Nvda DCF Model

Used consensus estimates for revenues and margin trends and c
Used market implied cost of equity and Adjusted Beta to ca

Resultant intrinsic value sugge
Revenue Growth
Operating Margin
Tax Rate
Reinvestment Rate
Return on Invested Capital
Cost of Capital
Year
1
2
3
4
5
6
7
8
9
10
Revenue Growth
36.0%
14.0%
11.0%
22.0%
7.5%
7.5%
7.5%
7.5%
7.5%
7.5%
The Va
Terminal Value
(PV) Terminal Value
(PV) Explicit Cash Flows
Value of Operating Assets
Nonoperating Assets
- Debt & Equivalents
+ Excess Cash
Value of Equity
Number of Shares
Nvidia (NVDA US) Valuation Snapshot
tes for revenues and margin trends and capitalised R&D expenses to calculate real cash flows and return on inv
ed cost of equity and Adjusted Beta to caclulate WACC. Used growth rate of 5% and 20% RONIC in terminal valu
Resultant intrinsic value suggests that Nvidia is currently overpriced by 35-40%.
Current Year
6.6%
21.6%
11.9%
31%
17.8%
10.55%
Revenues
$6,814
$7,768
$8,622
$10,519
$11,308
$12,156
$13,067
$14,047
$15,101
$16,234
Assumptions
Years 1-5
Years 6-10
18.1%
7.5%
32.8%
33.0%
10.3%
11.4%
44.2%
41.8%
24.1%
19.0%
10.55%
10.55%
Cash Flows
Operating Margin
32.3%
32.0%
32.4%
33.9%
33.5%
33.1%
32.9%
33.0%
33.1%
32.9%
After Year 10
5.0%
33.0%
11.4%
40%
20.6%
10.55%
EBITA
$2,198
$2,488
$2,797
$3,561
$3,794
$4,024
$4,303
$4,629
$5,001
$5,339
NOPLAT
$1,912
$2,215
$2,542
$3,236
$3,448
$3,622
$3,830
$4,073
$4,401
$4,698
Value Per Share
$65.89
Current Price
$105.83
Price Discount
-37.7%
The Valuation
$67,258
$22,314
$11,512
$33,827
$0
$3,045
$4,937
$35,514
539.00
* All figures in millions except highlighted in blue
cash flows and return on invested capital.

20% RONIC in terminal value period.
35-40%.
Free Cash Flow

$912
$1,133
$1,640
$1,862
$2,037
$2,195
$2,550
$2,537
$3,071
$3,318
Average Margin
Reinvestment
$1,152
$1,347
$1,415
$1,841
$1,792
$1,795
$1,825
$1,877
$1,951
$2,043
Average Margin
3.8%
26.9%
28.9%
30.9%
32.9%
34.9%
36.9%
38.9%
26.9%
28.9%
30.9%
32.9%
34.9%
36.9%
38.9%
Sensitivity Analysis (Next 10 Years)
Average Revenue Growth

5.8%
7.8%
10.8%
Margin Control
12.8%
14.8%
0.0%
Weighted Average Cost of Capital
WACC
16.8%
18.8%
Revenue Control
20.8%
0.0%
WACC
Price Discount
NVIDIA Corp (NVDA US) - As Reported

In Millions of USD except Per Share
12 Months Ending
Income Statement
Revenues
Revenues
Total Revenue
Operating Expenses
Selling General and Administrative Expenses
Litigation Expense
Restructuring Charges
Other One-Time Charges
Operating Income
Gross Profit
Total Operating Expenses
Cost of Goods Sold
R & D Expenditures
Non-Operating Expenses
Interest Income
Interest Income - Net
Income Tax Expense (Benefit)
Interest Expense
Other Non-Operating (Income)/Expense - Net
Income Before XO Items
Income Before Income Taxes
Acquired In-Process R&D
Other Non-Operating Expenses
Extraordinary Items
Cumulative Effect of Accounting Change - Net
Earnings
Weighted Avg. Shares - Basic
Diluted EPS
Weighted Avg. Shares - Diluted
Dividends Per Share
Diluted EPS Before XO Items
Cumulative Net Income
Basic EPS
Basic EPS Before XO Items
Net Income
Comprehensive Income
Reclassification Adjustments
Unrealized Gain (Loss) On Securities
Others
FY 2016
01/31/2016
FY 2015
01/25/2015
FY 2014
01/26/2014
5,010.0
5,010.0
4,681.5
4,130.2
602.0
131.0
747.0
2,811.0
2,064.0
2,199.0
1,331.0
480.8
759.0
2,599.5
1,840.5
2,082.0
1,359.7
435.7
496.2
2,267.8
1,771.5
1,862.4
1,335.8
-39.0
129.0
47.0
-4.0
743.0
-28.1
124.2
46.1
-13.9
754.8
-17.1
70.3
10.4
-7.4
510.3
543.0
1.08
569.0
0.40
614.0
1.13
614.0
552.3
1.12
563.1
0.34
1.14
630.6
587.9
0.74
594.5
0.31
0.75
440.0
Reference Items
Options Granted During Period
Options Outstanding End Period
Advertising Expenses
Weighted Average Cost of Options Granted
Stock Option Expense (After Tax)
Amortization Expense
Depreciation Expense
Depreciation and Amortization
Write-Down/Impairment of Assets
Restructuring Charges
Other One-Time Charges
Income Tax Expense (Benefit)
Unrealized Gain (Loss) On Securities
Change In Fair Value of Derivatives
Reclassification Adjustments
Total Cash Common Dividends
Dividends Per Share
Basic EPS
Weighted Avg. Shares - Basic
Diluted EPS
Weighted Avg. Shares - Diluted
Stock Based Compensation Expense
Total Comprehensive Income
Litigation Expense
Merger/Acquisition Expense
(Gain)/Loss On Sale of Investments
Current Income Tax Expense (Benefit)
Effective Tax Rate - %
R & D Expenditures
Interest Expense
Interest Income
Interest Expense - Net
Amortization of Intangible Assets
Deferred Income Tax Expense (Benefit)
ARDR Stock Based Compensation CF Pre Tax
Adjusted Net Income-As Reported
Adjusted EPS
Adjusted EBIT/Non-GAAP Operating Income
Pro Forma Net Income (Stock Compensation)
Net Investment Income From Insurance Ops
Loss/(Recovery) Impair Intangible Assets
Unrealized Gain (Loss) On Secs Related Tax
ARDR Legal Litigation Settlement After Tax
Unrealized (Gain)/Loss From Secs Non-Op
0.0
13.0
17.0
0.00
73.0
124.0
197.0
18.0
91.0
43.0
129.0
-6.0
-4.0
-2.0
213.0
0.40
1.13
543.0
1.08
569.0
204.0
602.0
70.0
22.0
2.0
-17.0
17.30
134.0
204.0
929.0
1.67
10.0
0.1
21.3
14.6
18.75
77.0
143.1
220.1
208.7
124.2
3.1
-0.1
0.34
1.14
552.3
1.12
563.1
157.8
633.6
37.4
26.2
16.50
1,359.7
77.0
82.6
157.8
801.0
1.42
6.1
32.5
13.1
14.30
72.7
164.0
2.2
169.5
70.3
-3.6
-1.5
181.3
0.31
0.75
587.9
0.74
594.5
136.3
434.9
3.7
31.7
-2.4
27.6
13.80
1,335.8
10.4
-17.1
72.7
15.4
136.3
588.4
0.99
Stock-Based Compensation Attrib to R&D

