# Nebius Group N.V. (NBIS.US)

Canonical: https://gigainvestors.com/s/NBIS

Analysis as of: 2026-10-16T07:33:18.845Z. Financial observations: FY2009–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $188.41 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 1.68×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.16×

- FY2019: 0.14×

- FY2020: 0.07×

- FY2021: -0.04×

- FY2022: -11.70×

- FY2023: -15.67×

- FY2024: -3.75×

- FY2025: -1.13×

- LTM to Jun 2026: -0.49×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 26.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: -12.1%

- Typical minus recent gross margin: 26.9 pp

- Typical gross margin (annual median): 64.5%

- Recent gross margin (lower of latest and 3-year median): 37.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.7%

- ROIC including acquisitions, ten-year median: 11.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.8%

- FY2017: 30.5%

- FY2018: 20.9%

- FY2019: 37.0%

- FY2020: 10.9%

- FY2021: -6.0%

- FY2022: -4.8%

- FY2023: -12.1%

- FY2024: -40.8%

- FY2025: -8.9%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $264M

- Net income, five-year total: $251M

- Return on incremental invested capital: -12.3%

- Working capital / revenue, annual change: 142.2 pp

- Working capital / revenue, change between three-year averages: 350.0 pp

- Working capital / revenue, final three-year average: 354.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.02×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.5% vs -12.1%

- Per-share earnings: 0.42 to 0.41 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.6%

- Ordinary dilution, 5-year annual growth: -6.9%

- Market cap gain: $15B

- Cumulative retained earnings: $2.2B

- Diluted shares, 10-year annual growth: -2.6%

- Diluted shares, 5-year annual growth: -6.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.2%

- Per-share value change: -$0.01

- Per-share value, starting three-year median: $0.42

- Per-share value, ending three-year median: $0.41

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $915M

- Cumulative net income, 10 years: $1.7B

- ROIC, first three-year median: 30.5%

- ROIC, last three-year median: -12.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.34

- FY2017: $0.48

- FY2018: $1.97

- FY2019: $0.61

- FY2020: $0.94

- FY2021: -$0.54

- FY2022: $2.03

- FY2023: $0.65

- FY2024: -$2.28

- FY2025: $0.41

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 4.26×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 21.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.78×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -16.2%

- FY2017: -11.2%

- FY2018: 6.8%

- FY2019: -10.9%

- FY2020: -1.5%

- FY2021: -4.6%

- FY2022: 0.6%

- FY2023: -6.7%

- FY2024: -25.0%

- FY2025: -2.3%

## Holders

## Price story

Down 32% since Jun 2026 · "Nebius beats quarterly revenue estimates as AI demand fuels growth" (finance.yahoo.com, Aug 2026) · sales +155.8%

Story as of 2026-10-16T09:59:54.714Z; price observation 2026-10-15.

- 2025-06-02: Nebius drops as it enters into agreement for $1B in senior unsecured convertible notes ([seekingalpha.com](https://seekingalpha.com/news/4454192-nebius-drops-as-it-enters-into-agreement-for-1b-in-senior-unsecured-convertible-notes?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-09-08: Nebius signs $17.4 billion dollar AI infrastructure deal with Microsoft ([finance.yahoo.com](https://finance.yahoo.com/news/nebius-signs-17-4-billion-211147146.html))

- 2025-11-12: Nebius' Q3 Loss Widens Y/Y, Revenues Rise on AI Demand, Stock Down ([finance.yahoo.com](https://finance.yahoo.com/news/nebius-q3-loss-widens-y-115800456.html))

- 2026-04-14: Nebius Pipeline Growth Supports Strong 2026 Revenue Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nebius-pipeline-growth-supports-strong-152200202.html))

- 2026-05-13: Nebius Reports 684% Sales Jump on AI Data Center Growth ([finance.yahoo.com](https://finance.yahoo.com/news/nebius-reports-684-sales-jump-142541735.html))

- 2026-07-15: Meta Cloud Threat Sparks Nebius Stock Selloff Despite $1 Billion AI Deal ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/meta-cloud-threat-sparks-nebius-145148041.html))

### Sales · FY2025–2026

sales +155.8%; source https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231x20f.htm; observed 2026-04-30.

