NVIDIA Corp., FCFF calculation

US$ in millions

12 months ended:	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Net noncash charges	2,052)	3,480)	2,719)	2,193)	1,248)	459)
Changes in operating assets and liabilities, net of acquisitions	(3,722)	(2,207)	(3,363)	(703)	717)	(857)
Net cash provided by operating activities	28,090)	5,641)	9,108)	5,822)	4,761)	3,743)
Cash paid for interest, net of tax¹	222)	201)	241)	136)	51)	43)
Purchases related to property and equipment and intangible assets	(1,069)	(1,833)	(976)	(1,128)	(489)	(600)
Free cash flow to the firm (FCFF)	27,243)	4,009)	8,373)	4,830)	4,323)	3,186)

Based on: 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), 10-K (reporting date: 2019-01-27).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the NVIDIA Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	NVIDIA Corp. FCFF decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Effective Income Tax Rate (EITR)
EITR¹	12.00%	21.00%	1.90%	1.70%	5.90%	21.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax	252)	254)	246)	138)	54)	55)
Less: Cash paid for interest, tax²	30)	53)	5)	2)	3)	12)
Cash paid for interest, net of tax	222)	201)	241)	136)	51)	43)

Based on: 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), 10-K (reporting date: 2019-01-27).

¹ See details »

² 2024 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 252 × 12.00% = 30

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NVIDIA Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	3,584,000)
Free cash flow to the firm (FCFF)	27,243)
Valuation Ratio
EV/FCFF	131.56
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	187.73
Analog Devices Inc.	29.49
Applied Materials Inc.	18.05
Broadcom Inc.	41.89
First Solar Inc.	—
Intel Corp.	—
KLA Corp.	25.83
Lam Research Corp.	21.39
Micron Technology Inc.	194.60
Qualcomm Inc.	15.48
Texas Instruments Inc.	114.09
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	149.39
EV/FCFF, Industry
Information Technology	52.79

Based on: 10-K (reporting date: 2024-01-28).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

NVIDIA Corp., historical EV/FCFF calculation, comparison to benchmarks

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	1,670,475)	572,920)	653,633)	335,658)	180,080)	88,860)
Free cash flow to the firm (FCFF)²	27,243)	4,009)	8,373)	4,830)	4,323)	3,186)
Valuation Ratio
EV/FCFF³	61.32	142.92	78.06	69.50	41.66	27.89
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	—	225.41	38.82	43.41	126.98	169.58
Analog Devices Inc.	—	25.61	23.12	39.16	27.12	21.68
Applied Materials Inc.	—	17.40	19.06	26.22	22.52	18.91
Broadcom Inc.	—	28.53	14.74	19.47	16.54	15.04
First Solar Inc.	—	—	—	—	—	—
Intel Corp.	—	—	—	16.94	11.08	17.39
KLA Corp.	29.56	19.99	19.05	26.29	18.70	20.92
Lam Research Corp.	24.56	17.99	24.08	24.40	26.78	10.44
Micron Technology Inc.	203.18	—	16.58	28.79	188.88	13.85
Qualcomm Inc.	16.26	11.61	18.18	17.47	30.89	14.91
Texas Instruments Inc.	—	90.39	27.05	24.23	27.67	20.75
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	—	61.89	35.30	26.37	22.20	18.38
EV/FCFF, Industry
Information Technology	—	34.32	27.25	28.19	24.28	19.87

Based on: 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), 10-K (reporting date: 2019-01-27).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 1,670,475 ÷ 27,243 = 61.32

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	NVIDIA Corp. EV/FCFF ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

NVIDIA Corp. (NASDAQ:NVDA)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical