Nebius Group NV NBIS

Information TechnologyProfessional & Commercial ServicesNetherlands

Last close 151.64 USD on Nov 3, 2026, +81.2% year to date

Quant rating

Quant rating D Rank 145 of 200 in Information Technology

Growth C 138 of 200
Valuation D 169 of 200
Quality C 139 of 200
Revisions C 135 of 200
Momentum C 89 of 200

Wall Street consensus Buy (2.08)Average target 289.34 USD +90.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 41.2B
Enterprise value: 41.7B
52-week range: 73.52 – 299.65
3-year range: 17.16 – 299.65
Dividend yield: –
Beta (5 years): –
Shares outstanding: 272M
Next earnings: Nov 9, 2026

About the company

Nebius Group NV is a Netherlands-based infrastructure company operating in the technology industry. The Company is engaged in developing a portfolio of artificial intelligence-related technology assets. It is involved in creating an artificial intelligence-centric player to integrate the essential elements of artificial intelligence development with infrastructure, data and advisory globally. It offers products and services such as a cloud platform for artificial intelligence-related workloads, development team services for autonomous vehicles, development of generative artificial intelligence. Nebius builds full-stack infrastructure to service the growth of the global AI industry, including GPU clusters, cloud platforms and tools and services for developers. Company is developing three other businesses that operate under their own brands: Toloka AI, TripleTen and Avride.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	530	91.5	9.8	13.5	4,841	–
Revenue growth	479.0%	833.7%	−27.4%	−99.7%	60.1%	−29.4%
EPS (basic, normalized)	−1.76	−1.20	–	–	0.30	–
EPS growth	–	–	–	–	–	–
Gross margin	68.6%	52.2%	−100.0%	−110.4%	51.2%	−7.7%
Net margin	1.8%	−384.7%	−3,051.0%	−1,333.3%	−4.1%	−954.3%
ROE	0.2%	−10.8%	−7.8%	14.8%	−5.1%	−1.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,042
Current ratio	4.03x
Long-term debt (mil)	8,499
Net debt (mil)	505
Total equity (mil)	10,340
Net debt / equity	0.05x
Net debt / EBITDA	−7.78x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	530	+479.0%	78.8x	−64.9	+75.1%	−643.0x	−1.76	−46.7%	−86.2x
2026	3,371	+536.3%	12.4x	1,331	+2,150.3%	31.4x	−2.12	−20.3%	−71.6x
2027	11,932	+253.9%	3.5x	6,405	+381.4%	6.5x	−3.41	−61.1%	−44.5x
2028	22,309	+87.0%	1.9x	14,407	+124.9%	2.9x	−3.60	−5.7%	−42.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,371	+0.3%	−0.9%	+0.5%	−2.12	+6.5%	+17.5%	+6.7%
2027	11,932	−0.4%	+5.3%	+22.2%	−3.41	+1.5%	−90.4%	−219.9%
2028	22,309	−0.2%	+13.0%	+40.0%	−3.60	−11.2%	−264.9%	−342.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	Dec 2024	FQ-5	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	37.9	55.3	105	146	228	399	582
Sales mean (mil)	–	–	–	58.1	61.3	101	155	243	371	573
Surprise	–	–	–	−34.8%	−9.8%	+3.9%	−5.8%	−6.2%	+7.4%	+1.7%
EPS reported	–	–	–	−0.37	–	−0.38	−0.40	−0.70	−0.32	−0.12
EPS mean	–	–	–	−0.39	−0.41	−0.47	−0.53	−1.14	−0.77	−0.62
Surprise	–	–	–	+5.1%	–	+18.6%	+24.5%	+38.7%	+58.3%	+80.7%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NBIS Nebius Group NV	41.2B	−7.78x	1.8%	3.99x	−71.6x	−44.5x	31.4x	6.5x
WCN Waste Connections, Inc.	46.6B	3.13x	11.4%	5.92x	32.7x	30.1x	16.7x	15.5x
MSCI MSCI Inc.	45.7B	3.39x	38.4%	−15.21x	32.5x	28.6x	24.2x	22.0x
XYZ Block, Inc.	45.7B	−0.17x	5.4%	2.07x	18.8x	14.6x	9.6x	8.0x
PAYX Paychex, Inc.	41.2B	1.20x	27.0%	11.11x	19.4x	18.1x	13.8x	12.9x
EXPGY Experian PLC	35.5B	–	4.9%	–	20.0x	17.7x	10.7x	9.9x
Mean		−0.05x	14.8%	1.58x	8.6x	10.8x	17.7x	12.5x
Median		1.20x	8.4%	3.99x	19.7x	17.9x	15.2x	11.4x