- FY2017: $1.6B 

- FY2018: $1.8B 

- FY2019: $2.8B 

- FY2020: $2.9B 

- FY2021: $4.8B 

- FY2022: $14M 

- FY2023: $21M 

- FY2024: $118M 

- FY2025: $530M 

- FY2026: $1.4B 

### Gross margin · FY2025

gross margin 68.6%; source https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231x20f.htm; observed 2026-04-30.

- FY2016: 74.0% 

- FY2017: 74.5% 

- FY2018: 71.9% 

- FY2019: 68.2% 

- FY2020: 60.7% 

- FY2021: 51.2% 

- FY2024: 37.5% 

- FY2025: 68.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are USD 529.8 million.

- Source: https://eodhd.com/api/fundamentals/NBIS.US.json#2025-12-31 (filed 2026-04-30); FY2025: revenue 529799999; grossProfit 363600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NBIS.US: 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. The company also provides TripleTen, an edtech platform for re-skilling individuals for careers in technolgy; and Avride, which develops autonomous driving technology for self-driving cars and delivery robotics. It has a strategic alliance with NVIDIA Corporation to support the expansion of the company's AI cloud infrastructure. The company was formerly known as Yandex N.V. and changed its name to Nebius Group N.V. in August 2024. Nebius Group N.V. was founded in 1989 and is based in Schiphol, the Netherlands.

### Why customers stay

It earns 3% on its capital.

- Source: https://eodhd.com/api/fundamentals/NBIS.US.json#2023-12-31 (filed 2026-04-30); FY2023: grossProfit / revenue = -52.6%.

- Source: https://eodhd.com/api/fundamentals/NBIS.US.json#2024-12-31 (filed 2026-04-30); FY2024: grossProfit / revenue = 37.5%.

- Source: https://eodhd.com/api/fundamentals/NBIS.US.json#2025-12-31 (filed 2026-04-30); FY2025: grossProfit / revenue = 68.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); 10-year return on capital observations [[2016,0.33835605138846186],[2017,0.30527399248166465],[2018,0.2088316530195475],[2019,0.37040238718029855],[2020,0.10863201763119491],[2021,-0.059925356927888085],[2022,-0.04834739703672304],[2023,-0.1207060978605804],[2024,-0.40776879831342233],[2025,-0.08867901109192873]]; median 0.030142310297235936. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2016: growth capex 24824592; upkeep 132366256; owner earnings 110502985. Growth capex / owner earnings = 0.22465087255335228.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2017: growth capex 50119976; upkeep 164705272; cash acquisitions 15900000; owner earnings 159353649. Growth capex plus acquisitions / owner earnings = 0.4142984890167153.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2018: growth capex 63951546.36306065; upkeep 343616442.63693935; cash acquisitions 285600000; owner earnings 471823299.36306065. Growth capex plus acquisitions / owner earnings = 0.7408526599575282.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2019: growth capex 116389887; upkeep 214968704; cash acquisitions 4400000; owner earnings 204480461. Growth capex plus acquisitions / owner earnings = 0.590716034232728.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2020: growth capex 40964495.63014364; upkeep 289000952.36985636; cash acquisitions 457500000; owner earnings 257519180.63014364. Growth capex plus acquisitions / owner earnings = 1.9356402673013025.

- Source: https://eodhd.com/api/fundamentals/NBIS.US.json#2022-12-31 (filed 2026-04-30); FY2022: growth capex 0; upkeep 14600000; cash acquisitions 11700000; owner earnings 758500000. Growth capex plus acquisitions / owner earnings = 0.015425181278839815.

- Source: https://eodhd.com/api/fundamentals/NBIS.US.json#2023-12-31 (filed 2026-04-30); FY2023: growth capex 54100000; upkeep 29300000; owner earnings 241300000. Growth capex / owner earnings = 0.22420223787815996.

