Nvidia
NVDA on Nasdaq. NVIDIA sells chips and software to companies building AI systems. Market value $5260.8bn.
Not on tonight’s list. It failed one of the two tests; the numbers are below.
We could not compute this from the filings.
You pay 40.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 51 cents a year. Above 10 is good.
Five years of cash, in billions
| Revenue | $26.9bn | $27.0bn | $60.9bn | $130.5bn | $215.9bn |
| Operating margin | 37.3% | 15.7% | 54.1% | 62.4% | 60.4% |
| Debt to equity | 0.41 | 0.44 | 0.20 | 0.11 | 0.05 |
| Shares outstanding | 2.51bn | 2.47bn | 2.50bn | 24.40bn | 24.30bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)No
- Debt0.05× equity
- Revenue growth, five yearsStrong, 68.3% a year
- Buying back its own sharesNo, 868% more shares since 2022
Dates
Funds that own it
| Manager | Value | Change |
|---|---|---|
| TIGER GLOBAL MANAGEMENT LLC | $2.1bn | Cut 6% |
| GMO Asset Management | $935m | Added 13× |
| Gotham Asset Management | $804m | Cut 3% |
| Polen Capital | $796m | Cut 3% |
| Bridgewater Associates | $774m | Cut 18% |
| Egerton Capital | $684m | Added 28% |
| Appaloosa LP | $305m | Added 4% |
| Jensen Investment Management | $240m | Cut 27% |
| Aristotle Atlantic Partners | $228m | Cut 6% |
| Scion Asset Management | $187m | New position |
| GAMCO Investors | $70m | Added 5% |
| Davis Selected Advisers | $31m | Added 36% |
| Harris Associates | $2m | Held |
| Dodge & Cox | $680,306 | Held |
| Weitz Investment Management | $0 | Exited |
| Third Point | $0 | Exited |
From 13F filings for the quarter ending 31 December 2025. These are reported 45 days late and only show long positions.
Insiders
We do not track insider filings for this company yet.
What could go wrong
Cheap for a reason is the question the numbers cannot answer. Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Not advice. Numbers on this page come from SEC filings and are updated each night; the five-year figures are rounded.