Stock-Based Compensation Attrib to SG&A
Stock-Based Compensation Attrib to COGS
Income Tax Exp - Current Taxes (Intl)
Income Tax Exp - Current Taxes (National)
Income Tax Exp - Current Taxes (Local)
Income Tax Exp - Deferred Taxes (Intl)
Income Tax Exp - Deferred Taxes (National)
Income Tax Exp - Change in Valuation Allow
Non-GAAP Revenue
Non-GAAP Gross Profit
Non-GAAP Gross Margin Percentage
Non-GAAP Operating Expenses
Acquisition Related Charges - Non-GAAP SGA
Acquisition Related Charges - Non-GAAP R&D
Non-GAAP Other Income - Net
Stock-Based Compensation - Non-GAAP COGS
Stock-Based Compensation - Non-GAAP SG&A
Stock-Based Compensation - Non-GAAP R&D
Other Adjustments - Non-GAAP COGS
Tax Effect on Non-GAAP Adjustments
Non-GAAP Cost of Sales
Non-GAAP Selling General & Administrative
Non-GAAP Research and Development
Non-GAAP Pre-Tax Income
Non-GAAP Diluted Weighted Average Shares
ARDR EBIT Margin
ARDR Gross Margin
ARDR Revenue Growth
Pro Forma Diluted EPS (Stock Compensation)
Source: Bloomberg
115.0
74.0
15.0
25.0
-43.0
1.0
134.0
12.0
5,010.0
2,846.0
56.80
1,721.0
20.0
15.0
74.0
115.0
26.0
-87.0
556.0
14.90
56.10
7.00
88.4
57.5
12.0
17.4
8.0
0.8
-1.3
83.8
15.5
2,611.5
55.80
1,657.3
12.0
57.5
88.4
-38.3
563.1
16.20
55.50
82.9
42.7
10.7
18.5
7.9
1.2
-1.6
17.1
27.2
2,274.4
55.10
1,610.2
10.7
42.7
82.9
-21.1
594.5
54.90
FY 2013
01/27/2013
FY 2012
01/29/2012
FY 2011
01/30/2011
FY 2010
01/31/2010
FY 2009
01/25/2009
FY 2008
01/27/2008
4,280.2
3,997.9
3,543.3
3,326.4
3,424.9
4,097.9
430.8
648.2
2,226.3
1,578.1
2,053.8
1,147.3
405.6
648.3
2,056.5
1,408.2
1,941.4
1,002.6
361.5
-57.0
255.7
1,409.1
1,153.3
2,134.2
848.8
367.0
-98.9
1,176.9
1,275.9
2,149.5
908.9
362.2
26.9
-70.7
1,174.3
1,245.0
2,250.6
855.9
341.3
836.3
1,869.3
1,032.9
2,228.6
691.6
-19.9
99.5
3.3
2.8
662.0
-19.1
82.3
3.1
1.0
663.4
-19.1
18.0
3.1
0.5
271.2
-23.1
-14.3
3.3
3.1
-82.3
-42.9
-12.9
0.4
14.7
-30.0
-43.0
-64.3
-65.0
103.7
0.1
-0.8
797.6
901.3
619.3
0.90
625.0
0.08
0.91
562.5
603.6
0.94
616.4
0.96
581.1
575.2
0.43
588.7
0.44
253.1
549.6
-0.12
549.6
-68.0
-0.12
-68.0
548.1
-0.05
548.1
-0.05
-0.05
-0.05
-30.0
550.1
1.31
606.7
1.31
1.45
1.45
797.6
-1.1
9.4
7.1
33.0
9.2
13.88
68.4
157.6
192.9
99.5
-0.3
-0.3
0.91
619.3
0.90
625.0
136.7
561.9
19.0
-0.5
25.3
15.00
1,147.3
-19.9
68.4
31.9
136.7
728.4
1.17
6.4
33.3
8.4
16.31
59.0
145.2
181.1
82.3
0.8
-0.4
0.96
603.6
0.94
616.4
136.4
581.4
7.3
20.3
-0.4
15.5
1,002.6
-19.1
59.0
19.1
136.4
734.4
1.19
5.8
44.0
9.5
13.79
30.0
157.0
136.9
18.0
-0.9
0.44
575.2
0.43
588.7
100.4
251.2
151.9
-1.5
6.5
6.70
848.8
-19.1
30.0
-2.6
100.4
381.6
0.65
-1.0
-37.1
7.7
58.3
16.3
5.74
31.9
164.8
140.2
0.1
-14.3
9.4
-1.1
-0.12
549.6
-0.12
549.6
107.1
-59.7
-1.8
7.6
17.40
908.9
3.3
-19.8
-16.5
31.9
-21.1
107.1
141.4
0.26
17.9
97.5
28.5
8.03
32.6
152.4
8.0
196.0
-12.9
-3.9
-0.2
-0.05
548.1
-0.05
548.1
162.7
-34.2
4.5
-2.1
9.0
-30.00
855.9
0.4
-42.9
-42.5
32.6
-23.3
162.7
303.3
0.53
8.0
9.9
11.4
111.0
6.7
-0.1
1.45
550.1
1.31
606.7
133.4
804.2
11.50
691.6
-64.3
919.3
1.56
82.2
44.0
10.5
16.8
7.5
1.0
3.7
28.1
42.4
4,280.2
2,236.8
52.30
1,395.7
4.1
10.5
44.0
82.2
-27.1
625.0
80.5
44.5
11.3
7.6
7.1
0.8
-6.1
25.1
47.7
2,075.1
51.90
1,245.7
7.9
12.4
11.3
44.5
80.5
-27.8
58.0
34.1
8.3
6.8
0.1
-0.5
0.4
-3.1
14.2
1,590.3
44.90
1,197.6
181.2
-8.5
61.3
33.7
12.1
7.0
0.2
0.4
0.9
-22.0
-0.7
1,284.2
38.60
-24.8
98.0
52.8
11.9
8.9
0.0
0.1
-1.9
-21.3
1.3
1,380.0
11.9
52.8
98.0
196.0
-48.7
76.6
45.9
10.9
14.7
-1.0
0.5
-1.0
90.2
0.3
1,880.2
10.9
45.9
76.6
15.8
FY 2007
01/28/2007
FY 2006
01/29/2006
FY 2005
01/30/2005
3,068.8
2,375.7
2,010.0
293.5
453.5
1,300.4
847.0
1,768.3
553.5
202.1
14.2
336.7
910.0
573.4
1,465.7
357.1
200.8
113.6
649.5
535.9
1,360.5
335.1
-41.8
-41.0
46.4
0.0
0.8
448.1
494.5
-20.7
55.6
0.1
0.5
301.2
356.8
-11.4
25.1
0.2
-0.6
125.4
-0.7
352.4
1.15
391.5
1.15
1.27
1.27
448.8
339.4
0.82
365.7
0.82
0.89
0.89
301.2
166.1
0.57
176.6
0.60
100.4
12.5
74.0
14.8
11.78
102.7
88.0
3.5
-0.2
1.27
352.4
1.15
391.5
116.7
452.2
9.40
553.5
-41.8
577.9
2.50
601.1
16.4
88.0
9.2
10.87
79.9
76.4
-0.1
1.6
1.78
169.7
1.65
183.0
1.1
302.7
15.60
357.1
-20.7
302.6
0.83
340.1
223.6
66.6
87.1
71.3
-4.5
0.2
0.60
166.1
0.57
176.6
1.3
96.0
20.00
335.1
0.2
-11.4
14.4
70.1
38.5
8.2
6.8
0.0
-2.4
41.7
0.3
3,068.8
1,324.6
723.6
8.2
38.5
70.1
17.9
1,744.1
253.6
470.0
642.1
5.0
2.4
2,375.7
910.8
570.7
0.8
2.4
5.0
2.0
1,464.9
204.4
352.1
360.2
1.22
0.08
NVIDIA Corp (NVDA US) - Standardized

