Returning more cash than it generates. Paid out $58M vs $46M of free cash flow over the 3 fiscal years to FY Mar 2026.
NVE returned $58M to shareholders over three years, 127% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Investment surge. Capital spending 8.3% of revenue, up from 2.4% in FY Mar 2023.
NVE is spending 8.3% of revenue on facilities and equipment, up from 2.4% in FY Mar 2023. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Profit is backed by cash. Free cash flow is 114% of reported profit.
NVE's free cash flow is 114% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins.Operating margin 62% (12 months to Jun 2026) vs a peer median of 6.3%.Operating margin 62% vs peers 6.3%.
NVE keeps 62% of revenue as operating profit, more than 95% of peers (median 6.3%).
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 67 → 65
Peer companies moved-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.03Sector median: 0.2495 · MAD: 0.2270
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about NVE
Is NVE getting weaker?
Its latest SEC filing (Jul 22, 2026) showed no major changes. Its overall score is unchanged at 77/100 since Oct 28, 2026.
How is NVE valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 65/100 against 1,711 technology peers.Earnings yield 4.6% vs a peer median of 2.2% (stronger than 73% of peers).Earnings yield 4.6% vs peers 2.2% (stronger than 73% of peers).
Is NVE growing?
At about the same pace as its peers. Growth scores 52/100 against 1,711 technology peers.Revenue growth 24.1% vs a peer median of 8.5% (stronger than 81% of peers).Revenue growth 24.1% vs peers 8.5% (stronger than 81% of peers).3-year revenue growth -7.7% vs a peer median of 4.8% (weaker than 85% of peers).3-year revenue growth -7.7% vs peers 4.8% (weaker than 85% of peers).
How profitable is NVE?
More profitable than most of its peers. Profitability scores 95/100 against 1,711 technology peers.Operating margin 62.1% vs a peer median of 6.3% (stronger than 95% of peers).Operating margin 62.1% vs peers 6.3% (stronger than 95% of peers).
How risky is NVE?
Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Current ratio 23.72× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 23.72× vs peers 1.83× (stronger than 95% of peers).Beta 1.29 vs a peer median of 0.87 (weaker than 75% of peers).Beta 1.29 vs peers 0.87 (weaker than 75% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 22, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
26.3M USD
31.3M USD
+18.7%
Net income (12 months)
15.2M USD
18.0M USD
+18.5%
Operating margin
60.5%
62.1%
+1.6 pts
Free cash flow (12 months)
14.5M USD
13.1M USD
−9.6%
Cash
1.7M USD
2.9M USD
+69.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Semiconductors · 41 companies
Valuations in Semiconductors are near the top of their range since 2016.
94% of months since 2016 were valued lower than now.
73% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +53% and earnings −2% (medians): prices rose faster than earnings.
Median price-to-sales is +324% vs the whole market, against a usual +98%.
2016Shaded: most expensive fifth of its range2026
NVE looks cheaper than most of its peers on our valuation measures, while the Semiconductors industry as a whole is valued high by its own standards since 2016. Both can be true at once.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Mar 2022
FY Mar 2023
FY Mar 2024
FY Mar 2025
FY Mar 2026
Change
Gross margin
76.8%
78.9%
77.3%
83.6%
78.7%
▼ 4.9 pts
Operating margin
60.5%
67.0%
62.1%
61.8%
60.5%
▼ 1.4 pts
Net margin
53.8%
59.3%
57.5%
58.2%
57.7%
▼ 0.5 pts
Return on assets (ROA)
21.5%
32.8%
25.6%
23.4%
25.2%
▲ 1.7 pts
Return on equity (ROE)
22.5%
33.8%
26.1%
24.2%
26.1%
▲ 1.9 pts
Free cash flow margin
44.5%
47.5%
61.2%
50.4%
54.9%
▲ 4.5 pts
Current ratio
16.90×
16.80×
32.05×
28.40×
28.21×
▼ 0.7%
Quick ratio
14.82×
13.30×
25.14×
22.03×
22.00×
▼ 0.1%
NVEC price history
Price history is added with the daily price update and will appear after the next one.