Nebius Group N.V.

NBIS

Nebius Group N.V., a technology company, engages in building full-stack infrastructure to service the global AI industry in the United States, the United Kingdom, and internationally. It offers Nebius builds full-stack infrastructure for AI, including large-scale GPU clusters, cloud platforms, and tools and services for developers.

Country: NetherlandsPrice: $277.68Market Cap: $70.5B

Company Profile

Industry: Business Services
Size: Large Cap($70.5B)
Revenue: $529.8M+479.0% YoY
Net Income: $82.5M+112.9% YoY

Financial Snapshot

Operating Margin-115.5%
Return on Equity1.8%
Debt / Equity0.90
Current Ratio3.08
EPS (Diluted)$0.33−59.1%
Shares Retired−7.3%

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Shareholder Return

Fiscal 2025

Issued 7.3% of shares last year.

Buybacks
—
Dividends
—

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY23
−59.1% = −67.6% + 26.3%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$70.5B$7.7Best.$7.9Best.----
Revenue$529.8M↑479%$91.5M↑834%$9.8M↓27%$13.5M↓100%$4.8B
Operating Income-$611.7M↓53%-$399.6M↓40%-$285.7M↓81%-$158.0M↑11%-$178.1M
Net Income$82.5M↑113%-$641.4M↓366%$241.3M↓68%$745.6M↑479%-$196.8M
EPS (Diluted)$0.33↑114%$-2.28↓451%$0.65↓59%$1.59↑393%$-0.54
Gross Margin68.6%↑31%52.2%↑152%-100.0%↑9%-110.4%↓316%51.2%
Operating Margin-115.5%↑74%-436.7%↑85%-2915.3%↓149%-1170.4%↓31297%-3.7%
ROE1.8%↑109%-19.7%↓369%7.3%↓56%16.6%↑392%-5.7%
Total Debt$4.1B↑67567%$6.1M↓100%$1.6B↑54%$1.0B↓16%$1.2B
Shareholders' Equity$4.6B↑41%$3.3B↓1%$3.3B↓27%$4.5B↑30%$3.5B
Current Ratio3.08↓68%9.60↑975%0.89↓30%1.28↓29%1.80
Debt / Equity0.90↑47825%0.00↓100%0.48↑110%0.23↓35%0.36
Operating Cash Flow$384.8M↑57%$245.6M↓70%$829.8M↑19%$697.0M↑459%$124.7M
Free Cash Flow-$3.7B↓555%-$561.9M↓175%$746.9M↑9%$682.4M↑244%-$474.0M
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDFAILHOLDBUYHOLDPASSPASSHOLDNot rankedFAILFAILFAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/A
Margin of Safety-4444.7%-444.0%-11716.2%N/A-14287.6%N/AN/A-1429.1%N/AN/A-7112.5%-2291.7%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Valuation models

    NBIS overvalued: all 7 models price fair value below $277.68 (median $6.11)

    Marks fair value$6.11
    ✗Marks-4444.7% margin vs $277.68
    Akre fair value$51.04
    ✗Akre-444.0% margin vs $277.68
    Druckenmiller fair value$2.35
    ✗Druckenmiller-11716.2% margin vs $277.68
    Pabrai fair value$1.93
    ✗Pabrai-14287.6% margin vs $277.68
    Show 3 more metrics ▾
    Piotroski fair value$18.16
    ✗Piotroski-1429.1% margin vs $277.68
    Buffett fair value$3.85
    ✗Buffett-7112.5% margin vs $277.68
    Graham fair value$11.61
    ✗Graham-2291.7% margin vs $277.68

Where They Disagree

  • Profitability

    2 of 11 pass — Marks, Akre, Spier +6 more object

    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency15/17 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity-3.5% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: 114.5%, Prior: -450.8%
    ✓DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=439.3x, P/B=8.0x
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue-115.5%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity1.8%
    ✗Ackman>= 15%
    Net Income / Total Assets0.66%
    ✓PiotroskiROA > 0
    ROA Change YoY-18.07% -> 0.66% (delta: +18.74%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=3.10%, ROA=0.66%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY52.2% -> 68.6%
    ✓PiotroskiImproved YoY
    EBIT / Enterprise Value-1.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-1.6%, ROC=-12.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR-19.6%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE1.8%
    ✗Lynch> 15%
    Net Income Positive (10+ years)15/18 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (5-yr avg)0.1%
    ✗Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)-115.5% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$82.5M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)1.76
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness103.40x
    ✓Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)15/18 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)-239.3%
    ✗Graham>= 33% growth
  • Debt & Leverage