12 Months Ending
Total Assets
+ Cash, Cash Equivalents & STI
+ Cash & Cash Equivalents
+ ST Investments
+ Accounts & Notes Receiv
+ Accounts Receivable, Net
+ Notes Receivable, Net
+ Inventories
+ Raw Materials
+ Work In Process
+ Finished Goods
+ Other Inventory
+ Other ST Assets
+ Prepaid Expenses
+ Derivative & Hedging Assets
+ Deferred Tax Assets
+ Misc ST Assets
Total Current Assets
+ Property, Plant & Equip, Net
+ Property, Plant & Equip
- Accumulated Depreciation
+ LT Investments & Receivables
+ Other LT Assets
+ Total Intangible Assets
+ Goodwill
+ Other Intangible Assets
+ Misc LT Assets
Total Noncurrent Assets
Total Assets
Liabilities & Shareholders' Equity
+ Payables & Accruals
+ Accounts Payable
+ Accrued Taxes
+ Interest & Dividends Payable
+ Other Payables & Accruals
+ ST Debt
+ ST Borrowings
+ ST Capital Leases
FY 2016
01/31/2016
FY 2015
01/25/2015
FY 2014
01/26/2014
5,037.0
596.0
4,441.0
505.0
505.0
0.0
418.0
105.0
103.0
210.0
0.0
93.0
0.0
93.0
6,053.0
466.0
1,100.0
634.0
0.0
851.0
784.0
618.0
166.0
67.0
1,317.0
7,370.0
4,623.3
496.7
4,126.7
473.6
473.6
0.0
482.9
156.8
91.8
234.3
0.0
133.4
0.0
63.3
70.2
5,713.3
557.3
1,179.3
622.0
0.0
930.8
839.9
618.2
221.7
0.0
90.9
1,488.1
7,201.4
4,671.8
1,151.6
3,520.2
426.4
426.4
0.0
387.8
126.9
94.8
166.0
0.0
138.8
0.0
68.5
70.3
5,624.7
582.7
1,282.8
700.1
0.0
1,043.4
939.2
643.2
296.0
0.0
104.3
1,626.2
7,250.9
938.0
296.0
2.0
640.0
1,413.0
1,409.0
4.0
892.6
293.2
599.4
3.4
0.0
3.4
942.6
324.4
2.4
0.0
615.8
2.9
0.0
2.9
+ Other ST Liabilities
+ Deferred Revenue
+ Derivatives & Hedging
+ Misc ST Liabilities
Total Current Liabilities
+ LT Debt
+ LT Borrowings
+ LT Capital Leases
+ Other LT Liabilities
+ Accrued Liabilities
+ Pension Liabilities
+ Pensions
+ Other Post-Ret Benefits
+ Deferred Revenue
+ Derivatives & Hedging
+ Misc LT Liabilities
Total Noncurrent Liabilities
Total Liabilities
+ Preferred Equity
+ Share Capital & APIC
+ Common Stock
+ Additional Paid in Capital
- Treasury Stock
+ Retained Earnings
+ Other Equity
Equity Before Minority Interest
+ Minority/Non Controlling Interest
Total Equity
Total Liabilities & Equity
Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Pension Obligations
Future Minimum Operating Lease Obligations
Capital Leases - Total
Options Granted During Period
Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Cash Conversion Cycle
Number of Employees
0.0
0.0
0.0
2,351.0
97.0
87.0
10.0
453.0
0.0
0.0
0.0
0.0
0.0
453.0
550.0
2,901.0
0.0
4,171.0
1.0
4,170.0
4,048.0
4,350.0
-4.0
4,469.0
0.0
4,469.0
7,370.0
0.0
0.0
0.0
0.0
896.0
1,398.4
1,384.3
14.1
488.9
0.0
0.0
0.0
0.0
0.0
0.0
488.9
1,887.4
2,783.4
0.0
3,855.8
0.8
3,855.1
3,394.6
3,948.9
7.8
4,418.0
0.0
4,418.0
7,201.4
0.0
0.0
0.0
0.0
945.5
1,373.9
1,356.4
17.5
475.1
0.0
0.0
0.0
0.0
0.0
0.0
475.1
1,849.0
2,794.5
0.0
3,484.1
0.7
3,483.3
2,537.3
3,504.7
4.9
4,456.4
0.0
4,456.4
7,250.9
US GAAP
568.0
167.2
0.0
291.8
20.4
6.1
32.5
-3,295.0
-73.94
55.73
5.95
50.02
8,808.00
US GAAP
616.8
103.4
0.0
180.8
21.4
7.1
33.0
-3,706.5
-76.78
70.97
4.89
41.96
7,974.00
US GAAP
612.2
93.2
0.0
158.9
23.5
6.4
33.3
-3,106.1
-74.92
69.31
4.20
37.08
7,133.00
Source: Bloomberg
FY 2013
01/27/2013
FY 2012
01/29/2012
FY 2011
01/30/2011
FY 2010
01/31/2010
FY 2009
01/25/2009
FY 2008
01/27/2008
3,727.9
732.8
2,995.1
454.3
454.3
0.0
419.7
164.3
67.6
187.7
0.0
173.4
34.4
0.0
103.7
35.3
4,775.3
576.1
1,288.8
712.6
0.0
1,060.8
953.4
641.0
312.3
0.0
107.5
1,637.0
6,412.2
3,129.6
667.9
2,461.7
336.1
336.1
0.0
340.3
84.9
62.9
192.4
0.0
99.3
29.9
0.0
49.9
19.5
3,905.4
560.1
1,156.5
596.5
0.0
1,087.5
967.2
641.0
326.1
0.0
120.3
1,647.6
5,552.9
2,490.6
665.4
1,825.2
348.8
348.8
0.0
345.5
67.9
72.7
204.9
0.0
42.1
20.6
0.0
9.5
12.0
3,227.0
568.9
1,193.9
625.1
0.0
699.4
658.6
369.8
288.7
0.0
40.9
1,268.3
4,495.2
1,728.2
447.2
1,281.0
375.0
375.0
0.0
330.7
76.9
67.5
186.2
0.0
47.0
27.5
0.0
8.8
10.7
2,480.8
571.9
1,088.5
516.6
0.0
533.2
490.3
369.8
120.5
0.0
42.9
1,105.1
3,585.9
1,255.4
417.7
837.7
318.4
318.4
0.0
537.8
27.8
133.0
377.1
0.0
56.3
19.9
0.0
16.5
19.9
2,168.0
625.8
1,008.8
383.0
0.0
557.0
516.9
369.8
147.1
0.0
40.0
1,182.8
3,350.7
1,809.5
727.0
1,082.5
666.5
666.5
358.5
31.3
107.8
219.4
0.0
54.3
2,888.8
359.8
753.5
393.7
0.0
499.0
461.0
354.1
106.9
38.1
858.8
3,747.7
973.8
356.4
3.2
0.0
614.2
2.4
0.0
2.4
927.9
335.1
63.0
0.0
529.9
2.0
0.0
2.0
941.0
286.1
4.6
0.0
650.3
1.7
0.0
1.7
783.2
344.5
0.0
0.0
438.7
1.2
0.0
1.2
778.6
218.9
0.0
0.0
559.7
0.0
0.0
492.1
492.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
976.2
19.0
0.0
19.0
589.3
0.0
0.0
0.0
0.0
0.0
0.0
589.3
608.3
1,584.5
0.0
3,194.3
0.7
3,193.6
1,622.7
3,246.1
10.0
4,827.7
0.0
4,827.7
6,412.2
0.0
0.0
0.0
0.0
930.0
21.4
0.0
21.4
455.8
0.0
0.0
0.0
0.0
0.0
0.0
455.8
477.2
1,407.2
0.0
2,901.6
0.7
2,900.9
1,496.9
2,730.4
10.6
4,145.7
0.0
4,145.7
5,552.9
0.0
0.0
0.0
0.0
942.7
23.4
0.0
23.4
347.7
0.0
0.0
0.0
0.0
0.0
0.0
347.7
371.1
1,313.8
0.0
2,501.3
0.7
2,500.6
1,479.4
2,149.3
10.3
3,181.5
0.0
3,181.5
4,495.2
0.0
0.0
0.0
0.0
784.4
24.5
0.0
24.5
112.0
0.0
0.0
0.0
0.0
0.0
0.0
112.0
136.4
920.8
0.0
2,220.1
0.7
2,219.4
1,463.3
1,896.2
12.2
2,665.1
0.0
2,665.1
3,585.9
0.0
0.0
0.0
0.0
778.6
25.6
0.0
25.6
151.9
0.0
0.0
0.0
0.0
0.0
0.0
151.9
177.5
956.1
0.0
1,889.9
0.6
1,889.3
1,463.3
1,964.2
3.9
2,394.7
0.0
2,394.7
3,350.7
475.1
475.1
967.2
0.0
0.0
0.0
162.6
162.6
162.6
1,129.8
0.0
1,655.3
1,039.6
1,994.2
8.0
2,617.9
0.0
2,617.9
3,747.7
US GAAP
588.6
92.0
0.0
177.2
25.1
5.8
44.0
-2,465.5
-77.50
65.76
3.42
41.43
6,029.00
US GAAP
561.5
90.9
0.0
145.0
25.6
7.7
58.3
-1,702.6
-63.88
70.26
3.16
59.81
5,706.00
US GAAP
538.5
90.9
0.0
153.6
26.6
17.9
97.5
-1,229.8
-51.35
66.26
2.78
71.57
5,420.00
US GAAP
557.1
61.6
0.0
188.6
0.0
-1,809.5
-69.12
65.63
2.99
48.58
4,985.00
US GAAP
541.5
40.8
167.8
0.0
18.8
111.0
-1,117.9
-55.70
71.30
3.18
68.38
4,083.00
US GAAP
514.4
50.7
172.5
0.0
49.3
263.9
-950.2
-63.51
74.43
3.53
63.81
2,737.00
FY 2007
01/28/2007
FY 2006
01/29/2006
FY 2005
FY 2004
FY 2003
FY 2002
FY 2001
01/30/2005 01/25/2004 01/26/2003 01/27/2002 01/28/2001
1,117.9
544.4
573.4
518.7
518.7
354.7
56.3
111.1
187.4
0.0
40.6
2,031.8
260.8
569.5
308.7
0.0
382.7
346.9
301.4
45.5
35.7
643.5
2,675.3
950.2
551.8
398.4
318.2
318.2
254.9
25.7
107.8
121.3
0.0
27.1
1,550.3
178.2
460.4
282.2
0.0
226.2
160.7
145.3
15.4
65.5
404.4
1,954.7
670.0
208.5
461.5
296.3
296.3
315.5
23.2
130.2
162.1
0.0
23.1
1,304.9
179.0
395.8
216.9
0.0
144.7
135.6
108.1
27.5
9.0
323.6
1,628.5
604.0
214.4
389.6
196.6
234.2
22.1
44.5
167.6
0.0
17.8
1,052.7
190.0
337.9
147.8
0.0
156.6
148.9
108.9
40.0
7.7
346.6
1,399.3
1,028.4
347.0
681.4
154.5
145.0
17.5
13.2
114.4
0.0
23.6
1,351.6
135.2
229.1
93.9
0.0
130.3
76.5
54.2
22.2
53.8
265.4
1,617.0
791.4
333.0
458.4
147.3
129.3
213.9
13.4
77.1
123.4
0.0
81.5
1,234.1
120.1
170.6
50.4
0.0
148.9
81.1
50.3
30.8
67.8
269.1
1,503.2
674.3
674.3
0.0
105.0
96.6
90.4
22.9
12.1
55.4
0.0
61.2
930.9
47.3
76.2
29.0
0.0
38.7
23.8
23.8
0.0
14.9
86.0
1,016.9
272.1
272.1
0.0
0.0
0.0
179.4
179.4
0.0
0.0
0.0
238.2
238.2
0.9
0.0
0.9
185.3
185.3
4.0
0.0
4.0
141.1
141.1
5.7
0.0
5.7
214.0
214.0
3.9
0.0
3.9
72.3
72.3
0.6
0.0
0.6
366.7
366.7
638.8
0.0
0.0
0.0
29.5
29.5
29.5
668.3
0.0
1,296.0
487.1
1,196.6
1.4
2,006.9
0.0
2,006.9
2,675.3
259.3
259.3
438.7
0.0
0.0
0.0
20.0
20.0
20.0
458.7
0.0
966.0
212.1
747.7
-5.6
1,496.0
0.0
1,496.0
1,954.7
182.1
182.1
421.2
8.4
8.4
0.0
20.8
20.8
29.1
450.3
0.0
636.8
24.6
572.5
-6.4
1,178.3
0.0
1,178.3
1,628.5
144.8
144.8
334.1
5.4
4.6
0.9
8.6
8.6
14.0
348.2
0.0
583.6
0.0
472.2
-4.6
1,051.2
0.0
1,051.2
1,399.3
232.6
232.6
379.4
304.9
300.0
4.9
0.0
0.0
304.9
684.3
0.0
531.2
0.0
397.7
3.8
932.7
0.0
932.7
1,617.0
215.6
215.6
433.5
305.9
300.0
5.9
0.0
0.0
305.9
739.4
0.0
456.8
0.0
306.9
0.1
763.8
0.0
763.8
1,503.2
236.5
236.5
309.4
300.4
300.0
0.4
0.0
0.0
300.4
609.8
0.0
277.1
0.0
130.0
0.0
407.1
0.0
407.1
1,016.9
US GAAP
501.3
6.3
191.1
0.9
-660.8
-56.08
69.84
3.10
65.95
US GAAP
492.4
0.0
206.2
4.9
38.0
86.9
-594.6
-56.56
72.16
3.15
45.44
1,825.00
US GAAP
473.4
0.0
219.1
10.6
25.6
96.0
-717.9
-76.97
55.58
3.56
26.62
1,513.00
US GAAP
448.7
0.0
0.0
234.8
9.8
45.5
28.2
-481.6
-63.05
48.01
2.85
45.15
1,123.00
US GAAP
410.7
0.0
233.1
1.0
131.1
78.3
-373.3
-91.70
38.60
3.01
44.54
796.00
US GAAP
373.2
0.0
7.8
2.7
81.3
235.2
-58.3
-46.81
61.59
2.27
18.99
392.00
US GAAP
344.9
0.0
1.4
158.2
67.1
-41.9
-65.22
56.66
2.15
248.00
FY 2000
FY 1999
01/30/2000 01/31/1999
61.6
61.6
0.0
67.2
37.6
0.0
6.4
31.2
0.0
6.8
173.2
25.9
41.3
15.4
0.0
3.2
0.0
3.2
29.1
202.3
50.3
50.3
0.0
20.6
28.6
15.4
13.2
0.0
1.6
101.1
11.7
18.6
6.9
0.0
0.6
0.0
0.6
12.2
113.3
64.9
64.9
1.8
0.0
1.8
35.7
35.7
6.4
5.0
1.4
9.5
9.5
76.2
1.5
0.5
1.0
0.0
0.0
1.5
77.7
0.0
96.0
0.0
28.6
124.6
0.0
124.6
202.3
5.0
5.0
47.1
2.0
0.0
0.0
2.0
49.1
0.0
74.4
0.0
-10.2
64.2
0.0
64.2
113.3
US GAAP
373.2
0.0
7.8
2.7
81.3
235.2
-58.3
-46.81
61.59
2.27
18.99
392.00
US GAAP
344.9
0.0
1.4
158.2
67.1
-41.9
-65.22
56.66
2.15
248.00

12 Months Ending
FY 2026
FY 2025
+ Operating Cash
Cash, Cash Equivalents & STI
2% Sales
Excess Cash
+ Accounts & Notes Receiv
+ Inventories
+ Other ST Operating Assets
+ Prepaid Expenses
+ Other Current Operating Assets
Total Operating Current Assets
3,696
3,438
+ Payables & Accruals

+ Accounts Payable
+ Other Payables & Accruals
+ Other ST Operating Liabilities
Total Operating Current Liabilities
3,403
3,166
292
272
+ Property, Plant & Equip

- Accumulated Depreciation
Net PPE
2,038
1,896
+ Other Intangible Assets

+ Operating Misc LT Assets
Total Other LT Assets
1,363
1,268
+ Other Operating LT Liabilities

Total Other LT Liabilities
1,823
1,696
-460
-428
Capitalised R&D
18,297
16,820
Invested Capital (Ex. Goodwill)
20,168
18,560
2,342
2,178
Invested Capital (Inc. Goodwill)
22,509
20,738
Asset Life
R&D Expense
Capitalised R&D (Unamortized)
Capitalised R&D
R&D Expense % Revenue
R&D Amortization
5
4,841
46,012
18,297
29.8%
3,364
27,715
5
4,503
41,171
16,820
29.8%
3,079
27,715
Total Operating Current Assets

