NVIDIA Deep Dive — studying the business, profit, debt, dividends and P/E in Moomoo

We start the first edition of Company Deep Dive with the name that has shown up most often in stock news over the past two years: NVIDIA.

In this edition Daus uses no bank reports, no Excel and no paid account. Everything you see comes from the free Moomoo app, the same screens you can open tonight. The point is that when you finish reading, you know not only what is happening at NVIDIA, but also where to tap to study another company yourself.

Quick dictionary. These six words come up again and again on this page:

In the app	Plain meaning
Revenue	All the money from sales before any costs
Net Income (net profit)	What is left after every cost and tax
Cash Flow	Cash that actually arrives in the company’s bank account
Debt	Money the company borrowed and must repay with interest
Dividend	The part of profit the company pays to shareholders
P/E	How many times the share price is compared with a year’s profit. The higher, the more “expensive”

Daus reads NVIDIA through 11 questions, in this order:

1. What does the company do every day?
2. How has the share price moved?
3. Is the company making a profit or a loss?
4. Does that profit actually turn into cash?
5. Does it have debt? Are assets versus liabilities okay?
6. What about dividends?
7. Who owns the shares?
8. Is the price cheap or expensive right now?
9. What do analysts say, and what does the company itself promise?
10. What risks does Daus see?
11. Report card and how to do it yourself

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1. What does the company do every day?

Type NVDA into the Moomoo search. Before you tap anything, look at the list that appears, because the NVIDIA name shows up in many products that are not NVIDIA shares.

⤢ab

1. aThe real NVIDIA stock
2. b2x ETFs, inverse, HK products

🔍 Tap the image to enlarge

NVDL, NVD and NVDX are leveraged ETFs, products that try to move twice as much as (or opposite to) NVIDIA’s daily move. Counters 07388 and 07788 are similar products on the Hong Kong exchange. Tap the wrong one and you could buy something far riskier without realising it. Pick only the one with the US badge and the name NVIDIA.

Profile: from gaming graphics cards to the brain of the data centre

On the stock page, tap the Company tab, then Profile. This screen tells you the basics:

⤢abc

1. aIPO date & price
2. bYear founded
3. cEmployees & financial year

🔍 Tap the image to enlarge

• Founded in 1993 by Jensen Huang (still CEO today), Chris Malachowsky and Curtis Priem.
• Listed on NASDAQ on 22 January 1999 at an offer price of USD12.
• 42,000 employees, headquartered in Santa Clara, California.
• Financial year ends 31 January, which is why its year labels “run” a year ahead of the calendar.

In plain terms, NVIDIA designs chips called GPUs. GPUs used to be for displaying game graphics. Today the same kind of chip is used to train and run AI in giant data centres like those owned by Microsoft, Google, Amazon and Meta. NVIDIA also sells software and networking equipment that connects thousands of these chips so they work like one big computer. NVIDIA has no chip factory of its own. Its chips are made by other factories, mainly TSMC in Taiwan.

Where does the money come from?

Scroll to Revenue Breakdown in the Financials tab. There are two buttons: Business (by type of business) and Market (by region).

By Business, revenue for May to July 2026 splits in two:

Segment	Revenue (2027/Q2)	Share
Compute & Networking (data-centre chips, networking, cars, robotics)	USD88.30 billion	91.77%
Graphics (gaming graphics cards, workstations)	USD7.92 billion	8.23%

By Market, for the full year FY2026 (total USD215.94 billion):

Region	Revenue	Share
United States	USD149.62 billion	69.29%
Taiwan	USD42.35 billion	19.61%
China (including Hong Kong)	USD19.68 billion	9.11%
Other	USD4.30 billion	1.99%

Taiwan looks big not because people in Taiwan buy lots of chips. Revenue is counted by the location of the customer being billed, and many of the companies that assemble servers for the tech giants operate in Taiwan. So read this table as “who pays the invoice”, not “where the chip ends up being used”.

Scroll a little further to Operating Data. This chart splits revenue by end market:

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1. Data Center vs Gaming

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The Moomoo Insights article for this quarter’s results (tap the News tab on the stock page) gives the exact figure: Data Center USD89.0 billion, up 117% from a year earlier. The part that used to be NVIDIA’s identity, gaming graphics cards, is now just a sliver.

