Stock Analysis on Net
Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA) 

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

NVIDIA Corp., FCFE calculation

US$ in millions

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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
Purchases related to property and equipment and intangible assets (1,069) (1,833) (976) (1,128) (489) (600)
Repayment of debt (1,250) — (1,000) — — (16)
Issuance of debt, net of issuance costs — — 4,977 4,968 — —
Free cash flow to equity (FCFE) 25,771 3,808 12,109 9,662 4,272 3,127

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to NVIDIA Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. NVIDIA Corp. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Price to FCFE Ratio, Current

NVIDIA Corp., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 24,490,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 25,771
FCFE per share 1.05
Current share price (P) 147.01
Valuation Ratio
P/FCFE 139.70
Benchmarks
P/FCFE, Competitors1
Advanced Micro Devices Inc. 201.79
Analog Devices Inc. 25.88
Applied Materials Inc. 18.18
Broadcom Inc. 44.82
First Solar Inc. —
Intel Corp. —
KLA Corp. 21.87
Lam Research Corp. 22.57
Micron Technology Inc. —
Qualcomm Inc. 17.68
Texas Instruments Inc. 47.65
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 118.48
P/FCFE, Industry
Information Technology 51.78

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

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

NVIDIA Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Jan 26, 2020 Jan 27, 2019
No. shares of common stock outstanding1 25,000,000,000 24,700,000,000 25,100,000,000 24,800,000,000 24,480,000,000 24,240,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 25,771 3,808 12,109 9,662 4,272 3,127
FCFE per share3 1.03 0.15 0.48 0.39 0.17 0.13
Share price1, 4 67.47 23.29 26.45 13.72 7.72 3.89
Valuation Ratio
P/FCFE5 65.45 151.07 54.83 35.22 44.24 30.15
Benchmarks
P/FCFE, Competitors6
Advanced Micro Devices Inc. — 241.70 33.46 44.72 133.51 —
Analog Devices Inc. — 22.28 24.14 34.67 33.98 37.52
Applied Materials Inc. — 17.53 19.17 27.20 23.21 19.53
Broadcom Inc. — 30.06 14.62 22.35 9.16 5.64
First Solar Inc. — — 61.91 — — —
Intel Corp. — — — 14.25 8.57 16.55
KLA Corp. 25.11 26.78 9.01 28.05 19.15 9.84
Lam Research Corp. 25.89 18.67 24.95 34.58 16.89 6.14
Micron Technology Inc. — — 18.66 37.24 81.71 13.92
Qualcomm Inc. 18.57 11.97 19.13 17.93 34.91 16.39
Texas Instruments Inc. — 37.61 23.88 21.87 24.10 18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment — 48.29 29.17 25.08 17.87 14.27
P/FCFE, Industry
Information Technology — 33.47 26.69 27.52 23.46 19.14

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 Data adjusted for splits and stock dividends.

2 See details »

3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 25,771,000,000 ÷ 25,000,000,000 = 1.03

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

5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 67.47 ÷ 1.03 = 65.45

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. NVIDIA Corp. P/FCFE ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.