NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds. Its Compute & Networking segment provides Data Center platforms and systems for AI, HPC, and accelerated computing; Mellanox networking and interconnect solutions; automotive AI Cockpit, autonomous driving development agreements, and autonomous vehicle solutions; cryptocurrency mining processors; Jetson for robotics and other embedded platforms; and NVIDIA AI Enterprise and other software. The company's products are used in gaming, professional visualization, datacenter, and automotive markets. NVIDIA Corporation sells its products to original equipment manufacturers, original device manufacturers, system builders, add-in board manufacturers, retailers/distributors, independent software vendors, Internet and cloud service providers, automotive manufacturers and tier-1 automotive suppliers, mapping companies, start-ups, and other ecosystem participants. It has a strategic collaboration with Kroger Co. NVIDIA Corporation was incorporated in 1993 and is headquartered in Santa Clara, California.

BUILD UP FREE CASH	2023-01-29 (A)	2024-01-28 (A)	2025-01-26 (A)	2026-01-31 (E)	2027-01-31 (E)	2028-01-31 (E)	2029-01-31 (E)	2030-01-31 (E)
Revenue	26,974	60,922	130,497	213,131.5	315,470.5	403,831	403,831	403,831
Revenue % Chg.	0.2%	125.9%	114.2%
EBIT	5,577	32,972	81,453	134,641.7	208,268.4	268,150.7	268,150.7	268,150.7
EBIT Margin	20.7%	54.1%	62.4%
Tax Rate	-4.5%	12%	13.3%
NOPAT	5,826.4	29,015.5	70,648.3	112,117.2	172,932.2	222,612.4	222,612.4	222,612.4
NOPAT Margin	21.6%	47.6%	54.1%	52.6%	54.8%	55.1%	55.1%	55.1%
D&A	1,544	1,508	1,864	2,482.2	3,291.6	3,636	3,636	3,636
D&A / Revenue	5.7%	2.5%	1.4%
Capex	-1,833	-1,069	-3,236	-6,018	-7,350.3	-8,088.3	-8,088.3	-8,088.3
Capex / Revenue	-6.8%	-1.8%	-2.5%
Chg. NWC	-2,207	-3,722	-9,383	-15,261.4	-22,589.4	-28,916.5	-28,916.5	-28,916.5
Chg. NWC / Revenue	-8.2%	-6.1%	-7.2%
Unlevered FCF (UFCF)	3,330.4	25,732.5	59,893.3	93,320.1	146,284.1	189,243.6	189,243.6	189,243.6
UFCF % Chg.	-50.2%	672.6%	132.8%	55.8%	56.8%	29.4%	0%	—
PV of UFCF	—	—	—	85,847.8	123,795.4	147,327	135,530.2	124,678
Sum of PV of UFCF	—	—	—	85,847.8	209,643.1	356,970.2	492,500.4	617,178.4

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	10,270
Market Cap	4,252,811
Total Capital	4,263,081
Debt Weighting	0.2%
Equity Weighting	99.8%
WACC	8.7%

Exit Multiple EV/FCF
Terminal Value	4,203,025
PV of Terminal Value	2,547,324.9
Cumulative PV of UFCF	617,178.4
Net Debt	-49,786
Equity Value	3,214,289.4
Shares Outstanding	24,299
Implied Share Price	132.3
Current Share Price	175
Implied Upside / (Downside)	-24.4%