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2. How has the share price moved?

On the stock page, tap the small arrow next to High / Low / Volume to open all the statistics:

⤢abcd

1. a52-week range
2. bThree kinds of P/E
3. cDividend
4. dBeta

🔍 Tap the image to enlarge

Data (close 7 Oct 2026)	Value	Meaning
Price	USD237.47	Price of one share
52-week range	USD163.90 to USD243.37	Lowest and highest in a year
Mkt CapMarket capA company's total value in the market.See it in the glossary →	USD5.72 trillion	Price × all shares (24.10 billion units)
BetaBetaHow strongly a stock or fund moves compared with the market. 1.0 = moves with the market.See it in the glossary →	1.921	When the market moves 1%, NVDA usually moves about 1.9%

The price is close to its 52-week high, and Beta is almost 2. That means this stock moves more violently than the market. On a day the market falls 3%, don’t be surprised if NVDA falls 6%.

Switch the chart to Monthly and Quarterly

The daily chart only shows a few months. To see the big picture, tap Monthly, then Quarterly under the chart.

Two things Daus noticed:

One, the rise is extraordinary. From the low of USD4.49 on the 2020 monthly chart to USD237.47 today is roughly 53 times. On the quarterly chart since 2007, the lowest point is USD0.131. All these old prices have been adjusted for stock splits, including the 1-to-10 split on 10 June 2024. That is why 1999 prices look like cents, even though the actual IPO price was USD12.

This story is only true for people who bought early and were willing to hold while the price fell. It is not proof that the price will rise 53 times again.

Two, the road was not straight. On the monthly chart, look at 2022: the price fell more than half from its late-2021 peak, and anyone who bought at that peak had to wait more than a year for the price to get back to their buying level. The quarterly chart also shows almost a decade (2007 to 2016) when this stock went sideways.

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3. Is the company making a profit or a loss?

The Financials tab opens with the latest quarter’s results right at the top:

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1. Estimate vs actual

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Q2 FY2027 (May to July 2026)	Analyst estimate	Actual	Difference
Revenue	USD92.16 billion	USD96.22 billion (+105.85% year on year)	+USD4.06 billion
Net profit	USD51.25 billion	USD59.69 billion (+125.90% year on year)	+USD8.44 billion

NVIDIA’s revenue in one quarter is now larger than a full year’s revenue at most companies in the world. But one quarter is not enough. To understand the full story, scroll to Income Statement, tap Quarterly and switch it to Annual.

Financial year	Period	Revenue	Net profit
FY2022	Feb 2021 – Jan 2022	USD26.91 billion	USD9.75 billion
FY2023	Feb 2022 – Jan 2023	USD26.97 billion	USD4.37 billion (−55.21%)
FY2024	Feb 2023 – Jan 2024	USD60.92 billion	USD29.76 billion
FY2025	Feb 2024 – Jan 2025	USD130.50 billion	USD72.88 billion
FY2026	Feb 2025 – Jan 2026	USD215.94 billion	USD120.07 billion

The FY2023 row is the most important in this table. Revenue that year was almost the same as the year before, but net profit fell by more than half. That was the year demand for gaming and crypto chips collapsed, and also the year the share price fell by more than half on the chart earlier. After that the AI boom began, and within three years revenue grew eightfold.

Quarterly revenue is still rising every quarter: USD46.74 billion, USD57.01 billion, USD68.13 billion, USD81.62 billion and USD96.22 billion.

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1. Revenue & growth

🔍 Tap the image to enlarge

How much of every dollar of sales becomes profit?

Scroll to Financial Indicators and tap Gross Margin, Net Margin and ROE one by one.

• Gross MarginNet profit marginHow many sen of net profit come from every RM1 of sales.See it in the glossary → 74.98%: from every USD100 of sales, about USD75 is left after the cost of making the chips. Many other companies would be happy with half of that.
• Net Margin 62.03%: after every cost, salaries, research and tax, USD62 of every USD100 of sales becomes net profit.
• ROEROE (return on equity)Net profit for one period compared with the shareholders' money in the company. Moomoo can show quarterly or annual ROE.See it in the glossary → 28.12%: one quarter’s profit compared with shareholders’ capital. This is a figure for three months, not a year.

