The balance sheet has transformed from cash-rich to highly leveraged, with total debt ballooning to $10.1B (D/E of 0.97) to fund a massive PPE expansion to $14.9B, while the cash buffer has eroded from $9.3B to $8.0B in a single quarter.
Nebius Group N.V. (NBIS) balance sheet — 17-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 9.62B | 4.71B | 2.53B | 3.45B | 3.22B | 2.68B | 3.9B | 1.94B | 1.32B | 1.4B | 1.22B | 724.45M | 640.07M | 1.18B | 598.85M | 470.98M | 267.89M | 183.31M |
| Cash & Short-Term Investments | 8.04B | 3.68B | 2.45B | 121.2M | 1.13B | 1.44B | 3.2B | 1.42B | 990M | 1.14B | 1.03B | 575.74M | 479.11M | 1.02B | 399.32M | 335.09M | 220.07M | 142.76M |
| Cash Only | 8.04B | 3.68B | 2.45B | 116.1M | 1.12B | 1.06B | 1.78B | 909.97M | 990M | 739.76M | 461.07M | 329.88M | 317.43M | 1.02B | 244.43M | 185.38M | 220.07M | 142.76M |
| Short-Term Investments | 0 | 0 | 0 | 5.1M | 10.68M | 374.35M | 1.42B | 514.4M | 0 | 399.51M | 568.37M | 245.86M | 161.68M | 2.65M | 154.89M | 149.71M | 0 | 0 |
| Accounts Receivable | 288.6M | 853.7M | 44.4M | 11.5M | 1.42B | 905.98M | 515.01M | 414.32M | 293.23M | 226.36M | 165.5M | 113.24M | 118.46M | 118.96M | 95.86M | 52.92M | 27.69M | 13.54M |
| Days Sales Outstanding | 195.65 | 588.15 | 137.92 | 200.84 | 38.47K | 69.48 | 63.8 | 53.52 | 58.42 | 50.72 | 48.95 | 49.7 | 52.27 | 1.09K | 1.25K | 919.88 | 777.41 | 18.04 |
| Inventory | 0 | 0 | 0 | 240.38M | 378.79M | 128.56M | 64.65M | 13.03M | 3.81M | 693.6K | 0 | 0 | 0 | 0 | 263.36K | 93.78K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 2.75K | 4.87K | 20.19 | 20.39 | 5.29 | 2.7 | 0.61 | - | - | - | - | 9.61 | 4.89 | - | - |
| Other Current Assets | 1.16B | 27.6M | 5.1M | 3.05B | 19.88M | 6.71M | 9.78M | 11.95M | 3.21M | 11.31M | 2.81M | 14.98M | 15.36M | 24.36M | 83.16M | 61.74M | 7.29M | 5.08M |
| Total Non-Current Assets | 18.35B | 7.74B | 1.02B | 5.3B | 5.06B | 4.23B | 3.03B | 2.76B | 2.41B | 863.32M | 639.18M | 797.4M | 1.06B | 986.14M | 859.01M | 594.27M | 144.56M | 96.97M |
| Property, Plant & Equipment | 14.9B | 6.49B | 892M | 146.9M | 2.1B | 1.8B | 1.11B | 1.11B | 825.9M | 367.11M | 307.31M | 283.9M | 255.37M | 295.86M | 266.49M | 216.2M | 97.51M | 64.08M |
| Fixed Asset Turnover | 0.16x | 0.08x | 0.13x | 0.14x | 0.01x | 2.64x | 2.66x | 2.54x | 2.22x | 4.44x | 4.02x | 2.93x | 3.24x | 0.14x | 0.11x | 0.10x | 0.13x | 4.28x |
| Goodwill | 605.6M | 0 | 0 | 0 | 1.93B | 1.58B | 1.4B | 842.07M | 757.81M | 161.75M | 137.77M | 116.79M | 160.47M | 88.65M | 24.69M | 23.57M | 21.64M | 19.81M |
| Intangible Assets | 83.9M | 19.7M | 4.9M | 4.2M | 652.48M | 299.83M | 293.56M | 167.19M | 166.13M | 87.1M | 90.05M | 81.5M | 96.01M | 20.19M | 10.63M | 15.04M | 4.22M | 2.09M |
| Long-Term Investments | 4.95B | 847.7M | 97.1M | 102M | 132.12M | 136.98M | 15.25M | 452.82M | 525M | 121.48M | 24.71M | 265.68M | 477.35M | 499.64M | 516.15M | 301.54M | 3.01M | 0 |
