[{"data":1,"prerenderedAt":915},["ShallowReactive",2],{"content-/nvda-valuation-analysis":3,"all-pages-for-dir":892,"related-/nvda-valuation-analysis":893,"og-image-/nvda-valuation-analysis":914},{"id":4,"title":5,"body":6,"category":875,"concepts":875,"description":876,"extension":877,"meta":878,"navigation":879,"ogImage":875,"path":880,"project_name":875,"published":881,"publishedAt":882,"seo":883,"source":875,"stem":884,"tags":885,"todo":875,"unpublished":881,"updatedAt":882,"__hash__":891},"pages/2025-12/2025-12-11/nvda-valuation-analysis.md","NVIDIA (NVDA) 株価バリュエーション分析",{"type":7,"value":8,"toc":856},"minimark",[9,13,17,22,29,35,119,123,128,144,149,220,224,229,234,302,306,311,316,368,372,377,382,436,439,442,448,454,520,522,526,529,613,615,619,730,732,736,747,749,752,755,762,766,771,776,779,850],[10,11,12],"h2",{"id":12},"株価バリュエーション指標",[14,15,16],"p",{},"NVIDIAの財務データから、株価の割高・割安を判断するための主要指標をまとめる。",[18,19,21],"h3",{"id":20},"_1-pe株価収益率","1. P/E（株価収益率）",[14,23,24,28],{},[25,26,27],"strong",{},"計算式",": 株価 ÷ 1株当たり利益（EPS）",[14,30,31,34],{},[25,32,33],{},"意味",": 株価が利益の何倍で取引されているか。低いほど割安で、高いほど割高。成長企業は高くなりやすい。",[36,37,38,60],"table",{},[39,40,41],"thead",{},[42,43,44,48,51,54,57],"tr",{},[45,46,47],"th",{},"セクション",[45,49,50],{},"行",[45,52,53],{},"指標",[45,55,56],{},"Current/LTM値",[45,58,59],{},"説明",[61,62,63,83,101],"tbody",{},[42,64,65,69,72,75,80],{},[66,67,68],"td",{},"Highlights",[66,70,71],{},"18",[66,73,74],{},"Price / Earnings - P/E",[66,76,77],{},[25,78,79],{},"45.8x",[66,81,82],{},"過去12ヶ月の実績EPSで計算",[42,84,85,88,91,94,98],{},[66,86,87],{},"Multiples",[66,89,90],{},"229",[66,92,93],{},"Price / Earnings (LTM)",[66,95,96],{},[25,97,79],{},[66,99,100],{},"LTM = Last Twelve Months（過去12ヶ月実績）",[42,102,103,105,108,111,116],{},[66,104,87],{},[66,106,107],{},"230",[66,109,110],{},"Price / Earnings (NTM)",[66,112,113],{},[25,114,115],{},"26.6x",[66,117,118],{},"NTM = Next Twelve Months（来期予想）",[18,120,122],{"id":121},"_2-evebitda","2. EV/EBITDA",[14,124,125,127],{},[25,126,27],{},": 企業価値（EV） ÷ EBITDA",[129,130,131,138],"ul",{},[132,133,134,137],"li",{},[25,135,136],{},"EV（Enterprise Value）",": 時価総額 + 有利子負債 − 現金。会社を丸ごと買収するコスト。",[132,139,140,143],{},[25,141,142],{},"EBITDA",": 税引前利益に利息・減価償却を足し戻したもの。本業の稼ぐ力を示す。",[14,145,146,148],{},[25,147,33],{},": 買収コストが本業の利益の何倍か。何年で回収できるかを示す。低いほど割安。減価償却の影響を除外するため業種比較に使いやすい。",[36,150,151,165],{},[39,152,153],{},[42,154,155,157,159,161,163],{},[45,156,47],{},[45,158,50],{},[45,160,53],{},[45,162,56],{},[45,164,59],{},[61,166,167,185,203],{},[42,168,169,171,174,177,182],{},[66,170,87],{},[66,172,173],{},"225",[66,175,176],{},"EV / EBITDA (LTM)",[66,178,179],{},[25,180,181],{},"39.3x",[66,183,184],{},"過去12ヶ月実績ベース",[42,186,187,189,192,195,200],{},[66,188,87],{},[66,190,191],{},"226",[66,193,194],{},"EV / EBITDA (NTM)",[66,196,197],{},[25,198,199],{},"21.7x",[66,201,202],{},"来期予想ベース",[42,204,205,208,211,214,218],{},[66,206,207],{},"Enterprise Value",[66,209,210],{},"246",[66,212,213],{},"EV / EBITDA",[66,215,216],{},[25,217,181],{},[66,219,184],{},[18,221,223],{"id":222},"_3-evsales売上高倍率","3. EV/Sales（売上高倍率）",[14,225,226,228],{},[25,227,27],{},": 企業価値（EV） ÷ 売上高",[14,230,231,233],{},[25,232,33],{},": 買収コストが売上の何倍か。