NBIS Communication Services

Nebius Group N.V.

$151.64+7.25%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Communication Services
Industry: Internet Content & Information
Country: Netherlands
Market cap: 41.2B USD
Enterprise value: 42.3B USD
Full-time employees: 1,543

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.44 vs a peer median of 0.65)bigger price swings (beta 1.44 vs peers 0.65)
Drawback: more debt relative to equity (0.90× vs a peer median of 0.37×)more debt vs equity (0.90× vs peers 0.37×)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #326 of 454 communication services companies (bottom 29%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Nebius reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.
Nebius paid employees $83M in stock in 2025, 16% of its $530M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Nebius made a profit per share in its latest year after a loss the year before.
Investment surge. Capital spending 767% of revenue, up from 108% in 2022.
Nebius is spending 767% of revenue on facilities and equipment, up from 108% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

StockQuotient Score

39/ 100

Oct 5 38 → Nov 4 39 (+1)

Valuation

Is the price right?

11/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.2%

SEC filings · 12 months to Dec 2025Reported value30% base weight · Z-score -0.93Sector median: 0.0294 · MAD: 0.0294

EBITDA yield-0.5%

SEC filings · 12 months to Dec 2025Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.32Sector median: 0.0857 · MAD: 0.0649

Free cash flow yield-9.6%

SEC filings · 12 months to Dec 2025 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.25Sector median: 0.0740 · MAD: 0.0593

Other data (not scored)

Book yield12.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.4780 · MAD: 0.3375

Growth

Is it growing?

98/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 350.9%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.87Sector median: 0.0878 · MAD: 0.3126

3-year revenue growth239.8%

SEC filings · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.31Sector median: 0.0303 · MAD: 0.0683

Revenue growth479.0%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.66Sector median: 0.0299 · MAD: 0.0720

Profitability

Does it earn well?

9/100

Weak

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Turned profitable over the last 12 months

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-115.5%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.33Sector median: 0.0818 · MAD: 0.0789

Return on assets0.7%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.64Sector median: 0.0272 · MAD: 0.0318

Return on invested capital-9.6%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -2.20Sector median: 0.0598 · MAD: 0.0706

Other data (not scored)

Gross margin68.6%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.4656 · MAD: 0.1827

Return on equity1.8%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0529 · MAD: 0.1007

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.44

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.72Sector median: 0.6525 · MAD: 0.2880

Current ratio3.08×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.45Sector median: 1.3848 · MAD: 0.6948

Debt / equity0.90×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.59Sector median: 0.3697 · MAD: 0.3335

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Nebius

Is Nebius getting weaker?: Its latest SEC filing (Apr 30, 2026) got stronger: turned profitable over the last 12 months. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Nebius valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 11/100 against 512 communication services peers. EBITDA yield -0.5% vs a peer median of 8.6% (weaker than 100% of peers).EBITDA yield -0.5% vs peers 8.6% (weaker than 100% of peers).
Is Nebius growing?: Yes, faster than most of its peers. Growth scores 98/100 against 512 communication services peers. 3-year revenue growth 239.8% vs a peer median of 3.0% (stronger than 95% of peers).3-year revenue growth 239.8% vs peers 3.0% (stronger than 95% of peers).
How profitable is Nebius?: Less profitable than most of its peers. Profitability scores 9/100 against 512 communication services peers. Operating margin -115.5% vs a peer median of 8.2% (weaker than 100% of peers).Operating margin -115.5% vs peers 8.2% (weaker than 100% of peers).
How risky is Nebius?: Moderate risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Current ratio 3.08× vs a peer median of 1.38× (stronger than 82% of peers).Current ratio 3.08× vs peers 1.38× (stronger than 82% of peers). Beta 1.44 vs a peer median of 0.65 (weaker than 92% of peers).Beta 1.44 vs peers 0.65 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 30, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Turned profitable over the last 12 months