| Other Non-Current Assets | 1.14B | 379.7M | 13.5M | 5.04B | 191.92M | 333.75M | 184.77M | 149.65M | 80.7M | 88.24M | 68.53M | 46.45M | 71.47M | 81.71M | 39.9M | 37.86M | 17.65M | 10.65M |
| Total Assets | 27.96B | 12.45B | 3.55B | 8.76B | 8.28B | 6.91B | 6.93B | 4.7B | 3.73B | 2.26B | 1.86B | 1.52B | 1.7B | 2.17B | 1.46B | 1.07B | 412.45M | 280.28M |
| Asset Turnover | 0.07x | 0.04x | 0.03x | 0.00x | 0.00x | 0.69x | 0.43x | 0.60x | 0.49x | 0.72x | 0.66x | 0.55x | 0.49x | 0.02x | 0.02x | 0.02x | 0.03x | 0.98x |
| Asset Growth % | 1484.64% | 250.84% | -59.47% | 5.76% | 19.75% | -0.25% | 47.57% | 25.95% | 64.71% | 21.47% | 22.45% | -10.57% | -21.53% | 48.75% | 36.86% | 158.27% | 47.16% | - |
| Total Current Liabilities | 2.39B | 1.53B | 264M | 3.87B | 2.52B | 1.49B | 844.73M | 750.69M | 428.17M | 617.69M | 238.8M | 158.82M | 176.14M | 210.29M | 219.97M | 147.27M | 96.01M | 61.39M |
| Accounts Payable | 1.3B | 1.08B | 21.4M | 25M | 974.97M | 735.59M | 367.19M | 346.05M | 211.75M | 159.56M | 128.24M | 81.86M | 80.04M | 100.29M | 68.51M | 45.7M | 32M | 17.52M |
| Days Payables Outstanding | 563.8 | 2.38K | 106.42 | 286.05 | 12.53K | 115.51 | 115.84 | 140.53 | 150.05 | 140.4 | 145.76 | 127.81 | 125.07 | 2.61K | 2.5K | 2.38K | 2.92K | 68.04 |
| Short-Term Debt | 46.7M | 24.5M | 6.1M | 6.8M | 285.99M | 39.43M | 0 | 0 | 0 | 309.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 308.6M | 293M | 16.5M | 6.9M | 209.19M | 139.67M | 89.31M | 57.13M | 40.18M | 42.73M | 34.74M | 25.52M | 32.53M | 45.65M | 35.95M | 28.1M | 17.98M | 12.78M |
| Other Current Liabilities | 1.04B | 10.8M | 5.2M | 3.81B | 330.64M | 115.42M | 44.7M | 0 | -1.67B | -1.91B | -1.68B | -979M | -604M | 486.56K | 53.4M | 37.39M | 27M | 18.68M |
| Current Ratio | 4.03x | 3.08x | 9.60x | 0.89x | 1.28x | 1.80x | 4.62x | 2.58x | 3.09x | 2.27x | 5.13x | 4.56x | 3.63x | 5.62x | 2.72x | 3.20x | 2.79x | 2.99x |
| Quick Ratio | 4.03x | 3.08x | 9.60x | 0.83x | 1.13x | 1.71x | 4.54x | 2.57x | 3.08x | 2.27x | 5.13x | 4.56x | 3.63x | 5.62x | 2.72x | 3.20x | 2.79x | 2.99x |
| Cash Conversion Cycle | -368.15 | - | - | 2.67K | 30.81K | -25.84 | -31.65 | -81.72 | -88.93 | -89.07 | - | - | - | - | -1.24K | -1.46K | - | - |
| Total Non-Current Liabilities | 15.23B | 6.31B | 30.9M | 1.59B | 1.22B | 1.76B | 1.41B | 244.39M | 211.55M | 39.45M | 341.23M | 409.01M | 522.92M | 541.27M | 18.3M | 12.88M | 2.12M | 1.99M |
| Long-Term Debt | 8.5B | 4.1B | 0 | 558.56M | 401.14M | 1.15B | 1.12B | 0 | 0 | 0 | 306.22M | 372.56M | 469.95M | 499.61M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 3.72B | 760.5M | 30.3M | 9.7M | 520.72M | 536.29M | 217.96M | 174.87M | 180.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 4.09B | 0 | 0 | 129.51M | 73.46M | 40.08M | 49.8M | 31.47M | 22.62M | 16.63M | 16.98M | 21.12M | 26.34M | 37.86M | 14.75M | 5.91M | 1.63M | 1.56M |
