COMPOSITE RISK SCORE
73
LOW RISK
VAL:10/25 · FIN:25/25 · GRO:20/25 · TECH:18/25
📖 P/B RATIO
32.5x
Price to Book
🏛 MARKET CAP
$5.1T
Large Cap
📊 ROE
101.5%
Return on Equity
Overview
Technical
Financials
Analysis
Verdict
🏢 Company Analysis · NVIDIA Corporation
💼 BUSINESS MODEL
NVIDIA Corporation operates as a data center scale AI infrastructure company.. The company operates through two segments, Compute & Networking, and Graphics segments.. The Compute & Networking segment provides data center accelerated computing and networking platforms and artificial intelligence solutions and software, and automotive platforms and autonomous and electric vehicle solutions, including software.. The Graphics segment offers GeForce GPUs for gaming and PCs; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics.. Operates in Semiconductors within the Technology sector. Workforce of 42,000 employees.
🏰 MOAT & COMPETITION
Mega-cap ($5,119B) — dominant market position with significant scale advantages. ROE of 101.5% indicates strong competitive advantage and efficient capital deployment. Profit margin of 55.6% suggests pricing power / cost moat.
🚀 CATALYSTS
Revenue growing at 73% — strong top-line momentum. Earnings growth of 96% signals execution on profitability.
⚖️ ASYMMETRY CHECK
Analyst target range: $140 — $380 (mean $269, 56 analysts). Favorable asymmetry — upside potential of +80% vs downside floor of -34% (2.4x reward-to-risk).P/E of 43.0x — premium valuation , growth must sustain to avoid de-rating risk.
🔭 FUTURE OUTLOOK
Analyst consensus: Strong Buy (56 analysts). Latest quarter earnings grew 94% YoY — positive trajectory.
P/E at 43x
P/B at 32.5x
Analyst target: $268.61 (+27.5%)
1Y return: +93.3%
ROE: 101.5%
Profit margin: 55.6%
Revenue growth: 73.2%
Debt/Equity: 7%
Revenue growth: 73.2%
Earnings growth: 95.6%
Beta: 2.33
Sector: Technology
RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals
📈 Price Movement
1D 1W 1M
6M 1Y 3Y 5Y
🕯 Candlestick Chart
1D 1W 1M
6M 1Y 3Y 5Y
🎯 Price Prediction · Analyst Target Cone
📉 Valuation Trends (at current CMP)
P/E P/B MCap/Sales EPS
1392.1
1053.2
714.3
375.4
36.5
2023
2024
2025
2026
2023: 1210.5 2024: 177.0 2025: 71.6 2026: 43.0 43.0
266.3
206.7
147.0
87.3
27.7
2023
2024
2025
2026
2023: 231.6 2024: 119.1 2025: 64.5 2026: 32.5 32.5
218.3
168.7
119.2
69.7
20.2
2023
2024
2025
2026
2023: 189.8 2024: 84.0 2025: 39.2 2026: 23.7 23.7
5.6
4.3
2.9
1.5
0.1
2023
2024
2025
2026
2023: 0.2 2024: 1.2 2025: 2.9 2026: 4.9 4.9
💎 Valuation & Financial Metrics
P/E RATIO
43.0x
Trailing twelve months
P/B RATIO
32.5x
Price to Book value
ROE
101.5%
Return on Equity
PROFIT MARGIN
55.6%
Net profit margin
OPM
65.0%
Operating profit margin
ANALYST TARGET
$268.61
Range: $140.00 - $380.00
PEG RATIO
0.76
Price/Earnings to Growth
EV/EBITDA
38.5x
Enterprise value ratio
CURRENT RATIO
3.90
Liquidity measure
DIVIDEND YIELD
2.00%
Annual yield
GROSS MARGIN
71.1%
Gross profit margin
SECTOR BENCHMARKS — SEMICONDUCTORS
P/E (fair) 35.0x (sector mid)
P/B (fair) 8.0x (sector mid)
ROE (good) 25% (sector target)
OPM (good) 25% (sector target)
D/E comfort <20 (sector)
📋 Quarterly Performance Trend
Quarter Revenue QoQ % Net Profit QoQ % Op. Cash Flow EBITDA Margin
Q1 '25
$39.3B —
$22.1B —
$16.6B
65.7%
Q2 '25
$44.1B +12.0%
$18.8B -15.0%
$27.4B
51.3%
Q3 '25
$46.7B +6.1%
$26.4B +40.7%
$15.4B
68.3%
Q4 '25
$57.0B +22.0%
$31.9B +20.8%
$23.8B
68.0%
Q1 '26
$68.1B +19.5%
$43.0B +34.6%
$36.2B
75.3%
📊 Year-on-Year Trend
FY Revenue YoY % Net Profit YoY % Op. Cash Flow YoY %
2022
N/A —
N/A —
N/A —
2023
$27.0B —
$4.4B —
$5.6B —
2024
$60.9B +125.9%
$29.8B +581.3%
$28.1B +398.0%
2025
$130.5B +114.2%
$72.9B +144.9%
$64.1B +128.2%
2026
$215.9B +65.5%
$120.1B +64.7%
$102.7B +60.3%
📈 Revenue vs Earnings
Quarterly
Annual
💰 How NVIDIA Corporation Makes Its Money
Quarterly
Annual
Revenue
$68.1B
Cost of Revenue
$17.0B
Gross Profit
$51.1B
R&D
$5.5B
SG&A
$1.3B
Operating Inc.
