Nebius Group N.V. (NBIS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-119.2%

-$28.20

vs $147.14 price

Levered DCF

-$8.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.83

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	761×	-12.15×	30.77×	9.85×	-37.04×	20.41×	31.75×	9.9×
P/B	4.59×	2.39×	2.25×	1.73×	2.09×	1.56×	2.08×	2.54×
P/S	39.98×	85.07×	757.14×	545.19×	1.52×	2.31×	2.31×	3.57×
EV / EBITDA	40.19×	-20.15×	-30.27×	-75.31×	-207.35×	11.03×	7.69×	9.94×
Gross margin	68.6%	52.2%	-100.0%	-110.4%	51.2%	60.7%	68.2%	71.9%
Operating margin	-112.5%	-436.7%	-2915.3%	-1170.4%	-3.7%	7.2%	14.0%	16.3%
Net margin	19.2%	-701.0%	2462.2%	5523.0%	-4.1%	11.3%	7.2%	36.0%
Current ratio	3.08×	9.6×	0.89×	1.28×	1.8×	4.62×	2.58×	3.09×
Debt / equity	1.08×	0.02×	0.18×	0.33×	0.55×	0.33×	0.11×	0.11×
Interest coverage	-10.31×	0×	0×	-3.29×	-3.55×	6.45×	395.69×	16.62×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	-19.7%	7.3%	17.6%	-5.7%	7.6%	6.5%	25.6%
Return on invested capital	-4.7%	-12.1%	-5.8%	-2.5%	-3.2%	2.2%	4.7%	7.4%
Return on assets	0.8%	-18.1%	2.8%	9.0%	-2.8%	4.8%	4.4%	17.7%
Free cash flow yield	-17.4%	-7.2%	10.1%	9.3%	-6.5%	1.6%	5.9%	-0.0%
Earnings yield	0.5%	-8.2%	3.3%	10.1%	-2.7%	4.9%	3.1%	10.1%
Enterprise value	$22.5B	$5.4B	$7.9B	$7.6B	$8.1B	$6.5B	$6B	$5.8B
Net debt / EBITDA	2.32×	8.98×	-1.8×	-2.73×	-21.2×	-0.55×	-0.72×	-1.22×
Cash conversion cycle (days)	-1,789	-2	4,439	30,810	-26	-32	-82	-89