NVIDIA NTM nGAAP P/E valuation

NVIDIA Corporation (NVDA)
By@grokius
Assumptions as of 2026-08-26
USD
Updated Aug 26, 2026
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NVIDIA NTM nGAAP P/E valuation

Pre-print NTM nGAAP (SBC-in) P/E for NVIDIA on Q2 FY27 company guide. Q2 print is after the close on 26 Aug 2026; this model builds Q2 nGAAP EPS from the guided P&L (revenue $91.0B ±2%, nGAAP GM 75.0%, nGAAP opex $8.3B, tax 16-18%) and scales the 4x run-rate by an explicit NTM sequential overlay. nGAAP includes SBC beginning Q1 FY27 and excludes $15.936B of Q1 equity-security gains that sit in GAAP EPS $2.39. PORTS-Pike RVGs ($105B cap, RFS 2028) are a contingent P/E haircut defaulting to zero, not an NTM EPS cut. June 2026 notes are $25.0B by 8-K tranche sum and are treated as NTM EPS-neutral. Not an FCF-yield, EV/EBITDA, P/TBV, or FY27-EPS clone: NVIDIA is a mega-cap compounder priced on forward nGAAP earnings, and Q2-run-rate annualization without a sequential overlay understates NTM if growth continues.

as of 2026-08-26

Fair value per share
$228.72
Upside/downside
1.0%
NTM nGAAP EPS
$8.80
Q2 nGAAP EPS (guided)
$2.06
Applied NTM P/E
26.0
NTM nGAAP net income
$214.6k
NTM nGAAP EBITDA
$261.3k
NTM free cash flow
$193.1k
Implied equity value
$5.6M

Capitalization

24,391.00M shares

Market

226.44$/share
Latest NVDA quote · updated Aug 27, 2026 9:03 AM MDT

Q2 P&L

75.0%
8.30$B
0.45$B
91.00$B
17.0%

Valuation

1.07
0.00x
26.00x

Sources

  1. Q1 FY27 (ended 26 Apr 2026): revenue $81.615B (+20% q/q, +85% y/y), Data Center $75.2B, GAAP/nGAAP GM 74.9%/75.0%, GAAP EPS $2.39 vs nGAAP EPS $1.87 on 24,391M diluted shares; nGAAP NI $45.548B. nGAAP includes SBC beginning Q1 FY27. GAAP other income includes $15.936B equity-security gains. Q2 FY27 guide: revenue $91.0B ±2% with zero China Data Center compute, GAAP/nGAAP GM 74.9%/75.0% ±50bp, GAAP/nGAAP opex ~$8.5B/$8.3B. FY27 tax 16-18%. — sec.gov (accessed 2026-08-26)
  2. Q1 nGAAP other income $457M; nGAAP tax 16.0%; cash + marketable debt securities $50.3B; FCF $48.554B; $20.0B returned to shareholders in Q1; substantial Q2 cash-tax step-up flagged. No China DC Hopper shipments in Q1 vs $4.6B a year ago. Hyperscale ~50% of Data Center. — sec.gov (accessed 2026-08-26)
  3. Q1 FY27 10-Q: diluted weighted-average shares 24,391 million; cash $13.237B, marketable debt securities $37.098B, ST debt $1.000B, LT debt $7.470B at 26 Apr 2026. Board approved additional $80.0B repurchase authorization on 18 May 2026 and raised the quarterly dividend to $0.25. — sec.gov (accessed 2026-08-26)
  4. June 2026 notes offering completed: $3.5B 4.250% 2028 + $3.5B 4.350% 2029 + $4.0B 4.500% 2031 + $3.5B 4.750% 2033 + $4.0B 4.950% 2036 + $3.0B 5.550% 2046 + $3.5B 5.625% 2056 = $25.0B aggregate principal (Modeledge 8-K title says $21B; tranche math is $25.0B). — sec.gov (accessed 2026-08-26)
  5. 17 Aug 2026 8-K: residual value guaranties on ~4.25 GW IT load at PORTS-Pike (option ~3.8 GW more); NVIDIA aggregate payment obligation cumulatively capped at $105B for the initial commitment; ready-for-service expected beginning 2028; OpenAI is tenant; NVIDIA pays on OpenAI insolvency or payment default; OpenAI reimburses/indemnifies NVIDIA. — sec.gov (accessed 2026-08-26)
  6. Q2 FY27 print scheduled after the close 26 Aug 2026. Street Q2 EPS consensus ~$2.07 vs company-guided nGAAP build ~$2.05; FY27 consensus revenue ~$391.3B and EPS ~$9.34. — financecalendar.com (accessed 2026-08-26)
  7. Street 12-month price targets clustered around $305 (Investing.com ~$304.73 from 59 analysts; StockAnalysis $305.79 from 61). Recent maintains include KeyBanc $330, Cantor $350, Rosenblatt $325 (24 Aug 2026). — investing.com (accessed 2026-08-26)
  8. Company Q1 FY27 newsroom release confirming $81.6B revenue, $1.87 nGAAP EPS, $80B incremental buyback authorization, $0.25 dividend, and Q2 $91.0B guide. — nvidianews.nvidia.com (accessed 2026-08-26)

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