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Nebius Group N.V.

NBIS·NASDAQ·USD

170.47+17.20 (+11.22%)
Regular-session close·Definitions
Price history2024-10-21 — 2026-10-23Valid trading days: 504 · Through 2026-10-23 · All expected dates in this range are present · History update delayed
Operating history2011-12-31 — 2025-12-318 historical metrics · 15 workpaper periods
Coverage limitations

Daily history updates are delayed. Available history through 2026-10-23 remains visible; a current quote does not establish that daily history has been updated.

Requests to the historical-data source are rate limited, delaying daily-price updates. Existing verified periods are retained; trading days not yet retrieved are not fabricated.

The history starts with the provider’s first actual observation; this starting point is not a verified initial listing date.

The earliest available price is not proof of the listing date. Coverage since listing remains unverified.

Trading dates checked for 2024-10-21 — 2026-10-23: all 504 expected dates are present. Complete dates do not establish independent verification of every price.

Security basis: The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately. Historical closes use the provider's split adjustments and exclude dividend distributions. Full-history adjustment factors have not been independently recalculated. Price changes do not represent total returns including dividends.

Original verification records

first-provider-observation-listing-date-not-verified

History update reason: source-rate-limited-until 2026-10-28T04:39:08.620Z

Nebius trading resumed after Yandex business separation. Excludes suspended/former-business observations; this is a scope boundary, not an IPO date.

View sources and versions ↗
Public financial analysis · Annual

Compare growth, earnings, cash flow and capital investment for aligned reporting periods to examine company-wide financial drivers. Calculation inputs and original filings remain available.

Coverage and applicability

2011-12-31 — 2025-12-31 · Valid observations: 76. These observations analyze public financial data; they are not a standalone sector research report, score or price target. Company-wide figures do not replace segment, product or contract disclosures.

  • Days sales outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Days inventory outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Days payable outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Cash conversion cycle (average balances): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Cash purchases of productive assets / revenue: The selected capital-expenditure measure does not represent the broader concept of productive-asset purchases.

Price and operations

Research history
Reproducible calculations from public filings, without inferring segment-level results.

Period end is the end of the operating period. Source-publication mode uses the publication date of the document selected, without asserting that it was the first disclosure. Expand the notes below the chart for definitions and sources.

Add metrics 3
Available metrics: 8

Financials and cash flow

Last value in range
NBIS Share priceTrading day
USD0100200300158.74
Operating marginAnnual observations
%-3k-2k-1k0-115
Net marginAnnual observations
%-2.5k02.5k5k7.5k16
(CFO − cash purchases of PP&E) / revenueAnnual observations
%-5k05k10k2021.102023.012024.012025.012026.012026.10-695

Time rangeNBIS Share price

2021-10-23 — 2026-10-23
Methodology and controls

Each panel has its own value axis; dates and the cursor are synchronized. Operating data appear only on their observed dates; other dates are left blank. US daily prices are checked against the verified 1997–2027 trading calendar. A missing expected trading day breaks the line; weekends and recorded exchange holidays do not. Annual observations retain annual frequency; guidance and scenarios are labeled separately. Operating data are positioned at the actual period end, which is not necessarily the date of public disclosure. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Underlying data Operating metrics: 3
Observations in this chart, including unverified periods or dates · original values and source versions retained
Selected operating metrics; records with values and current chart gaps appear first. Unverified dates are excluded from charts.
Reporting period endOperating margin% · Calculated from disclosuresNet margin% · Calculated from disclosures(CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures
2025-12-312025-12-31-115.46%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 4 items
Currency
USD
operatingIncome
-611,700,000
Revenue
529,800,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
-611,700,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
529,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
15.57%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 4 items
Currency
USD
Net income
82,500,000
Revenue
529,800,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
82,500,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
529,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
-694.83%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 5 items
Currency
USD
Operating cash flow
384,800,000
Cash capital expenditure
4,066,000,000
Revenue
529,800,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
384,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
numerator
Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
4,066,000,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
-1
sourceIds
0
nbis-sec-0001104659-26-052948
2
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
529,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
2024-12-312024-12-31-436.72%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 4 items
Currency
USD
operatingIncome
-399,600,000
Revenue
91,500,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2024-01-01
Period end
2024-12-31
value
-399,600,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2024-01-01
Period end
2024-12-31
value
91,500,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
-700.98%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 4 items
Currency
USD
Net income
-641,400,000
Revenue
91,500,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2024-01-01
Period end
2024-12-31
value
-641,400,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2024-01-01
Period end
2024-12-31
value
91,500,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
-614.10%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 5 items
Currency
USD
Operating cash flow
245,600,000
Cash capital expenditure
807,500,000
Revenue
91,500,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
USD
Period start
2024-01-01
Period end
2024-12-31
value
245,600,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
numerator
Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2024-01-01
Period end
2024-12-31
value
807,500,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
-1
sourceIds
0
nbis-sec-0001104659-26-052948
2
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2024-01-01
Period end
2024-12-31
value
91,500,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
2023-12-312023-12-31-2,915.31%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 4 items
Currency
USD
operatingIncome
-285,700,000
Revenue
9,800,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2023-01-01
Period end
2023-12-31
value
-285,700,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2023-01-01
Period end
2023-12-31
value
9,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
2,462.24%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 4 items
Currency
USD
Net income
241,300,000
Revenue
9,800,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2023-01-01
Period end
2023-12-31
value
241,300,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2023-01-01
Period end
2023-12-31
value
9,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
7,621.43%
Basis · Calculated from disclosures

