NVIDIA forward normalized EPS valuation

Sources

1. September 28 Modeledge reference NVDA stock price $228.86, retrieved 2026-09-28T16:46:39.061178-06:00; a post-session reference snapshot, not an asserted official close. Operating assumptions are unchanged except separately documented updates. (accessed 2026-09-28)
2. September 28 primary release authorizes an additional $150B of repurchases, leaving $235B planned through FY2028. Authorization is not executed repurchase or a quantified EPS revision. Preserve live $9.69 forward nGAAP EPS including SBC, 28x and zero base PORTS-Pike haircut ($271.32 value); older $8.25/$231 curated references are superseded. — globenewswire.com (accessed 2026-09-28)
3. September 10 Modeledge reference share price $218.4; market price alone is not used to revise operating forecasts. (accessed 2026-09-10)
4. September 10 Goldman conference reiterated management confidence in 70% next-year growth and discussed supply constraints, neocloud financing and an Australian 2GW opportunity. These are management outlook/context, not new NTM EPS guidance or recognized sales. Preserve the current Q3-run-rate $9.69 EPS, 28x P/E and zero base PORTS-Pike haircut; historical context still describes an obsolete $8.25 anchor. — modeledge.ai (accessed 2026-09-10)
5. Q2 FY27 revenue was $96.221B and non-GAAP EPS was $2.22 on 24.285B diluted shares. Q3 FY27 guidance is $108B revenue, 74% non-GAAP gross margin, about $9B non-GAAP operating expense, and a 16%-18% tax rate, assuming no China Data Center compute revenue. — sec.gov (accessed 2026-08-26)
6. Q1 FY27 revenue $81.615B (vs Q4 guide $78.0B ±2%), 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. Q2 FY27 guide $91.0B ±2%, GAAP/nGAAP GM 74.9%/75.0% ±50bp, nGAAP opex ~$8.3B, zero China Data Center compute. nGAAP includes SBC beginning Q1 FY27. GAAP other income includes $15.936B equity-security gains. — sec.gov (accessed 2026-08-25)
7. Q4 FY26 outlook for Q1 FY27 revenue was $78.0B ±2% with zero China Data Center compute, providing the beat comparison for Q1 actual $81.615B. — sec.gov (accessed 2026-08-25)
8. Q1 FY27 10-Q: diluted weighted-average shares 24,391 million; common shares outstanding 24,221 million at April 26, 2026 and 24.2 billion at May 15, 2026. — sec.gov (accessed 2026-08-25)
9. June 18, 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 2026-08-25)
10. Aug 17, 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. Form of agreements to be filed with the Q2 FY27 10-Q. — sec.gov (accessed 2026-08-25)
11. Aug 17, 2026 press release: NVIDIA invests $1.5B in SB Energy now; exclusive AI compute at PORTS-Pike; OpenAI customer for 8 IT-GW; campus online in phases beginning 2028. — sec.gov (accessed 2026-08-25)
12. Jul 2, 2026 8-K: Nicholas Parker appointed EVP Worldwide Field Operations, employment anticipated to commence August 24, 2026; Ajay Puri retiring from the role and remaining as senior advisor. — sec.gov (accessed 2026-08-25)