% Revenue
3,696
22.8%
3,438
22.8%
Total Operating Current Liabilities

% Revenue
3,403
21.0%
3,166
21.0%
Operating Working Capital
Other LT Assets, Net LT Liabilities
Goodwill
Net PPE
% Revenue
2,038
12.56%
1,896
12.56%
Total Other LT Assets

% Revenue
1,363
8.4%
1,268
8.4%
Total Other LT Liabilities

% Revenue
1,823
11.2%
1,696
11.2%
2,342
14.42%
2,178
14.42%
Goodwill
% Revenue
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
3,198
2,975
2,767
2,574
2,395
2,945
2,740
2,548
2,371
2,205
253
235
219
204
189
1,764
1,641
1,526
1,420
1,321
1,180
1,098
1,021
950
883
1,578
1,468
1,365
1,270
1,181
-398
-370
-344
-320
-298
15,396
14,009
12,640
11,269
9,871
17,015
15,514
14,041
12,572
11,083
2,026
1,885
1,753
1,631
1,517
19,041
17,399
15,794
14,203
12,600
5
4,189
36,668
15,396
29.8%
2,802
5
3,897
32,479
14,009
29.8%
2,528
5
3,625
28,582
12,640
29.8%
2,254
5
3,372
24,957
11,269
29.8%
1,974
5
3,137
21,585
9,871
29.8%
1,683
3,198
22.8%
2,975
22.8%
2,767
22.8%
2,574
22.8%
2,395
22.8%
2,945
21.0%
2,740
21.0%
2,548
21.0%
2,371
21.0%
2,205
21.0%
1,764
12.56%
1,641
12.56%
1,526
12.56%
1,420
12.56%
1,321
12.56%
1,180
8.4%
1,098
8.4%
1,021
8.4%
950
8.4%
883
8.4%
1,578
11.2%
1,468
11.2%
1,365
11.2%
1,270
11.2%
1,181
11.2%
2,026
14.42%
1,885
14.42%
1,753
14.42%
1,631
14.42%
1,517
14.42%
FY 2019
1,963
FY 2018
1,768
FY 2017
FY 2016
01/30/2016
FY 2015
01/31/2015
FY 2014
02/01/2014
1,551
100
5,037
100
4,937
505
418
93
0
93
1,116
94
4,623
94
4,530
474
483
70
0
70
1,120
83
4,672
83
4,589
426
388
70
0
70
967
893
293
599
0
893
940
324
616
0
940
1,808
1,628
1,428
936
296
640
0
936
155
140
123
180
228
27
856
1,100
634
466
1,179
622
557
1,283
700
583
222
91
313
296
104
400
1,083
975
724
652
572
166
67
233
968
872
765
453
453
489
489
475
475
-244
-220
-193
-220
-176
-75
8,417
7,308
6,239
5,259
4,911
4,439
9,411
8,203
7,025
5,686
5,519
4,973
1,244
1,120
983
618
618
643
10,655
9,323
8,008
6,304
6,137
5,616
5
2,571
18,448
8,417
29.8%
1,462
5
2,316
15,877
7,308
29.8%
1,248
5
2,032
13,561
6,239
29.8%
1,052
5
1,331
11,529
5,259
28.4%
982
5 Year Average
5
1,360
10,198
4,911
32.9%
888
5
1,336
8,838
4,439
31.2%
776
29.8%
1,963
22.8%
1,768
22.8%
1,551
22.8%
1,116
22.3%
5 Year Average
1,120
23.9%
967
23.4%
22.8%
1,808
21.0%
1,628
21.0%
1,428
21.0%
893
19.1%
940
22.8%
936
18.7%
5 Year Average
21.0%
1,083
12.56%
975
12.56%
856
12.56%
466
557
9.30%
11.90%
5 Year Average
583
14.11%
12.6%
724
8.4%
652
8.4%
572
8.4%
233
4.7%
5 Year Average
313
6.7%
400
9.7%
8.4%
968
11.2%
872
11.2%
765
11.2%
453
9.0%
5 Year Average
489
10.4%
475
11.5%
11.2%
1,244
14.42%
1,120
14.42%
983
14.42%
618
618
12.34%
13.20%
5 Year Average
643
15.57%
14.4%
FY 2013
02/02/2013
FY 2012
01/28/2012
FY 2011
01/29/2011
FY 2010
01/30/2010
FY 2009
01/31/2009
FY 2008
02/02/2008
86
3,728
86
3,642
454
420
70
34
35
1,029
80
3,130
80
3,050
336
340
49
30
19
806
71
2,491
71
2,420
349
346
33
21
12
798
67
1,728
67
1,662
375
331
38
27
11
810
68
1,255
68
1,187
318
538
40
20
20
965
82
1,809
82
1,728
666
359
0
0
0
1,107
971
356
614
0
971
865
335
530
0
865
936
286
650
0
936
783
345
439
0
783
779
219
560
0
779
492
492
0
475
967
59
-59
-139
27
186
140
1,289
713
576
1,157
596
560
1,194
625
569
1,088
517
572
1,009
383
626
754
394
360
312
107
420
326
120
446
289
41
330
120
43
163
147
40
187
107
38
145
589
589
456
456
348
348
112
112
152
152
163
163
-170
-9
-18
51
35
-18
3,878
3,419
3,036
2,734
2,282
1,782
4,344
3,911
3,448
3,385
3,129
2,264
641
641
370
370
370
354
4,985
4,552
3,818
3,754
3,499
2,618
5
1,143
7,502
3,878
28.6%
684
5
990
6,359
3,419
27.9%
607
5
849
5,369
3,036
25.5%
547
5
909
4,520
2,734
26.5%
456
5
856
3,611
2,282
20.9%
356
5
692
2,755
1,782
22.5%
273
1,029
24.0%
806
20.2%
798
22.5%
810
24.4%
965
28.2%
1,107
27.0%
971
22.7%
865
21.6%
936
26.4%
783
23.5%
779
22.7%
967
23.6%
576
13.46%
560
14.01%
569
16.05%
572
17.19%
626
18.27%
360
8.78%
420
9.8%
446
11.2%
330
9.3%
163
4.9%
187
5.5%
145
3.5%
589
13.8%
456
11.4%
348
9.8%
112
3.4%
152
4.4%
163
4.0%
641
14.98%
641
16.03%
370
10.44%
370
11.12%
370
10.80%
354
8.64%
FY 2007
02/03/2007
FY 2006
01/28/2006
FY 2005
01/30/2005
FY 2004
01/25/2004
FY 2003
01/26/2003
FY 2002
01/27/2002
61
1,118
61
1,056
519
355
0
0
0
935
48
950
48
903
318
255
0
0
0
621
40
670
40
630
296
316
0
0
0
652
36
604
36
568
197
234
0
0
0
467
38
1,028
38
990
155
145
0
0
0
338
27
791
27
764
147
214
0
0
0
389
272
272
0
367
639
179
179
0
259
439
239
238
1
182
421
187
185
2
145
332
144
141
3
233
377
218
214
4
216
434
296
182
231
135
-39
-45
569
309
261
460
282
178
396
217
179
338
148
190
229
94
135
171
50
120
46
36
81
15
65
81
28
9
37
40
8
48
22
54
76
31
68
99
30
30
20
20
21
21
9
9
0
0
0
0
52
61
16
39
76
99
1,363
1,035
847
632
448
273
1,972
1,456
1,272
996
620
447
301
145
108
109
54
50
2,273
1,601
1,381
1,105
674
497
5
536
2,064
1,363
22.5%
207
5
357
1,528
1,035
17.8%
169
5
342
1,171
847
18.7%
126
5
273
829
632
14.3%
90
5
229
556
448
16.7%
55
5
154
327
273
20.9%
30
935
30.5%
621
26.1%
652
32.4%
467
25.6%
338
17.7%
389
28.4%
639
20.8%
439
18.5%
421
21.0%
332
18.2%
377
19.7%
434
31.7%
261
8.50%
178
7.50%
179
8.90%
190
10.42%
135
7.08%
120
8.77%
81
2.6%
81
3.4%
37
1.8%
48
2.6%
76
4.0%
99
7.2%
30
1.0%
20
0.8%
21
1.0%
9
0.5%
0
0.0%
0
0.0%
301
9.82%
145
6.12%
108
5.38%
109
5.97%
54
2.84%
50
3.67%
FY 2001
01/28/2001
FY 2000
01/30/2000
FY 1999
01/31/1999
15
674
15
660
105
90
0
0
0
210
7
62
7
54
67
38
0
0
0
112
3
50
3
47
21
29
0
0
0
52
77
72
5
237
314
71
65
6
10
80
43
36
7
5
48
-104
32
76
29
47
41
15
26
19
7
12
0
15
15
3
3
1
1
0
0
0
0
0
0
15
149
79
40
108
140
57
24
131
140
57
5
86
173
149
23.0%
16
5
47
87
79
29.6%
8
5
40
40
40
#DIV/0!
210
28.6%
112
30.0%
52
33.1%
314
42.7%
80
21.5%
48
30.2%
47
6.43%
26
6.91%
12
7.36%
15
2.0%
3
0.9%
1
0.4%
0
0.0%
0
0.0%
0
0.0%
24
3.24%
0
0.00%
0
0.00%

12 Months Ending
Invested Capital
+ Excess Cash
Total Funds Invested
FY 2016
01/30/2016
FY 2015
01/31/2015
6,304
6,137
4,937
11,240
4,530
10,667
Total Funds Inv

+ ST Debt
+ LT Debt
+ Pension Liabilities
+ Preferred Equity
+ Share Capital & APIC
+ Retained Earnings
+ Minority/Non Controlling Interest
+ Deferred Tax Liabilities
+ Capitalised R&D
Total Funds Invested
1,413
97
0
0
4,171
4,350
0
2
5,259
15,292
3
1,398
0
0
3,856
3,949
0
4,911
14,117
26%
4,052
24%
3,450
FY 2014
02/01/2014
FY 2013
02/02/2013
FY 2012
01/28/2012
FY 2011
01/29/2011
FY 2010
01/30/2010
FY 2009
01/31/2009
5,616
4,985
4,552
3,818
3,754
3,499
4,589
10,206
3,642
8,627
3,050
7,601
2,420
6,238
1,662
5,416
1,187
4,685
Total Funds Invested Reconciliation

