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NVSEF · Financials

Annual reports: Yahoo, amounts in millions of USD. P/E — year-end price / EPS; — if the price history does not reach that year.

	2022	2023	2024	2025
Revenue	43,461	46,660	51,722	56,674
Net income	6,955	14,850	11,941	13,984
Gross margin	73.4%	73.3%	75.2%	75.8%
Operating margin	18.3%	20.9%	28.1%	31.1%
Net margin	16.0%	31.8%	23.1%	24.7%
EPS	3	7.1	5.87	7.15
Free cash flow	11,997	11,705	13,805	15,244
Net debt	9,294	12,386	17,907	23,843
P/E	29	14.1	16.4	19.3

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

229.74 USD

Upside to the estimate

+43.3%

Margin of safety 30.2%: investors often want 20–30% for forecast errors.

Growth priced in

+3.1%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 6.3%	rate 7.3%	rate 8.3%
Bear · growth 4.3%	217.64	171.52	141.41
Base · growth 9.3%	293.62	229.74	188.11
Bull · growth 14.3%	393.08	305.7	248.84

FCF to shareholders 13,585 mln USD (operating cash flow − capex, after interest), shares 1,889 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.