$44.3B
Tax
$7.4B
Other
$5.6B
Net Income
$43.0B
(63.1% margin)
Jan 2026 · All values in $ Millions
Revenue
$57.0B
Cost of Revenue
$15.2B
Gross Profit
$41.8B
R&D
$4.7B
SG&A
$1.1B
Operating Inc.
$36.0B
Tax
$6.0B
Other
$1.4B
Net Income
$31.9B
(56.0% margin)
Oct 2025 · All values in $ Millions
Revenue
$46.7B
Cost of Revenue
$12.9B
Gross Profit
$33.9B
R&D
$4.3B
SG&A
$1.1B
Operating Inc.
$28.4B
Tax
$4.8B
Other
$2.2B
Net Income
$26.4B
(56.5% margin)
Jul 2025 · All values in $ Millions
Revenue
$44.1B
Cost of Revenue
$17.4B
Gross Profit
$26.7B
R&D
$4.0B
SG&A
$1.0B
Operating Inc.
$21.6B
Tax
$3.1B
Net Income
$18.8B
(42.6% margin)
Apr 2025 · All values in $ Millions
Revenue
$215.9B
Cost of Revenue
$62.5B
Gross Profit
$153.5B
R&D
$18.5B
SG&A
$4.6B
Operating Inc.
$130.4B
Tax
$21.4B
Other
$9.0B
Net Income
$120.1B
(55.6% margin)
Jan 2026 · All values in $ Millions
Revenue
$130.5B
Cost of Revenue
$32.6B
Gross Profit
$97.9B
R&D
$12.9B
SG&A
$3.5B
Operating Inc.
$81.5B
Tax
$11.1B
Other
$1.0B
Net Income
$72.9B
(55.8% margin)
Jan 2025 · All values in $ Millions
Revenue
$60.9B
Cost of Revenue
$16.6B
Gross Profit
$44.3B
R&D
$8.7B
SG&A
$2.7B
Operating Inc.
$33.0B
Tax
$4.1B
Net Income
$29.8B
(48.8% margin)
Jan 2024 · All values in $ Millions
Revenue
$27.0B
Cost of Revenue
$11.6B
Gross Profit
$15.4B
R&D
$7.3B
SG&A
$2.4B
Operating Inc.
