Nvidia earnings on August 26 put a 24x forward multiple to the test
Nvidia ($NVDA, +15% in 2026) is in focus heading into fiscal 2027 second-quarter results scheduled for August 26, with Wall Street analysts expecting 97% year-over-year growth on a stock that has broadly tracked the S&P 500 this year. The broader market is up 12% over the same period. By the desk's read, that convergence is the setup.
Key takeaways
- Nvidia reports fiscal 2027 second-quarter results on August 26, covering the fiscal quarter ending July 30.
- Wall Street analysts expect 97% year-over-year growth for Nvidia in the quarter.
- Nvidia is up 15% year-to-date in 2026, roughly tracking the S&P 500 (up 12%) and lagging its near-triple-digit consensus growth.
- Nvidia trades at 24 times forward earnings, only a slim premium to the S&P 500's 21.4 times and the lowest trailing and forward P/E in its peer group.
- Nvidia carries the lowest multiple despite delivering the fastest growth among peers including AMD, Broadcom, and Marvell.
Nvidia ($NVDA, +15% in 2026) is in focus heading into fiscal 2027 second-quarter results scheduled for August 26, with Wall Street analysts expecting 97% year-over-year growth on a stock that has broadly tracked the S&P 500 this year. The broader market is up 12% over the same period. By the desk's read, that convergence is the setup.
For a company whose GPU ecosystem holds industry-standard status in AI computing, 15% year-to-date in a year with near-triple-digit consensus growth is an unusual gap. Nvidia's products set the benchmark rivals use when positioning their own launches. That dynamic has not changed in 2026; the company's results so far this year suggest the growth thesis is intact. What has changed is the market's willingness to pay for it, and the skepticism that built through the year is the condition the August 26 print needs to address.
The valuation picture
At 24 times forward earnings, Nvidia holds only a slim premium to the S&P 500's 21.4 times. In a peer group that includes Advanced Micro Devices (NASDAQ: AMD) on the broad-purpose GPU side and Broadcom (NASDAQ: AVGO) and Marvell Technology (NASDAQ: MRVL) in custom AI chips, Nvidia carries the lowest trailing and forward price-to-earnings ratio. For a company delivering the group's fastest growth, sitting at the group's lowest multiple is an uncommon configuration.
The previous three years saw Nvidia outperform in a way the stock has not repeated in 2026. The multiple has compressed to the point where the gap between Nvidia's forward earnings ratio and the S&P 500's is fewer than three turns. The business is centered on computing equipment for AI workloads, where its GPU products have maintained their reference-standard role. AMD competes in the broad-purpose GPU category. Broadcom and Marvell are building in custom AI chips, a separate category that enterprise buyers have begun deploying alongside GPU infrastructure rather than in place of it.
What to watch
The August 26 report covers the fiscal second quarter ending July 30. Wall Street analysts expect 97% year-over-year growth. A result that clears that bar, paired with fiscal second-half guidance that holds, is the combination the current setup is pricing in. Watch the guidance line on August 26.
Related reading
Filed by the newsroom of MarketPR on August 23, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.