| Other Non-Current Liabilities | 5.23B | 1.45B | 600K | 893.03M | 222.08M | 35.52M | 19.61M | 38.05M | 8.19M | 22.82M | 18.03M | 15.32M | 26.63M | 3.8M | 3.56M | 6.97M | 490.35K | 431.4K |
| Total Liabilities | 17.62B | 7.84B | 294.9M | 5.46B | 3.74B | 3.25B | 2.25B | 995.08M | 639.72M | 657.13M | 580.03M | 567.82M | 699.06M | 751.55M | 238.27M | 160.15M | 98.14M | 63.38M |
| Total Debt | 10.06B | 4.97B | 49.7M | 584.76M | 1.39B | 1.89B | 1.46B | 353.34M | 274.5M | 309.24M | 306.22M | 372.56M | 469.95M | 499.61M | 0 | 0 | 0 | 0 |
| Net Debt | 2.01B | 1.29B | -2.4B | 468.66M | 276.58M | 824.5M | -322.06M | -556.63M | -715.5M | -430.52M | -154.86M | 42.68M | 152.52M | -515.91M | -244.43M | -185.38M | -220.07M | -142.76M |
| Debt / Equity | 0.97x | 1.08x | 0.02x | 0.18x | 0.31x | 0.52x | 0.31x | 0.10x | 0.09x | 0.19x | 0.24x | 0.39x | 0.47x | 0.35x | - | - | - | - |
| Debt / EBITDA | 89.31x | - | - | - | - | 17.18x | 3.43x | 0.58x | 0.60x | 0.80x | 0.90x | 1.64x | 1.51x | 29.39x | - | - | - | - |
| Net Debt / EBITDA | 17.89x | - | - | - | - | 7.50x | -0.76x | -0.91x | -1.57x | -1.11x | -0.45x | 0.19x | 0.49x | -30.35x | -20.37x | -18.54x | -36.68x | -1.27x |
| Interest Coverage | 0.82x | 1.57x | - | - | -2.73x | -0.93x | 6.45x | 407.96x | 17.00x | 15.20x | 11.60x | 6.73x | - | - | - | - | - | - |
| Total Equity | 10.34B | 4.61B | 3.25B | 3.29B | 4.54B | 3.66B | 4.68B | 3.7B | 3.09B | 1.61B | 1.28B | 954.02M | 1B | 1.42B | 1.22B | 905.1M | 314.31M | 216.9M |
| Equity Growth % | 412.14% | 41.78% | -1.22% | -27.44% | 24.03% | -21.77% | 26.42% | 19.82% | 92.26% | 25.16% | 34.54% | -4.85% | -29.24% | 16.19% | 34.75% | 187.96% | 44.91% | - |
| Book Value per Share | 36.88 | 18.23 | 11.58 | 8.88 | 10.99 | 10.11 | 13.25 | 11.32 | 9.45 | 4.27 | 3.94 | 2.94 | 3.08 | 4.23 | 3.63 | 2.76 | 1.02 | 0.65 |
| Total Shareholders' Equity | 10.34B | 4.61B | 3.25B | 3.29B | 4.25B | 3.46B | 4.37B | 3.14B | 2.57B | 1.44B | 1.26B | 954.02M | 1B | 1.42B | 1.22B | 905.1M | 314.31M | 216.9M |
| Common Stock | 8.4M | 8.4M | 9.2M | 9.2M | 3.79M | 3.77M | 3.74M | 4.21M | 3.78M | 4.7M | 4.64M | 1.02M | 3.27M | 7.36M | 14.65M | 18.6M | 31.77M | 32.55M |
| Retained Earnings | 3.73B | 3.32B | 3.22B | 3.86B | 2.33B | 1.76B | 1.96B | 1.97B | 1.6B | 1.18B | 1.11B | 846.5M | 944.8M | 1.08B | 725.03M | 431.43M | 262.44M | 169.97M |
| Treasury Stock | -782.1M | -1.08B | -1.97B | -19.6M | -18.7M | -36.58M | -80.64K | -6.63M | -154.97M | -66.13M | -136.66M | -170.55M | -255.08M | -209.4M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -12.9M | -100K | -22.1M | -2.37B | 325.61M | 217.15M | 240.89M | 78.09M | 117.74M | 32.32M | 14.63M | 42.18M | 18.4M | 62.1M | 31.64M | 57.15M | 4.84M | 4.55M |
| Minority Interest | 1M | 0 | 0 | 200K | 293.56M | 197.78M | 312.63M | 556.6M | 514.74M | 170.3M | 24.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NBIS stock.
