NVDANVIDIA CORP

Semiconductors & Related Devices

Revenue: $215.9B; 65% YoY
Operating margin: 60.4%; 3.3% YoY
EBITDA: $133.2B; 60% YoY
Market cap: $5.0T
Employees: 42,000; $5M revenue each
Net debt / EBITDA: 0.1×; $10.9B net debt
AI in 10-K: 27.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$34M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
86% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
40% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$5M · 96th pct
Bottom quartile of its SIC industry
Quiet on AINo
27.7 per 10K words · 100th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.0T market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.9B net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$26.9B	$27.0B	$60.9B	$130.5B	$215.9B	65%
Operating income	$10.0B	$4.2B	$33.0B	$81.5B	$130.4B	60%
Net income	$9.8B	$4.4B	$29.8B	$72.9B	$120.1B	65%
Operating cash flow	$9.1B	$5.6B	$28.1B	$64.1B	$102.7B	60%
Capex	$976M	$1.8B	$1.1B	$3.2B	$6.0B	87%
Stock-based comp	$2.0B	$2.7B	$3.5B	$4.7B	$6.4B	35%
Buybacks	$0	$10.0B	$9.5B	$33.7B	$40.1B	19%
Dividends	$399M	$398M	$395M	$834M	$974M	17%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1.9B · 187
Net: −$1.9B

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$36M	$162M	1446	198
FY2025	$50M	$344M	1101	168
FY2024	$34M	$234M	471	135
FY2023	$21M	−$4M	157	94
FY2022	$24M	$106M	176	112