赤字企業や利益が不安定な企業の比較に有用。低いほど割安。",[36,235,236,250],{},[39,237,238],{},[42,239,240,242,244,246,248],{},[45,241,47],{},[45,243,50],{},[45,245,53],{},[45,247,56],{},[45,249,59],{},[61,251,252,269,286],{},[42,253,254,256,259,262,267],{},[66,255,87],{},[66,257,258],{},"220",[66,260,261],{},"EV / Sales (LTM)",[66,263,264],{},[25,265,266],{},"23.8x",[66,268,184],{},[42,270,271,273,276,279,284],{},[66,272,87],{},[66,274,275],{},"221",[66,277,278],{},"EV / Sales (NTM)",[66,280,281],{},[25,282,283],{},"15.0x",[66,285,202],{},[42,287,288,290,293,296,300],{},[66,289,207],{},[66,291,292],{},"245",[66,294,295],{},"EV / Sales",[66,297,298],{},[25,299,266],{},[66,301,184],{},[18,303,305],{"id":304},"_4-ps株価売上高倍率","4. P/S（株価売上高倍率）",[14,307,308,310],{},[25,309,27],{},": 時価総額 ÷ 売上高（または 株価 ÷ 1株当たり売上高）",[14,312,313,315],{},[25,314,33],{},": EV/Salesと似ているが、負債を考慮しない。赤字企業やスタートアップの評価に使われる。低いほど割安。",[36,317,318,332],{},[39,319,320],{},[42,321,322,324,326,328,330],{},[45,323,47],{},[45,325,50],{},[45,327,53],{},[45,329,56],{},[45,331,59],{},[61,333,334,351],{},[42,335,336,338,341,344,349],{},[66,337,87],{},[66,339,340],{},"222",[66,342,343],{},"Price / Sales (LTM)",[66,345,346],{},[25,347,348],{},"24.0x",[66,350,184],{},[42,352,353,355,358,361,366],{},[66,354,87],{},[66,356,357],{},"223",[66,359,360],{},"Price / Sales (NTM)",[66,362,363],{},[25,364,365],{},"15.1x",[66,367,202],{},[18,369,371],{"id":370},"_5-pb株価純資産倍率","5. P/B（株価純資産倍率）",[14,373,374,376],{},[25,375,27],{},": 株価 ÷ 1株当たり純資産（BPS）",[14,378,379,381],{},[25,380,33],{},": 株価が会社の解散価値（純資産）の何倍か。1倍以下なら資産価値より安く買える。銀行など資産が重要な業種で重視される。",[36,383,384,398],{},[39,385,386],{},[42,387,388,390,392,394,396],{},[45,389,47],{},[45,391,50],{},[45,393,53],{},[45,395,56],{},[45,397,59],{},[61,399,400,418],{},[42,401,402,404,407,410,415],{},[66,403,87],{},[66,405,406],{},"232",[66,408,409],{},"Price / Book (LTM)",[66,411,412],{},[25,413,414],{},"37.8x",[66,416,417],{},"純資産ベース",[42,419,420,422,425,428,433],{},[66,421,87],{},[66,423,424],{},"233",[66,426,427],{},"Price / Tangible Book Value (LTM)",[66,429,430],{},[25,431,432],{},"40.2x",[66,434,435],{},"有形純資産ベース（のれん等を除外）",[437,438],"hr",{},[10,440,441],{"id":441},"時価総額と企業価値",[14,443,444,447],{},[25,445,446],{},"時価総額（Market Cap）",": 株価 × 発行済株式数。株主から見た会社の価値。",[14,449,450,453],{},[25,451,452],{},"企業価値（EV）",": 時価総額 + 有利子負債 − 現金。