Worth watching: Nebius is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous year	Latest year	Change
Revenue (12 months)	117.5M USD	529.8M USD	+350.9%
Net income (12 months)	−641.4M USD	82.5M USD	turned positive
Operating margin	-375.1%	-115.5%	+259.6 pts
Free cash flow (12 months)	−562.1M USD	−3.7B USD	+554.9%
Cash	2.4B USD	3.7B USD	+50.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	51.2%	-110.4%	-100.0%	52.2%	68.6%	▲ 16 pts
Operating margin	-3.7%	-1170.4%	-2915.3%	-436.7%	-115.5%	▲ 321 pts
Net margin	-4.1%	5523.0%	2462.2%	-701.0%	15.6%	▲ 717 pts
Return on assets (ROA)	-2.8%	8.5%	2.8%	-18.1%	0.7%	▲ 19 pts
Return on equity (ROE)	-5.7%	16.6%	7.3%	-19.7%	1.8%	▲ 22 pts
Free cash flow margin	-9.9%	5054.8%	7621.4%	-614.1%	-694.8%	▼ 81 pts
Current ratio	1.80×	1.28×	0.89×	9.60×	3.08×	▼ 68%
Quick ratio	1.71×	1.13×	0.83×	—	—	—
Debt to equity	—	0.16×	0.48×	0.00×	0.90×	▲ >999%
Interest coverage	-3.57×	-3.27×	-2.36×	—	-9.95×	—

NBIS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.44 vs a peer median of 0.65)bigger price swings (beta 1.44 vs peers 0.65)

Drawback: more debt relative to equity (0.90× vs a peer median of 0.37×)more debt vs equity (0.90× vs peers 0.37×)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #326 of 454 communication services companies (bottom 29%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Nebius reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.

Nebius paid employees $83M in stock in 2025, 16% of its $530M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Nebius made a profit per share in its latest year after a loss the year before.

Investment surge. Capital spending 767% of revenue, up from 108% in 2022.

Nebius is spending 767% of revenue on facilities and equipment, up from 108% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Questions investors ask about Nebius

Is Nebius getting weaker?

Its latest SEC filing (Apr 30, 2026) got stronger: turned profitable over the last 12 months. Its overall score is unchanged at 39/100 since Oct 28, 2026.

How is Nebius valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 11/100 against 512 communication services peers. EBITDA yield -0.5% vs a peer median of 8.6% (weaker than 100% of peers).EBITDA yield -0.5% vs peers 8.6% (weaker than 100% of peers).

Is Nebius growing?

Yes, faster than most of its peers. Growth scores 98/100 against 512 communication services peers. 3-year revenue growth 239.8% vs a peer median of 3.0% (stronger than 95% of peers).3-year revenue growth 239.8% vs peers 3.0% (stronger than 95% of peers).

How profitable is Nebius?

Less profitable than most of its peers. Profitability scores 9/100 against 512 communication services peers. Operating margin -115.5% vs a peer median of 8.2% (weaker than 100% of peers).Operating margin -115.5% vs peers 8.2% (weaker than 100% of peers).

How risky is Nebius?

Moderate risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Current ratio 3.08× vs a peer median of 1.38× (stronger than 82% of peers).Current ratio 3.08× vs peers 1.38× (stronger than 82% of peers). Beta 1.44 vs a peer median of 0.65 (weaker than 92% of peers).Beta 1.44 vs peers 0.65 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

117.5M USD

529.8M USD

+350.9%

Net income (12 months)

−641.4M USD

82.5M USD

turned positive

Operating margin

-375.1%

-115.5%

+259.6 pts

Free cash flow (12 months)

−562.1M USD

−3.7B USD

+554.9%

Cash

2.4B USD

3.7B USD

+50.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

51.2%

-110.4%

-100.0%

52.2%

68.6%

▲ 16 pts

Operating margin

-3.7%

-1170.4%

-2915.3%

-436.7%

-115.5%

▲ 321 pts

Net margin

-4.1%

5523.0%

2462.2%

-701.0%

15.6%

▲ 717 pts

Return on assets (ROA)

-2.8%

8.5%

2.8%

-18.1%

0.7%

▲ 19 pts

Return on equity (ROE)

-5.7%

16.6%

7.3%

-19.7%

1.8%

▲ 22 pts

Free cash flow margin

-9.9%

5054.8%

7621.4%

-614.1%

-694.8%

▼ 81 pts

Current ratio

1.80×

1.28×

0.89×

9.60×

3.08×

▼ 68%

Quick ratio

1.71×

1.13×

0.83×

—

Debt to equity

—

0.16×

0.48×

0.00×

0.90×

▲ >999%

Interest coverage

-3.57×

-3.27×

-2.36×

—

-9.95×

—