- Source: https://eodhd.com/api/fundamentals/NBIS.US.json#2025-12-31 (filed 2026-04-30); FY2025: growth capex 3662000000; upkeep 404000000; owner earnings 101700000. Growth capex / owner earnings = 36.007866273353.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NBIS.US SharesStats.PercentInsiders = 3.411 percentage points; cache date 2026-10-16.

### What the price says

The price is 88.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Closing price 188.41 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.139050849922262; price multiple 88.08112252537019. FY2025 cash earnings/share 0.41061055463892904. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $19.69 per share

- 2016-11: $19.01 per share

- 2016-12: $20.13 per share

- 2017-01: $23.14 per share

- 2017-02: $22.50 per share

- 2017-03: $21.93 per share

- 2017-04: $27.26 per share

- 2017-05: $26.48 per share

- 2017-06: $26.24 per share

- 2017-07: $28.98 per share

- 2017-08: $30.01 per share

- 2017-09: $32.95 per share

- 2017-10: $33.83 per share

- 2017-11: $33.11 per share

- 2017-12: $32.75 per share

- 2018-01: $38.73 per share

- 2018-02: $41.09 per share

- 2018-03: $39.45 per share

- 2018-04: $33.36 per share

- 2018-05: $33.52 per share

- 2018-06: $35.90 per share

- 2018-07: $35.96 per share

- 2018-08: $32.13 per share

- 2018-09: $32.89 per share

- 2018-10: $30.13 per share

- 2018-11: $29.50 per share

- 2018-12: $27.35 per share

- 2019-01: $33.58 per share

- 2019-02: $34.40 per share

- 2019-03: $34.34 per share

- 2019-04: $37.43 per share

- 2019-05: $35.92 per share

- 2019-06: $38.00 per share

- 2019-07: $39.22 per share

- 2019-08: $37.10 per share

- 2019-09: $35.01 per share

- 2019-10: $33.39 per share

- 2019-11: $41.97 per share

- 2019-12: $43.49 per share

- 2020-01: $44.81 per share

- 2020-02: $40.61 per share

- 2020-03: $34.05 per share

- 2020-04: $37.78 per share

- 2020-05: $40.23 per share

- 2020-06: $50.02 per share

- 2020-07: $57.54 per share

- 2020-08: $68.23 per share

- 2020-09: $65.25 per share

- 2020-10: $57.57 per share

- 2020-11: $68.96 per share

- 2020-12: $69.58 per share

- 2021-01: $62.64 per share

- 2021-02: $63.99 per share

- 2021-03: $64.06 per share

- 2021-04: $65.55 per share

- 2021-05: $67.54 per share

- 2021-06: $70.75 per share

- 2021-07: $67.93 per share

- 2021-08: $76.90 per share

- 2021-09: $79.69 per share

- 2021-10: $82.84 per share

- 2021-11: $71.94 per share

- 2021-12: $60.50 per share

- 2022-01: $48.06 per share

- 2022-02: $18.94 per share

- 2024-10: $21.38 per share

- 2024-11: $21.99 per share

- 2024-12: $27.70 per share

- 2025-01: $32.66 per share

- 2025-02: $32.49 per share

- 2025-03: $21.11 per share

- 2025-04: $22.73 per share

- 2025-05: $36.75 per share

- 2025-06: $55.33 per share

- 2025-07: $54.43 per share

- 2025-08: $68.32 per share

- 2025-09: $112.27 per share

- 2025-10: $130.82 per share

- 2025-11: $94.87 per share

- 2025-12: $83.71 per share

- 2026-01: $85.19 per share

- 2026-02: $91.19 per share

- 2026-03: $103.76 per share

- 2026-04: $138.23 per share

- 2026-05: $231.09 per share

- 2026-06: $276.17 per share

- 2026-07: $190.41 per share

- 2026-08: $206.32 per share

- 2026-09: $235.88 per share

- 2026-10: $206.86 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:04.222Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231x20f.htm); period 2025-12-31, filed 2026-04-30.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.