INTERNAL CREDIT MEMORANDUM

Borrower:

NVIDIA Corp. (NVDA)

Date:

2026-02-19

Sector:

Technology

Analyst:

Credit Risk AI

Rating:

Outlook:

Stable

Executive Summary

NVIDIA Corp. maintains a robust credit profile with strong liquidity and manageable leverage ratios. Recent financial performance indicates stable cash flow generation capable of supporting current debt obligations.

Financial Analysis (3-Year Trend)

Metric	2023	2024	2025
Revenue ($B)	304.98	326.72	350.0
EBITDA ($B)	30.6	41.68	40.49
Total Debt ($B)	44.8	67.42	46.27
Leverage (Debt/EBITDA)	1.46x	1.62x	1.14x
Interest Coverage	13.7x	12.4x	17.5x

Risk Assessment

Primary Risks:

Cyclical downturn in Technology.
Regulatory changes affecting margins.
Execution risk on new product launches.

Mitigants:

Strong liquidity position with $52.5B in cash.
Demonstrated access to capital markets.
Leading market share in core segments.

Recommendation

Based on the quantitative credit scoring model (Score: 75/100) and qualitative review of NVDA's 10-K filings, we recommend MAINTAIN exposure at current levels.

SYSTEM AUDIT LOG
Transaction ID: aa11e0e8-d3f4-4eb5-8acc-8a5bbd61949b
Model: Credit-BERT-v2 (Fine-tuned on S&P Ratings)
Data Integrity: Verified (Hash: ded36b39b440179f)
RAG Sources: 18 Documents Processed