3
2
2
1,374
19
21
0
0
0
0
0
0
3,484
3,194
2,902
3,505
3,246
2,730
0
0
0
2
3
63
4,439
3,878
3,419
12,807
10,343
9,138
2
23
0
0
2,501
2,149
0
5
3,036
7,716
1
24
0
0
2,220
1,896
0
0
2,734
6,876
0
26
0
0
1,890
1,964
0
0
2,282
6,161
19%
1,479
21%
1,460
24%
1,476
20%
2,601
17%
1,716
17%
1,536
FY 2008
02/02/2008
FY 2007
02/03/2007
FY 2006
01/28/2006
2,618
2,273
1,601
1,728
4,346
1,056
3,330
903
2,504
0
0
0
1,655
1,994
0
1,782
5,432
0
0
0
1,296
1,197
0
1,363
3,856
0
0
0
966
748
0
1,035
2,748
20%
1,086
14%
526
9%
245
NVIDIA Corp (NVDA US) - Adjusted

12 Months Ending
Revenue
+ Sales & Services Revenue
- Cost of Revenue
+ Cost of Goods & Services
Gross Profit
+ Other Operating Income
- Operating Expenses
+ Selling, General & Admin
+ Research & Development
+ Other Operating Expense
Operating Income (Loss)
- Non-Operating (Income) Loss
+ Interest Expense, Net
+ Interest Expense
- Interest Income
+ Foreign Exch (Gain) Loss
+ (Income) Loss from Affiliates
+ Other Non-Op (Income) Loss
Pretax Income (Loss), Adjusted
- Abnormal Losses (Gains)
+ Merger/Acquisition Expense
+ Early Extinguishment of Debt
+ Asset Write-Down
+ Impairment of Goodwill
+ Impairment of Intangibles
+ Legal Settlement
+ Restructuring
+ Sale of Investments
+ Unrealized Investments
+ Insurance Settlement
+ Other Abnormal Items
Pretax Income (Loss), GAAP
- Income Tax Expense (Benefit)
+ Current Income Tax
+ Deferred Income Tax
+ Tax Allowance/Credit
Income (Loss) from Cont Ops
- Net Extraordinary Losses (Gains)
+ Discontinued Operations
+ XO & Accounting Changes
FY 2016
01/31/2016
5,010.0
5,010.0
2,173.0
2,173.0
2,837.0
0.0
1,846.0
532.0
1,331.0
-17.0
991.0
-8.0
8.0
47.0
39.0
0.0
-16.0
999.0
256.0
22.0
18.0
70.0
91.0
2.0
10.0
43.0
743.0
129.0
-17.0
134.0
12.0
614.0
0.0
0.0
0.0
FY 2015
01/25/2015
4,681.5
4,681.5
2,082.0
2,082.0
2,599.5
0.0
1,594.5
480.8
1,359.7
-246.0
1,005.0
4.2
18.0
46.1
28.1
0.0
-13.9
1,000.9
246.0
37.4
208.7
754.8
124.2
26.2
82.6
15.5
630.6
0.0
0.0
0.0
FY 2014
01/26/2014
4,130.2
4,130.2
1,858.7
1,858.7
2,271.5
0.0
1,568.1
435.7
1,335.8
-203.4
703.4
-11.6
-6.7
10.4
17.1
0.0
0.0
-5.0
715.0
204.7
31.7
3.7
2.2
-2.4
169.5
510.3
70.3
27.6
15.4
27.2
440.0
0.0
0.0
0.0
Income (Loss) Incl. MI

- Minority Interest
Net Income, GAAP
- Preferred Dividends
- Other Adjustments
Net Income Avail to Common, GAAP
614.0
0.0
614.0
0.0
0.0
614.0
630.6
0.0
630.6
0.0
0.0
630.6
440.0
0.0
440.0
0.0
0.0
440.0
Net Income Avail to Common, Adj

Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)
780.4
166.4
0.0
825.3
194.7
0.0
611.3
171.3
0.0
Basic Weighted Avg Shares

Basic EPS, GAAP
Basic EPS from Cont Ops
Basic EPS from Cont Ops, Adjusted
543.0
1.13
1.13
1.44
552.3
1.14
1.14
1.49
587.9
0.75
0.75
1.04
Diluted Weighted Avg Shares

Diluted EPS, GAAP
Diluted EPS from Cont Ops
Diluted EPS from Cont Ops, Adjusted
569.0
1.08
1.08
1.37
563.1
1.12
1.12
1.47
594.5
0.74
0.74
1.03
US GAAP
1,188.0
23.71
1,064.0
991.0
56.63
19.78
15.58
542,971.71
0.40
213.0
124.0
45.0
US GAAP
1,225.2
26.17
1,082.1
1,005.0
55.53
21.47
17.63
507,315.45
0.34
187.8
143.1
47.3
US GAAP
942.5
22.82
778.5
703.4
55.00
17.03
14.80
468,910.31
0.31
181.3
164.0
43.8
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
EBITA
EBIT
Gross Margin
Operating Margin
Profit Margin
Sales per Employee
Dividends per Share
Total Cash Common Dividends
Capitalized Interest Expense
Depreciation Expense
Rental Expense
Source: Bloomberg
FY 2013
01/27/2013
4,280.2
4,280.2
2,053.8
2,053.8
2,226.3
0.0
1,366.2
430.8
1,143.2
-207.8
860.2
-13.3
-16.6
3.3
19.9
0.0
0.0
3.3
873.5
211.4
19.0
-0.5
192.9
662.0
99.5
25.3
31.9
42.4
562.5
0.0
0.0
0.0
FY 2012
01/29/2012
3,997.9
3,997.9
1,941.4
1,941.4
2,056.5
0.0
1,199.5
397.7
990.2
-188.4
857.0
-14.7
-16.1
3.1
19.1
0.0
0.0
1.4
871.7
208.3
20.3
7.3
-0.4
181.1
663.4
82.3
15.5
19.1
47.7
581.1
0.0
0.0
0.0
FY 2011
01/30/2011
3,543.3
3,543.3
1,953.0
1,953.0
1,590.3
0.0
1,045.7
346.5
848.8
-149.6
544.5
-13.9
-15.9
3.1
19.1
0.0
0.0
2.0
558.5
287.3
151.9
-1.5
136.9
271.2
18.0
6.5
-2.6
14.2
253.1
0.0
0.0
0.0
FY 2010
01/31/2010
3,326.4
3,326.4
2,149.5
2,149.5
1,176.9
0.0
1,136.5
367.0
908.9
-139.4
40.5
-14.9
-19.8
3.3
23.1
0.0
0.0
4.9
55.3
137.6
140.2
-1.8
-0.9
0.1
-82.3
-14.3
7.6
-21.1
-0.7
-68.0
0.0
0.0
0.0
FY 2009
01/25/2009
3,424.9
3,424.9
2,061.3
2,061.3
1,363.6
0.0
1,205.0
363.5
855.9
-14.4
158.6
-25.6
-42.5
0.4
42.9
0.0
0.0
16.8
184.2
227.2
18.9
9.9
4.5
8.0
-2.1
-8.0
196.0
-43.0
-12.9
9.0
-23.3
1.3
-30.0
0.0
0.0
0.0
FY 2008
01/27/2008
4,097.9
2,228.6
1,869.3
1,032.9
341.3
691.6
836.3
-64.2
0.1
64.3
0.0
901.3
4.0
901.3
103.7
797.6
0.0
562.5
0.0
562.5
0.0
0.0
562.5
581.1
0.0
581.1
0.0
0.0
581.1
253.1
0.0
253.1
0.0
0.0
253.1
-68.0
0.0
-68.0
0.0
0.0
-68.0
-30.0
0.0
-30.0
0.0
0.0
-30.0
797.6
0.0
797.6
0.0
0.0
797.6
740.4
177.9
0.0
752.1
171.0
0.0
343.5
90.4
0.0
78.6
146.6
0.0
166.4
196.5
0.0
797.6
0.0
619.3
0.91
0.91
1.20
603.6
0.96
0.96
1.25
575.2
0.44
0.44
0.60
549.6
-0.12
-0.12
0.14
548.1
-0.05
-0.05
0.30
550.1
1.45
1.45
1.45
625.0
0.90
0.90
1.18
616.4
0.94
0.94
1.22
588.7
0.43
0.43
0.58
549.6
-0.12
-0.12
0.14
548.1
-0.05
-0.05
0.30
606.7
1.31
1.31
1.31
US GAAP
1,086.4
25.38
928.8
860.2
52.02
20.10
17.30
536,764.36
0.08
46.4
157.6
38.4
US GAAP
1,061.2
26.54
916.0
857.0
51.44
21.44
18.81
560,483.67
0.00
0.0
145.2
37.9
US GAAP
731.5
20.65
574.5
544.5
44.88
15.37
9.69
587,710.90
0.00
0.0
157.0
40.7
US GAAP
237.1
7.13
72.3
40.5
35.38
1.22
2.36
582,973.19
0.00
0.0
164.8
46.2
US GAAP
343.6
10.03
191.2
158.6
39.81
4.63
4.86
631,892.80
0.00
0.0
152.4
43.0
US GAAP
969.5
23.66
858.5
836.3
45.62
20.41
19.46
822,038.11
0.00
0.0
111.0
38.2
FY 2007
FY 2006
FY 2005
FY 2004
FY 2003
FY 2002
FY 2001
FY 2000
01/28/2007 01/29/2006 01/30/2005 01/25/2004 01/26/2003 01/27/2002 01/28/2001 01/30/2000
3,068.8
2,375.7
2,010.0
1,822.9
1,909.4
1,369.5
735.3
374.5
1,768.3
1,465.7
1,360.5
1,294.1
1,327.3
850.2
462.4
235.6
1,300.4
910.0
649.5
528.9
582.2
519.2
272.9
138.9
847.0
559.2
535.9
435.2
438.2
267.5
144.7
84.5
293.5
202.1
194.2
161.8
209.1
113.6
58.7
37.6
535.5
357.1
341.7
273.4
229.1
153.9
86.0
46.9
453.5
350.8
113.6
93.7
144.0
251.8
128.1
54.4
-41.8
-20.6
-11.3
-11.7
-16.7
0.0
0.1
0.2
12.0
16.5
16.2
4.9
0.3
41.8
20.7
11.4
18.6
23.2
27.9
21.5
21.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
494.5
356.8
125.4
86.7
150.6
252.7
144.8
56.2
31.6
14.2
16.6
61.8
10.0
0.0
0.0
0.0
494.5
356.8
125.4
86.7
150.6
252.7
144.8
56.2
46.4
55.6
25.1
12.3
59.8
75.8
46.3
18.1
448.1
301.2
100.4
74.4
90.8
176.9
98.5
38.1
-0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
448.8
0.0
448.8
0.0
0.0
448.8
301.2
0.0
301.2
0.0
0.0
301.2
100.4
0.0
100.4
0.0
0.0
100.4
74.4
0.0
74.4
0.0
0.0
74.4
90.8
0.0
90.8
0.0
0.0
90.8
176.9
0.0
176.9
0.0
0.0
176.9
98.5
0.0
98.5
0.0
0.0
98.5
38.1
0.0
38.1
0.0
38.1
448.8
-0.7
301.2
0.0
100.4
0.0
74.4
0.0
90.8
0.0
176.9
10.0
0.0
98.5
0.0
38.1
0.0
528.6
0.85
0.85
0.87
509.1
0.30
0.30
0.32
498.2
0.20
0.20
0.20
482.8
0.15
0.15
0.18
460.5
0.20
0.20
0.28
429.0
0.41
0.41
0.41
393.0
0.25
0.25
0.25
358.5
0.11
0.11
0.11
587.3
0.77
0.77
0.79
548.6
0.27
0.27
0.30
529.7
0.19
0.19
0.19
518.1
0.14
0.14
0.16
505.2
0.18
0.18
0.26
513.2
0.34
0.34
0.34
477.9
0.21
0.21
0.21
433.2
0.09
0.09
0.09
US GAAP
US GAAP
561.0
448.8
18.28
18.89
473.0
372.4
453.5
350.8
42.38
38.31
14.78
14.77
14.63
12.68
751,597.11 867,989.40
0.00
0.00
0.0
0.0
0.0
88.0
76.4
32.6
29.5
US GAAP
US GAAP
US GAAP
216.2
176.3
202.2
10.76
9.67
10.59
144.9
117.0
159.6
113.6
93.7
144.0
32.31
29.01
30.49
5.65
5.14
7.54
4.99
4.08
4.76
998,873.94 1,262,027.11
0.00
0.00
0.00
0.0
0.0
0.0
71.3
59.3
42.6
28.0
26.4
25.6
US GAAP
US GAAP
US GAAP
295.3
144.0
63.4
21.56
19.58
16.93
251.8
128.1
54.4
37.92
37.11
37.10
18.38
17.43
14.53
12.92
13.39
10.17
### 923,698.49 955,369.91
0.00
0.00
0.00
0.0
0.0
0.0
13.8
3.1
2.5
FY 1999
01/31/1999
158.2
109.7
48.5
44.0
4.0
40.0
4.5
0.0
4.5
4.5
0.4
4.1
0.0
4.1
0.0
4.1
0.0
4.1
4.1
0.0
174.8
0.02
0.02
0.02
328.7
0.01
0.01
0.01
US GAAP
8.5
5.39
4.5
4.5
30.64
2.85
2.61
638,052.42
0.00
0.0
4.0

