NVIDIA Corporation (NVDA)
POSITIVEFundamental
75
Kurs
$211.97
Marktkapitalisierung
$5.05T
Teil 1 · Was das Unternehmen wert ist
Übersicht
NVIDIA designs the processors that do the heavy arithmetic behind artificial intelligence, computer graphics and scientific computing. It does not own factories: it designs the chips and the software that runs on them, and has them manufactured by outside foundries. What began as a company selling graphics cards to gamers now sells complete systems — chips, networking and software — to the operators of the world's largest data centres, who use them to train and run AI models.
Wie das Geld verdient wird
Revenue comes from selling hardware, not from subscriptions: NVIDIA books a sale when a customer takes delivery of a chip, a board or a complete server system. Because it designs rather than manufactures, its costs are largely research and foundry capacity, so each additional unit sold at a high price carries a very large margin. Its pricing power rests on being, for now, the only practical supplier of the performance the largest AI workloads require.
Umsatz nach Segment
Chips, networking and systems sold to cloud providers and large enterprises to train and run AI models. This is the business today.
GeForce graphics cards for personal computers and chips for game consoles — the original business, now a small share of the whole.
Workstation graphics for engineers, architects and film studios, plus tools for building simulated environments.
Computing platforms sold to carmakers for assisted and autonomous driving. Small today, with long lead times before revenue appears.
Residual sales to equipment manufacturers that do not belong to the other four lines.
Wettbewerbsvorteil
Wechselkosten · BreitFor nearly twenty years, AI software has been written against CUDA, NVIDIA's programming layer. A competitor can match the silicon and still lose, because moving a research team's accumulated code and tooling to another platform costs months of work. The chips are replaceable; the habits built on top of them are the harder thing to dislodge.
Was die Nachfrage antreibt
ZyklischDemand follows the investment budgets of a handful of very large technology companies. Those budgets are decided in multi-year cycles and can be cut quickly: the industry has repeatedly gone from shortage to glut within a few quarters. Revenue here is the consequence of someone else's capital spending decision, not of steady end-user consumption.
Wichtigste Risiken
- Revenue concentrated in few buyers — The company states that its revenue is concentrated among a limited number of direct and indirect customers, and that the trend may continue. Losing one of them, or a pause in their spending, is not a marginal event.
- Dependence on outside foundries — NVIDIA owns no fabrication plants and relies on third parties, concentrated in Taiwan, for manufacturing and advanced packaging. Capacity shortfalls or disruption at a supplier translate directly into lost sales.
- Export controls and geopolitics — Government restrictions on selling advanced chips to certain countries have already removed markets from the company, and the rules can change without warning and without compensation.
- Customers building their own chips — The same large customers that buy the most are designing internal alternatives. A buyer that becomes a competitor reduces demand and bargaining power at the same time.
- Demand may not match capacity commitments — The company commits to supply and inventory well before orders are firm. If demand slows after those commitments, it carries the cost of capacity it can no longer sell.
Kundenkonzentration
Die größten Kunden machen 36 % des Umsatzes aus
In fiscal 2026 one direct customer alone accounted for 22% of revenue and a second for 14%. A single buyer's change of plan therefore moves the whole company's results.
Die Argumente dafür
Buyers argue that the build-out of AI computing has years left to run, that CUDA keeps customers in place while rivals catch up on hardware, and that margins of this size on revenue growing 65% a year are evidence of pricing power rather than of a passing shortage.
Die Argumente dagegen
Sellers fear that a handful of customers are funding almost all of this growth from capital budgets they can cut in a single quarter, that their in-house chip programmes erode both volume and price, and that today's margins assume a scarcity which additional foundry capacity is designed to end.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 22. August 2026 with claude-opus-5 — shared with all users
AMD is the only other merchant supplier selling both data-center AI accelerators (Instinct MI series) and discrete gaming graphics cards (Radeon) to the same cloud operators, PC makers and gamers NVIDIA sells to.
Broadcom designs the custom AI accelerators (XPUs) and the Ethernet switching silicon that the largest cloud companies buy instead of NVIDIA GPUs and NVIDIA networking gear for their AI data centers.
Google's TPU line is sold as an alternative to NVIDIA GPUs for training and running AI models, both rented through Google Cloud and, increasingly, placed in customers' own data centres.
Intel competes for the same server and PC sockets with its data-center CPUs, integrated and discrete graphics, and its AI accelerator line, and is named by NVIDIA among its accelerated-computing competitors.
AWS designs its own Trainium and Inferentia chips and rents them to the same AI developers who would otherwise rent NVIDIA GPU capacity in the cloud.
Huawei's Ascend accelerators are the main alternative for Chinese data-centre customers that NVIDIA can no longer serve because of United States export restrictions.
