Latest Ratios: P/E Ratio 2115.9x · EV/EBITDA N/A · ROE 2.6%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $55.9B | $21.2B | $7.8B | — | — | — | — | — | — | — | — |
| Enterprise Value | $57.2B | $22.5B | $5.4B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 2115.91 | 761.00 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 105.44 | 39.98 | 66.24 | — | — | — | — | — | — | — | — |
| P/B Ratio | 12.77 | 4.59 | 2.39 | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 145.17 | 55.05 | 31.69 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 42.43 | 45.82 | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 247.55 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.6% | 68.6% | 37.5% | -52.6% | -110.4% | 51.2% | 60.7% | 68.2% | 71.9% | 74.5% | 74.0% |
| Operating Margin | -112.5% | -112.5% | -375.1% | -1567.0% | -1170.4% | -3.7% | 7.2% | 14.0% | 16.3% | 13.7% | 16.9% |
| Net Profit Margin | 19.2% | 19.2% | -545.9% | 1154.5% | 5523.0% | -4.1% | 11.3% | 7.2% | 36.0% | 9.8% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.6% | 2.6% | -19.6% | 6.2% | 18.2% | -4.7% | 8.0% | 6.0% | 28.1% | 11.0% | 9.9% |
| ROA | 1.3% | 1.3% | -10.4% | 2.8% | 9.8% | -2.8% | 5.7% | 4.9% | 22.0% | 7.7% | 6.5% |
| ROIC | -13.2% | -13.2% | -14.3% | -5.7% | -2.5% | -3.0% | 4.2% | 10.8% | 12.6% | 14.5% | 14.7% |
| ROCE | -8.4% | -8.4% | -10.8% | -6.2% | -2.8% | -3.1% | 4.2% | 10.9% | 12.1% | 13.6% | 14.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.08 | 1.08 | 0.02 | 0.18 | 0.31 | 0.52 | 0.31 | 0.10 | 0.09 | 0.19 | 0.24 |
| Debt / EBITDA | — | — | — | — | — | 17.18 | 3.43 | 0.58 | 0.60 | 0.80 | 0.90 |
| Net Debt / Equity | — | 0.28 | -0.74 | 0.14 | 0.06 | 0.23 | -0.07 | -0.15 | -0.23 | -0.27 | -0.12 |
| Net Debt / EBITDA | — | — | — | — | — | 7.50 | -0.76 | -0.91 | -1.57 | -1.11 | -0.45 |
| Debt / FCF | — | — | — | 0.63 | 0.41 | — | -2.98 | -1.45 | — | -2.18 | -0.61 |
| Interest Coverage | 1.57 | 1.57 | — | — | -2.73 | -0.93 | 6.45 | 407.96 | 17.00 | 15.20 | 11.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.08 | 3.08 | 9.60 | 0.89 | 1.28 | 1.80 | 4.62 | 2.58 | 3.09 | 2.27 | 5.13 |
| Quick Ratio | 3.08 | 3.08 | 9.60 | 0.83 | 1.13 | 1.71 | 4.54 | 2.57 | 3.08 | 2.27 | 5.13 |
| Cash Ratio | 2.41 | 2.41 | 9.28 | 0.03 | 0.45 | 0.96 | 3.79 | 1.90 | 2.31 | 1.84 | 4.31 |
| Asset Turnover | — | 0.04 | 0.03 | 0.00 | 0.00 | 0.69 | 0.43 | 0.60 | 0.49 | 0.72 | 0.66 |
| Inventory Turnover | — | — | — | 0.13 | 0.07 | 18.08 | 17.90 | 68.96 | 135.07 | 598.08 | — |
| Days Sales Outstanding | — | 588.15 | 137.92 | 200.84 | 38472.43 | 69.48 | 63.80 | 53.52 | 58.42 | 50.72 | 48.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.0% | 0.1% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $253M | $281M | $371M | $413M | $362M | $353M | $327M | $327M | $376M | $326M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying NBIS stock.
Nebius Group N.V.'s current P/E ratio is 2115.9x. This places it at the 50th percentile of its historical range.
