NVIDIA Corp., FCFF calculation

US$ in millions

12 months ended:	Jan 26, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020
Net income	72,880)	29,760)	4,368)	9,752)	4,332)	2,796)
Net noncash charges	592)	2,052)	3,480)	2,719)	2,193)	1,248)
Changes in operating assets and liabilities, net of acquisitions	(9,383)	(3,722)	(2,207)	(3,363)	(703)	717)
Net cash provided by operating activities	64,089)	28,090)	5,641)	9,108)	5,822)	4,761)
Cash paid for interest, net of tax¹	213)	222)	201)	241)	136)	51)
Purchases related to property and equipment and intangible assets	(3,236)	(1,069)	(1,833)	(976)	(1,128)	(489)
Free cash flow to the firm (FCFF)	61,066)	27,243)	4,009)	8,373)	4,830)	4,323)

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).

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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 increased from 2023 to 2024 and from 2024 to 2025.

NVIDIA Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Jan 26, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020
Effective Income Tax Rate (EITR)
EITR¹	13.30%	12.00%	21.00%	1.90%	1.70%	5.90%
Interest Paid, Net of Tax
Cash paid for interest, before tax	246)	252)	254)	246)	138)	54)
Less: Cash paid for interest, tax²	33)	30)	53)	5)	2)	3)
Cash paid for interest, net of tax	213)	222)	201)	241)	136)	51)

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 See details »

² 2025 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 246 × 13.30% = 33

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	2,684,145)
Free cash flow to the firm (FCFF)	61,066)
Valuation Ratio
EV/FCFF	43.95
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	68.77
Analog Devices Inc.	32.31
Applied Materials Inc.	15.23
Broadcom Inc.	40.44
Intel Corp.	—
KLA Corp.	29.09
Lam Research Corp.	22.76
Micron Technology Inc.	183.51
Monolithic Power Systems Inc.	43.48
Qualcomm Inc.	14.79
Texas Instruments Inc.	88.29
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	67.32
EV/FCFF, Industry
Information Technology	41.30

Based on: 10-K (reporting date: 2025-01-26).

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 26, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	3,168,485)	1,670,475)	572,920)	653,633)	335,658)	180,080)
Free cash flow to the firm (FCFF)²	61,066)	27,243)	4,009)	8,373)	4,830)	4,323)
Valuation Ratio
EV/FCFF³	51.89	61.32	142.92	78.06	69.50	41.66
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	—	72.30	225.41	38.82	43.41	126.98
Analog Devices Inc.	—	33.82	25.61	23.12	39.16	27.12
Applied Materials Inc.	—	17.55	17.40	19.06	26.22	22.52
Broadcom Inc.	—	51.00	28.53	14.74	19.47	16.54
Intel Corp.	—	—	—	—	16.94	11.08
KLA Corp.	—	29.56	19.99	19.05	26.29	18.70
Lam Research Corp.	—	24.56	17.99	24.08	24.40	26.78
Micron Technology Inc.	—	203.18	—	16.58	28.79	188.88
Monolithic Power Systems Inc.	—	41.80	58.38	117.73	91.92	80.84
Qualcomm Inc.	—	16.26	11.61	18.18	17.47	30.89
Texas Instruments Inc.	—	89.36	89.85	27.02	24.20	27.67
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	—	56.69	60.26	35.28	26.38	22.16
EV/FCFF, Industry
Information Technology	—	40.33	34.40	26.74	27.56	23.97

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 See details »

² See details »

³ 2025 Calculation
EV/FCFF = EV ÷ FCFF
= 3,168,485 ÷ 61,066 = 51.89

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 decreased from 2023 to 2024 and from 2024 to 2025.

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