WACC

WACC = % of equity x cost of equity + % of debt x cost of debt x (1 - Tax Rate)

Cost of equity = Risk free rate + Beta x Market Risk Premium

x WACC
Market Cap 1,043,000
% of Equity 99.1%
Cost of Equity 11.76%
Risk Free Rate 4.50%
Beta 1.65
Market Risk Premium 4.40%

Debt 9705
% of Debt 0.92%
Cost of Debt 2.20%
Tax Rate #REF!

Total 1,052,705

x WACC #REF!
NVIDIA Corporation (NVDA)
$410.71

NVIDIA Corporation
NVDA 67066G104 2379504 NASDAQ Common stock
FactSet Fundamentals
28 OCT '18 27 JAN '19
Revenue 9,511 11,716
Cost of revenue -3,547 -4,545
Cost of revenue excluding cost of revenue related to stock option purchase - -
Cost of revenue related to stock option purchase - -
Gross profit 5,964 7,171
Total operating expenses -2,454 -3,367
Research and development -1,729 -2,376
Research and development excluding restructuring and other charges -1,729 -2,376
Restructuring and other charges - 0
Sales, general and administrative -725 -991
Stock option purchase - -
Legal settlement - -
Acquisition termination cost - -
Income / loss from operations 3,510 3,804
Interest income 94 136
Other income / expense, net -32 -44
Interest expense -44 -58
Other income / expense, net excluding interest expense 12 14
Interest and other income / loss, net 62 92
Income / loss before income tax expense / benefit 3,572 3,896
Income tax expense / benefit 3 245
Income / loss before change in accounting principle 3,575 4,141
Cumulative effect of change in accounting principle, net of tax - -
Net income / loss 3,575 4,141
Per share
Basic 5.88 6.81
Income / loss before change in accounting principle - -
Cumulative effect of change in accounting principle - -
Diluted 5.71 6.63
Income / loss before change in accounting principle - -
Cumulative effect of change in accounting principle - -
Weighted average shares
Basic 608.0 608.0
Diluted 626.0 625.0
All figures in millions of U.S. Dollar except per share items.
Tax rate 0% -6%
28 APR '19 28 JUL '19 27 OCT '19 26 JAN '20 26 APR '20 26 JUL '20 25 OCT '20 31 JAN '21
2,220 4,799 7,813 10,918 3,080 6,946 11,672 16,675
-924 -1,962 -3,060 -4,150 -1,076 -2,667 -4,432 -6,279
- - - - - - - -
- - - - - - - -
1,296 2,837 4,753 6,768 2,004 4,279 7,240 10,396
-938 -1,908 -2,897 -3,922 -1,028 -2,652 -4,215 -5,864
-674 -1,379 -2,091 -2,829 -735 -1,732 -2,778 -3,924
- - - - - - - -
- - - - - - - -
-264 -529 -806 -1,093 -293 -920 -1,437 -1,940
- - - - - - - -
- - - - - - - -
- - - - - - - -
358 929 1,856 2,846 976 1,627 3,025 4,532
44 92 137 178 31 44 50 57
-13 -26 -39 -54 -26 -80 -136 -180
-13 -27 -39 -52 -25 -78 -131 -184
0 1 0 -2 -1 -2 -5 4
31 66 98 124 5 -36 -86 -123
389 995 1,954 2,970 981 1,591 2,939 4,409
5 -48 -109 -174 -64 -52 -64 -77
394 947 1,845 2,796 917 1,539 2,875 4,332
- - - - - - - -
394 947 1,845 2,796 917 1,539 2,875 4,332

0.65 1.56 3.03 4.59 1.49 2.50 4.67 7.02

- - - - - - - -
- - - - - - - -
0.64 1.54 2.99 4.52 1.47 2.47 4.59 6.90
- - - - - - - -
- - - - - - - -