There is one odd thing. Net Margin in the 2027/Q1 quarter was 71.46%, higher than other quarters. A net margin that high is almost impossible from chip sales alone. The answer is in the next section.

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4. Does that profit actually turn into cash?

Profit in a financial statement is not the same as money in the bank. To check, tap the Balance Sheet heading (right arrow) to open Financial Detail, then choose the Cash Flows tab.

⤢abcd

1. aCash from operations
2. bNet profit
3. cPaper gains
4. dCash tied up

🔍 Tap the image to enlarge

In the 2027/Q2 quarter:

Line	Value	Meaning
Net Income	USD59.69 billion	Net profit in the statement
Gain/Loss from Continuing Operations	−USD7.77 billion	Paper gains subtracted back because they are not cash
Change in Working Capital	−USD30.71 billion	Money tied up in operations, for example customer bills not yet paid
Operating Cash Flow	USD24.08 billion	Actual cashOperating cash flow (CFO)The actual cash coming in from day-to-day business.See it in the glossary → coming in from the business

That USD7.77 billion is investment gains. NVIDIA holds shares in other companies, and when the value of those shares rises, the increase is recorded as profit even though nothing has been sold. That is why the Moomoo Insights article shows an adjusted EPS of USD2.22, while the official EPS is USD2.46. Most of that difference is investment gains, not chip sales. The 2027/Q1 quarter was even more striking: investment gains of USD15.94 billion, which is why Net Margin jumped to 71.46%.

The USD30.71 billion is cash that is stuck. On the Balance Sheet, the Accounts Receivable line (customer bills not yet paid) rose to USD63.06 billion, from USD40.71 billion the quarter before. Customers have taken the chips but have not paid yet.

Free Cash Flow (operating cash minus capital spending) over the last five quarters: USD13.47 billion, USD22.12 billion, USD34.90 billion, USD48.59 billion and USD21.40 billion. The latest quarter fell by more than half from the quarter before, even though revenue rose.

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5. Does it have debt? Are assets versus liabilities okay?

Go back to the Financials tab and scroll to Balance Sheet. This chart shows assets (dark blue), liabilities (light blue) and the ratio of liabilities to assets (orange line).

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1. Latest quarter

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• Assets of USD320.27 billion against liabilities of USD91.29 billion. The liabilities-to-assets ratio is only 28.50%, meaning more than 70% of NVIDIA’s assets are funded by shareholders’ own capital, not debt.
• Current Ratio 4.59 (in Financial Indicators): short-term assets are 4.59 times larger than short-term liabilities. Anything above 1 is considered safe. NVIDIA could pay a year’s bills four times over.

But long-term debt jumped fourfold

Open Financial Detail → Balance Sheet and scroll to the non-current liabilities section:

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1. Long-term debt

🔍 Tap the image to enlarge

The app shows the number, but it doesn’t tell you why. When Daus sees a jump this big, Daus checks the company’s official documents. NVIDIA’s filings with the SEC (the US stock market regulator) explain it:

• In June 2026, NVIDIA sold USD25 billion of bonds, its first since 2021. The bonds come in seven series maturing between 2028 and 2056, with interest rates between 4.25% and 5.625% a year (NVIDIA 8-K, June 2026).
• The money is for “general corporate purposes”, including repaying and refinancing old debt (424B5 prospectus).
• Rating agencies gave these bonds Aa1 (Moody’s) and AA (S&P), among the highest ratings given to a company.

So the right question is not “does it have debt” but “can it pay that debt?” Compare two lines from the same Balance Sheet:

2027/Q2	Value
Cash + short-term investments	USD62.47 billion
Long-term debt	USD32.37 billion
Short-term debt	USD1.00 billion
Net cash (cash minus all debt)	about USD29 billion

Is it Shariah-compliant?

