NVIDIA Corp., current enterprise value calculation

Current share price (P)	$178.10
No. shares of common stock outstanding	24,300,000,000
US$ in millions
Common equity (market value)¹	4,327,830)
Add: Preferred stock, $.001 par value; none issued (per books)	—)
Total equity	4,327,830)
Add: Short-term debt (per books)	999)
Add: Long-term debt (per books)	7,469)
Total equity and debt	4,336,298)
Less: Cash and cash equivalents	10,605)
Less: Marketable securities	51,951)
Enterprise value (EV)	4,273,742)

Based on: 10-K (reporting date: 2026-01-25).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 178.10 × 24,300,000,000

NVIDIA Corp., EV calculation

	Jan 25, 2026	Jan 26, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021
Share price^1, 2	$195.56	$131.28	$67.47	$23.29	$26.45	$13.72
No. shares of common stock outstanding¹	24,300,000,000	24,400,000,000	25,000,000,000	24,700,000,000	25,100,000,000	24,800,000,000
US$ in millions
Common equity (market value)³	4,752,108)	3,203,232)	1,686,750)	575,263)	663,895)	340,256)
Add: Preferred stock, $.001 par value; none issued (book value)	—)	—)	—)	—)	—)	—)
Total equity	4,752,108)	3,203,232)	1,686,750)	575,263)	663,895)	340,256)
Add: Short-term debt (book value)	999)	—)	1,250)	1,250)	—)	999)
Add: Long-term debt (book value)	7,469)	8,463)	8,459)	9,703)	10,946)	5,964)
Total equity and debt	4,760,576)	3,211,695)	1,696,459)	586,216)	674,841)	347,219)
Less: Cash and cash equivalents	10,605)	8,589)	7,280)	3,389)	1,990)	847)
Less: Marketable securities	51,951)	34,621)	18,704)	9,907)	19,218)	10,714)
Enterprise value (EV)	4,698,020)	3,168,485)	1,670,475)	572,920)	653,633)	335,658)

Based on: 10-K (reporting date: 2026-01-25), 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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of NVIDIA Corp. Annual Report.

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 195.56 × 24,300,000,000

The information presents a consistent pattern across several financial metrics from January 31, 2021, through January 26, 2026. A significant and sustained increase is observed in all reported values over the five-year period. Common equity (market value), total equity, total equity and debt, and enterprise value all demonstrate substantial growth.

Enterprise Value (EV) Trend: Enterprise value exhibits a pronounced upward trajectory, increasing from US$335.658 billion in 2021 to US$4,698.020 billion in 2026. The growth appears to accelerate in later years, with larger absolute increases between 2023 and 2026 compared to earlier periods. Specifically, the increase from 2023 to 2024 is US$1,107.555 billion, while the increase from 2024 to 2026 is US$3,029.535 billion.
Relationship between Equity and Debt: Total equity and debt consistently exceeds total equity across all reported years. The difference between these two values remains relatively small, suggesting a moderate level of debt financing. The gap widens slightly over time, increasing from US$6.963 billion in 2021 to US$8.468 billion in 2026, indicating a gradual increase in the proportion of debt relative to equity.
Common Equity and Total Equity: Common equity (market value) and total equity are reported as identical values for each year. This suggests that all equity is represented by common stock, with no preferred stock or other equity components included in the reported figures. The consistent alignment between these two metrics simplifies the interpretation of equity-related trends.

Overall, the information indicates a period of strong financial expansion. The substantial growth in enterprise value, coupled with the consistent increase in equity and debt, suggests positive market perception and potentially successful business operations. The accelerating growth in enterprise value in the later years warrants further investigation to understand the underlying drivers.

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NVIDIA Corp. (NASDAQ:NVDA)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)