607.0 608.0 609.0 609.0 614.0 615.0 616.0 617.0

616.0 616.0 617.0 618.0 622.0 624.0 626.0 628.0
-1% 5% 6% 6% 7% 3% 2% 2%
02 MAY '21 01 AUG '21 31 OCT '21 30 JAN '22 01 MAY '22 31 JUL '22 30 OCT '22 29 JAN '23
5,661 12,168 19,271 26,914 8,288 14,992 20,923 26,974
-2,032 -4,324 -6,795 -9,439 -2,857 -6,646 -9,400 -11,618
- - - - - - - -
- - - - - - - -
3,629 7,844 12,476 17,475 5,431 8,346 11,523 15,356
-1,673 -3,444 -5,405 -7,434 -3,563 -5,979 -8,555 -11,132
-1,153 -2,398 -3,802 -5,268 -1,618 -3,443 -5,387 -7,339
- - - - - - - -
- - - - - - - -
-520 -1,046 -1,603 -2,166 -592 -1,183 -1,815 -2,440
- - - - - - - -
- - - - - - - -
- - - - -1,353 -1,353 -1,353 -1,353
1,956 4,400 7,071 10,041 1,868 2,367 2,968 4,224
6 13 20 29 18 64 152 267
82 25 -15 -129 -81 -151 -227 -310
-53 -113 -175 -236 -68 -132 -198 -262
135 138 160 107 -13 -19 -29 -48
88 38 5 -100 -63 -87 -75 -43
2,044 4,438 7,076 9,941 1,805 2,280 2,893 4,181
-132 -153 -327 -189 -187 -6 61 187
1,912 4,285 6,749 9,752 1,618 2,274 2,954 4,368
- - - - - - - -
1,912 4,285 6,749 9,752 1,618 2,274 2,954 4,368

3.08 1.72 2.71 3.91 0.65 0.91 1.18 1.76

- - - - - - - -
- - - - - - - -
3.03 1.69 2.67 3.85 0.64 0.90 1.17 1.74
- - - - - - - -
- - - - - - - -

621.0 2,489.0 2,493.0 2,496.0 2,506.0 2,500.0 2,495.0 2,487.0

632.0 2,529.0 2,532.0 2,535.0 2,537.0 2,526.0 2,517.0 2,507.0
7% 3% 5% 2% 10% 0% -2% -4%
30 APR '23 30 JUL '23
7,192 20,699
-2,544 -6,589
- -
- -
4,648 14,110
-2,508 -5,169
-1,875 -3,916
- -
- -
-633 -1,253
- -
- -
0 0
2,140 8,941
150 338
-81 -89
-66 -131
-15 42
69 249
2,209 9,190
-166 -958
2,043 8,232
- -
2,043 8,232

0.83 3.33
- -
- -
0.82 3.30
- -
- -

2,470.0 2,472.0
2,490.0 2,495.0
8% 11% 4%
NVIDIA Corporation (NVDA)
$410.74

NVIDIA Corporation
NVDA 67066G104 2379504 NASDAQ Common stock
Source: FactSet Fundamentals
DEC '13 DEC '14 DEC '15 DEC '16
Income Statement
Sales 4,118 4,646 4,960 6,653
Gross Income 2,257 2,573 2,782 3,903
EBIT 502 772 916 1,829
EBITDA 742 992 1,116 2,016
Net Income 449 615 608 1,497
Balance Sheet
Cash & Short-Term Investments 4,126 4,496 4,934 6,756
Total Assets 6,738 7,096 7,305 9,765
Total Debt 922 1,396 1,479 2,881
Net Debt -3,204 -3,099 -3,455 -3,874
Total Liabilities 2,327 2,749 2,837 4,134
Total Shareholders' Equity 4,411 4,347 4,468 5,631
Cash Flow
Net Operating Cash Flow 852 892 1,152 1,602
Capital Expenditures -249 -134 -91 -164
Net Investing Cash Flow -487 -988 -435 -740
Net Financing Cash Flow -74 -397 -626 407
Free Cash Flow 603 757 1,061 1,438
Supplemental
Stock Option Comp Exp (Net of Tax) 81.7 93.5 118.3 146.0
Operating Lease Commitments 282.6 245.5 262.1 150.3
Long Term Debt Maturities 1.9 0.0 942.0 534.7
All figures in millions of U.S. Dollar.
DEC '17 DEC '18 DEC '19 DEC '20 DEC '21 DEC '22

9,468 11,951 10,618 16,042 26,034 27,505

5,656 7,369 6,499 10,015 16,860 15,745
3,095 4,064 2,614 4,437 9,570 6,149
3,292 4,316 2,986 5,474 10,736 7,654
2,892 4,326 2,667 4,163 9,238 4,898

6,845 7,478 10,521 11,087 20,571 13,245

10,771 13,414 16,813 28,154 43,002 40,951
2,008 1,989 2,611 7,706 11,687 11,819
-4,837 -5,490 -7,910 -3,381 -8,884 -1,426
3,672 4,027 4,939 11,781 17,328 19,100
7,098 9,386 11,874 16,373 25,674 21,850

3,290 3,896 4,572 5,621 8,786 5,903

-471 -671 -508 -1,082 -979 -1,754
1,162 -4,118 6,209 -18,682 -10,344 6,847
-2,673 -2,618 -1,023 3,857 1,999 -11,313
2,818 3,225 4,064 4,539 7,807 4,148