As of 2025, Nebius Group N.V. (NBIS) had total assets of $12.45B including $4.71B in current assets.
Nebius Group N.V. (NBIS) carries total debt of $4.97B, offset by $3.68B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nebius Group N.V. (NBIS) has total shareholders' equity (book value) of $4.61B ($18.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nebius Group N.V. (NBIS) reported a current ratio of 3.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Massive capex funded by debt
Rapid Asset Expansion via Debt
Nebius's balance sheet has transformed from a cash-rich, low-leverage entity to a capital-intensive operation, with total assets surging from $3.5B in Q4 2024 to $28.0B in Q2 2026, a growth driven almost entirely by debt-funded GPU cluster acquisitions.
The trajectory shows a deliberate and aggressive pivot from a software-centric model to an asset-heavy infrastructure play. The D/E ratio's climb from 0.02 to 0.97 in this period indicates the expansion is being financed primarily through leverage, not retained earnings, which fundamentally alters the company's risk profile and capital structure.
Leverage Surge to Fund Growth
Total debt has ballooned from a negligible $49.7M in Q4 2024 to $10.1B in Q2 2026, resulting in a D/E ratio of 0.97, which suggests the company's rapid scaling is heavily reliant on external financing rather than operational cash generation.
The debt load appears strategic, aimed at securing critical GPU capacity ahead of competitors. However, the rapid increase in leverage, coupled with deeply negative operating margins, raises questions about the durability of cash flows needed to service this debt. Investors should monitor the maturity profile and interest rate terms, as a downturn in AI demand could strain this newly leveraged balance sheet.
PPE Dominance Signals Infrastructure Pivot
Property, Plant & Equipment has exploded from $892M in Q4 2024 to $14.9B in Q2 2026, now representing over 53% of total assets, which confirms the company's strategic shift to a capital-intensive, GPU-cloud infrastructure model.
This asset mix is a stark departure from its previous software-focused structure and aligns with the reported massive capital expenditures. The quality and utilization rate of these GPU assets are now the primary drivers of future returns, making the balance sheet highly sensitive to technological obsolescence and demand cycles in the AI market.
Cash Buffer Eroded by Capex
Despite a strong current ratio of 4.03 in Q2 2026, the cash position has declined from $9.3B in Q1 to $8.0B, indicating that the massive capital expenditure program is beginning to consume the company's substantial cash reserves.
The liquidity profile remains adequate in the near term, but the trend is concerning. The company is burning through its cash war chest to fund growth, and with free cash flow deeply negative, the sustainability of this investment pace depends on continued access to debt markets or a rapid improvement in operational cash generation.
Goodwill and Intangibles Acquisition Risk
The goodwill balance surged from $19.7M in Q4 2025 to $605.6M in Q2 2026, a 30x increase that suggests recent acquisitions may have been executed at significant premiums, creating a potential impairment risk if the acquired businesses underperform.
This rapid accumulation of goodwill, coinciding with the company's strategic pivot, warrants scrutiny. It implies that a portion of the capital deployed was for acquiring capabilities rather than just hardware. If the integrated units like Toloka or Avride fail to meet growth expectations, this intangible asset could become a material drag on future equity value.