Investor Court · Fundamentals Division

The numbers entered into evidence

In re: “Trust me, it’s a great story” vs. Ten years of filings

EXHIBIT A — NVDA
totalRevenuegrossProfitnetIncome
$0.00B$56.68B$113.37B$170.05B$226.73B2016|totalRevenue 2016: $6.91BgrossProfit 2016: $4.06BnetIncome 2016: $1.67B$6.91B2017|totalRevenue 2017: $9.71BgrossProfit 2017: $5.82BnetIncome 2017: $3.05B$9.71B2018|totalRevenue 2018: $11.72BgrossProfit 2018: $7.17BnetIncome 2018: $4.14B$11.72B2019|totalRevenue 2019: $10.92BgrossProfit 2019: $6.77BnetIncome 2019: $2.80B$10.92B2020|totalRevenue 2020: $16.68BgrossProfit 2020: $10.40BnetIncome 2020: $4.33B$16.68B2021|totalRevenue 2021: $26.91BgrossProfit 2021: $17.48BnetIncome 2021: $9.75B$26.91B2022|totalRevenue 2022: $26.97BgrossProfit 2022: $15.36BnetIncome 2022: $4.37B$26.97B2023|totalRevenue 2023: $60.92BgrossProfit 2023: $44.30BnetIncome 2023: $29.76B$60.92B2024|totalRevenue 2024: $130.50BgrossProfit 2024: $97.86BnetIncome 2024: $72.88B$130.50B2025|totalRevenue 2025: $215.94BgrossProfit 2025: $153.46BnetIncome 2025: $120.07B$215.94B$0.00B$56.68B$113.37B$170.05B$226.73B

Finding: revenue 31.25× (2016–2025). Income rose with sales. Compounding is visible without a pitch deck.

SimFin annual PL

EXHIBIT B — IBM
totalRevenuegrossProfitnetIncome
$0.00B$20.98B$41.96B$62.94B$83.92B2016|totalRevenue 2016: $79.92BgrossProfit 2016: $38.30BnetIncome 2016: $11.87B$79.92B2017|totalRevenue 2017: $79.14BgrossProfit 2017: $36.94BnetIncome 2017: $5.75B$79.14B2018|totalRevenue 2018: $79.59BgrossProfit 2018: $36.94BnetIncome 2018: $8.73B$79.59B2019|totalRevenue 2019: $57.71BgrossProfit 2019: $31.53BnetIncome 2019: $9.43B$57.71B2020|totalRevenue 2020: $55.18BgrossProfit 2020: $30.86BnetIncome 2020: $5.59B$55.18B2021|totalRevenue 2021: $57.35BgrossProfit 2021: $31.49BnetIncome 2021: $5.74B$57.35B2022|totalRevenue 2022: $60.53BgrossProfit 2022: $32.69BnetIncome 2022: $1.64B$60.53B2023|totalRevenue 2023: $61.86BgrossProfit 2023: $34.30BnetIncome 2023: $7.50B$61.86B2024|totalRevenue 2024: $62.75BgrossProfit 2024: $35.55BnetIncome 2024: $6.02B$62.75B$0.00B$20.98B$41.96B$62.94B$83.92B

Finding: revenue 0.79× (2016–2024). Bars do not climb. Narrative must work harder than the P&L.

SimFin annual PL

Same chart language as StocksFin research · magenta revenue · orange GP · green NI