At 12:08 p.m. ET on November 10, 2026, Nvidia stock was 30.4% below its October 6 record close. Its latest results showed revenue up 106% from a year earlier, and its forecast for the next report points to about 90% growth. Its price is about 21 times a year of profit per share, the lowest P/E since February 2019.
The short answer. Nvidia has not reported results since August 26, so the whole fall since its record is the price. With profit unchanged, the stock now costs less against a year of profit than at any time since February 2019. Even after the fall, Nvidia is worth about $4.0 trillion. CNN tied the October 30 market drop to doubts about AI spending. In August, chief executive Jensen Huang said Nvidia's demand "is much greater" than the 70% sales growth its supply allows in the year to January 2028. CNBC tied the November 5 chip selloff to the midterm elections. On November 8, Nvidia's board said it is "initiating an independent investigation" in light of reporting that Huang "has been the target of a foreign intelligence effort."
| October 6, 2026, record close | November 10, 2026, 12:08 p.m. ET | |
|---|---|---|
| Price of one share | $239.24 | $166.60 |
| Profit per share, past four quarters | $7.91 | $7.91 |
| Revenue growth, latest quarter | Up 106% | Up 106% |
| Price to that profit (P/E) | About 30 times | About 21 times |
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Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 9, 2026.
Nvidia stock fell 30.4% in five weeks from its record close. In that time Nvidia reported no new results, and its last ones showed revenue more than doubling from a year earlier.
Nvidia closed at a record $239.24 on October 6. By 12:08 p.m. ET on November 10, five weeks later, it traded at $166.60, down 6.8% on the day.
At this price the company is worth about $4.0 trillion, based on the 24.1 billion shares on the cover of its latest quarterly filing.
The business figures in that time are still the ones Nvidia reported on August 26. In its results for the quarter ended July 26, 2026, revenue was $96.2 billion, up 106% from a year earlier. Data centers brought in $89.0 billion of it. Its profit from operations more than doubled too.
Nvidia also gave its own forecast for the quarter that ended October 25, the one it reports next. It said it is "not assuming any Data Center compute revenue from China." Its range is 86% to 93% above the revenue it reported for the same quarter a year earlier, or about 90% at the middle.
| Item | Low | High | Value |
|---|---|---|---|
| Revenue outlook | $105.8B | $110.2B | $108.0B |
Nvidia says customers want more than it can supply. It expects revenue to grow about 70% in the year to January 2028 and calls that forecast limited by supply.
On the August 26 call with analysts, chief financial officer Colette Kress said Nvidia expects revenue to grow about 70% in its fiscal year that ends in January 2028. "This is a supply-constrained outlook," she said.
Chief executive Jensen Huang said the same on the call. Nvidia's demand "is much greater than 70%," he said, and "our supply allows us to confidently deliver 70%." Kress said Nvidia expects "supply to remain a bottleneck at least through the end of fiscal year 2028."
Its quarterly filing for the quarter ended July 26 says Nvidia is "currently experiencing certain supply constraints." To meet demand, Nvidia raised its supply commitments to $279 billion as of July 26, from $119 billion a quarter earlier. That is what it has agreed to buy from its suppliers. StockTitan explained that rise in how Nvidia's supplier commitments more than doubled.
Those commitments carry a risk the filing names. "If future demand, our needs or plans differ from our expectations, we may be unable to reduce these commitments," it says.
On February 14, 2019. In daily closes since the start of 2018, only the late 2018 chip slump priced Nvidia lower against its profit.
The P/E ratio, or price to earnings ratio, compares a share's price with the profit behind it. Investor.gov, the SEC's site for investors, calls it "a way of gauging whether the stock price is high or low compared to the past or to other companies." Here the profit is Nvidia's diluted earnings per share, the profit per share counting stock it owes employees, over its last four reported quarters.
That profit is $7.91 a share, so at $166.60 the P/E is about 21.1. Every lower reading since 2018 fell between November 19, 2018 and February 14, 2019. The low was 17.0 on December 24, 2018, after the share price had more than halved in under three months.