$5.6B
Interest
$262M
Other
$1.4B
Net Income
$4.4B
(16.2% margin)
Jan 2023 · All values in $ Millions
Jan 2026
Oct 2025
Jul 2025
Apr 2025
🏦 Snapshot of NVIDIA Corporation's Balance Sheet
Quarterly
Annual
Total Assets
$206.8B
Cash & Equiv.: $10.6B (5.1%)
Receivables: $38.5B (18.6%)
Inventory: $21.4B (10.3%)
Other Current: $55.1B (26.7%)
PP&E: $13.2B (6.4%)
Goodwill: $20.8B (10.1%)
Other Intangibles: $3.3B (1.6%)
Other Non-Curr.: $43.8B (21.2%)
Liab. + Equity
$206.8B
Current Liab.: $32.2B (15.6%)
Long-Term Debt: $7.5B (3.6%)
Other Liab.: $9.9B (4.8%)
Equity: $157.3B (76.1%)
As of Jan 2026 · All values in $ Millions
Total Assets
$161.1B
Cash & Equiv.: $11.5B (7.1%)
Receivables: $33.4B (20.7%)
Inventory: $19.8B (12.3%)
Other Current: $51.8B (32.2%)
PP&E: $12.1B (7.5%)
Goodwill: $6.3B (3.9%)
Other Non-Curr.: $25.4B (15.8%)
Liab. + Equity
$161.1B
Current Liab.: $26.1B (16.2%)
Long-Term Debt: $7.5B (4.6%)
Other Liab.: $8.7B (5.4%)
Equity: $118.9B (73.8%)
As of Oct 2025 · All values in $ Millions
Total Assets
$140.7B
Cash & Equiv.: $11.6B (8.3%)
Receivables: $27.8B (19.8%)
Inventory: $15.0B (10.6%)
Other Current: $47.8B (34.0%)
PP&E: $11.2B (8.0%)
Goodwill: $5.8B (4.1%)
Other Non-Curr.: $20.8B (14.8%)
Liab. + Equity
$140.7B
Current Liab.: $24.3B (17.2%)
Long-Term Debt: $8.5B (6.0%)
Other Liab.: $7.9B (5.6%)
Equity: $100.1B (71.1%)
As of Jul 2025 · All values in $ Millions
Total Assets
$125.3B
Cash & Equiv.: $15.2B (12.2%)
Receivables: $22.1B (17.7%)
Inventory: $11.3B (9.0%)
Other Current: $41.2B (32.9%)
PP&E: $8.9B (7.1%)
Goodwill: $5.5B (4.4%)
Other Non-Curr.: $20.1B (16.1%)
Liab. + Equity
$125.3B
Current Liab.: $26.5B (21.2%)
Long-Term Debt: $8.5B (6.8%)
Other Liab.: $6.4B (5.1%)
Equity: $83.8B (66.9%)
As of Apr 2025 · All values in $ Millions
Total Assets
$206.8B
Cash & Equiv.: $10.6B (5.1%)
Receivables: $38.5B (18.6%)
Inventory: $21.4B (10.3%)
Other Current: $55.1B (26.7%)
PP&E: $13.2B (6.4%)
Goodwill: $20.8B (10.1%)
Other Intangibles: $3.3B (1.6%)
Other Non-Curr.: $43.8B (21.2%)
Liab. + Equity
$206.8B
Current Liab.: $32.2B (15.6%)
Long-Term Debt: $7.5B (3.6%)
Other Liab.: $9.9B (4.8%)
Equity: $157.3B (76.1%)
As of Jan 2026 · All values in $ Millions
Total Assets
$111.6B
Cash & Equiv.: $8.6B (7.7%)
Receivables: $23.1B (20.7%)
Inventory: $10.1B (9.0%)
Other Current: $38.4B (34.4%)
PP&E: $8.1B (7.2%)
Goodwill: $5.2B (4.6%)
Other Non-Curr.: $17.4B (15.6%)
Liab. + Equity
$111.6B
Current Liab.: $18.0B (16.2%)
Long-Term Debt: $8.5B (7.6%)
Other Liab.: $5.8B (5.2%)
Equity: $79.3B (71.1%)
As of Jan 2025 · All values in $ Millions
Total Assets
$65.7B
Cash & Equiv.: $7.3B (11.1%)
Receivables: $10.0B (15.2%)
Inventory: $5.3B (8.0%)
Other Current: $21.8B (33.1%)
PP&E: $5.3B (8.0%)
Goodwill: $4.4B (6.7%)
Other Intangibles: $1.1B (1.7%)
Other Non-Curr.: $10.6B (16.1%)
Liab. + Equity
$65.7B
Current Liab.: $10.6B (16.2%)
Long-Term Debt: $8.5B (12.9%)
Other Liab.: $3.7B (5.6%)
Equity: $43.0B (65.4%)
As of Jan 2024 · All values in $ Millions
Total Assets
$41.2B
Cash & Equiv.: $3.4B (8.2%)
Receivables: $3.8B (9.3%)
Inventory: $5.2B (12.5%)
Other Current: $10.7B (26.0%)
PP&E: $4.8B (11.8%)
Goodwill: $4.4B (10.6%)
Other Intangibles: $1.7B (4.1%)
Other Non-Curr.: $7.2B (17.5%)
Liab. + Equity
$41.2B
Current Liab.: $6.6B (15.9%)
Long-Term Debt: $9.7B (23.6%)
Other Liab.: $2.8B (6.8%)
Equity: $22.1B (53.7%)
As of Jan 2023 · All values in $ Millions
Jan 2026
Oct 2025
Jul 2025
Apr 2025
💸 Looking into NVIDIA Corporation's Cash Flow
Quarterly
Annual
Operating CF
$36.2B
Capital Exp.
