NVIDIA Corporation (NVDA)
NVIDIA makes the graphics processors and data-center accelerators that train and run most modern AI models. Its chips have become the default hardware of the AI boom, making it a bellwether for the entire sector.
NVDA vs STX: how the two businesses compare
- Bigger business: NVDA, with $215.9B of yearly revenue, about 24× STX's $9.1B.
- More profitable: NVDA keeps 56 cents of each sales dollar as profit, against 16 cents at STX.
- More cash from each sale: NVDA turns 48 cents of each sales dollar into operating cash flow, against 12 cents at STX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
NVIDIA (NVDA) is the larger business by reported revenue: $215.9B in its fiscal year ended Jan 2026, about 24× STX's $9.1B (fiscal year ended Jun 2025). NVDA's net margin was 55.6% and STX's 16.1%. The SEC classifies them differently (Semiconductors & Related Devices; Computer Storage Devices); what connects them is shared exposure to the Tariffs & trade research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- NVDA January 31 · STX June 27
- Aug 4, 2026
NVDA vs STX: quick comparison
| Company fact | NVDA | STX |
|---|---|---|
| Company | NVIDIA Corporation | Seagate Technology Holdings plc |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | Santa Clara, California | — |
| Founded | 1993 | — |
| SEC industry | Semiconductors & Related Devices | Computer Storage Devices |
| Fiscal year-end | January 31 | June 27 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-08-04 |
NVDA vs STX: audited financials
- Scale: NVDA's $215.9B of revenue is about 24× STX's $9.1B.
- Net margin: NVDA kept 55.6% of revenue as net income versus 16.1% at STX.
- Cash conversion: operating cash flow equalled NVDA 47.6% of revenue, or 0.86× net income; STX 11.9% of revenue, or 0.74× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 7 months apart (2026-01-25 for NVDA, 2025-06-27 for STX), so each figure reflects somewhat different demand and cost conditions.
| Metric | NVDA | STX |
|---|---|---|
| Revenue | $215.9B2025-01-27 to 2026-01-25 · SEC filing | $9.1B2024-06-29 to 2025-06-27 · SEC filing |
| Net income | $120.1B2025-01-27 to 2026-01-25 · SEC filing | $1.5B2024-06-29 to 2025-06-27 · SEC filing |
| Operating cash flow | $102.7B2025-01-27 to 2026-01-25 · SEC filing | $1.1B2024-06-29 to 2025-06-27 · SEC filing |
| Diluted EPS | $4.902025-01-27 to 2026-01-25 · SEC filing | $6.772024-06-29 to 2025-06-27 · SEC filing |
| Net margin | 55.6%2025-01-27 to 2026-01-25 · SEC filing | 16.1%2024-06-29 to 2025-06-27 · SEC filing |
NVDA: FY ending 2026-01-25 · STX: FY ending 2025-06-27. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where NVDA and STX overlap, and where they don't
Overlap
- Shared research theme: Tariffs & trade.
Differences
- Different SEC industries: NVDA files as Semiconductors & Related Devices; STX as Computer Storage Devices.
- Offset fiscal calendars: NVDA's year ends January 31 and STX's June 27, about 7 months apart.
- Only NVDA maps to Artificial intelligence.
- Scale: NVDA reported about 24× the annual revenue of STX.
- Profitability: net margin of 55.6% for NVDA versus 16.1% for STX.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Seagate Technology Holdings plc (STX)
Seagate manufactures high-capacity hard-disk drives and storage systems used primarily in cloud and enterprise data centers.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves NVDA
- Data Center compute and networking demand from cloud providers, AI developers and enterprises
- Revenue concentration among a limited number of partners, distributors and direct customers
- U.S. export controls, which the fiscal 2026 10-K says effectively foreclosed China's data-center compute market
- Foundry, packaging and memory supply from partners such as TSMC, concentrated in Asia
What moves STX
We have not yet published a company-specific driver list for STX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-04.
The investment question
You now know NVDA reports about 24× STX's revenue, and NVDA keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to tariffs & trade, including “Data Center compute and networking demand from cloud providers, AI developers and enterprises” at NVDA, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on NVDA and STX
- Issue 05: NVIDIA Is Building the Credit Market for AI
NVIDIA has found a way to turn knowledge of its own roadmap into a lower cost of capital for its customers. The result could move AI infrastructure from venture equity into private credit, insurance balance sheets and securitized debt.
- Seagate: More Terabytes, Better Economics
Seagate’s capacity-density thesis as of January 28, 2026, separating known qualifications and financials from an uncertain next phase.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. NVDA's fiscal year ends January 31, while STX's ends June 27. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 186 matched transaction rows for NVDA and 11 matched transaction rows for STX. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
NVDA primary filings
STX primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
NVDA vs STX FAQs
Are NVDA and STX direct competitors?
Not necessarily. NVIDIA files as Semiconductors & Related Devices and Seagate Technology as Computer Storage Devices. The pair is compared because both map to the Tariffs & trade research theme, not because the filings show head-to-head competition.
Is NVDA or STX the bigger company by revenue?
NVIDIA (NVDA) is the larger business by reported revenue: $215.9B in its fiscal year ended Jan 2026, about 24× STX's $9.1B (fiscal year ended Jun 2025). NVDA's net margin was 55.6% and STX's 16.1%. The SEC classifies them differently (Semiconductors & Related Devices; Computer Storage Devices); what connects them is shared exposure to the Tariffs & trade research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, NVDA or STX?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this NVDA vs STX comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers NVIDIA Corporation and Seagate Technology Holdings plc tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
NVDA vs STX compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
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