NVDA US · NVIDIA CorporationMW GOBLIN RESEARCH
NVIDIA: A Low Multiple Relative to Growth, Greater Trust Risk
Analysis date
Published
Neutral as of 2026-11-12. The Rubin ramp-up supports earnings growth, but memory costs, customer financing support, and uncertainty over the CEO's future have converged. A forward P/E of 17.5 x cannot readily be taken as evidence of undervaluation.
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Read the full reportWhat this report covers
- Margins Decline Even as Rubin Drives Revenue Growth
- Strong Cash Generation Accompanied by a Greater Customer Support Burden
- The Independent Investigation and the CEO's Future Warrant a Valuation Discount