Nebius Group N.V.'s return on equity (ROE) is 2.6%. The historical average is 8.0%.
Based on historical data, Nebius Group N.V. is trading at a P/E of 2115.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nebius Group N.V. has 68.6% gross margin and -112.5% operating margin.
Key Metrics
Top Statement Risk
Massive cash burn from capex
Extreme Premium for Unproven Scale
Nebius trades at a P/S of 94.76 and a P/E of 1,901.64, multiples that appear to price in a future scale and profitability that its current operating losses and negative free cash flow do not yet support.
The valuation multiples are extreme relative to both its own history and the peer group, where even high-growth infrastructure peers like Arista trade at a P/S of ~10. This suggests the market is pricing Nebius not on its current financials, but on the potential of its AI infrastructure pivot and its $3.68 billion cash war chest. The forward EV/EBITDA of 129.41 indicates that analysts expect a dramatic improvement in profitability, a path that remains unclear given the widening operating losses.
Gross Margin Volatility Obscures Core Burn
The gross margin has swung from 20.9% in Q1 2026 to 77.1% in Q2 2026, a volatility that masks the core issue: operating losses are expanding in tandem with revenue, indicating a lack of operating leverage in the current investment phase.
The high gross margin in Q2 2026 suggests a favorable mix of high-value AI cloud services, but the operating margin of -30.2% reveals that SG&A and R&D costs are scaling far faster than revenue. This dynamic implies that the company is in a classic 'land grab' phase, prioritizing market share and infrastructure build-out over near-term profitability. The true earning power of the business cannot be assessed until these investment costs stabilize as a percentage of revenue.
Negative ROIC Amid Capital Intensity
Return on Invested Capital has been consistently negative, at -1.3% in Q2 2026, indicating that the massive capital deployed for GPU clusters is not yet generating positive returns, a critical metric for an infrastructure-heavy business model.
The negative ROIC trend, despite explosive revenue growth, highlights the fundamental challenge of the business model: the capital base is expanding much faster than the earnings it generates. This is expected in a heavy investment phase, but the duration of this negative return period is a key risk. Investors should monitor whether the improving gross margin can eventually translate into positive operating income to cover the substantial depreciation and interest costs associated with the new asset base.
Debt-Fueled Expansion Strains Coverage
The debt-to-equity ratio has surged to 0.97 in Q2 2026 from near zero in 2024, while interest coverage is negative at -1.85, indicating that debt service is currently consuming cash rather than being covered by operating earnings.
The rapid accumulation of debt to fund GPU acquisitions has fundamentally altered the company's risk profile. While the large cash balance provides a buffer, the negative interest coverage ratio means the company is relying on its cash reserves or new financing to service debt. This structure is viable only if the new assets generate returns significantly above the cost of debt in the near future; otherwise, it represents a significant refinancing and solvency risk.
Strong Current Ratio Masks Cash Burn
Despite a robust current ratio of 4.03 in Q2 2026, the company's free cash flow margin is -5.9%, indicating that its liquidity is being actively consumed by capital expenditures rather than generated by operations.
The high current ratio is a function of the large cash and receivables balance, but it does not reflect the underlying cash burn from operations and investing activities. The quick ratio being identical to the current ratio suggests minimal inventory, which is appropriate for a service-based cloud business. However, the sustainability of this liquidity position is entirely dependent on the pace of capital expenditure and the company's ability to secure additional financing if needed.
The Misleading Net Margin
The reported net margin of 19.20% in Q1 2026 is the most commonly misapplied ratio, as it is heavily distorted by a non-recurring gain from the divestiture of legacy assets and obscures the deeply negative operating margin of the core AI business.
Investors focusing on the positive net margin would miss the reality that Nebius's core operations are generating significant losses. The correct metric to assess ongoing profitability is the operating margin, which was -32.1% in the same quarter. The net margin figure is a historical artifact of the corporate restructuring and provides no insight into the future earnings power of the AI infrastructure and services business. Analysts must adjust for these non-recurring items to model a true run-rate.