    1 of 8 pass — Marks, Akre, Munger +4 more object

    Interest Coverage & Debt/EBITDAIC=-50.1x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels0.90
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity0.90
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change0.00% -> 33.01%
    ✗PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity0.90
    ✗Lynch< 0.33
    Cash - Long-term Debt$-425.1M
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.90, IC: -50.1x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current AssetsLT Debt $4.1B vs NCA $3.2B
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    1 of 9 pass — Marks, Spier, Pabrai +5 more object

    P/B or P/E vs. Historical AverageP/E=439.3x, P/B=8.0x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=439.3x, P/B=8.0x
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=439.3x, FCF Yield=-10.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=439.3x, OE Yield=-9.7%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    EBIT / Enterprise Value-1.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-1.6%, ROC=-12.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth RateP/E 439.3x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio8.0x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
  • Cash Flow

    3 of 6 pass — Pabrai, Ackman and Lynch object

    FCF Positive13/17 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=439.3x, FCF Yield=-10.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap-10.0%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$384.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=3.10%, ROA=0.66%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$-3.7B
    ✗LynchPositive and growing
    Free Cash Flow Proxy$82.5M
    ✓BuffettPositive and growing
  • Growth

    1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object

    Positive Net Income Frequency15/17 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: 114.5%, Prior: -450.8%
    ✓DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: 479.0%, Prior: 833.7%
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth479.0%
    ✓Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency2/5 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth RateP/E 439.3x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR-19.6%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)-239.3%
    ✗Graham>= 33% growth
  • Efficiency

    1 of 6 pass — Akre, Munger, Piotroski +2 more object

    ROIC (high and growing)0/5 years ROIC > 15% (latest: -5.5%)
    ✗AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC-5.5% (RR=100% x ROIC=-5.5%)
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital-5.5%
    ✗Munger> 15%
    Current Ratio Change YoY9.60 -> 3.08
    ✗PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY0.03x -> 0.04x
    ✓PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)-12.0%
    ✗Greenblatt> 25%
    ROIC (3-5 yr avg)-11.8%
    ✗Buffett> 10%
    ROIC - WACC-21.8%
    ✗BuffettPositive (WACC = 10%)
    Current Ratio3.08
    ✓Graham>= 2.0
  • Verdicts

    Split decision: 4 HOLD · 4 FAIL · 2 PASS · 1 BUY

    Overall verdict
    •MarksHOLD (5/8)✗AkreFAIL (1/7)•DruckenmillerHOLD (5/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)✓MungerPASS (4/7)✓AckmanPASS (4/9)•PiotroskiHOLD (F-Score 6)•GreenblattNot ranked✗LynchFAIL (1/7)✗BuffettFAIL (2/9)✗GrahamFAIL (2/9)

Historical Score Timeline

Industry Peers

Similar companies in Business Services

NBIS vs Peers — Financial Grading

Revenue$529.8MBottom 25%
Net Income$82.5MMedian
ROE1.8%Bottom 25%
D/E0.90Median
Op. Margin-115.5%Bottom 25%
Curr. Ratio3.08Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
Uber Technologies, IncUBER$155.1B$75.95$52.0B$10.1B37.2%0.3910.7%1.141/94/93/70/3F-Score 6
INTUIT INC.INTU$94.6B$345.66$18.8B$3.9B19.6%0.3026.1%1.362/97/95/71/3F-Score 8
MOODYS CORP /DE/MCO$84.0B$484.96$7.7B$2.5B60.7%1.7343.4%1.742/96/94/71/3F-Score 8
QUALYS, INC.QLYS$6.6B$186.05$669.1M$198.3M35.3%—33.2%1.412/93/95/70/3F-Score 8
ACI WORLDWIDE, INC.ACIW$5.4B$53.44$1.8B$226.7M14.9%0.5718.7%1.541/91/93/71/3F-Score 7
Flywire CorpFLYW$2.3B$18.81$623.0M$13.5M1.6%—1.8%1.501/92/92/70/3F-Score 7
INNODATA INCINOD$2.1B$63.85$251.7M$32.2M30.0%—15.8%2.683/93/95/71/3F-Score 6
INSPERITY, INC.NSP$2.0B$52.20$6.8B$7.0M-15.2%8.02-0.1%1.063/94/92/70/3F-Score 1