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Nebius (NBIS) USD

Builds and rents GPU clusters in Europe; successor entity to Yandex N.V.

At a glance: strengths & risks
Revenue growing (+454% y/y, Q2 2026)Low leverage (0.8x EBITDA)Profit falling (-133% y/y, Q2 2026)Margins compressing (564%→20%, Q2 2026)

Sector: AI cloud infrastructure

US_NBIS

Price chart

243.88 USDDay 7.73%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
243.88 USD · 7.73%
Market cap
66.3 bn USD

Growth

Δ revenue y/y
454.0%
Δ EBITDA y/y

Multiples

P/E (LTM)
P/B (FY)
14.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
EV/EBITDA (ann.)
141.1x

Cash return

Dividend yield
FCF yield (LTM)
-1.8%

Liquidity

Daily turnover (US listing)
6.5 bln USD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK582.3
y/y 454.0%
-175.9
y/y
294.3
y/y 247.5%
118.4
y/y
-190.4
y/y -132.6%
2246.1-5657.428.0
y/y -99.5%
y/y
503.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK399.0
y/y
-128.0
y/y
241.8
y/y
113.8
y/y
621.2
y/y
2258.0-2472.922303.3
y/y
7240.9
y/y
42.0%-847.8Yahoo Finance
2025-12-31Q4 2025 (3M)OK227.7
y/y
-250.0
y/y
215.9
y/y
-34.1
y/y
-268.8
y/y
834.3-2056.012430.6
y/y 250.3%
4594.0
y/y 41.2%
1.8%449.6Yahoo Finance
2025-09-30Q3 2025 (3M)OK146.1
y/y
-130.2
y/y
111.8
y/y
-18.4
y/y
-119.6
y/y
-80.4-955.510102.2
y/y
4810.8
y/y
-3.7%-688.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK105.1
y/y
-111.2
y/y
84.7
y/y
-26.5
y/y
584.4
y/y
-171.6-510.65096.6
y/y
3775.5
y/y
66.5%-693.1Yahoo Finance
2024-12-31FY 2024 (12M)OK91.5
y/y 833.7%
-399.6
y/y
85.8
y/y 135.7%
-313.8
y/y
-641.4
y/y -365.8%
245.6-807.53548.6
y/y -59.5%
3253.7
y/y -1.2%
-19.6%-2428.6Yahoo Finance
2023-12-31FY 2023 (12M)OK9.8
y/y
-285.7
y/y
36.4
y/y
-249.3
y/y
241.3
y/y
829.8-82.98755.1
y/y
3293.7
y/y
508.0Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-400-20002004006002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%200%400%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-4 000-3 000-2 000-1 00001 0002023 FY2024 FY2025 H12025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-3 000-2 000-1 00001 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 4.66x of reported net profit.
year2025
cash flow / profit4.66x
accruals, % of assets-2.4%
net debt / EBITDA 0.8x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Nebius (NBIS) — from primary filings.

Frequently asked questions

What is Nebius (NBIS)'s EV/EBITDA?
Nebius (NBIS) trades at 371.8x EV/EBITDA.
What is Nebius (NBIS)'s P/B ratio?
Nebius (NBIS) trades at a P/B of 14.4x.
What is Nebius (NBIS)'s return on equity (ROE)?
Nebius (NBIS)'s ROE is 42.0%.
What is Nebius (NBIS)'s market capitalization?
Nebius (NBIS)'s market cap is 66.3 bn USD.

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