買収者から見た会社の価値。",[36,455,456,470],{},[39,457,458],{},[42,459,460,462,464,467],{},[45,461,47],{},[45,463,50],{},[45,465,466],{},"項目",[45,468,469],{},"値",[61,471,472,485,498,509],{},[42,473,474,476,479,482],{},[66,475,68],{},[66,477,478],{},"20",[66,480,481],{},"Market Capitalization",[66,483,484],{},"$4,494,586M",[42,486,487,489,492,495],{},[66,488,68],{},[66,490,491],{},"25",[66,493,494],{},"Enterprise Value - EV",[66,496,497],{},"$4,444,800M",[42,499,500,502,505,507],{},[66,501,207],{},[66,503,504],{},"238",[66,506,481],{},[66,508,484],{},[42,510,511,513,516,518],{},[66,512,207],{},[66,514,515],{},"243",[66,517,207],{},[66,519,497],{},[437,521],{},[10,523,525],{"id":524},"収益性指標割高でも許容される根拠","収益性指標（割高でも許容される根拠）",[14,527,528],{},"高いバリュエーションでも、収益性が高ければ正当化される。",[36,530,531,545],{},[39,532,533],{},[42,534,535,537,539,541,543],{},[45,536,47],{},[45,538,50],{},[45,540,53],{},[45,542,469],{},[45,544,33],{},[61,546,547,564,581,597],{},[42,548,549,552,555,558,561],{},[66,550,551],{},"Profitability",[66,553,554],{},"264",[66,556,557],{},"ROE（自己資本利益率）",[66,559,560],{},"107.36%",[66,562,563],{},"株主資本に対する利益率。高いほど効率的",[42,565,566,569,572,575,578],{},[66,567,568],{},"ROIC",[66,570,571],{},"297",[66,573,574],{},"ROIC（投下資本利益率）",[66,576,577],{},"84.86%",[66,579,580],{},"事業に投下した資本に対するリターン",[42,582,583,585,588,591,594],{},[66,584,68],{},[66,586,587],{},"15",[66,589,590],{},"Net Income Margin",[66,592,593],{},"53.01%",[66,595,596],{},"売上のうち最終利益になる割合",[42,598,599,601,604,607,610],{},[66,600,68],{},[66,602,603],{},"11",[66,605,606],{},"Gross Profit Margin",[66,608,609],{},"70.05%",[66,611,612],{},"売上のうち粗利になる割合",[437,614],{},[10,616,618],{"id":617},"tsvファイルのセクション構成","TSVファイルのセクション構成",[36,620,621,634],{},[39,622,623],{},[42,624,625,628,631],{},[45,626,627],{},"セクション名",[45,629,630],{},"開始行",[45,632,633],{},"主な内容",[61,635,636,646,657,668,679,689,699,709,719],{},[42,637,638,640,643],{},[66,639,68],{},[66,641,642],{},"5",[66,644,645],{},"主要指標のサマリー",[42,647,648,651,654],{},[66,649,650],{},"Income Statement",[66,652,653],{},"32",[66,655,656],{},"損益計算書（売上、利益など）",[42,658,659,662,665],{},[66,660,661],{},"Balance Sheet",[66,663,664],{},"99",[66,666,667],{},"貸借対照表（資産、負債、純資産）",[42,669,670,673,676],{},[66,671,672],{},"Cash Flow",[66,674,675],{},"158",[66,677,678],{},"キャッシュフロー計算書",[42,680,681,683,686],{},[66,682,87],{},[66,684,685],{},"217",[66,687,688],{},"バリュエーション指標（P/E、EV/EBITDAなど）",[42,690,691,693,696],{},[66,692,207],{},[66,694,695],{},"235",[66,697,698],{},"企業価値と資本構成",[42,700,701,703,706],{},[66,702,551],{},[66,704,705],{},"260",[66,707,708],{},"収益性指標（ROE、マージンなど）",[42,710,711,713,716],{},[66,712,568],{},[66,714,715],{},"292",[66,717,718],{},"投下資本利益率",[42,720,721,724,727],{},[66,722,723],{},"Solvency",[66,725,726],{},"311",[66,728,729],{},"財務健全性（負債比率など）",[437,731],{},[10,733,735],{"id":734},"peの歴史的推移","P/Eの歴史的推移",[737,738,743],"pre",{"className":739,"code":741,"language":742},[740],"language-text","FY2019: 23.3x\nFY2020: 59.9x\nFY2021: 83.8x\nFY2022: 68.9x\nFY2023: 122.1x\nFY2024: 56.7x\nFY2025: 44.7x\nCurrent: 45.8x\n","text",[744,745,741],"code",{"__ignoreMap":746},"",[437,748],{},[10,750,751],{"id":751},"総合判断",[14,753,754],{},"現在のP/E 45.8xは、FY2023の122.1xやFY2021の83.8xと比較すると低下している。しかし、FY2019の23.3xという従来の水準と比べるとまだ高い。",[14,756,757,758,761],{},"ただし、利益成長率（EPS YoY +59.73%）を考慮すると",[25,759,760],{},"PEGレシオは約0.77","となり、成長株としては割安寄りとも言える。",[18,763,765],{"id":764},"pegレシオとは","PEGレシオとは",[14,767,768,770],{},[25,769,27],{},": P/E ÷ 利益成長率（%）",[14,772,773,775],{},[25,774,33],{},": 成長率を加味したP/E。