Technical analysis

1M−37.5%
3M−28.7%
1Y+25.9%
3Y+700.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nebius Group NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	530	91.5	9.8	13.5	4,841	3,025
Cost of revenue	166	43.7	19.6	28.4	2,364	1,188
Gross profit	364	47.8	−9.8	−14.9	2,477	1,837
Selling, general & administrative expenses	380	256	160	57.3	1,671	871
Research & development	177	115	87.1	58.3	659	503
Depreciation/amortization	418	77.1	29.3	27.5	328	245
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	0	−266
Other operating expenses	0	0	0	0	0	0
Operating income	−612	−400	−286	−158	−180	483
Net interest income (expense)	627	47.0	−10.0	−13.0	102	28.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.8	−0.4	−1.3	−7.9	−19.7	−6.0
Net income before taxes	13.8	−353	−297	−179	−98.2	506
Provision for taxes	4.0	−1.0	2.0	1.1	101	183
Minority interest	–	–	–	–	−0.2	18.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	9.8	−352	−299	−180	−199	342
Extraordinary items	72.7	−289	540	926	–	–
Net income	82.5	−641	241	746	−199	342
EBIT, normalized	−566	−348	−283	−158	−180	221
EBITDA, normalized	−148	−270	−254	−130	234	507
Basic EPS, normalized	−1.76	−1.20	–	–	0.30	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Nebius Group NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,753	2,450	121	1,153	1,438	3,228
Receivables	854	44.4	10.8	1,456	906	519
Total inventory	–	–	–	389	129	65.2
Prepaid expenses	68.2	27.8	20.1	282	203	113
Other current assets	36.4	11.5	3,301	29.8	7.2	9.9
Total current assets	4,711	2,533	3,454	3,309	2,682	3,936
Property, plant & equipment	6,472	892	147	2,157	1,805	1,119
Goodwill	–	–	–	1,983	1,581	1,413
Intangibles	19.7	4.9	4.2	670	485	397
Long-term investments	848	97.1	102	122	137	15.4
Note receivable	1.5	3.8	3.8	117	104	65.8
Other long-term assets	378	17.5	5,045	148	121	41.6
Total assets	12,431	3,549	8,755	8,506	6,914	6,988
Liabilities
Accounts payable	1,082	–	–	–	–	–
Payable/accrued	–	21.4	25.0	1,007	776	370
Accrued expenses	107	32.2	29.7	309	222	172
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	24.5	6.1	6.8	332	19.7	4.4
Other current liabilities	314	204	3,809	943	472	306
Total current liabilities	1,528	264	3,870	2,591	1,490	852
Long-term debt	4,103	0	0	704	1,357	1,174
Minority interest	–	0	0.2	302	198	315
Other liabilities	2,206	30.9	1,591	547	406	244
Total liabilities	7,837	295	5,461	4,144	3,451	2,585
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	8.4	9.2	9.2	3.9	3.8	3.8
Additional paid-in capital	2,361	2,017	1,812	1,648	1,515	2,180
Retained earnings (accumulated deficit)	3,300	3,218	3,859	2,396	1,764	1,976
Treasury stock	−1,076	−1,968	−19.6	−19.2	−36.6	−0.1
Other equity	−0.1	−22.1	−2,368	335	217	243
Total equity	4,594	3,254	3,294	4,363	3,463	4,402
Total liabilities & shareholders' equity	12,431	3,549	8,755	8,506	6,914	6,988

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nebius Group NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	9.8	−394	−342	−180	−199	335
Depreciation, depletion & amortization	418	77.3	29.3	27.5	415	287
Deferred taxes	−3.4	−2.9	−1.5	−2.5	−70.2	9.5
Non-cash items	−403	636	1,148	862	368	115
Changes in working capital	363	−71.2	−4.4	−10.0	−387	−294
Cash from operations	385	246	830	697	126	452
Investing activities
Capital expenditures	−4,066	−808	−83.4	−14.6	−606	−340
Other investing cash flows	−163	1,119	−1,129	−388	905	−1,321
Cash from investing	−4,229	312	−1,212	−403	299	−1,662
Financing activities
Financing cash flow items	−195	136	376	−100	−1,098	−72.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5,320	689	0	0	−55.4	2,007
Cash from financing	5,126	826	376	−100	−1,153	1,935
Foreign exchange effects	−9.7	−23.6	−103	−61.8	6.9	328
Net change in cash	1,271	1,359	−109	132	−721	1,053
Free cash flow	−3,681	−562	746	682	−480	112

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.