Question 1

What is NVIDIA's P/FCF ratio?

Accepted Answer

NVIDIA (NVDA) P/FCF ratio is 43.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for NVIDIA?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For NVIDIA specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is NVIDIA's P/FCF ratio high or low?

Accepted Answer

NVIDIA's P/FCF ratio of 43.4× is below its own 5-year average of 70.3× and above the sector median of 21.8×. That places the current reading at the 4th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is NVIDIA's historical P/FCF ratio range?

Accepted Answer

In the available daily series, NVIDIA (NVDA) P/FCF ratio has ranged from a low of 7.6× in 2003 to a high of 299.3× in 2009. The 5-year average is 70.3× and the 5-year median is 60.6×.

Question 7

What was NVIDIA's P/FCF ratio in 2026?

Accepted Answer

NVIDIA (NVDA) P/FCF ratio at the end of 2026 was 46.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does NVIDIA's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2026	$4.53T	$96.7B	46.9×	-0.8×	Jan 25, 2026
2025	$2.9T	$60.9B	47.7×	-9.4×	Jan 26, 2025
2024	$1.54T	$27B	57.0×	-67.0×	Jan 28, 2024
2023	$472B	$3.81B	124.0×	+48.6×	Jan 29, 2023
2022	$613B	$8.13B	75.4×	+5.6×	Jan 30, 2022
2021	$328B	$4.69B	69.8×	+35.4×	Jan 31, 2021
2020	$147B	$4.27B	34.4×	+7.7×	Jan 26, 2020
2019	$84B	$3.14B	26.7×	-24.7×	Jan 27, 2019
2018	$150B	$2.91B	51.4×	+10.8×	Jan 28, 2018
2017	$60.8B	$1.5B	40.7×	+26.2×	Jan 29, 2017
2016	$15.8B	$1.09B	14.5×	+0.2×	Jan 31, 2016
2015	$11.2B	$784M	14.3×	-0.8×	Jan 25, 2015
2014	$8.79B	$580M	15.2×	+3.0×	Jan 26, 2014
2013	$7.82B	$641M	12.2×	+0.5×	Jan 27, 2013
2012	$9.05B	$770M	11.7×	-12.4×	Jan 29, 2012
2011	$14B	$578M	24.1×	+1.6×	Jan 30, 2011
2010	$9.25B	$410M	22.5×	—	Jan 31, 2010
2009	$4.28B	-$158M	—	—	Jan 25, 2009
2008	$13.6B	$1.08B	12.6×	-13.4×	Jan 31, 2008
2007	$11.5B	$442M	26.0×	+4.9×	Jan 28, 2007
2006	$7.76B	$367M	21.1×	-37.4×	Jan 29, 2006
2005	$3.8B	$64.9M	58.6×	—	Jan 30, 2005
2004	$3.88B	-$77.9M	—	—	Jan 25, 2004
2003	$1.54B	$202M	7.6×	—	Jan 26, 2003


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for NVIDIA (NVDA) 2003-2026

P/FCF Ratio daily chart for NVIDIA (NVDA)

Historical P/FCF Ratio for NVIDIA (NVDA) from 2003 to 2026

About P/FCF Ratio at NVIDIA (NVDA)

NVIDIA P/FCF Ratio by Year

NVIDIA P/FCF Ratio 2026: 46.9×

NVIDIA P/FCF Ratio 2025: 47.7×

NVIDIA P/FCF Ratio 2024: 57.0×

NVIDIA P/FCF Ratio 2023: 124.0×

NVIDIA P/FCF Ratio 2022: 75.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

NVIDIA (NVDA) Key Financials