$1.3B
Free Cash Flow
$34.9B
Buybacks
$3.8B
Retained / Other
$30.8B
FY2026 · All values in $ Millions
Operating CF
$23.8B
Capital Exp.
$1.6B
Free Cash Flow
$22.1B
Dividends
$244M
Buybacks
$12.5B
Retained / Other
$9.4B
FY2025 · All values in $ Millions
Operating CF
$15.4B
Capital Exp.
$1.9B
Free Cash Flow
$13.5B
Dividends
$244M
Buybacks
$9.7B
Retained / Other
$3.5B
FY2025 · All values in $ Millions
Operating CF
$27.4B
Capital Exp.
$1.2B
Free Cash Flow
$26.2B
Buybacks
$14.1B
Retained / Other
$11.8B
FY2025 · All values in $ Millions
Operating CF
$102.7B
Capital Exp.
$6.0B
Free Cash Flow
$96.7B
Buybacks
$40.1B
Retained / Other
$55.6B
FY2026 · All values in $ Millions
Operating CF
$64.1B
Capital Exp.
$3.2B
Free Cash Flow
$60.9B
Dividends
$834M
Buybacks
$33.7B
Debt Repaid
$1.2B
Retained / Other
$25.1B
FY2025 · All values in $ Millions
Operating CF
$28.1B
Capital Exp.
$1.1B
Free Cash Flow
$27.0B
Dividends
$395M
Buybacks
$9.5B
Debt Repaid
$1.2B
Retained / Other
$15.8B
FY2024 · All values in $ Millions
Operating CF
$5.6B
Capital Exp.
$1.8B
Free Cash Flow
$3.8B
Dividends
$398M
Buybacks
$10.0B
FY2023 · All values in $ Millions
FY2026
FY2025
FY2025
FY2025
🎯 EPS: Estimate vs Actual
Estimates
Quarterly
Annual
📅 Quarterly Results
Item Jan '26 Oct '25 Jul '25 Apr '25 Jan '25 Total Revenue $68.13B $57.01B $46.74B $44.06B $39.33B Cost of Revenue $17.03B $15.16B $12.89B $17.39B $10.61B Gross Profit $51.09B $41.85B $33.85B $26.67B $28.72B Operating Expense $6.79B $5.84B $5.41B $5.03B $4.69B Operating Income $44.30B $36.01B $28.44B $21.64B $24.03B Interest Expense $73.0M $61.0M $62.0M $63.0M $61.0M Pretax Income $50.40B $37.94B $31.21B $21.91B $25.22B Tax Provision $7.44B $6.03B $4.78B $3.13B $3.13B Net Income $42.96B $31.91B $26.42B $18.77B $22.09B EBITDA $51.28B $38.75B $31.94B $22.58B $25.82B EPS (Basic) $1.77 $1.31 $1.08 $0.77 $0.90 EPS (Diluted) $1.76 $1.30 $1.08 $0.76 $0.89 Shares Outstanding 24.43B 24.48B 24.53B 24.61B 24.71B
📊 Profit & Loss Statement
Item Jan '26 Jan '25 Jan '24 Jan '23 Jan '22 Total Revenue $215.94B $130.50B $60.92B $26.97B — Cost of Revenue $62.48B $32.64B $16.62B $11.62B — Gross Profit $153.46B $97.86B $44.30B $15.36B — Operating Expense $23.08B $16.41B $11.33B $9.78B — Operating Income $130.39B $81.45B $32.97B $5.58B — Interest Expense $259.0M $247.0M $257.0M $262.0M — Pretax Income $141.45B $84.03B $33.82B $4.18B — Tax Provision $21.38B $11.15B $4.06B $-187.0M — Net Income $120.07B $72.88B $29.76B $4.37B — EBITDA $144.55B $86.14B $35.58B $5.99B — EPS (Basic) $4.93 $2.97 $1.21 $0.18 — EPS (Diluted) $4.90 $2.94 $1.19 $0.17 — Shares Outstanding 24.51B 24.80B 24.94B 25.07B —
🏦 Balance Sheet
