Nebius Group N.V.

Software - Infrastructure

NBISSolid6 of 10 basics passed

$221.45

+0.79%

Market cap $60.2B

$221.45

+0.79%

Market cap $60.2B

Nebius is a vertically integrated cloud provider focusing on AI and high-performance computing. It is a carve-out of the previous Russian tech firm Yandex, following the Russian sanctions since the Ukraine-Russia war.

It is a $60.2B technology company. Revenue grew 479.0% over the last year, it keeps 16¢ of every dollar of sales as profit, and it carries $2.15B of net debt. It trades at 1417.4× earnings.

Website: group.nebius.com
Employees: 1 500
Sector: Technology

Share price · 2 years

$20.00 → $221.45+1007.3%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $530M
Profit: keeps 16¢ of every $1 sold; $82.5M
Free cash flow: cash left after running the business; -$5.88B
Net debt: debt minus cash on hand; $2.15B
P/E: years of profit in the price; 1417.4
EPS: earnings per share, FY2025; $0.30
Shares: down 24% since 2021 — buybacks; 274.1M
Volatility: beta vs the market — under 1 swings less; 1.09

Revenue, last 5 years

52-week range

Low $73.87$221.45High $286.69

Today's price is 69% of the way from the year's low to its high.

Valuation vs own history

P/E

728.5×

23%

P/S

113.4×

52%

P/B

5.8×

17%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$137Mnet selling

Purchases$0

Sales$137M

Insiders trading, last 14d0 buy · 4 sell

Standing in Technology

Size$60.2Btop 29%
Revenue growth+240%top 1%
Net margin3%top 79%
Return on equity1%top 84%
P/E1417.4×top 99%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Quality and Moat lag behind.

Valuation5

P/E vs own history77th pct · 5/25
FCF yield-9.8% · 0/25
P/S44.4x · 0/25
EV/EBITDA746.3x · 0/25

Growth0

Revenue CAGR-42.2% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability30

ROIC0.7% · 5/25
ROE0.6% · 5/25
Net margin15.6% · 20/25
Operating margin-50.5% · 0/25

Health63

Altman Z2.51 · 18/25
Current ratio4.03 · 25/25
Interest coverage-43.7x · 0/25
Net cash / debtD/A 8% · 20/25

Quality22

Piotroski F7/9 · 22/25
Beneish M0.43 · 0/25
FCF conversion-7132% · 0/25
Margin stabilityσ 1073.7% · 0/25

Moat25

ROIC >12% years0/5 yrs · 0/25
Median gross margin51.2% · 20/25
FCF-positive years2/5 yrs · 5/25
Worst-year net marginworst -701.0% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Turned profitable
$746M net income after a loss year
FY2022Financial
Became debt-free
cash now exceeds total debt
FY2022Financial
Best year on record
$746M net income
FY2021Financial
Revenue already above $1B
$4.75B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

#64 largest of 220 Technology companies by market cap

$529.8M revenue in FY2025

Revenue up 479.0% year over year

1 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (74.3%)
Revenue growing 479.0% year over year
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Negative free cash flow (-$5.9B)
Thin interest coverage (-43.7×)
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago+479.0% YoY
Profitable — makes more than it spends$82.5M FY2025
Profit growing — earnings are higher than last year-45.2% YoY
Generates cash — cash left after running and investing-$5.88B FY2025
Debt under control — could handle its obligationscurrent ratio 4.03
Established company — not a micro-cap — lower blow-up risk$60.2B market cap
Not printing shares — share count not ballooning — you keep your slice-24.2% shares over ~5y
Proven track record — years of profitability behind it3/5 profitable years
Financially stable — balance sheet not near distressAltman Z 2.5 — grey
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 1417.4

Peer comparisonNebius Group N.V. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
NBIS this company	$60.2B	1417.4	+479.0%	15.6%	Solid
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: NBIS vs NVDA · NBIS vs AAPL · NBIS vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 11Hold 7

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $530M · net income $82.5M (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$530M

YoY 479.0%

Net income (FY2025)

$82.5M

Margin 15.6%

Gross margin

74.3%

Operating margin

-50.5%

P/E ratio

1417.4

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	4.7	0.0	0.0	0.1	0.5
Gross profit	2.4	-0.0	-0.0	0.0	0.4
Operating income (EBIT)	-0.2	-0.2	-0.3	-0.4	-0.6
Net income	-0.2	0.7	0.2	-0.6	0.1
EPS (diluted)	-0.54	2.06	1.02	-2.51	0.30

Cash flowFree cash flow -$5.88B · operating cash flow $5.26B (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

-$5.88B

Margin -1110.6%

Operating cash flow (FY2025)

$5.26B

FY basis

FCF margin

-200.0%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.7	0.8	0.2	0.4	5.3
Capital expenditure	-0.0	-0.1	-0.8	-4.1	-11.1
Free cash flow	0.7	0.7	-0.6	-3.7	-5.9
FCF margin	14.4%	5532.6%	-5733.7%	-4023.2%	-1110.6%

Balance sheetAssets $28.0B · net debt $2.15B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $28.0B of assets is financed

63%

37%

Liabilities $17.6B — borrowed moneyEquity $10.3B — owners' stake

Cash vs debt

Total debt $10.2B − cash $8.04B = net debt $2.15B

Cash on hand covers 79% of debt.

Altman Z-Score

2.51

Grey zone

Interest coverage

-43.7x

EBIT ÷ interest expense

ROE

0.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	1.1	0.1	2.4	3.8	8.0
Total assets	8.5	8.8	3.5	12.4	28.0
Total liabilities	3.8	5.5	0.3	7.8	17.6
Total debt	1.7	0.0	0.0	5.0	10.2
Equity	4.6	3.3	3.3	4.6	10.3
Net debt	0.6	-0.1	-2.4	1.2	2.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of NBIS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $221.45 · market cap $60.2B.