Lowest closing P/E each year: 2018, 17.0 (Dec 24); 2019, 17.1 (Jan 3); 2020, 43.5 (Mar 16); 2021, 67.2 (Mar 8); 2022, 36.8 (Oct 14); 2023, 60.0 (Dec 6); 2024, 48.2 (Sep 6); 2025, 32.1 (Apr 4); 2026, 22.6 (Nov 9). At Monday's close of $178.67 the P/E was 22.6, last lower on March 7, 2019.
| Quarter end (last session) | Close | Profit per share, four quarters | P/E | Lowest P/E in the quarter |
|---|---|---|---|---|
| Mar 29, 2018 | $5.79 | $0.120 | 48.0 | 45.9 (Mar 28, 2018) |
| Jun 29, 2018 | $5.92 | $0.150 | 39.4 | 39.2 (Jun 27, 2018) |
| Sep 28, 2018 | $7.03 | $0.171 | 41.0 | 35.7 (Aug 17, 2018) |
| Dec 31, 2018 | $3.34 | $0.187 | 17.8 | 17.0 (Dec 24, 2018) |
| Mar 29, 2019 | $4.49 | $0.166 | 27.1 | 17.1 (Jan 3, 2019) |
| Jun 28, 2019 | $4.11 | $0.132 | 31.0 | 23.9 (May 13, 2019) |
| Sep 30, 2019 | $4.35 | $0.111 | 39.3 | 28.1 (Aug 15, 2019) |
| Dec 31, 2019 | $5.88 | $0.098 | 60.2 | 39.1 (Oct 2, 2019) |
| Mar 31, 2020 | $6.59 | $0.113 | 58.3 | 43.5 (Mar 16, 2020) |
| Jun 30, 2020 | $9.50 | $0.134 | 71.0 | 53.8 (Apr 1, 2020) |
| Sep 30, 2020 | $13.53 | $0.136 | 99.3 | 71.3 (Jul 1, 2020) |
| Dec 31, 2020 | $13.05 | $0.153 | 85.3 | 84.3 (Dec 28, 2020) |
| Mar 31, 2021 | $13.35 | $0.172 | 77.4 | 67.2 (Mar 8, 2021) |
| Jun 30, 2021 | $20.00 | $0.212 | 94.5 | 73.1 (May 27, 2021) |
| Sep 30, 2021 | $20.72 | $0.281 | 73.8 | 70.5 (Aug 19, 2021) |
| Dec 31, 2021 | $29.41 | $0.325 | 90.6 | 70.3 (Oct 4, 2021) |
| Mar 31, 2022 | $27.29 | $0.385 | 70.9 | 55.4 (Mar 14, 2022) |
| Jun 30, 2022 | $15.16 | $0.373 | 40.6 | 40.6 (Jun 30, 2022) |
| Sep 30, 2022 | $12.14 | $0.305 | 39.8 | 38.9 (Jul 1, 2022) |
| Dec 30, 2022 | $14.61 | $0.235 | 62.2 | 36.8 (Oct 14, 2022) |
| Mar 31, 2023 | $27.78 | $0.174 | 159.6 | 60.7 (Jan 5, 2023) |
| Jun 30, 2023 | $42.30 | $0.192 | 220.3 | 150.8 (Apr 25, 2023) |
| Sep 29, 2023 | $43.50 | $0.416 | 104.6 | 98.6 (Sep 21, 2023) |
| Dec 29, 2023 | $49.52 | $0.759 | 65.2 | 60.0 (Dec 6, 2023) |
| Mar 28, 2024 | $90.36 | $1.20 | 75.6 | 62.7 (Jan 3, 2024) |
| Jun 28, 2024 | $123.54 | $1.71 | 72.1 | 60.6 (May 23, 2024) |
| Sep 30, 2024 | $121.44 | $2.13 | 56.9 | 48.2 (Sep 6, 2024) |
| Dec 31, 2024 | $134.29 | $2.54 | 52.8 | 50.7 (Dec 18, 2024) |
| Mar 31, 2025 | $108.38 | $2.94 | 36.9 | 36.4 (Mar 10, 2025) |
| Jun 30, 2025 | $157.99 | $3.10 | 51.0 | 32.1 (Apr 4, 2025) |
| Sep 30, 2025 | $186.58 | $3.51 | 53.2 | 47.6 (Sep 5, 2025) |
| Dec 31, 2025 | $186.50 | $4.03 | 46.3 | 42.4 (Dec 17, 2025) |
| Mar 31, 2026 | $174.40 | $4.90 | 35.6 | 33.7 (Mar 30, 2026) |
| Jun 30, 2026 | $200.09 | $6.53 | 30.6 | 29.5 (Jun 26, 2026) |
| Sep 30, 2026 | $228.38 | $7.91 | 28.9 | 26.7 (Sep 14, 2026) |
| Nov 9, 2026 | $178.67 | $7.91 | 22.6 | 22.6 (Nov 9, 2026) |
Source: StockTitan daily closes and Nvidia's 10-Q and 10-K filings and results releases on SEC EDGAR, restated for the 4-for-1 split of 2021 and the 10-for-1 split of 2024.
