Latest Ratios: P/E Ratio 2184.5x · 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 | $57.7B | $21.2B | $7.8B | — | — | — | — | — | — | — | — |
| Enterprise Value | $58.9B | $22.4B | $5.4B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 2184.55 | 760.95 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 108.86 | 39.98 | 66.24 | — | — | — | — | — | — | — | — |
| P/B Ratio | 13.18 | 4.59 | 2.39 | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 149.88 | 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 | — | 42.26 | 45.82 | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| 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 | -13.4% | -13.4% | -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 | 1.06 | 1.06 | 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 | — | 0.26 | -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 | -10.31 | -10.31 | — | — | -3.29 | -3.55 | 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 | — | 496.24 | 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 |
Capital Intensive Execution Risk
According to recent market data, Nebius trades at a P/S ratio of 108.86, a figure that appears heavily skewed by the company's massive cash position and the recent divestiture of its legacy Russian operations, rendering traditional valuation multiples largely uninformative for assessing its current AI infrastructure growth trajectory.
The extreme P/E of 2184.55 and high P/S ratio suggest that the market is currently pricing the entity as a special situation rather than a mature operating business. Investors should monitor whether the company can transition from this cash-rich, high-multiple phase to a more normalized valuation as its AI cloud revenue scales and the impact of non-recurring divestiture gains fades.
Based on reported financial statements, the company's ROIC has remained consistently negative, reaching -1.4% in 2026Q1, which indicates that the massive capital expenditures required to build out global GPU clusters are not yet generating sufficient returns to cover the cost of the underlying invested capital.
The persistent negative ROIC highlights the challenge of scaling an asset-heavy AI infrastructure business where hardware depreciation and high R&D costs outpace revenue growth. This trend warrants further investigation into whether the company's proprietary software orchestration layer can eventually drive the utilization rates necessary to turn these returns positive.
As reported in recent filings, the company's asset turnover ratio has stagnated at approximately 0.02, reflecting the significant lag between the massive deployment of capital into physical infrastructure and the realization of meaningful revenue from those assets in the current competitive AI cloud market.
The extremely low asset turnover suggests that the company is currently in a heavy investment phase where infrastructure capacity is being built ahead of demand. Investors should monitor the DSO and DPO trends, as the current volatility in working capital metrics may indicate shifting leverage dynamics with both cloud customers and hardware suppliers.
According to the latest balance sheet data, the company's debt-to-equity ratio has risen to 1.31 as of 2026Q1, signaling a strategic shift toward utilizing external financing to fund the aggressive procurement of NVIDIA hardware necessary to compete in the global AI infrastructure space.
While the $3.68 billion cash position provides a substantial buffer, the rapid increase in debt service obligations warrants close monitoring of interest coverage ratios, which have turned negative. The company's ability to manage this leverage will depend on its success in securing long-term, high-margin compute capacity reservations.
Based on the provided financial data, the net margin of 155.7% reported in 2026Q1 is a misleading metric that obscures the underlying operating losses, as it is heavily inflated by one-time gains from the divestiture of the company's legacy Russian business operations.
Analysts should avoid using net income as a proxy for earning power, as it fails to reflect the cash-burning nature of the current AI infrastructure build-out. Instead, investors should focus on adjusted EBITDA or free cash flow metrics to better understand the true operational health of the business post-restructuring.
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 2184.5x. 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 2184.5x. 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.