239.0 432.7 604.7 972.6 1,430.3 2,081.2

237.2 646.6 765.5 861.9 989.2 1,211.8
22.7 1.0 0.0 0.0 0.0 416.3
NVDA-US
Income Statement (M)
CY '14 CY '15 CY '16 CY '17 CY '18 CY '19 CY '20 CY '21 CY '22
Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22
Sales 4,635 4,982 6,750 9,474 11,546 10,986 16,190 26,041 26,969
Cost of Sales - - 2,772 3,801 4,433 4,129 5,590 8,671 10,834
Gross Income 2,571 2,825 3,983 5,694 7,115 6,856 10,599 16,918 16,093
EBITDA 964 1,110 2,072 3,318 4,546 4,161 7,579 13,356 10,863
Operating Income 737 1,094 2,128 3,498 4,340 3,793 6,545 12,189 9,350
Pretax Income 925 1,127 2,141 3,503 4,415 3,913 6,445 11,998 9,339
Tax Expense 120 207 369 524 363 286 395 1,164 727
Net Income 614 615 1,577 2,929 4,048 2,910 4,203 9,291 4,825
CY '23E CY '24E CY '25E CY '26E CY '27E CY '28E
Dec '23E Dec '24E Dec '25E Dec '26E Dec '27E Dec '28E
51,795 77,970 93,532 111,484 139,956 135,485
15,403 21,618 25,212 31,549 42,560 35,258
36,472 56,014 65,797 81,773 102,365 100,671
28,573 45,645 55,243 - - -
28,182 45,402 54,401 66,000 83,947 81,478
28,339 46,222 55,874 58,610 79,021 81,570
3,765 6,324 7,022 9,114 11,739 11,848
22,418 37,474 43,799 54,043 73,510 -
NVIDIA Corporation (NVDA)
$414.26

NVIDIA Corporation
NVDA 67066G104 2379504 NASDAQ Common stock
FactSet Fundamentals