Item Jan '26 Jan '25 Jan '24 Jan '23 Jan '22 Total Assets $206.80B $111.60B $65.73B $41.18B — Current Assets $125.61B $80.13B $44.34B $23.07B — Cash & Equivalents $10.61B $8.59B $7.28B $3.39B — Accounts Receivable $38.47B $23.07B $10.00B $3.83B — Inventory $21.40B $10.08B $5.28B $5.16B — Non-Current Assets $81.20B $31.48B $21.38B $18.11B — Property Plant & Equip $13.25B $8.08B $5.26B $4.84B — Goodwill $20.83B $5.19B $4.43B $4.37B — Intangible Assets $24.14B $6.00B $5.54B $6.05B — Total Liabilities $49.51B $32.27B $22.75B $19.08B — Current Liabilities $32.16B $18.05B $10.63B $6.56B — Accounts Payable $9.81B $6.31B $2.70B $1.19B — Short-Term Debt $999.0M — $1.25B $1.25B — Long-Term Debt $7.47B $8.46B $8.46B $9.70B — Total Equity $157.29B $79.33B $42.98B $22.10B — Retained Earnings $146.97B $68.04B $29.82B $10.17B — Book Value/Share 133.16B 73.33B 37.44B 16.05B —
💰 Cash Flow Statement
Item Jan '26 Jan '25 Jan '24 Jan '23 Jan '22 Operating Cash Flow $102.72B $64.09B $28.09B $5.64B — Depreciation & Amort. $2.84B $1.86B $1.51B $1.54B — Change in Working Cap $-15.95B $-9.38B $-3.72B $-2.21B — Capital Expenditure $-6.04B $-3.24B $-1.07B $-1.83B — Free Cash Flow $96.68B $60.85B $27.02B $3.81B — Investing Cash Flow $-52.23B $-20.42B $-10.57B $7.38B — Acquisitions $-14.54B $-1.01B $-83.0M $-49.0M — Financing Cash Flow $-48.47B $-42.36B $-13.63B $-11.62B — Debt Issued — — $0 $0 $4.98B Debt Repaid $0 $-1.25B $-1.25B $0 — Dividends Paid $-974.0M $-834.0M $-395.0M $-398.0M — Share Buyback $-40.09B $-33.71B $-9.53B $-10.04B — Net Change in Cash $2.02B $1.31B $3.89B $1.40B —
📈 Key Financial Ratios
Ratio FY2026 FY2025 FY2024 FY2023 FY2022 Gross Margin % 71.1% 75.0% 72.7% 56.9% — Operating Margin % 60.4% 62.4% 54.1% 20.7% — Net Margin % 55.6% 55.8% 48.8% 16.2% — EBITDA Margin % 66.9% 66.0% 58.4% 22.2% — ROE % 76.3% 91.9% 69.2% 19.8% — ROA % 58.1% 65.3% 45.3% 10.6% — Debt/Equity % 7.0% 12.6% 25.7% 54.4% — Current Ratio 3.91 4.44 4.17 3.52 — FCF Margin % 44.8% 46.6% 44.4% 14.1% — Asset Turnover 1.04 1.17 0.93 0.65 —
🚀 Compounded Growth Rates
Revenue
1-Year +65.5% 3-Year CAGR +88.3%
Net Profit
1-Year +64.7% 3-Year CAGR +100.9%
EPS
1-Year +66.7% 3-Year CAGR +102.9%
🏭 Industry Peers — Semiconductors
Ticker Company Price P/E P/B MCap ROE Margin Rev Growth AAPL Apple Inc. $269.02 34.1 44.9 $3,949.5B 152.0% 27.0% 15.7% MSFT Microsoft Corporation $424.19 26.6 8.1 $3,152.7B 34.4% 39.0% 16.7% GOOGL Alphabet Inc. $350.43 32.4 10.2 $4,239.3B 35.7% 32.8% 18.0% META Meta Platforms, Inc. $671.61 28.6 7.8 $1,704.8B 30.2% 30.1% 23.8% ORCL Oracle Corporation $162.74 29.2 13.9 $468.0B 57.6% 25.3% 21.7% CRM Salesforce, Inc. $180.10 23.1 2.8 $147.3B 12.4% 18.0% 12.1% ADBE Adobe Inc. $241.41 14.1 8.6 $97.6B 58.8% 29.5% 12.0% INTC Intel Corporation $92.55 62.8 4.0 $465.2B -2.9% -5.9% 7.2%