A P/E falls when the price drops or when profit rises. Over the past year, rising profit did most of the work. Since the October record, the falling price did all of it.
A year ago, on November 10, 2025, Nvidia closed at $199.05. Its last four reported quarters then added up to $3.51 of profit per share, so the P/E was about 57.
Today the price is 16% lower, but the four quarters add up to $7.91. That is how the ratio lost more than 60% of its value in twelve months.
| Category | Diluted profit per share, four quarters | Note |
|---|---|---|
| Feb '18 | $0.12 | |
| May '18 | $0.15 | |
| Aug '18 | $0.17 | |
| Nov '18 | $0.19 | |
| Feb '19 | $0.17 | |
| May '19 | $0.13 | |
| Aug '19 | $0.11 | |
| Nov '19 | $0.10 | |
| Feb '20 | $0.11 | |
| May '20 | $0.13 | |
| Aug '20 | $0.14 | |
| Nov '20 | $0.15 | |
| Feb '21 | $0.17 | |
| May '21 | $0.21 | |
| Aug '21 | $0.28 | |
| Nov '21 | $0.33 | |
| Feb '22 | $0.39 | |
| May '22 | $0.37 | |
| Aug '22 | $0.31 | |
| Nov '22 | $0.24 | |
| Feb '23 | $0.17 | |
| May '23 | $0.19 | |
| Aug '23 | $0.42 | Profit begins to surge |
| Nov '23 | $0.76 | |
| Feb '24 | $1.20 | |
| May '24 | $1.71 | |
| Aug '24 | $2.13 | |
| Nov '24 | $2.54 | |
| Feb '25 | $2.94 | |
| May '25 | $3.10 | |
| Aug '25 | $3.51 | Known a year ago: $3.51 |
| Nov '25 | $4.03 | |
| Feb '26 | $4.90 | |
| May '26 | $6.53 | |
| Aug '26 | $7.91 | Latest report: $7.91 |
Part of the profit came from outside chips. Nvidia's filings show $30.6 billion of gains on its stakes in other companies over the four quarters, before tax. Nvidia leaves those gains out of a second set of profit figures it also publishes, which skip some items its standard accounts include. Take the gains out of the four quarters and the P/E is about 24, still the lowest since 2019. StockTitan's comparison of AI stocks with Costco and Walmart measured profit the same way.
The fall came in steps. CNN pointed to doubts about AI spending on October 30. On November 5, CNBC pointed to the midterm elections, and on November 10 it reported that stocks opened lower after a hot inflation report.
| Date | Event |
|---|---|
| Oct 6 | Record close of $239.24 |
| Oct 30 | Closes down 4.2% |
| Nov 5 | Closes down 9.3%, its deepest one-day drop since the record |
| Nov 8 | Board statement: "initiating an independent investigation" |
| Nov 9 | Closes down 4.3% |
| Nov 10 | Down 6.8% by 12:08 p.m. ET |
| Nov 17 | Results for the quarter ended October 25 |
On October 30 Nvidia fell 4.2%. That day the Nasdaq and the S&P 500 had their worst day since June, as tech results revived doubts that heavy AI spending will pay off, CNN reported. StockTitan's live coverage of October 30 carried that report.
The deepest drop came on November 5. Nvidia fell 9.3% as chip stocks sank on worries that new Democratic majorities and governors would slow data center building, CNBC reported that day. StockTitan explained that selloff in why AI stocks are down today.
On Sunday, November 8, Nvidia's board said in a statement that it "is initiating an independent investigation in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort." It said it has "no reason to believe that either national security or NVIDIA secrets were compromised." It also said it "has confidence in Jensen and his leadership team." Nvidia closed down 4.3% on Monday. It fell after the statement, CNBC reported.