Net cash provided by / used in operating activities

Net income / loss
Adjustments to reconcile net income / loss to net cash provided by / used in operating activities
Stock-based compensation expense
Depreciation and amortization
Stock-based compensation expense related to stock option purchase
Total other
Payments under patent licensing arrangement
Restructuring and other charges
Amortization of debt discount
Gains / losses on investments in non affiliates, net
Other
Bad debt expense / benefit
Gross tax benefit from stock-based compensation
Net loss on retirements of property and equipment
Non-cash realized gain on investment exchange
Deferred income taxes
Loss on early debt conversions
Impairment charge on investments
Gain on sale of long-lived assets and investments
Cumulative effect of change in accounting principle
In-process research and development expenses
Tax benefits / deficit from stock-based compensation
Changes in operating assets and liabilities
Accounts receivable
Inventories
Total prepaid expenses and other assets
Prepaid expenses and other current assets
Deposits and other assets
Accounts payable
Accrued liabilities and other long-term liabilities
Accrued and other current liabilities
Other long-term liabilities
Net cash provided by / used in investing activities
Proceeds from sales and maturities of marketable securities
 Proceeds from maturities of marketable securities
Proceeds from sales of marketable securities
Acquisition of businesses, net of cash and cash equivalents
Purchases of marketable securities
Purchases of property and equipment and intangible assets
Investment in non-affiliates
Acquisitions, net of cash acquired
Investments and other, net
Reimbursement of headquarters building development costs from banks
Other
Proceeds from sale of long-lived assets and investments
Net cash used in / provided by financing activities
Payments related to stock option purchase
Proceeds from issuance of convertible notes, net
Purchase of convertible note hedges
Proceeds from the sale of common stock warrants
Proceeds from issuance of common stock under employee stock plans
Proceeds related to employee stock plans
Payments related to repurchases of common stock
Payments related to tax on restricted stock units
Payment of notes payable assumed from acquisition
Dividends paid
Principal payments on property and equipment
Proceeds from issuance of debt
Repayment of convertible debt
Payments related to repurchases of common stock
Other
Payments for debt issuance costs
Tax benefit from stock-based compensation
Other excluding tax benefit from stock-based compensation and payments for debt issuance costs
Payments under capital lease obligations
Others excluding payments under capital lease obligations
Change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheet:
Total cash, cash equivalents, and restricted cash
Cash and cash equivalents
Restricted cash, included in prepaid expenses and other current assets
Supplemental disclosure
Cash received / paid for income taxes, net
Cash paid for interest
Non-cash investing and financing activity
 Change in unrealized gains / losses from marketable securities
Assets acquired by assuming related liabilities
Goodwill adjustment related to previously acquired business
Deferred stock-based compensation
Acquisition of business - stock option conversion
All figures in millions of U.S. Dollar.
26 JAN '14 25 JAN '15 31 JAN '16 29 JAN '17 28 JAN '18 27 JAN '19 26 JAN '20 31 JAN '21
835 906 1,175 1,672 3,502 3,743 4,761 5,822
440 631 614 1,666 3,047 4,141 2,796 4,332
395 275 561 6 455 -398 1,965 1,490
136 158 204 247 391 557 844 1,397
239 220 197 187 199 262 381 1,098
- - - - - - - -
28 36 87 33 20 -45 5 -20
- - - - - - - -
- - 45 0 0- - -
5 28 29 25 3- - -
- -17 -6 -3 -1 - - -
24 24 19 11 18 - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
15 83 134 197 -359 -315 18 -282
- - - 21 19 0 0-
- - - - - - - -
-10 - - - - - - -
- - - - - - - -
- - - - - - - -
-26 -18 -10 0 0- - -
12 -203 -51 -679 185 -857 717 -703
29 -49 -32 -321 -440 -149 -233 -550
25 -95 66 -375 0 -776 597 -524
12 4 -16 -18 21 -55 77 -394
7- - - - - - -
5- - - - - - -
-20 -27 -11 184 90 -135 194 363
-32 -36 -58 -149 514 258 82 402
- 5 39 -135 33 256 54 239
- -41 -97 -14 481 2 28 163
-806 -727 -400 -793 1,278 -4,097 6,145 -19,675
2,512 2,237 3,138 2,515 1,941 7,660 8,109 9,319
 585 865 1,036 969 1,078 7,232 4,744 8,792
1,927 1,372 2,102 1,546 863 428 3,365 527
-17 0 0- - - - -
-3,065 -2,862 -3,477 -3,134 -36 -11,148 -1,461 -19,308
-255 -122 -86 -176 -593 -600 -489 -1,128
- - - - -36 -9 -14 -8,558
- - - - - - - -8,524
- - - - - - - -34
- - 24 0 0- - -
-5 -1 -6 -5 - - - -
25 21 7 7 2 0 0-
390 -834 -676 291 -2,544 -2,866 -792 3,804
- - - - - - - -
1,478 0 0 1,988 - - - -
-167 0 0- - - - -
59 0 0- - - - -
70 153 120 -9 -473 -895 -402 -748
- - - - 139 137 149 194
- - - - - - - -
- - - - -612 -1,032 -551 -942
- - - - - - - -
-181 -186 -213 -261 -341 -371 -390 -395
- - - - - - - -17
- - - - 0 0- 4,968
- - - -673 -812 -16 0 0
-887 -814 -587 -739 -909 -1,579 0 0
19 13 4 -15 -9 -5 0 -4
- - - -8 0- - -
26 18 10 0 0- - -
-7 -5 -6 -7 -9 - - -
-2 -3 -3 - - - - -
-5 -3 -3 - - - - -
419 -655 99 1,170 2,236 -3,220 10,114 -10,049
733 1,152 497 596 1,766 4,002 782 10,896
1,152 497 596 1,766 4,002 782 10,896 847

- - - - - - - -
- - - - - - - -
- - - - - - - -

-14.6 -14.5 -14.0 -14.0 -22.0 -61.0 -176.0 -249.0

-2.5 -17.2 -17.0 -13.0 -55.0 -55.0 -54.0 -138.0
 -5.10 2.97 - - - - - -
3.33 9.61 19.00 16.00 36.00 76.00 - -
- -25.00 0.00 0.00 - - - -
- - - - - - - -
- - - - - - - -
30 JAN '22 29 JAN '23
9,108 5,641
9,752 4,368
-644 1,273
2,004 2,709
1,174 1,544
- 1,353
-53 38
- -
- -
- -
-100 45
47 -7
- -
- -
- -
- -
-406 -2,164
- -
- -
- -
- -
- -
- -
-3,363 -2,207
-2,215 822
-774 -2,554
-1,715 -1,517
- -
- -
568 -551
773 1,593
581 1,341
192 252
-9,830 7,375
16,220 21,231
 15,197 19,425
1,023 1,806
- -
-24,787 -11,897
-976 -1,833
-287 -126
-263 -49
-24 -77
- -
- -
- -
1,865 -11,617
- -
- -
- -
- -
-1,623 -11,159
281 355
- -10,039
-1,904 -1,475
- -
-399 -398
-83 -58
4,977 0
-1,000 0
- -
-7 -2
- -
- -
- -
- -
- -
1,143 1,399
847 1,990
1,990 3,389

- -
- -
- -

-396.0 -1,404.0
-246.0 -254.0
- -
- -
- -
- -
- -