NVIDIA Corporation (NVDA): return on invested capital, 10 filed years
ROIC at NVIDIA Corporation was 70.0% in FY2026, the newest filed year. Across the 6 computed years from FY2020 it ranged from 18.7% (FY2021) to 87.2% (FY2025), with a median of 64.9%.
Tonight's figure on the company page: 70.0%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2017-03-01 |
| FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2018-02-28 |
| FY2019 The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed. | n/a | 10-K, filed 2019-02-21 |
| FY2020 | 67.8% | 10-K, filed 2020-02-20 |
| FY2021 | 18.7% | 10-K, filed 2021-02-26 |
| FY2022 | 27.0% | 10-K, filed 2022-03-18 |
| FY2023 The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed. | n/a | 10-K, filed 2023-02-24 |
| FY2024 | 62.1% | 10-K, filed 2024-02-21 |
| FY2025 | 87.2% | 10-K, filed 2025-02-26 |
| FY2026 | 70.0% | 10-K, filed 2026-02-25 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.