NVIDIA
NVIDIA returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2027 Q2 | Jul 26, 2026 | 98.48% | 100.36% | 58.27% | 117.21% | 83.68% | 87.9 pp |
| FY 2027 Q1 | Apr 26, 2026 | 102.12% | 103.27% | 54.65% | 114.29% | 82.97% | 91.5 pp |
| FY 2026 Q4 | Jan 25, 2026 | 94.45% | 97.23% | 52.7% | 101.49% | 75.42% | 83.9 pp |
| FY 2026 Q3 | Oct 26, 2025 | 103.74% | 102.63% | 64.21% | 107.36% | 77.15% | 93.1 pp |
| FY 2026 Q2 | Jul 27, 2025 | 106.55% | 102.25% | 79.45% | 109.42% | 76.65% | 95.9 pp |
| FY 2026 Q1 | Apr 27, 2025 | 116.3% | 107.35% | 128% | 115.46% | 75.89% | 105.7 pp |
| FY 2025 Q4 | Jan 26, 2025 | 113.39% | 109.59% | 123.2% | 119.18% | 82.2% | 102.8 pp |
| FY 2025 Q3 | Oct 27, 2024 | 119.66% | 114.04% | 154.33% | 127.21% | 84.01% | 109.1 pp |
| FY 2025 Q2 | Jul 28, 2024 | 115.5% | 107.86% | 156.29% | 123.77% | 78.66% | 104.9 pp |
| FY 2025 Q1 | Apr 28, 2024 | 101.88% | 96.4% | — | 115.66% | 70.1% | 91.3 pp |
| FY 2024 Q4 | Jan 28, 2024 | 77.3% | 73.5% | — | 91.46% | 55.67% | 66.7 pp |
| FY 2024 Q3 | Oct 29, 2023 | 55.38% | 52.4% | — | 69.17% | 39.92% | 44.8 pp |
| FY 2024 Q2 | Jul 30, 2023 | 31.8% | 28.74% | — | 40.21% | 22.2% | 21.2 pp |
| FY 2024 Q1 | Apr 30, 2023 | — | 11.7% | — | 18.86% | 10.69% | — |
| FY 2023 Q4 | Jan 29, 2023 | — | 11.34% | — | 17.93% | 10.23% | — |
| FY 2023 Q3 | Oct 30, 2022 | — | 16.81% | — | 26.39% | 14.69% | — |
| FY 2023 Q2 | Jul 31, 2022 | 26.89% | 22.85% | 19.38% | 34.41% | 18.85% | 16.3 pp |
| FY 2023 Q1 | May 1, 2022 | 33.38% | 29.96% | 50.3% | 41.95% | 24.89% | 22.8 pp |
| FY 2022 Q4 | Jan 30, 2022 | 33.63% | 31.03% | 42.98% | 44.83% | 26.73% | 23 pp |
| FY 2022 Q3 | Oct 31, 2021 | 30.8% | 28.48% | 32.46% | 41.95% | 24.31% | 20.2 pp |
| FY 2022 Q2 | Aug 1, 2021 | 31.63% | 25.64% | 38.1% | 40.38% | 22.18% | 21 pp |
| FY 2022 Q1 | May 2, 2021 | 36.61% | 22.9% | 10.59% | 33.43% | 19.71% | 26 pp |
| FY 2021 Q4 | Jan 31, 2021 | 33.85% | 22.44% | 9% | 29.78% | 18.79% | 23.3 pp |
| FY 2021 Q3 | Oct 25, 2020 | 33.09% | 21.39% | — | 28.82% | 17.92% | 22.5 pp |
| FY 2021 Q2 | Jul 26, 2020 | 29.53% | 19.56% | — | 27.94% | 16.96% | 18.9 pp |
| FY 2021 Q1 | Apr 26, 2020 | 47.87% | 20.26% | — | 29.1% | 17.8% | 37.3 pp |
| FY 2020 Q4 | Jan 26, 2020 | 38.7% | 20.7% | — | 25.95% | 18.27% | 28.1 pp |
| FY 2020 Q3 | Oct 27, 2019 | — | 16.3% | — | 23.32% | 16.37% | — |
| FY 2020 Q2 | Jul 28, 2019 | — | 18.34% | — | 28.68% | 19.84% | — |
| FY 2020 Q1 | Apr 28, 2019 | — | 24.72% | — | 37.79% | 25.84% | — |
| FY 2019 Q4 | Jan 27, 2019 | — | 34.5% | — | 49.26% | 33.76% | — |
| FY 2019 Q3 | Oct 28, 2018 | — | 43.96% | — | 59.3% | 39.96% | — |
| FY 2019 Q2 | Jul 29, 2018 | 53.11% | 44.67% | 47.1% | 58.25% | 38.6% | 42.5 pp |
