NBTX Healthcare

Nanobiotix S.A.

$28.56+1.60%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: France
Market cap: 1.5B USD
Enterprise value: 1.5B USD
Full-time employees: 100

Overall health

Strength: growing faster than most peersgrowing faster than peers
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: higher risk than most peers: less short-term liquidity (current ratio 1.09 vs a peer median of 2.59)higher risk: less liquidity (current ratio 1.09 vs peers 2.59)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Nanobiotix's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.
Nanobiotix paid employees EUR 4M in stock in 2025, 11% of its EUR 33M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -33% in 2025, the smallest loss relative to revenue of the last 5 years.
Nanobiotix still lost money on operations in 2025 (margin -33%), but that was its smallest operating loss relative to revenue in the 5 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Nanobiotix looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

32/ 100

Oct 5 32 → Nov 4 32

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

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

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

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

Earnings yield-1.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.8%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · EUR→USD convertedNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-6.9%

SEC filings (IFRS mapped) · latest balance sheet · EUR→USD at the current rateOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

93/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 220.9%

Why

Stronger than most peers on:

▲ 3-yr revenue

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

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth89.7%

SEC filings (IFRS mapped) · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 8.59Sector median: 0.0584 · MAD: 0.0840

Revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

19/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin

Compare with peers

Behind the score

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

Operating margin-33.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -3.31Sector median: 0.0706 · MAD: 0.1217

Return on assets-35.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -6.90Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin100.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

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

Beta0.57

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.17Sector median: 0.6250 · MAD: 0.3380

Current ratio1.09×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -1.08Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

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 Nanobiotix

Is Nanobiotix getting weaker?: Its latest SEC filing (Mar 31, 2026) showed no major changes. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Nanobiotix valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.9% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.9% vs peers 1.5% (weaker than 100% of peers).
Is Nanobiotix growing?: Yes, faster than most of its peers. Growth scores 93/100 against 1,393 healthcare peers. 3-year revenue growth 89.7% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 89.7% vs peers 5.8% (stronger than 95% of peers).
How profitable is Nanobiotix?: Less profitable than most of its peers. Profitability scores 19/100 against 1,393 healthcare peers. Return on assets -35.4% vs a peer median of 1.7% (weaker than 89% of peers).Return on assets -35.4% vs peers 1.7% (weaker than 89% of peers).
How risky is Nanobiotix?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 1.09× vs a peer median of 2.59× (weaker than 87% of peers).Current ratio 1.09× vs peers 2.59× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 31, 2026 · compared with the quarter ended Jun 30, 2025

No major changes

Worth watching: Nanobiotix 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 quarter	Latest quarter	Change
Revenue (12 months)	10.2M EUR	32.6M EUR	+220.9%
Net income (12 months)	−51.6M EUR	−24.0M EUR	−53.6%
Operating margin	-432.5%	-33.2%	+399.3 pts
Free cash flow (12 months)	−31.6M EUR	−34.0M EUR	+7.4%
Cash	28.8M EUR	52.8M EUR	+83.0%

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

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in EUR, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-1986.4%	-977.8%	-74.0%	951.1%	-33.2%	▼ 984 pts
Net margin	-1778.0%	-1194.3%	-109.6%	947.5%	-73.5%	▼ >999 pts
Return on assets (ROA)	-46.2%	-95.4%	-42.3%	-101.1%	-35.4%	▲ 66 pts
Return on equity (ROE)	-175.7%	—	—	—	—	—
Free cash flow margin	-1137.1%	-778.8%	-35.4%	283.6%	-104.2%	▼ 388 pts
Current ratio	2.53×	1.38×	1.75×	1.04×	1.09×	▲ 4.6%
Interest coverage	-67.41×	-3.37×	-1.81×	-9.13×	-0.71×	▲ 92%

NBTX 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

Strength: growing faster than most peersgrowing faster than peers

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: higher risk than most peers: less short-term liquidity (current ratio 1.09 vs a peer median of 2.59)higher risk: less liquidity (current ratio 1.09 vs peers 2.59)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Nanobiotix's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.

Nanobiotix paid employees EUR 4M in stock in 2025, 11% of its EUR 33M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -33% in 2025, the smallest loss relative to revenue of the last 5 years.

Nanobiotix still lost money on operations in 2025 (margin -33%), but that was its smallest operating loss relative to revenue in the 5 years of filings we have.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Nanobiotix looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Nanobiotix

Is Nanobiotix getting weaker?

Its latest SEC filing (Mar 31, 2026) showed no major changes. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Nanobiotix valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.9% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.9% vs peers 1.5% (weaker than 100% of peers).

Is Nanobiotix growing?

Yes, faster than most of its peers. Growth scores 93/100 against 1,393 healthcare peers. 3-year revenue growth 89.7% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 89.7% vs peers 5.8% (stronger than 95% of peers).

How profitable is Nanobiotix?

Less profitable than most of its peers. Profitability scores 19/100 against 1,393 healthcare peers. Return on assets -35.4% vs a peer median of 1.7% (weaker than 89% of peers).Return on assets -35.4% vs peers 1.7% (weaker than 89% of peers).

How risky is Nanobiotix?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 1.09× vs a peer median of 2.59× (weaker than 87% of peers).Current ratio 1.09× vs peers 2.59× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

10.2M EUR

32.6M EUR

+220.9%

Net income (12 months)

−51.6M EUR

−24.0M EUR

−53.6%

Operating margin

-432.5%

-33.2%

+399.3 pts

Free cash flow (12 months)

−31.6M EUR

−34.0M EUR

+7.4%

Cash

28.8M EUR

52.8M EUR

+83.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-1986.4%

-977.8%

-74.0%

951.1%

-33.2%

▼ 984 pts

Net margin

-1778.0%

-1194.3%

-109.6%

947.5%

-73.5%

▼ >999 pts

Return on assets (ROA)

-46.2%

-95.4%

-42.3%

-101.1%

-35.4%

▲ 66 pts

Return on equity (ROE)

-175.7%

—

Free cash flow margin

-1137.1%

-778.8%

-35.4%

283.6%

-104.2%

▼ 388 pts

Current ratio

2.53×

1.38×

1.75×

1.04×

1.09×

▲ 4.6%

Interest coverage

-67.41×

-3.37×

-1.81×

-9.13×

-0.71×

▲ 92%