On Tuesday, the October inflation report came in hotter than economists expected, and stocks opened lower, CNBC reported. Hours earlier, Fed Governor Christopher Waller said in a speech that he is "leaning toward supporting an increase in our policy rate" at the Fed's December meeting. Dallas Fed President Lorie Logan said two more rate hikes will be needed, CNBC reported. A rate hike makes borrowing cost more. By 12:08 p.m. ET Nvidia was down 6.8% at $166.60. StockTitan's live coverage of November 10 follows the rest of the day.
A low P/E is read two ways. FINRA, which oversees brokers in the US, says it can mark a stock others undervalue, or a business whose prospects are worse than its numbers show yet.
FINRA's guide to value investing describes both readings for stocks in general. A low P/E is one of the signs that a stock "might be undervalued," it says. An investor who believes a company's struggles "are temporary or overblown might consider it a value investment." It then warns that not every low P/E stock "represents true value." Some stocks fall because the business is getting worse in a way "not yet commonly understood," it says.
Nvidia's own filings name risks to the business. Its quarterly filing says future demand "may be affected by the ability of customers and partners" to "generate revenue and sustain investment in computing infrastructure." Its annual report says some customers "can use or develop their own solutions to replace those we are providing." Citi analyst Atif Malik told Reuters on November 9 that "key issues are likely potential governance implications, increased regulatory scrutiny."
Costs are another risk Nvidia named. Kress said on the August call that memory prices had risen more than Nvidia expected. She said gross margin, the share of sales left after the cost of making its products, would bottom at 71% to 72% in the quarter that ends in January 2027.
Bernstein's analysts took a different view of demand. They saw demand for Nvidia's products as unlikely to be affected by the investigation, though they said regulatory risks could rise, Investing.com reported on November 9.
Nvidia's own history holds one earlier case since 2018, the late 2018 slump. In January 2019, Nvidia cut its revenue forecast to $2.20 billion from $2.70 billion. It blamed weaker gaming demand from "deteriorating macroeconomic conditions, particularly in China," lower than expected sales of its new high-end chips and data center deals that did not close. Its four-quarter profit per share then fell 48% in a year. That one case leaves out what differs today, and past results do not predict future ones.
Nvidia reports on Tuesday, November 17. The new quarter replaces the oldest one in the four-quarter profit, so it can change the P/E even at the same price.
Nvidia set the date in its October 28 notice: results at about 1:20 p.m. PT (4:20 p.m. ET) for the quarter "which ended October 25, 2026," and a call at 5 p.m. ET.
The quarter leaving the sum is the one ended October 26, 2025, with $1.30 of profit per share. Whatever the new quarter earns takes its place. Nvidia also expects a gross margin of 74.0%, plus or minus half a point, for the quarter ended October 25.
eToro's Josh Gilbert separated the business from the investigation. "Nvidia's earnings on November 17 are the real next test," he told Reuters on November 9.
What to watch
Our numbers
Each P/E holds at the price it names.
At $166.60 at 12:08 p.m. ET on November 10, 2026, Nvidia was about 30% below its record close of $239.24 on October 6, five weeks earlier.
In its latest results, for the quarter ended July 26, 2026, revenue was up 106% from a year earlier. Its own forecast for the quarter ended October 25 points to growth of about 90%. Its chief financial officer called its outlook for the year to January 2028 "supply-constrained."
At the 12:08 p.m. ET price on November 10, 2026, Nvidia traded at about 21 times its last four quarters of diluted earnings per share, $7.91. That was its lowest P/E ratio since February 2019.
Not by itself. FINRA's investor guide says a low P/E can be a sign a stock might be undervalued, and warns that not every low P/E stock "represents true value." Nvidia's own filings name risks such as customers developing their own solutions, and Citi's Atif Malik pointed Reuters to governance and regulatory questions.
Nvidia was down 6.8% at 12:08 p.m. ET on November 10, on a day when stocks opened lower after a hotter inflation report, CNBC reported. On Monday it closed down 4.3%. It fell after its board said on November 8 that it is "initiating an independent investigation," CNBC reported.
Nvidia reports results for the quarter ended October 25, 2026 on Tuesday, November 17, with a call at 5 p.m. ET. It expects revenue of $108.0 billion, plus or minus 2%.
Sources