Peers selected from Technology sector · Data from Yahoo Finance
🏛 Shareholding Pattern
TOP HOLDERS
Holder Type Shares % Held Vanguard Group Inc Inst 2,266,683,275 9.33% Blackrock Inc. Inst 1,943,812,884 8.00% State Street Corporation Inst 991,480,489 4.08% FMR, LLC Inst 971,063,283 4.00% Geode Capital Management, LLC Inst 588,803,093 2.42% VANGUARD INDEX FUNDS-Vanguard Total MF 725,485,169 2.99% VANGUARD INDEX FUNDS-Vanguard 500 I MF 612,769,545 2.52% Fidelity Concord Street Trust-Fidel MF 309,248,004 1.27%
🟢 CATALYSTS
🏆 Revenue Growth 73%: Above sector norm of 30% — strong top-line momentum.
💹 High ROE (101.5%): Above sector norm of 25% — efficient capital use.
🔀 Healthy Margins (55.6%): Above sector norm of 25%.
🇺 Analyst Upside (28%): Mean target of $268.61 above current price.
🇸 Earnings Growth (96%): Above sector norm — strong profit expansion.
🔴 RISKS
📜 High P/B (32.5x): Well above sector expensive threshold of 15x.
💰 High Beta (2.33): More volatile than market — higher swing risk.
🔓 Market Risk: Broader market correction or sentiment shift could impact stock.
🕸 Factor Analysis · Radar
Momentum 8/10: 1M +27.5%, 6M +1.7%, RSI 67, MACD bullish, Above 200DMA Sentiment 8/10: Analyst upside +27.5%, Rec: strong buy Value 3/10: P/E 43.0, P/B 32.5, PEG 0.76, EV/EBITDA 38.5 Quality 10/10: ROE 101.5%, Margin 55.6%, D/E 7, CR 3.90 Low Volatility 3/10: Beta 2.33, Ann. vol 34% Momentum
8
Sentiment
8
Value
3
Quality
10
Low Vol
3
Momentum 8/10 1M +27.5%, 6M +1.7%, RSI 67, MACD bullish, Above 200DMA
Sentiment 8/10 Analyst upside +27.5%, Rec: strong buy
Value 3/10 P/E 43.0, P/B 32.5, PEG 0.76, EV/EBITDA 38.5
Quality 10/10 ROE 101.5%, Margin 55.6%, D/E 7, CR 3.90
Low Volatility 3/10 Beta 2.33, Ann. vol 34%
🎯 Decision Matrix — Game Theory
Action If Stock Rises If Stock Falls
BUY Capture 27.5% analyst upside OPM of 65% provides margin buffer HOLD Retain existing position; wait for better entry Miss further upside if momentum continues; 1M return of +27.5% shows momentum SELL Lock in +93.3% 1Y return Avoid further drawdown
REASONS TO BUY
Analyst upside of 27.5% with mean target of $268.61
ROE of 101.5% above sector norm of 25%
Revenue growing at 73.2% YoY (sector norm: 12%)
Operating margin of 65% shows pricing power (sector norm: 25%)
REASONS TO SELL / AVOID
1Y return of +93.3% — profit booking opportunity
NVIDIA Corporation trades at $210.63 with a composite risk score of 73/100.
The stock scores 10/25 on valuation, 25/25 on financial health, 20/25 on growth, and 18/25 on technicals.
The company is currently profitable with strong return on equity.
Bottom Line: Attractive risk/reward for Technology at current levels. The current recommendation is BUY .
PROFITABLE
HIGH ROE
STRONG GROWTH
UPSIDE POTENTIAL
VOLATILE