12 Months Ending
FY 2026
10
FY 2025
9
16,234
6,818
9,415
487
15,101
6,342
8,759
453
3,364
5,564
225
3,079
5,226
225
5,339
641
4,698
6.3%
5,001
600
4,401
7.4%
225
225
Revenue
YoY % Growth
16,234
7.5%
15,101
7.5%
COGS
COGS% of Revenue
Gross Margin
6,818
42.0%
58.0%
6,342
42.0%
58.0%
SG&A Expenses (adjusted)

SG&A% of Revenue
Operating Margin
487
3.0%
32.9%
453
3.0%
33.1%
546
3.4%
508
3.4%
641
12.0%
600
12.0%
Revenue
- Cost of Revenue
Gross Profit
- SG&A Expenses (adjusted)
+ SG&A Expenses
+ Other Operating Expenses
- R&D Amortization
EBIT
- Nonoperating Expenses (Pretax)
+ Operating Lease Interest
EBIT (adjusted)
- Operating Cash Taxes
NOPLAT
Growth Rate
+ Merger/Acquisition Expense
+ Legal Settlement
+ Restructuring
+ Sale of Investments
+ Other Abnormal Items
Nonoperating Expenses (Pretax)
Depreciation
Depreciation % of Revenue
Operating Cash Taxes

Operating Cash Tax Rate
FY 2024
8
FY 2023
7
FY 2022
6
14,047
5,900
8,148
492
13,067
5,488
7,579
523
12,156
5,105
7,050
547
2,802
4,854
225
2,528
4,528
225
2,254
4,250
225
4,629
555
4,073
6.0%
4,303
473
3,830
5.4%
225
FY 2021
5
Forecast
11,308
4,749
6,558
565
FY 2020
4
FY 2019
3
10,519
4,418
6,101
631
8,622
3,621
5,001
517
1,974
4,019
225
1,683
3,786
225
1,462
3,022
225
4,024
402
3,622
4.8%
3,794
346
3,448
6.1%
3,561
325
3,236
21.5%
2,797
255
2,542
12.9%
225
225
225
225
225
14,047
7.5%
13,067
7.5%
12,156
7.5%
11,308
7.5%
10,519
22.0%
8,622
11.0%
5,900
42.0%
58.0%
5,488
42.0%
58.0%
5,105
42.0%
58.0%
4,749
42.0%
58.0%
4,418
42.0%
58.0%
3,621
42.0%
58.0%
492
3.5%
33.0%
523
4.0%
32.9%
547
4.5%
33.1%
565
5.0%
33.5%
631
6.0%
33.9%
517
6.0%
32.4%
472
3.4%
439
3.4%
409
3.4%
380
3.4%
354
3.4%
290
3.4%
555
12.0%
473
11.0%
402
10.0%
346
9.1%
325
9.1%
255
9.1%
FY 2018
2
FY 2017
1
FY 2016
01/30/2016
FY 2015
01/31/2015
FY 2014
02/01/2014
FY 2013
02/02/2013
7,768
3,262
4,505
544
6,814
2,794
4,020
545
1,248
2,714
225
1,052
2,423
225
5,010
2,173
2,837
515
532
-17
982
1,340
256
4,682
2,082
2,599
235
481
-246
888
1,477
246
4,130
1,859
2,272
232
436
-203
776
1,264
205
4,280
2,054
2,226
223
431
-208
684
1,320
211
2,488
274
2,215
13.7%
2,198
286
1,912
50.1%
1,084
129
955
-15.9%
1,231
124
1,107
10.7%
1,059
70
988
-2.0%
1,108
100
1,009
5.9%
22
70
91
2
71
256
5 Year Average
37
0
0
0
209
246
32
4
2
-2
170
205
225
19
0
0
-1
193
211
225
225
7,768
14.0%
6,814
36.0%
5010
6.6%
5 Year Average
4682
11.8%
4130
-3.6%
6.5%
4280
6.6%
3,262
42.0%
59.0%
2,794
41.0%
59.0%
2,173
2,082
43.4%
44.5%
56.6%
55.5%
5 Year Average
1,859
45.0%
55.0%
45.9%
2,054
48.0%
52.0%
544
7.0%
32.0%
545
8.0%
32.3%
515
235
10.3%
5.0%
21.6%
26.3%
5 Year Average
232
5.6%
25.6%
6.3%
223
5.2%
25.9%
261
3.4%
229
3.4%
143
3.1%
164
4.0%
3.4%
158
3.7%
274
11.0%
286
13.0%
129
124
11.9%
10.1%
5 Year Average
70
6.6%
9.1%
100
9.0%
124
2.5%
5 Year Average
FY 2012
01/28/2012
FY 2011
01/29/2011
FY 2010
01/30/2010
FY 2009
01/31/2009
FY 2008
02/02/2008
FY 2007
02/03/2007
3,998
1,941
2,057
209
398
-188
607
1,240
208
3,543
1,953
1,590
197
347
-150
547
847
287
3,326
2,150
1,177
228
367
-139
456
493
138
3,425
2,061
1,364
349
364
-14
356
658
227
4,098
2,229
1,869
341
341
273
1,255
0
3,069
1,768
1,300
294
294
207
800
0
1,032
82
949
43.0%
559
18
541
31.7%
355
-14
370
-20.0%
431
-13
444
-159.5%
1,255
104
1,152
34.6%
800
46
754
35.9%
20
7
0
0
181
208
0
152
0
-2
137
287
0
0
0
-2
139
138
0
5
8
-2
217
227
0
0
0
0
0
0
0
0
0
0
0
0
3998
11.4%
3543
6.1%
3326
-3.0%
3425
-19.7%
4098
25.1%
3069
22.6%
1,941
48.6%
51.4%
1,953
55.1%
44.9%
2,150
64.6%
35.4%
2,061
60.2%
39.8%
2,229
54.4%
45.6%
1,768
57.6%
42.4%
209
5.2%
25.8%
197
5.6%
15.8%
228
6.8%
10.7%
349
10.2%
12.6%
341
8.3%
30.6%
294
9.6%
26.1%
145
3.6%
157
4.4%
165
5.0%
152
4.4%
111
2.7%
88
2.9%
82
8.0%
18
3.2%
-14
-4.0%
-13
-3.0%
104
8.3%
46
5.8%
FY 2006
01/28/2006
FY 2005
01/30/2005
FY 2004
01/25/2004
FY 2003
01/26/2003
FY 2002
01/27/2002
FY 2001
01/28/2001
2,376
1,466
910
202
202
169
539
0
2,010
1,361
649
194
194
126
329
0
1,823
1,294
529
162
162
90
278
0
1,909
1,327
582
209
209
55
318
0
1,369
850
519
114
114
30
376
0
735
462
273
59
59
16
198
0
539
56
483
37.1%
329
25
304
12.7%
278
12
265
2.5%
318
60
259
-16.0%
376
76
300
49.3%
198
46
152
50.5%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2376
15.4%
2010
9.3%
1823
-4.7%
1909
28.3%
1369
46.3%
735
49.1%
1,466
61.7%
38.3%
1,361
67.7%
32.3%
1,294
71.0%
29.0%
1,327
69.5%
30.5%
850
62.1%
37.9%
462
62.9%
37.1%
202
8.5%
22.7%
194
9.7%
16.4%
162
8.9%
15.2%
209
10.9%
16.7%
114
8.3%
27.4%
59
8.0%
27.0%
76
3.2%
71
3.5%
59
3.3%
43
2.2%
0
0.0%
0
0.0%
56
10.3%
25
7.6%
12
4.4%
60
18.8%
76
20.2%
46
23.4%
FY 2000
01/30/2000
FY 1999
01/31/1999
375
236
139
38
38
8
93
0
158
110
48
4
4
0
45
0
93
18
75
41.3%
45
0
44
0
0
0
0
0
0
0
0
0
0
0
0
375
57.7%
158
100.0%
236
62.9%
37.1%
110
69.4%
30.6%
38
10.0%
24.9%
4
2.5%
28.1%
0
0.0%
4
2.5%
18
19.4%
0
0.8%