| FY 2019 Q1 | Apr 29, 2018 | 50% | 42.07% | 62.99% | 54.63% | 36.25% | 39.4 pp |
| FY 2018 Q4 | Jan 28, 2018 | 53.54% | 35.39% | — | 46.05% | 28.91% | 42.9 pp |
| FY 2018 Q3 | Oct 29, 2017 | 47.86% | 35.06% | 824.04% | 44.24% | 26.57% | 37.3 pp |
| FY 2018 Q2 | Jul 30, 2017 | — | 38.95% | — | 43.76% | 27.12% | — |
| FY 2018 Q1 | Apr 30, 2017 | — | 34.09% | — | 37.9% | 23.7% | — |
| FY 2017 Q4 | Jan 29, 2017 | 30.03% | 29.59% | 154.99% | 32.57% | 19.36% | 19.4 pp |
| FY 2017 Q3 | Oct 30, 2016 | 22.58% | 20.92% | — | 24.48% | 14.27% | 12 pp |
| FY 2017 Q2 | Jul 31, 2016 | — | 19.09% | — | 20.82% | 12.49% | — |
| FY 2017 Q1 | May 1, 2016 | — | 14.69% | — | 15.43% | 9.38% | — |
| FY 2016 Q4 | Jan 31, 2016 | 11.66% | 13.19% | — | 13.82% | 8.43% | 1.1 pp |
| FY 2016 Q3 | Oct 25, 2015 | 11.5% | 11.87% | 11.79% | 13.82% | 8.52% | 0.9 pp |
| FY 2016 Q2 | Jul 26, 2015 | 10.44% | 11.5% | — | 12.39% | 7.56% | -0.2 pp |
| FY 2016 Q1 | Apr 26, 2015 | 12.27% | 12.67% | 35.41% | 14.4% | 8.87% | 1.7 pp |
| FY 2015 Q4 | Jan 25, 2015 | 12.72% | 12.04% | 31.99% | 14.21% | 8.73% | 2.1 pp |
| FY 2015 Q3 | Oct 26, 2014 | — | 13.01% | — | 13.71% | 9.28% | — |
| FY 2015 Q2 | Jul 27, 2014 | — | 11.64% | — | 12.51% | 8.48% | — |
| FY 2015 Q1 | Apr 27, 2014 | — | 9.98% | — | 11.09% | 7.59% | — |
| FY 2014 Q4 | Jan 26, 2014 | 9.77% | 8.45% | -21.71% | 9.48% | 6.44% | -0.8 pp |
| FY 2014 Q3 | Oct 27, 2013 | — | 10.46% | — | 10.33% | 7.93% | — |
| FY 2014 Q2 | Jul 28, 2013 | — | 13.13% | — | 12.92% | 9.73% | — |
| FY 2014 Q1 | Apr 28, 2013 | — | 13.01% | — | 12.73% | 9.68% | — |
| FY 2013 Q4 | Jan 27, 2013 | — | 12.89% | — | 12.54% | 9.4% | — |
| FY 2013 Q3 | Oct 28, 2012 | — | 12.64% | — | 11.6% | 9.04% | — |
| FY 2013 Q2 | Jul 29, 2012 | — | 12.12% | — | 11.64% | 8.81% | — |
| FY 2013 Q1 | Apr 29, 2012 | — | 13.3% | — | 13.09% | 9.69% | — |
| FY 2012 Q4 | Jan 29, 2012 | — | 15.86% | — | 15.86% | 11.57% | — |
| FY 2012 Q3 | Oct 30, 2011 | — | 19.33% | — | 18.53% | 14.14% | — |
| FY 2012 Q2 | Jul 31, 2011 | — | 17.65% | — | 16.59% | 12.54% | — |
| FY 2012 Q1 | May 1, 2011 | — | — | — | — | — | — |
| FY 2011 Q4 | Jan 30, 2011 | — | 8.05% | — | 8.66% | 6.27% | — |
| FY 2011 Q3 | Oct 31, 2010 | — | 7.41% | — | 7.99% | 5.76% | — |
| FY 2011 Q2 | May 2, 2010 | — | — | — | — | — | — |
| FY 2010 Q4 | Jan 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Oct 25, 2009 | — | — | — | — | — | — |
| FY 2010 Q2 | Jul 26, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 10.6%, rounded from the Semiconductor benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · NVDA, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.