A forensic read on NVIDIA Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
12.8
Distress distance
Watch
Earnings quality
3
Forensic signals
101.5%
ROE
65.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
NVIDIA Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 12.8, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+49.3%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +49.3% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $18.1B through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by inventory up +112% against +91% in cost of sales and receivables up +67% against revenue +65%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 15% of net operating assets, against an accruals ratio of 49.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
0.88×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, cumulative operating cash flow was 0.88× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
92d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 86 to 92 FY2025→FY2026 (against cost of goods sold; inventory +112% vs +91% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
Key fundamentals
Latest Revenue$215.94B
Revenue Growth YoY+65.5%
Revenue CAGR (2yr)+88.3%
Net Margin55.6%
Free Cash Flow$96.68B
Return on Equity101.5%
Debt / Equity0.05x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from NVIDIA Corp's actual 10-K/10-Q/8-K filings?