NVE Corporation: financial statements

NVECNASDAQTechnology · Semiconductors & Related Devices

Price

$81.05

November 13, 2026Market cap $392M

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The full history: 17 fiscal years, from FY2010
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More questions to the chat on its filings
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Notes on these figures

The share price has fallen 21% since Oct 21, 2026, when the 10-Q these figures come from was filed ($103.07 then, $81.05 on Nov 13, 2026). The figures date from before that move.10-Q

Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

FY2024–FY2026 fiscal years

Click a line to see it on the chart.

Revenue

Line	FY2024	FY2025	FY2026
Revenue	$586.1K	$1.2M	$1.1M
Cost of revenue	$6.8M	$4.2M	$5.6M
Gross profit	$23M	$22M	$21M
Operating income	$19M	$16M	$16M
Net income	$17M	$15M	$15M
Earnings per share	$3.54	$3.11	$3.14
Earnings per share, basic	$3.54	$3.12	$3.14
Margins
Gross margin	3,929.5%	1,741.4%	1,868.9%
Operating margin	3,159.6%	1,287.2%	1,435.2%
Net margin	2,921.7%	1,212.3%	1,370.2%

Financial statements

NVEC's revenue, profits and cash flows from FY2010 to FY2023, 14 more fiscal years

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Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$905.5K Leases14.7% Effective tax rate

Leases

Mar 31, 2026

Operating leases

$905.5K

Finance leases

–

The liability is the present value of the rent still to pay, at March 31, 2026. It is not counted in the ladder's debt. The filing

From the statutory to the effective tax rate, FY2026

Mar 31, 2026

Statutory rate

21.0%

Effective rate

14.7%

-6.3 pts

The company paid 14.7% in tax on its profit, 6.3 points below the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

Tax credits

-6.4 pts

Difference the filing does not itemize

+0.1 pts

Effective rate

14.7%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$21M securities and stakes

Besides its debt, no other claim large enough to list ranks ahead of the shares.

On the other side, it holds $21M of long-term securities and stakes in other companies, at the value in its accounts, about 5.3% of the market value.

On the other side

at Sep 30, 2026: $21M

From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Where the change in earnings per share came from

Diluted earnings per share went from $3.11 in the fiscal year to Mar 31, 2025 to $3.14 in the year to Mar 31, 2026, a change of +$0.03.

Measured by size, 13.0% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.

: -$0.32
: +$0.30
: -$0.03
: +$0.07
: $0.00

Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.

Receivables and inventory against sales

In the quarter to Sep 30, 2026, sales were -8.1% on the same quarter a year earlier, and receivables +23.2%. Inventory was -7.5%, against -7.8% for the cost of sales.

Days of sales in receivables rose more than at nine in ten S&P 500 companies.

a year earlier 35 days: 47 days
a year earlier 490 days: 491 days

Balances at Sep 30, 2026 and Sep 30, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.

Taxes: deferred and paid

The deferred part was 80.4% of the tax charge in the year to Mar 31, 2026. The rows show the last 3 years.

Cash taxes paid were 377.6% of the current tax charge in the year to Mar 31, 2026.

The deferred share is higher than at nine in ten S&P 500 companies.

Deferred share, year to Mar 31, 2026$2.1M of $2.6M: 80.4%
Deferred share, year to Mar 31, 2025-$612.0K of $3.0M: -20.6%
Deferred share, year to Mar 31, 2024-$1.0M of $3.3M: -30.0%
$1.9M paid, $512.0K current: 377.6%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do NVE's filings show?

These are NVE's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Questions about NVEC's financials

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How much revenue did NVEC have in FY2026?

NVE had revenue of $1.1M and net income of $15M in fiscal FY2026, a net margin of 1,370.2%.

How much debt does NVEC have?

On March 31, 2026 NVE had total assets of $60M, debt of – and shareholders' equity of $58M.

How much free cash flow does NVEC have?

In fiscal FY2026 NVE had cash from operations of $17M and spent $2.2M on capital expenditure, leaving $14M of free cash flow.

Where are the figures from?

From NVE Corporation's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.