NVIDIA CORP. $22(Nasdaq symbol NVDA; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 549.8 million; Market cap: $12.1 billion; Price-to-sales ratio: 2.6; Dividend yield: 1.5%; TSINetwork Rating: Average; www.nvidia.com) is a leading designer of 3D-capable video chips, which make video games run more smoothly and appear more lifelike. The company outsources most of its production to Asian chipmakers.
In its 2015 fiscal year, which ended January 25, 2015, Nvidia’s revenue rose 13.3%, to a record $4.7 billion from $4.1 billion in 2014.
Earnings jumped 36.1%, to $801.0 million from $588.4 million. The company spent $813.6 million on share buybacks in the past year. As a result, its earnings per share rose 43.4%, to $1.42 from $0.99.
Nvidia spent $1.36 billion (or 29.0% of its revenue) on research in fiscal 2015, up 1.8% from $1.34 billion (or 32.3% of revenue) in 2014.
This spending is helping the company develop products that cut its reliance on selling graphic chips to computer makers and gaming enthusiasts.
An example is its new Tegra X1 chip, which can process video and other data from up to 12 cameras. That’s useful for automakers developing cars that can park themselves.
The Tegra X1 can also power increasingly complex in-car information and entertainment systems, many of which feature graphic displays for drivers and separate screens for passengers.
As well, Nvidia recently announced a new video game service, called Nvidia Grid, that will stream highdefinition games online. To use it, subscribers must buy the company’s latest game console/controller, which is powered by the Tegra X1 chip. Nvidia plans to launch this service in May 2015.
However, Nvidia Grid faces strong competition from established systems like the Sony PlayStation and Microsoft Xbox. Bigger chipmakers, like Intel and Qualcomm, are also developing cheaper chips for mobile devices that will make Nvidia’s costlier chips less appealing.
The company can easily afford to keep developing new products. As of January 25, 2015, it held cash of $4.6 billion, or $8.48 a share. That will also let it fund its plan to buy back $434.8 million worth of its shares. As well, Nvidia’s long-term debt is just $1.4 billion. The stock is up 20% in the past year and now trades at 14.5 times the $1.52 a share Nvidia should earn in fiscal 2016. The $0.34 dividend yields 1.5%.
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