Nvidia Corp
NVDAAbove valueHeld by 18 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2026-01-25Valuation basis: trailing twelve months to 2026-04-26 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +65.5%
- Net margin
- 55.6%
- ROE
- 76.3%
- FCF margin
- 44.8%
Valuation · value band
Above fair value
Zero-growth floor
$37
Central IV
$124
Optimistic top
$158
Nvidia Corp (NVDA): A conservative value band $37–$158 / sh (zero-growth floor to growth-capped optimistic top); central read about $124. Today’s price sits above that band (price $210 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.
Revenue growth 14% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $37
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Model cautions
- Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $48.58 – $157.83 · Greenwald zero-growth $49.98 · zero-growth base $49.98 · reproduction $8.40
Moat Franchise (moat) · terminal value 30% of present value · owner-earnings yield 2% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$40.93 – $49.98 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-04-26, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 89% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): maintenance capex floored at the D&A sustaining proxy (the growth-capex spike is not treated as maintenance). Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$37.01 – $45.23 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-04-26, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 89% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): maintenance capex floored at the D&A sustaining proxy (the growth-capex spike is not treated as maintenance). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $171.46B + capitalized R&D $33.52B（FY 2026, 2024, 2023, 2022） = $8.40 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.
Window TTM 2026-04-26, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 8% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 14% · OE FY TTM 2026-04-26, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-04-26 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 20.6% a year in owner-earnings for the next few years. Revenue actually grew 69.0% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 4 more years to hold up.
Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.
SEC 13F · holders
Superinvestors Holding This Security
18 holders · $7.79B combined · this quarter +2 opened / -1 exited
- Value$2.24BWeight (prev→now)9.2% → 9.3% ▲
- Value$1.26BWeight (prev→now)12.1% → 6.6% ▼
- Value$934.8MWeight (prev→now)0.2% → 2.1% ▲
- Value$796.0MWeight (prev→now)5.0% → 6.9% ▲
- Value$773.6MWeight (prev→now)3.7% → 3.2% ▼
- Value$683.9MWeight (prev→now)5.2% → 6.6% ▲
- Value$611.6MWeight (prev→now)6.4% → 5.5% ▼
- Value$305.1MWeight (prev→now)4.3% → 4.1% ▼
- Value$142.0MWeight (prev→now)4.6% → 4.7% ▲
- Value$31.0MWeight (prev→now)0.1% → 0.1% ▲
Show all 18 holders ▸Collapse ▾
- Value$7.0MWeight (prev→now)0.4% → 0.5% ▲
- Value$2.5MWeight (prev→now)0.0% → 0.0% ▲
- Value$1.3MWeight (prev→now)New · 0.4%
- Value$1.2MWeight (prev→now)0.1% → 0.1% ▼
- Value$713,721Weight (prev→now)0.0% → 0.0% ▲
- Value$680,306Weight (prev→now)0.0% → 0.0% ▲
- Value$297,134Weight (prev→now)0.1% → 0.1% ▲
- Value$289,130Weight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Nvidia Corp (NVDA) is held by 18 of the superinvestors tracked on Compounder, with a combined $7.79B in reported 13F value. The largest position belongs to Chase Coleman, where it makes up 9.3% of the portfolio.
Other notable holders by value include Duan Yongping (6.6% of its book), Jeremy Grantham (2.1% of its book) and Polen Capital (6.9% of its book).
Over the latest quarter, 2 of the tracked filers opened a new position in NVDA, 5 added to existing ones, 9 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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