Nvidia Stock is Historically Cheap. The Decade-Low Multiple Reflects Risks, But This Looks Like a Can't-Miss Buy Opportunity for NVDA.

Nvidia (NVDA) stock is currently trading at less than 17 times expected forward 12-month earnings, representing the cheapest valuation the shares have commanded in over a decade and roughly half the multiple investors were willing to pay as recently as early 2025.

This dramatic de-rating has occurred against a backdrop of accelerating, not decelerating, fundamentals — a paradox that sits at the heart of the debate over whether NVDA’s compressed multiple signals heightened risk or a rare value buying opportunity.