The company has rapidly increased its financial leverage to fund infrastructure, with total debt rising from $49.7 million in 2024Q4 to $9.5 billion by 2026Q1.
| 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 | 11.24B | 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 | 9.3B | 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 | 9.3B | 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 | 1.53B | 720.3M | 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 | 280.53 | 496.24 | 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 | 360.5M | 278.2M | 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 | 11.06B | 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 | 8.4B | 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 | 0.17x | 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 | 163.3M | 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 | 48.3M | 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 | 4.19B | 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 | 816.6M | 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 | 22.3B | 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 % | 1051.47% | 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 | 1.35B | 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 | 621.7M | 1.21B | 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 | 506.04 | 2.66K | 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 | 18.4M | 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) | 720.5M | 0 | 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 | 0 | 293.2M | 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 | 8.33x | 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 | 8.33x | 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 | -225.51 | - | - | 2.67K | 30.81K | -25.84 | -31.65 | -81.72 | -88.93 | -89.07 | - | - | - | - | -1.24K | -1.46K | - | - |
| Total Non-Current Liabilities | 13.71B | 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 | 8.43B | 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 | 2.42B | 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 | 142.1M | 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 | 15.06B | 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 | 9.5B | 4.89B | 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 | 198M | 1.21B | -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 | 1.31x | 1.06x | 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 | -150.55x | - | - | - | - | 17.18x | 3.43x | 0.58x | 0.60x | 0.80x | 0.90x | 1.64x | 1.51x | 29.39x | - | - | - | - |
| Net Debt / EBITDA | -3.14x | - | - | - | - | 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 | -4.88x | -10.31x | - | - | -3.29x | -3.55x | 6.45x | 407.96x | 17.00x | 15.20x | 11.60x | 6.73x | - | - | - | - | - | - |
| Total Equity | 7.24B | 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 % | 225.38% | 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 | 23.44 | 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 | 7.24B | 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 | 3.92B | 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 | -1.06B | -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 | -13.5M | -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 |
Capital Intensive Execution Risk
As reported in recent financial statements, Nebius Group's total assets surged from $3.5 billion in 2024Q4 to $22.3 billion by 2026Q1, a trajectory that reflects the aggressive deployment of capital into infrastructure following the successful divestiture of legacy Russian operations and the pivot toward AI.
The dramatic expansion in the asset base suggests a deliberate strategy to front-load infrastructure capacity to capture market share in the AI compute sector. Investors should monitor whether this rapid growth in asset scale translates into commensurate revenue generation or if it merely reflects the accumulation of depreciating hardware assets.
Based on the company's reported figures, total debt increased from $49.7 million in 2024Q4 to $9.5 billion in 2026Q1, indicating that the firm is increasingly utilizing external financing to support its capital-intensive transition into a global AI infrastructure provider.
The rise in the debt-to-equity ratio to 1.31 suggests a shift toward a more leveraged capital structure, which may increase financial risk if GPU utilization rates do not meet expectations. This reliance on debt warrants further investigation into the maturity profile and interest coverage capabilities of the firm.
According to the latest balance sheet data, net property, plant, and equipment (PPE) reached $8.4 billion in 2026Q1, representing a significant portion of the total asset base and confirming the company's transition into an asset-heavy, hardware-dependent business model for its cloud operations.
The concentration of capital in PPE implies that the company's competitive position is tied to the physical performance and longevity of its GPU clusters. This asset mix necessitates high maintenance and upgrade cycles, which may pressure future cash flows if technological obsolescence occurs faster than anticipated.
As evidenced by the $9.3 billion cash position reported in 2026Q1, the company maintains a significant liquidity buffer, which appears to be a strategic necessity given the high burn rate associated with scaling global AI infrastructure and procuring advanced hardware.
The current ratio of 8.33 indicates a strong short-term liquidity position, providing the firm with the flexibility to navigate potential market volatility or delays in operational scaling. However, this liquidity must be balanced against the ongoing capital requirements of the business to ensure long-term solvency.
Based on the provided financial data, the rapid accumulation of PPE and the associated debt load may mask underlying risks related to the rapid depreciation of AI hardware, which could lead to future impairment charges if the competitive landscape for compute power shifts unexpectedly.
The reliance on high-cost hardware creates a potential vulnerability where the book value of assets may not reflect their true economic utility in a rapidly evolving AI market. Investors should be cautious of the potential for future write-downs if the company's proprietary software orchestration layer fails to maintain a premium over commodity cloud providers.
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 $4.89B, 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.