This matters to many readers, and interest-bearing debt is one of the things that gets screened. At the top of the NVDA stock page, next to the US flag, there is a green crescent icon. That is Moomoo’s Shariah label, and NVDA carried it on 8 Oct 2026.

The label comes from third-party screening, not from the Securities Commission, and the status can change when the company is reviewed. To get a feel for it yourself, Daus did a rough calculation using the 2027/Q2 Balance Sheet (total assets USD320.27 billion) and the screening limits explained in is it halal?:

Screen	Limit	NVIDIA (rough)
Debt ÷ assets	below 33.33%	USD38.4b ÷ USD320.27b ≈ 12%
Cash & short-term investments ÷ assets	below 33.33%	USD62.47b ÷ USD320.27b ≈ 20% (≈ 31% including USD36.90b of restricted cash)
Unpaid bills + cash ÷ assets	below 50%	USD125.5b ÷ USD320.27b ≈ 39%

All are still below the limits, but the cash ratio gets close to the limit if restricted cash is counted. That is something Daus will check every quarter. Daus is not a religious scholar. For religious decisions, ask a Shariah adviser you trust.

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6. What about dividends?

Tap the Dividends sub-tab. This screen has a small trap that is great to learn from.

Tap the Last Ex-Dividend row to open Dividend History. That is where the real story is:

Ex-dividend	Payment	Dividend per share
10 Sep 2026	1 Oct 2026	USD0.25
4 Jun 2026	26 Jun 2026	USD0.25
11 Mar 2026	1 Apr 2026	USD0.01
4 Dec 2025	26 Dec 2025	USD0.01

Together with its May 2026 quarterly results, NVIDIA raised its quarterly dividend 25-fold, from USD0.01 to USD0.25 per share, and added another USD80 billion to its share buyback programme (Q1 FY2027 results).

Do the maths yourself, don’t swallow one number

The app shows Dividend TTM USD0.280 and a dividend yield of 0.12%. But if you add up the last four dividends in the table above: 0.25 + 0.25 + 0.01 + 0.01 = USD0.52. The number in the app’s summary has not fully caught up with the new increase. If the dividend stays at USD0.25 every quarter:

• Per year: 4 × USD0.25 = USD1.00 per share
• Dividend yieldDividend yieldAnnual dividend shown as a percentage of the stock's current price.See it in the glossary → at USD237.47: 1.00 ÷ 237.47 = 0.42% a year
• For a holding worth RM1,000, that is roughly RM4.20 of dividends a year. After the 30% US withholding tax for Malaysian investors, about RM2.94 is left.

The payout ratioDividend payout ratioHow much of the profit is paid out as dividends.See it in the glossary → of 0.82% in the app is calculated on the last financial year, when the dividend was still USD0.01. Using USD1.00 a year and the last four quarters’ earnings per share (USD7.91), the new payout is about 12.6%. In other words, NVIDIA still keeps almost 90% of its profit.

In Cash Flows, the 2027/Q2 quarter shows NVIDIA paid USD6.05 billion in dividends, but spent USD19.73 billion buying back its own shares.

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1. Buybacks & dividends

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7. Who owns the shares?

The Shareholders sub-tab answers this.

Holder	Stake
BlackRock	8.04%
Vanguard	6.95%
State Street	4.18%
FMR (Fidelity)	3.88%
Jen-Hsun (Jensen) Huang, founder and CEO	3.56%
Others	73.38%

Why are BlackRock and Vanguard the biggest? They run index funds and ETFs that buy every stock in an index according to its size. If you hold an S&P 500 or Nasdaq ETF, you already own a sliver of NVIDIA through them, without buying NVDA directly. See what is an ETF to understand why.

Jensen Huang still holds 3.56%. Out of 24.10 billion shares, that is about 858 million units, worth more than USD200 billion at today’s price. A founder who still holds a stake this large ties the founder’s fortune to the fortune of every other shareholder.