1.0以下なら成長に対して割安、1.0以上なら割高とされる。",[18,777,778],{"id":778},"各指標の一般的な目安との比較",[36,780,781,796],{},[39,782,783],{},[42,784,785,787,790,793],{},[45,786,53],{},[45,788,789],{},"NVDA現在値",[45,791,792],{},"一般的な目安",[45,794,795],{},"判定",[61,797,798,811,824,836],{},[42,799,800,803,805,808],{},[66,801,802],{},"P/E",[66,804,79],{},[66,806,807],{},"15-25x",[66,809,810],{},"高い",[42,812,813,816,818,821],{},[66,814,815],{},"P/B",[66,817,414],{},[66,819,820],{},"1-3x",[66,822,823],{},"非常に高い",[42,825,826,829,831,834],{},[66,827,828],{},"EV/EBITDA",[66,830,181],{},[66,832,833],{},"10-15x",[66,835,810],{},[42,837,838,841,844,847],{},[66,839,840],{},"PEG",[66,842,843],{},"0.77",[66,845,846],{},"1.0以下で割安",[66,848,849],{},"割安",[14,851,852,855],{},[25,853,854],{},"結論",": 絶対的なバリュエーション指標では割高だが、成長率を考慮したPEGレシオでは割安。高成長が継続する前提であれば正当化される水準。",{"title":746,"searchDepth":857,"depth":857,"links":858},2,[859,867,868,869,870,871],{"id":12,"depth":857,"text":12,"children":860},[861,863,864,865,866],{"id":20,"depth":862,"text":21},3,{"id":121,"depth":862,"text":122},{"id":222,"depth":862,"text":223},{"id":304,"depth":862,"text":305},{"id":370,"depth":862,"text":371},{"id":441,"depth":857,"text":441},{"id":524,"depth":857,"text":525},{"id":617,"depth":857,"text":618},{"id":734,"depth":857,"text":735},{"id":751,"depth":857,"text":751,"children":872},[873,874],{"id":764,"depth":862,"text":765},{"id":778,"depth":862,"text":778},null,"NVIDIAの株価が割高か割安かを判断するための主要指標まとめ","md",{},true,"/nvda-valuation-analysis",false,"2025-12-11T00:00:00.000Z",{"title":5,"description":876},"2025-12/2025-12-11/nvda-valuation-analysis",[886,887,888,889,802,890],"NVDA","NVIDIA","株式分析","バリュエーション","投資","O5GvjH-NGgwemYA24KdLv01Ax3rn53t58OhZggwoFpA",[],[894,898,902,906,910],{"title":895,"path":896,"publishedAt":897},"NVIDIA 2026年 年次株主総会 — Jensen Huang 事業アップデート＋議決結果＋株主Q&A 全文和訳","/nvidia-2026-annual-shareholder-meeting-japanese","2026-06-25T00:00:00.000Z",{"title":899,"path":900,"publishedAt":901},"NVIDIA 20兆ドル時価総額到達の前提条件（完全版）","/nvidia-20t-analysis-complete","2025-12-17T00:00:00.000Z",{"title":903,"path":904,"publishedAt":905},"AI業界の重要指標まとめ - NVIDIA決算・OpenAI/Anthropic収益・トークン処理量","/ai-industry-metrics-summary","2025-12-05T00:00:00.000Z",{"title":907,"path":908,"publishedAt":909},"個別株を現物で中長期に持つ理由｜「集中投資はレバレッジと同じ」が成り立たない一点について","/why-individual-stocks-cash-longterm","2026-07-31T00:00:00.000Z",{"title":911,"path":912,"publishedAt":913},"AMDはサーバーCPUの市場規模予想を2.6か月で1200億→2200億ドルに書き換えた｜土台の260億ドルは動かさず、成長率だけを18%→35%→50%超と3回上げている","/amd-server-cpu-tam-120b-to-220b","2026-07-30T00:00:00.000Z","https://log.eurekapu.com/og/blog/nvda-valuation-analysis.png?v=2025-12-11T00%3A00%3A00.000Z&title=NVIDIA%20(NVDA)%20%E6%A0%AA%E4%BE%A1%E3%83%90%E3%83%AA%E3%83%A5%E3%82%A8%E3%83%BC%E3%82%B7%E3%83%A7%E3%83%B3%E5%88%86%E6%9E%90&author=Kei%20Komatsu&sig=708706a91ff979b1",1785654676413]