NVIDIA’s 90/100 Vestorvia Financial Score is supported by very high revenue and profit growth, strong margins, substantial free cash flow and a net-cash position. Revenue concentration in Data Center and a limited number of customers, export controls and rapid product transitions are the main areas that the financial score does not capture on its own.
What does NVIDIA do?
As of the review date, NVIDIA is more than a graphics-processor supplier. It operates as a platform company providing data-centre-scale accelerated-computing infrastructure. Its GPUs work with CPUs, networking, switches, data-processing units and the CUDA software ecosystem. Data Center, Gaming, Professional Visualization and Automotive are its core markets. Paid NVIDIA AI Enterprise and vGPU licences add a software and services layer to the hardware platform.
This current description must be separated from the FY 2026 financial statements. In the first quarter of FY 2027, NVIDIA said it would move to two reporting platforms, Data Center and Edge Computing, and reported quarterly revenue of $81.6 billion. That later interim information describes the company’s current scale; the 90 score below is calculated only from completed FY 2026 annual data.
How is the revenue model distributed?
NVIDIA generated $215.9 billion of FY 2026 revenue, 65% more than the prior year. Data Center contributed $193.7 billion, approximately 89.7% of the total. Within it, compute produced $162.4 billion and networking $31.4 billion. Gaming generated $16.0 billion, Professional Visualization $3.2 billion, Automotive $2.3 billion, and OEM and Other $619 million.
The mix shows two things at once. Demand for AI and accelerated computing expanded NVIDIA’s revenue base rapidly, but the company’s economic outcome also became increasingly dependent on one major market. In addition, one direct customer represented 22% of FY 2026 revenue and another represented 14%. The filing does not name them, so this article does not speculate about their identities.
Why is the Vestorvia Financial Score 90?
Growth 100/100: Across Vestorvia’s five-year measurement window, revenue increased at an annualised rate of about 68% and net income about 87%. The 65% FY 2026 revenue increase continued that trend. A score of 100 does not mean that the rate will continue; it only means the historical growth and consistency measures reached the model’s upper thresholds.
Profitability 100/100: Gross profit was $153.5 billion and gross margin 71.1%. Operating income was $130.4 billion, producing a 60.4% operating margin. Margin is the portion of sales remaining after the relevant costs and expenses. FY 2026 gross margin declined from 75.0% in the prior year, and the filing says a $4.5 billion H20-related charge affected the period.
Cash flow 80/100: Operating cash flow was $102.7 billion and purchases related to property, equipment and intangible assets were $6.0 billion. Under Vestorvia’s method, free cash flow was approximately $96.7 billion, or 44.8% of revenue. It represented approximately 80.5% of $120.1 billion of net income. Cash generation was very high, but not all accounting profit converted to free cash during the same period, which keeps the category below 100.
Balance sheet 98/100: Current assets were $125.6 billion and current liabilities $32.2 billion, producing a current ratio of about 3.91. Cash and cash equivalents were $10.6 billion and marketable securities $52.0 billion. Short- and long-term debt totalled approximately $8.5 billion. The measured period therefore shows strong liquidity and interest-paying capacity.
Shareholder policy 75/100: NVIDIA used $40.1 billion for share repurchases and $974 million for dividends. Together they equalled about 42.5% of calculated free cash flow. Year-end shares declined from 24.48 billion to 24.30 billion, while stock-based compensation was $6.4 billion, about 3% of revenue. The score recognises cash-supported distributions while separately accounting for the cost of equity compensation to existing shareholders.
Strengths and areas to monitor
- Revenue, net income and operating income all increased strongly in the annual period.
- A 71.1% gross margin and 60.4% operating margin indicate high operating profitability.
- Approximately $96.7 billion of free cash flow provides a wide buffer against debt and short-term liabilities.
- The Data Center business combines compute and networking through a shared software ecosystem.
- Data Center represents approximately 89.7% of total revenue.
- Two direct customers account for 36% of total revenue.
- Export controls affect access to China’s data-centre market and product planning.
- Rapid architecture transitions increase inventory, purchase-commitment and supply-planning risk.
How should the competitive position be read?
NVIDIA’s 10-K lists AMD, Huawei and Intel among accelerated-computing competitors; Alphabet, Amazon, Microsoft, Alibaba and Baidu among cloud companies developing internal AI hardware; and AMD, Arista, Broadcom, Cisco, HPE, Huawei, Intel and Marvell among networking competitors. This shows that competition is not limited to GPU performance: processors, networking, software and cloud infrastructure must be considered together.
This article does not publish a numerical peer ranking without verified competitor figures prepared for the same fiscal period under the same accounting definitions. Within NVIDIA’s own results, the clearest distinction is that Compute & Networking produced $193.5 billion of revenue and $130.1 billion of segment operating income. Competitive risks include customers developing internal accelerators, alternative networking systems and export restrictions.
What strategic direction has the company disclosed?
NVIDIA spent $18.5 billion on research and development in FY 2026, equal to 8.6% of revenue. The company attributes the increase to employee costs and compute and infrastructure spending. Its 10-K says Blackwell Ultra scaled during FY 2026 and that Rubin production shipments are planned for the second half of FY 2027. In physical AI, NVIDIA describes an end-to-end platform stretching from data-centre infrastructure to robotics and automotive software.
These are the company’s disclosed investment and product road maps, not predictions about commercial outcomes or the share price. Future reviews should consider Data Center concentration, the new reporting structure, gross margin, export rules, customer concentration, inventory and purchase commitments together.
This analysis evaluates NVIDIA’s financial health using SEC data; it does not contain a prediction of future share-price movements or an investment recommendation. To review all 15 NVIDIA financial measures, visit the Vestorvia analysis page.
Frequently asked questions
What is NVIDIA’s largest revenue source?
Data Center generated $193.7 billion in FY 2026 and represented approximately 89.7% of total revenue.
How was NVIDIA free cash flow calculated?
Vestorvia subtracted $6.0 billion of purchases related to property, equipment and intangible assets from $102.7 billion of operating cash flow, producing approximately $96.7 billion.
Does NVIDIA’s 100 growth score mean it is risk-free?
No. It means historical data reached the upper growth thresholds in Vestorvia’s model. It does not remove customer concentration, export-control, demand or execution risks.
Where the figures come from
- NVIDIA Corporation 2026 Form 10-K, SEC — fiscal year ended 25 January 2026; the primary source for the annual score and financial figures.
- NVIDIA FY 2027 first-quarter results — quarter ended 26 April 2026; used only for current company context.
- Free cash flow is calculated by Vestorvia as operating cash flow less purchases related to property, equipment and intangible assets. Category scores show the weighted results of the 15 measures within their five respective groups on a 100-point scale.
- A category score of 100 does not mean risk-free or flawless; it only means the measured thresholds in the Vestorvia model reached their upper bound for that period.