12 Months Ending
FY 2026
FY 2025
NOPLAT
+ Depreciation
+ Amortization
+ Stock Based Compensation
Gross Cash Flow
+ Investment in Operating Working Capital
+ Net Capital Expenditures
+ Increase in Net PPE
+ Depreciation
+ Investment in R&D
+ Investment in Goodwill
+ Investment in Other LT Operating Assets
Gross Investment
4,698
546
3,364
191
5,436
-58
566
20
546
1,477
163
-32
2,117
4,401
508
3,079
187
5,096
-48
527
19
508
1,424
152
-30
2,026
Free Cash Flow

Growth Rate
3,318
7.5%
3,071
17.4%
+ Stock Based Compensation

% Revenue
191
0.213%
187
0.213%
+ Investment in Operating Working Capital

% Revenue
120
0.134%
118
0.134%
+ Deffered Tax Assets

Nonoperating Assets
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
4,073
472
2,802
183
4,729
201
490
18
472
1,387
141
-28
2,192
3,830
439
2,528
180
4,449
-32
456
16
439
1,369
132
-26
1,899
3,622
409
2,254
176
4,207
118
424
15
409
1,371
122
-24
2,011
3,448
380
1,974
172
4,000
80
395
14
380
1,398
114
-22
1,963
3,236
354
1,683
168
3,758
-166
388
34
354
1,453
274
-54
1,895
2,537
-0.5%
2,550
13.9%
2,195
7.2%
2,037
8.6%
1,862
11.9%
183
0.213%
180
0.213%
176
0.213%
172
0.213%
168
0.213%
116
0.134%
113
0.134%
111
0.134%
108
0.134%
106
0.134%
FY 2019
FY 2018
FY 2017
FY 2016
01/30/2016
FY 2015
01/31/2015
FY 2014
02/01/2014
2,542
290
1,462
164
2,995
-159
305
15
290
1,110
123
-24
1,355
2,215
261
1,248
161
2,636
46
278
17
261
1,068
138
-27
1,504
1,912
229
1,052
158
2,300
-156
172
-58
229
980
365
27
1,387
955
124
982
204
1,283
114
76
-48
124
349
0
-44
496
1,107
143
888
158
1,408
-49
344
201
143
472
-25
-101
641
988
164
776
136
1,289
95
132
-32
164
560
2
95
885
1,640
30.9%
1,133
19.5%
912
13.7%
787
2.6%
767
47.3%
404
-37.1%
0
0
0
63
0
63
68
0
68
164
0.213%
161
0.213%
158
0.213%
204
158
0.276%
0.217%
5 Year Average
136
0.191%
0.2%
103
0.134%
101
0.134%
100
0.134%
114
-49
0.219%
-0.095%
5 Year Average
95
0.191%
0.134%
FY 2013
02/02/2013
FY 2012
01/28/2012
FY 2011
01/29/2011
FY 2010
01/30/2010
FY 2009
01/31/2009
FY 2008
02/02/2008
1,009
158
684
137
1,303
174
275
118
158
459
0
-160
749
949
145
607
136
1,231
6
225
80
145
383
271
9
894
541
157
547
100
799
59
-9
-166
157
302
0
-70
282
370
165
456
107
642
-136
6
-159
165
453
0
16
339
444
152
356
163
759
27
199
46
152
499
16
53
794
1,152
111
273
133
1,396
5
-45
-156
111
419
53
-69
362
554
39.1%
337
-53.0%
516
41.4%
303
111.6%
-35
3050.5%
1,034
104
0
104
50
0
50
9
0
9
9
0
9
17
0
17
0
0
0
137
0.186%
136
0.195%
100
0.149%
107
0.164%
163
0.251%
133
0.210%
174
0.345%
6
0.012%
59
0.129%
-136
-0.308%
#REF!
#REF!
5
0.011%
*In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly purchased capital a
sset is a newly purchased capital asset or an investment that improves the useful life of an existing capital asset. If an expense is a cap
apital asset. If an expense is a capital expenditure, it needs to be capitalized. This requires the company to spread the cost of the expen
ny to spread the cost of the expenditure (the fixed cost) over the useful life of the asset. If, however, the expense is one that maintains t
he expense is one that maintains the asset at its current condition, the cost is deducted fully in the year of the expense
ar of the expense
DCF Value
Nonoperating assets
Enterprise Value
Debt & Equivalents
Hybrid Claims
Excess Cash
Equity Value
No. Shares
Fiscal Year
Year
NOPLAT
Net Investment
Free Cash Flow
FCF Present Value
33827
0
33827
3045
204
4,937
35514
539
IV - Price
Cur Price
Value per Share
FY 2026
10
FY 2025
9
FY 2024
8
FY 2023
7
4,698
2,117
3,318
4,401
2,026
3,071
4,073
2,192
2,537
3,830
1,899
2,550
1217
1245
1137
1264
PV CV
22314
PV CF
_= _(+1)/
_= ( _(+1) (1/))/( )
= / _ (1_ )+ / _
(_ )= _+_ [(_ ) _ ]
= (1/)/(_(()))
_(())= (1/)/( ) +
= _(+1)/(
= +
( _1))/((1+))+ (( _2))/ (1+) ^2 +..+ (( _))/

=
6.0%
Date
9/12/2016 Trailing 12M
6/30/2016
27.1498
3/31/2016
26.4902
12/31/2015
25.0047
9/30/2015
27.0166
6/30/2015
28.0453
3/31/2015
27.944
12/31/2014
26.217
9/30/2014
27.6541
6/30/2014
29.2033
3/31/2014
28.6483
12/31/2013
26.9375
9/30/2013
27.9437
6/30/2013
26.6431
3/31/2013
25.8189
12/31/2012
25.4671
9/30/2012
24.7109
6/30/2012
24.8723
3/31/2012
24.7294
12/31/2011
24.4901
9/30/2011
23.1061
6/30/2011
23.8053
3/31/2011
23.3996
12/31/2010
22.8069
9/30/2010
21.2233
6/30/2010
21.2063
3/31/2010
20.4451
12/31/2009
18.511
9/30/2009
16.6866
6/30/2009
16.6588
3/31/2009
14.6473
12/31/2008
11.6908
9/30/2008
10
6/30/2008
16.3115
Earnings per Share

9/12/2016
6/30/2016
3/31/2016
12/31/2015
9/30/2015
6/30/2015
3/31/2015
12/31/2014
9/30/2014
6/30/2014
3/31/2014
12/31/2013
9/30/2013
6/30/2013
3/31/2013
12/31/2012
9/30/2012
6/30/2012
3/31/2012
12/31/2011
9/30/2011
6/30/2011
3/31/2011
12/31/2010
9/30/2010
6/30/2010
3/31/2010
12/31/2009
9/30/2009
6/30/2009
3/31/2009
12/31/2008
9/30/2008
3/31/2008
12/31/2007
9/30/2007
6/30/2007
3/31/2007
12/31/2006
9/30/2006
6/30/2006
3/31/2006
12/31/2005
9/30/2005
6/30/2005
3/31/2005
12/31/2004
9/30/2004
6/30/2004
3/31/2004
12/31/2003
9/30/2003
6/30/2003
3/31/2003
12/31/2002
9/30/2002
6/30/2002
3/31/2002
12/31/2001
9/30/2001
6/30/2001
3/31/2001
12/31/2000
9/30/2000
6/30/2000
3/31/2000
12/31/1999
9/30/1999
6/30/1999
3/31/1999
12/31/1998
9/30/1998
6/30/1998
3/31/1998
12/31/1997
9/30/1997
6/30/1997
3/31/1997
12/31/1996
9/30/1996
6/30/1996
18.0715
17.2464
16.4968
21.6069
23.8187
22.3623
21.0604
21.8931
21.8777
20.8254
19.3507
18.0496
18.4797
17.5507
16.6031
16.0946
16.6742
15.752
14.3125
13.9305
13.4983
12.3309
10.5182
11.8624
12.1003
9.8526
9.3298
10.2268
11.1395
12.2119
13.2504
14.2166
13.9467
13.6093
13.8859
12.7134
12.2329
11.5164
11.4033
10.8299
11.0769
10.6845
11.2341
10.6173
11.0158
10.6491
10.053
9.7792
6/30/2008
3/31/2008
12/31/2007
9/30/2007
6/30/2007
3/31/2007
12/31/2006
9/30/2006
6/30/2006
3/31/2006
12/31/2005
9/30/2005
6/30/2005
3/31/2005
12/31/2004
9/30/2004
6/30/2004
3/31/2004
12/31/2003
9/30/2003
6/30/2003
3/31/2003
12/31/2002
9/30/2002
6/30/2002
3/31/2002
12/31/2001
9/30/2001
6/30/2001
3/31/2001
12/31/2000
9/30/2000
6/30/2000
3/31/2000
12/31/1999
9/30/1999
6/30/1999
3/31/1999
12/31/1998
9/30/1998
6/30/1998
3/31/1998
12/31/1997
9/30/1997
6/30/1997
3/31/1997
12/31/1996
9/30/1996
3/31/1996
12/31/1995
9/30/1995
6/30/1995
3/31/1995
12/31/1994
9/30/1994
6/30/1994
3/31/1994
12/31/1993
9/30/1993
6/30/1993
3/31/1993
12/31/1992
9/30/1992
6/30/1992
3/31/1992
12/31/1991
9/30/1991
6/30/1991
3/31/1991
12/31/1990
9/30/1990
6/30/1990
9.9604
9.1707
7.3996
8.5251
8.9356
9.0249
7.7918
7.3264
7.3839
7.0607
4.4044
5.8694
4.3658
6.3205
3.0752
4.6973
4.7973
5.0253
2.4508
3.7908
4.3513
4.5764
4.4128
5.2989
6.3492
6/30/1996
3/31/1996
12/31/1995
9/30/1995
6/30/1995
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-37.7%
*Current price discount
105.83
65.89
FY 2022
6
FY 2021
5
FY 2020
4
FY 2019
3
FY 2018
2
FY 2017
1
FY 2016
0
3,622
2,011
2,195
3,448
1,963
2,037
3,236
1,895
1,862
2,542
1,355
1,640
2,215
1,504
1,133
1,912
1,387
912
955
496
787
1203
1233
1247
1214
927
825
787
11512
/( )
CV
67258
PV CV
22314
5.0%
RONIC
20.55%
WACC
10.55%
NOPLAT
4,933
WACC
10.55%
ke
10.97%
D**
2950
kd *
4.07%
49140
Tm
12.0%
52090
*Approximately the long term predicted growth
*rf + Spread based on Credit Rating