Insider Activity shows insiders (directors and senior officers) were net sellers of USD2.77 billion over the past year, with 73 sellers against 22 buyers. Recent examples: the General Counsel sold 30,460 shares on 20 Sep, and an independent director sold 1,366,000 shares on 17 Sep. Insiders at tech companies are usually paid in shares, and many sales are planned months in advance. So one or two sales mean nothing. What Daus looks at is the pattern: if every insider suddenly sells at the same time, that is when to ask why.

The same screen also has a note that ARK: Cathie Wood was a net buyer of 356,680 shares last month. Famous fund managers buy and sell according to their own strategies too. Don’t follow anyone without understanding why.

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8. Is the price cheap or expensive right now?

This is the question everyone wants answered, and also the easiest one to misunderstand. Moomoo gives three kinds of P/EP/E ratioA stock's price compared to the company's earnings — how much you pay for each ringgit of profit.See it in the glossary → in the stock statistics:

Type	Value	Calculated using
P/E TTM	30.02	Actual profit over the last 4 quarters
P/E LFY	48.46	Profit for the last full financial year (FY2026)
P/E FWD	19.33	Analysts’ estimate of profit over the next 12 months (the Valuation screen shows 19.32 because it updates at a different time)

How to calculate P/E TTM yourself: add up the last four quarters’ EPSEPS (earnings per share)Net profit divided by the company's number of shares.See it in the glossary → in Financial Indicators (USD1.30 + USD1.76 + USD2.39 + USD2.46 = USD7.91), then divide the price by it: 237.47 ÷ 7.91 = 30.02. In other words, investors are willing to pay USD30 for every USD1 of yearly profit.

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🔍 Tap the image to enlarge

Tap Valuation for context

A single P/E number means nothing without comparison. In the Financials tab, tap the arrow next to Valuation to open the full page.

Three comparisons:

1. Against its own history: a 5Y Percentile of 3% means NVIDIA’s P/E today is lower than on 97% of days over the past five years.
2. Against its industry: a P/E of 30.02 is slightly below the semiconductor industry average (32.24), ranking 9th of 40 companies.
3. Against the whole market: the market’s average P/E is 22.28 and the median is 18.65. So NVIDIA is still more expensive than an ordinary company.

Why did the P/E fall even though the price rose? The same screen answers it: over five years, net profit rose 23.50 times, but market value rose only 7.84 times. Profit ran faster than the price, so the P/E shrank.

One more: NVIDIA’s P/BP/B ratioA stock's price compared with its book value per share.See it in the glossary → is 24.99, meaning the share price is almost 25 times book value. For a company like NVIDIA, the real value sits in chip designs, software and people, which are not fully recorded on the Balance Sheet. That is why P/B is less useful here than for a bank or a REIT.

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9. What do analysts say, and what does the company itself promise?

• Analyst Ratings: 33 analysts, consensus Strong Buy. 12-month price targets range from USD275 to USD465, averaging USD324.20.
• Morningstar: 4 out of 5 stars, with a fair value estimate of USD310.

An average of USD324.20 does not mean the price will get there. Daus shows this screen so you know it exists, not so you believe it. Price targets are opinions, they change every time the price moves, and analysts have been very optimistic right before prices fell. Besides, almost every large stock on Wall Street carries a “Buy” rating. Use this screen to understand what the market already expects, not as a promise.

What the company itself says

More useful than outside opinion is what NVIDIA’s own management promises, because they will be measured against those promises next quarter. Tap Earnings Hub next to the quarterly results heading, then open the Moomoo Insights article in the News tab.

A summary of that article:

• Next-quarter guidance (August to October 2026): revenue of USD108 billion, plus or minus 2%, above the market estimate of USD104.2 billion. Gross margin is expected at 74%, slightly lower.
• Longer-term expectation: CFO Colette Kress said NVIDIA expects FY2028 revenue to grow roughly 70%.
• New product: the next-generation chip, Vera Rubin, has started shipping.
• Supply: supply commitments rose from USD119 billion to USD279 billion, mostly to secure memory and factory capacity. Management expects supply to stay tight until FY2028.
• China: the Q3 guidance includes no data-centre chip sales to China at all.

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10. What risks does Daus see?