Bilanz & Liquidität
Umsatz
$253.49B
Letzte 12 Monate (bis 26.4.2026)
Nettogewinn
$159.61B
Letzte 12 Monate (bis 26.4.2026)
Freier Cashflow
$96.68B
Gesamtes Eigenkapital
$157.29B
Gesamtverbindlichkeiten
$49.51B
Current Ratio
3.44
Zinsdeckungsgrad
544.58
Schulden/EBITDA
0.10
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$218.10
Aktueller Kurs
$211.97
Sicherheitsmarge
+2.8%
Innerer-Wert-Spanne
$141.76 - $294.43
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
31.93
ROE
76.3%
P/B-Verhältnis
25.81
P/FCF
42.37
Bruttomarge
74.1%
ROIC
59.5%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
59.5%
WACC
16.8%
ROIC − WACC
+42.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamentalanalyse-Kriterien
Bestanden (22)
- EPS shows upward trend
- EPS CAGR 7.60%
- Price CAGR 55.09%
- ROIC 59.5%
- Gross Margin 74.1%
- Debt/Equity ratio
- Operating Margin 64.0%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 111.7%
- Revenue Growth 5Y 66.9%
- Analyst Consensus 94% Buy
- Earnings Surprise avg 3.0%
- PEG Ratio 0.36
- Earnings Quality (OCF/NI) 0.79
- Share Dilution -1.2%
- Net Margin Trend 63.0% vs 51.7%
Nicht bestanden (5)
- P/FCF 42.37
- P/B Ratio 25.81
- Price below Graham Number
- DCF valuation (Overvalued)
- Piotroski F-Score 4/9
Nicht verfügbar (1)
- Dividend Payout NaN%
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Mittel: Gewisse Differenz zwischen Gewinn und Cashflow
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Jen-Hsun Huang | Co-Founder, CEO & Director | 62 |
| Ms. Colette M. Kress | Executive VP & CFO | 58 |
| Ms. Debora Shoquist | Executive Vice President of Operations | 70 |
| Mr. Timothy S. Teter J.D. | Executive VP, General Counsel & Secretary | 58 |
| Mr. Chris A. Malachowsky | Co-Founder | - |
| Mr. Scott C. Gawel | Chief Accounting Officer | 54 |
| Prof. William J. Dally Ph.D. | Chief Scientist & Senior VP of Research | 64 |
| Mr. Toshiya Hari | Vice President of Investor Relations & Strategic Finance | - |
| Ms. Mylene Mangalindan | Vice President of Corporate Communications | - |
| Ms. Alison Berkley Wagonfeld | Chief Marketing Officer | 54 |
Prüfungsrisiko
5
Vorstandsrisiko
10
Vergütungsrisiko
4
Aktionärsrechterisiko
6
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for NVDA, sourced from Markets Gazette.
- 1h agoNEUTRALFranklin’s Araghi Says Nvidia Holders Want Map, Not Just a Beat
Franklin Templeton's Sara Araghi suggests Nvidia Corp. must offer more than just strong earnings reports. Investors, she stated, are seeking clarity on capital deployment strategies and plans to sustain significant spending. This implies a need for Nvidia to articulate a long-term vision beyond its current performance metrics. For shareholders, this signals a potential shift in investor focus from short-term beats to strategic capital allocation and future growth sustainability, which could influence future stock performance depending on the clarity and conviction of Nvidia's response.
- 2h agoPOSITIVEPerché il titolo Nvidia rimbalza del 2% oggi dopo sette sedute in perdita
Nvidia shares surged approximately 2% to $212 on Tuesday, breaking a seven-day losing streak as investors anticipate the chipmaker's fiscal second-quarter earnings report due after market close on Wednesday. This seven-day decline was Nvidia's longest since 2022, with the stock falling 7.5% during that period. The recent weakness had also highlighted the stock's underperformance relative to the broader semiconductor sector, with Nvidia up about 15% year-to-date in 2026, compared to a 66% gain for the PHLX Semiconductor Index. The upcoming earnings report will be crucial for assessing Nvidia's growth trajectory and its ability to regain market momentum.
- 10h agoNEGATIVENvidia Stock Bulls Get Punished in the Run-Up to Earnings
Nvidia shares have experienced a notable downturn, marking their longest losing streak since 2022 with seven consecutive days of decline. This price action occurs in the immediate run-up to the company's upcoming earnings report. While the specific catalyst for this recent sell-off is not detailed, the prolonged decline ahead of a key financial event suggests investor caution or profit-taking. Traders will be closely watching the earnings release for any fundamental shifts that could reverse this negative momentum.
- 21h agoNEUTRALStocks Rise Before Nvidia’s Earnings as Oil Falls: Markets Wrap
Global stock markets experienced a mixed trading session, with equities showing upward momentum ahead of Nvidia Corp.'s quarterly earnings report. The anticipation surrounding Nvidia's results is driven by investor expectations for continued strength in the artificial intelligence sector. Concurrently, a notable decline in oil prices contributed to lower bond yields, reflecting shifting market sentiment and potential economic indicators. Traders are closely monitoring Nvidia's outlook for any signs of a slowdown or continued robust growth in AI demand, which could significantly influence technology sector performance and broader market trends.
- 23h agoNEGATIVENvidia Slides Ahead of Earnings as Tech Stocks Retreat | Closing Bell
Nvidia Corporation experienced a notable decline in its stock price ahead of its upcoming earnings report, coinciding with a broader retreat observed across the technology sector. While specific reasons for Nvidia's slide were not detailed, the general market sentiment appears to be a contributing factor. Investors are keenly awaiting Nvidia's financial results, which are expected to provide crucial insights into the company's performance and future outlook, particularly concerning its AI chip demand. The current downturn suggests a cautious stance from market participants as they digest the latest tech sector movements and anticipate the earnings release.
via Markets Gazette