**Face Value of Debt since Bonds trading near par
E(Ri)
10.97%
1.30
rf
2.57%
*10-Year Treasury Yield
E(Rm)
9.03%
* Expected Market Return aka Market Cost of Eq
_(())=(1/(/))(1/)+
) +
*Expected asset return aka Cost of Equity
*Adjusted Beta - 3 Year Monthly data (minus 0.2
E(Rm)
6.54%
MRP
3.97%
P/E
18.9
ROE
13.1%
2.10%
rf
2.57%
E(Rm)
ERP
S&P 500 Payout Yield
S&P 500 Price
Payout
rf
Earnings CAGR
Year
Expected Payout
1
2
3
4
5
121.50
131.22
141.72
153.06
165.30
(( _))/ (1+) ^ + ( ( _)(1+))/(()(1+)^ )

Intrinsic Value
nings per Share

2.7%
2.5%
1.9%
4.9%
5.7%
6.4%
7.2%
10.6%
11.9%
14.4%
18.2%
22.8%
10.3%
7.4%
8.1%
8.4%
2.9%
0.8%
1.8%
1.9%
1.7%
1.4%
1.8%
1.9%
3.3%
2.0%
1.1%
0.1%
0.7%
-2.6%
-5.8%
-6.9%
3.2%
S&P Earnings growth (5y CAG

50.0%
40.0%
Average of 5 year
30.0%
20.0%
10.0%
0.0%
6/1/1995
6/1/1997
6/1/1999
6/1/2001
6/1/2003
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
1/31/2007
2/28/2007
3/30/2007
4/30/2007
5/31/2007
3.015
2.9926
3.0523
3.0376
3.0153
2
1.9
1.8
1.7
2
1.9
6.0%
6.9%
9.4%
12.7%
14.5%
17.8%
17.7%
16.4%
14.5%
11.3%
7.9%
4.9%
5.8%
5.2%
3.6%
4.8%
6.4%
6.5%
4.6%
5.2%
4.0%
2.9%
-1.3%
2.2%
1.9%
-1.5%
-1.5%
0.9%
2.3%
5.9%
12.4%
10.8%
9.3%
8.6%
12.3%
11.7%
10.6%
10.3%
21.0%
13.0%
20.5%
11.1%
29.6%
17.7%
18.1%
16.2%
32.6%
20.9%
6/29/2007
7/31/2007
8/31/2007
9/28/2007
###
###
###
1/31/2008
2/29/2008
3/31/2008
4/30/2008
5/30/2008
6/30/2008
7/31/2008
8/29/2008
9/30/2008
###
###
###
1/30/2009
2/27/2009
3/31/2009
4/30/2009
5/29/2009
6/30/2009
7/31/2009
8/31/2009
9/30/2009
###
###
###
1/29/2010
2/26/2010
3/31/2010
4/30/2010
5/28/2010
6/30/2010
7/30/2010
8/31/2010
9/30/2010
###
###
###
1/31/2011
2/28/2011
3/31/2011
4/29/2011
5/31/2011
2.7025
2.6115
2.9552
2.9205
2.8642
2.4905
2.4626
2.5604
2.6892
2.7042
2.8543
2.3418
2.3461
2.4669
2.4969
2.3229
1.9164
1.8992
1.9226
1.8349
1.6555
1.666
1.6224
1.5673
1.5682
1.527
1.5325
1.5151
1.4923
1.4828
1.4923
1.5175
1.4934
1.4617
1.4203
1.4398
1.4782
1.4204
1.4032
1.4385
1.4312
1.4286
1.4133
1.4591
1.4432
1.4385
1.4172
1.4165
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1
1/1/2007 11/1/2007 9
18.0%
14.9%
10.9%
10.0%
7.1%
6/30/2011
7/29/2011
8/31/2011
9/30/2011
###
###
###
1/31/2012
2/29/2012
3/30/2012
4/30/2012
5/31/2012
6/29/2012
7/31/2012
8/31/2012
9/28/2012
###
###
###
1/31/2013
2/28/2013
3/28/2013
4/30/2013
5/31/2013
6/28/2013
7/31/2013
8/30/2013
9/30/2013
###
###
###
1/31/2014
2/28/2014
3/31/2014
4/30/2014
5/30/2014
6/30/2014
7/31/2014
8/29/2014
9/30/2014
###
###
###
1/30/2015
2/27/2015
3/31/2015
4/30/2015
5/29/2015
1.432
1.4424
1.4079
1.3809
1.3841
1.3812
1.3891
1.3873
1.3837
1.3822
1.376
1.3647
1.3854
1.4024
1.3984
1.3899
1.3971
1.3916
1.3954
1.3401
1.33
1.323
1.3306
1.287
1.2876
1.2568
1.2317
1.2325
1.2548
1.2337
1.2333
1.447
1.4417
1.4435
1.4336
1.4945
1.4923
1.4863
1.4858
1.4932
1.4555
1.4598
1.4419
1.3927
1.4237
1.4274
1.431
1.3258
6/30/2015
7/31/2015
8/31/2015
9/30/2015
###
###
###
1/29/2016
2/29/2016
3/31/2016
4/29/2016
5/31/2016
6/30/2016
7/29/2016
8/31/2016
9/30/2016
###
###
###
1.3447
1.5153
1.3426
1.2015
1.2487
1.238
1.2032
1.1581
1.1714
1.1835
1.176
1.1986
1.152
1.157
1.1604
1.1566
1.1021
1.1832
1.1918
Comments
Comments
term predicted growth rate of US economy
Comments
Comments
ka Cost of Equity
Monthly data (minus 0.2 for qualitative risk adjustment)
n aka Market Cost of Equity
Comments
* Expected Market Return aka Market Cost of Equity

*Equity Risk Premium
*T12M Average P/E
*IMF Projection
Comments
9.03%
* Expected Market Return aka Market Cost of Equity
6.46%
*Equity Risk Premium
5.00%
2250
112.50
2.57%
8.00%
Expected Payout
TV
Present Value
121.50
131.22
141.72
153.06
165.30
+)^ )
2624.34
111.44
110.38
109.34
108.31
1810.53
2250
ngs growth (5y CAGR) - What is a reasonable 5y projection?
Average of 5 year CAGRs is 6.0% in period
01
6/1/2003
6/1/2005
6/1/2007
6/1/2009
BETA
2
1.9
1.8
1.7
6/1/2011
6/1/2013
6/1/201
BETA
2
1.9
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1
1/1/2007 11/1/2007 9/1/2008
7/1/2009
5/1/2010
3/1/2011
1/1/2012 11/1/2012 9/1/2013
7/1/2014
5/1/2015
3/1
Comments
Comments
Comments
Comments
Comments
Comments
6/1/2013
6/1/2015
7/1/2014
5/1/2015
3/1/2016
Nvidia Return on Invested Capital - Histor

40%
35%
30%
25%
20%
15%
10%
5%
0%
27 FY
26 FY
25 FY
24 FY
23 FY
22 FY
21 FY
20 FY
19 FY
18 FY
17 FY
16 FY
15 FY
14 FY
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
55.5%
48.4%
51.2%
29.1%
21.3%
20.4%
24.9%
30.8%
37.7%
12.2%
9.8%
12.9%
19.9%
19.0%
140
131
497
674
1105
1381
1601
2273
2618
3499
3754
3818
4552
4985
136
314
586
889
1243
1491
1937
2446
3058
3627
3786
4185
4768
5301
75
152
300
259
265
304
483
754
1152
444
370
541
949
1009
13 FY
12 FY
11 FY
10 FY
9 FY
8 FY
7 FY
6 FY
5 FY
4 FY
3 FY
2 FY
1 FY
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
16.8%
17.8%
17.8%
13.3%
22.1%
22.2%
21.9%
24.1%
23.1%
21.4%
20.1%
19.3%
18.9%
19.0%
5616
6137
6304
8008
9323
10655
12600
14203
15636
16997
18310
19596
20872
5877
6221
7156
8665
9989
11627
13401
14920
16317
17653
18953
20234
20872
988
1107
955
1912
2215
2542
3236
3448
3486
3556
3658
3829
3966
d Capital - Historical & Projected

Nvda DCF Model

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Nvda DCF Model

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Used consensus estimates for revenues and margin trends and c

Used market implied cost of equity and Adjusted Beta to ca

Nvidia (NVDA US) Valuation Snapshot

Value Per Share

* All figures in millions except highlighted in blue

cash flows and return on invested capital.

Free Cash Flow

Sensitivity Analysis (Next 10 Years)

Average Revenue Growth

Weighted Average Cost of Capital

NVIDIA Corp (NVDA US) - As Reported

Stock-Based Compensation Attrib to R&D

NVIDIA Corp (NVDA US) - Standardized

In Millions of USD except Per Share

+ Payables & Accruals

+ Property, Plant & Equip

+ Other Intangible Assets

+ Other Operating LT Liabilities

Invested Capital (Ex. Goodwill)

Invested Capital (Inc. Goodwill)

Total Operating Current Assets

Total Operating Current Liabilities

Operating Working Capital

Other LT Assets, Net LT Liabilities

Total Other LT Assets

Total Other LT Liabilities

In Millions of USD except Per Share

Total Funds Inv

Total Funds Invested Reconciliation

NVIDIA Corp (NVDA US) - Adjusted

Income (Loss) Incl. MI

Net Income Avail to Common, Adj

Basic Weighted Avg Shares

Diluted Weighted Avg Shares

In Millions of USD except Per Share

SG&A Expenses (adjusted)

Operating Cash Taxes

In Millions of USD except Per Share

Free Cash Flow

+ Stock Based Compensation

+ Investment in Operating Working Capital

+ Deffered Tax Assets

( _1))/((1+))+ (( _2))/ (1+) ^2 +..+ (( _))/

Earnings per Share

*Current price discount

*Approximately the long term predicted growth

*rf + Spread based on Credit Rating

*10-Year Treasury Yield

* Expected Market Return aka Market Cost of Eq

*Expected asset return aka Cost of Equity

*Adjusted Beta - 3 Year Monthly data (minus 0.2

(( _))/ (1+) ^ + ( ( _)(1+))/(()(1+)^ )

nings per Share

S&P Earnings growth (5y CAG

term predicted growth rate of US economy

Monthly data (minus 0.2 for qualitative risk adjustment)

n aka Market Cost of Equity

* Expected Market Return aka Market Cost of Equity

* Expected Market Return aka Market Cost of Equity

*Equity Risk Premium

*10-Year Treasury Yield

ngs growth (5y CAGR) - What is a reasonable 5y projection?

Average of 5 year CAGRs is 6.0% in period