Every company has risks. These are the ones Daus sees after opening every screen above:

1. One engine. More than 91% of revenue comes from one segment, and its biggest customers are a handful of tech giants. If they cut AI data-centre spending, no other segment is big enough to make up for it.
2. The chip industry cycle. FY2023 showed NVIDIA’s profit can fall 55% in a year, and the share price fell by more than half. The chip industry moves in cycles.
3. Very high expectations. A market value of USD5.72 trillion means the market already expects big, continuing growth. If results are merely “good” rather than “extraordinary”, the price can fall. A Beta of 1.92 means it moves almost twice as much as the market.
4. Quality of profit. Part of the profit comes from rising investment values, and unpaid customer bills rose sharply. Both need watching every quarter.
5. China and export rules. China contributed more than 9% of FY2026 revenue, but is now fully excluded from data-centre guidance. Government rules can close or open this market at any time.
6. Supply and competition. Memory and factory supply is still tight, and memory costs can squeeze margins. Competitors such as AMD, and chips designed in-house by cloud companies, are trying to take part of this market.
7. Risk for Malaysian investors. This stock is in USD, so if the ringgit strengthens, the value of your holding in ringgit falls even if NVDA’s price doesn’t change. Dividends also have 30% US tax withheld. Read after your first buy for details.

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11. Report card and how to do it yourself

Daus’s report card

Each label rates the company’s health on one aspect only. It is not a buy or sell signal.

1. Business👀 WatchLeader in AI data-centre chips, but more than 91% of revenue depends on one segment.
2. Share price👀 WatchUp more than 50 times since 2020 and near its 52-week high. Beta 1.92, and it fell more than half in 2022.
3. Profit and loss💪 StrongFY2026 revenue USD215.94 billion, net profit USD120.07 billion, gross margin around 75%. Five quarters of growth in a row.
4. Cash flow👀 WatchLatest quarter operating cash USD24.08 billion against profit of USD59.69 billion. Unpaid bills USD63.06 billion.
5. Debt & Balance Sheet💪 StrongLiabilities only 28.50% of assets, current ratio 4.59, cash still larger than debt. The new USD25 billion bond debt is worth watching.
6. Shariah👀 WatchCarries a Shariah label in the app on 8 Oct 2026, and Daus’s rough maths passes the debt limit. The cash ratio gets close to the limit if restricted cash is counted, so check every quarter.
7. Dividends👀 WatchUp 25 times to USD0.25 a quarter, but a yield of about 0.42% a year. Not a dividend stock.
8. Shareholders💪 StrongInstitutions hold 70.56%, the founder still holds 3.56%. Insiders were net sellers of USD2.77 billion in a year.
9. Valuation👀 WatchP/E 30.02, low against its own history (3rd percentile) and in line with its industry, but higher than the market. Depends on profit staying high.
10. Main risks⚠️ RiskDependence on tech giants’ AI spending, the chip cycle, high expectations, China, and currency risk for Malaysian investors.

The report card above is how Daus reads this company today. You might read the same screens and reach a different conclusion, and that is fine. What matters is that you know why.

Study another company yourself

Use this list whenever you open any company in Moomoo. Every screen in this edition is available for US and Bursa stocks.

Deep Dive checklist for every company

0/12 done

• I found the right counter (market badge and full name, not a leveraged ETF or warrant)
• I can explain the business in one sentence (Company → Profile)
• I know which segments and regions the money comes from (Revenue Breakdown → Business and Market)
• I looked at the Monthly and Quarterly charts, including the years it fell
• I compared 5 years of revenue and net profit in Income Statement → Annual
• I compared net profit with Operating Cash Flow in Financial Detail → Cash Flows
• I know how much long-term debt and cash it has on the Balance Sheet
• I checked the green crescent icon (Shariah label) if that matters to me
• I calculated the yearly dividend myself from Dividend History, not from one summary number
• I know who the largest holders are and the pattern of insider buying and selling
• I compared P/E with its own history, its industry and the market (Valuation)
• I read the company’s own guidance in Earnings Hub and listed three risks

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Want to learn the basics of each screen more slowly? Start with fundamental analysis in Moomoo, which uses MR DIY as its example, then four fundamental styles and the Screener.