × 0.99 × 33.75%
Oct 28, 2018 — = — × — × —
Jul 29, 2018 — = — × — × —
Apr 29, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-K (reporting date: 2019-01-27), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).

The primary reason for the increase in net profit margin ratio over Q3 2025 is the increase in operating profitability measured by EBIT margin ratio.