Source version date: 2026-04-30

View calculation inputs · 5 items
Currency
USD
Operating cash flow
829,800,000
Cash capital expenditure
82,900,000
Revenue
9,800,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
USD
Period start
2023-01-01
Period end
2023-12-31
value
829,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
1
role
numerator
Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2023-01-01
Period end
2023-12-31
value
82,900,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
-1
sourceIds
0
nbis-sec-0001104659-26-052948
2
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2023-01-01
Period end
2023-12-31
value
9,800,000
Filing date
2026-04-30
form
20-F
accn
0001104659-26-052948
Input sign
1
sourceIds
0
nbis-sec-0001104659-26-052948
NBIS · 20-F · Filing version 2026-04-30
2022-12-312022-12-31-1,170.37%
Basis · Calculated from disclosures

Source version date: 2025-04-30

View calculation inputs · 4 items
Currency
USD
operatingIncome
-158,000,000
Revenue
13,500,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2022-01-01
Period end
2022-12-31
value
-158,000,000
Filing date
2025-04-30
form
20-F
accn
0001558370-25-005991
Input sign
1
sourceIds
0
nbis-sec-0001558370-25-005991
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2022-01-01
Period end
2022-12-31
value
13,500,000
Filing date
2025-04-30
form
20-F
accn
0001558370-25-005991
Input sign
1
sourceIds
0
nbis-sec-0001558370-25-005991
NBIS · 20-F · Filing version 2025-04-30
5,522.96%
Basis · Calculated from disclosures

Source version date: 2025-04-30

View calculation inputs · 4 items
Currency
USD
Net income
745,600,000
Revenue
13,500,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2022-01-01
Period end
2022-12-31
value
745,600,000
Filing date
2025-04-30
form
20-F
accn
0001558370-25-005991
Input sign
1
sourceIds
0
nbis-sec-0001558370-25-005991
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2022-01-01
Period end
2022-12-31
value
13,500,000
Filing date
2025-04-30
form
20-F
accn
0001558370-25-005991
Input sign
1
sourceIds
0
nbis-sec-0001558370-25-005991
NBIS · 20-F · Filing version 2025-04-30
5,054.81%
Basis · Calculated from disclosures

Source version date: 2025-04-30

View calculation inputs · 5 items
Currency
USD
Operating cash flow
697,000,000
Cash capital expenditure
14,600,000
Revenue
13,500,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
USD
Period start
2022-01-01
Period end
2022-12-31
value
697,000,000
Filing date
2025-04-30
form
20-F
accn
0001558370-25-005991
Input sign
1
sourceIds
0
nbis-sec-0001558370-25-005991
1
role
numerator
Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2022-01-01
Period end
2022-12-31
value
14,600,000
Filing date
2025-04-30
form
20-F
accn
0001558370-25-005991
Input sign
-1
sourceIds
0
nbis-sec-0001558370-25-005991
2
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2022-01-01
Period end
2022-12-31
value
13,500,000
Filing date
2025-04-30
form
20-F
accn
0001558370-25-005991
Input sign
1
sourceIds
0
nbis-sec-0001558370-25-005991
NBIS · 20-F · Filing version 2025-04-30
2021-12-312021-12-31-3.73%
Basis · Calculated from disclosures

Source version date: 2022-04-20

View calculation inputs · 4 items
Currency
USD
operatingIncome
-178,700,000
Revenue
4,794,200,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2021-01-01
Period end
2021-12-31
value
-178,700,000
Filing date
2022-04-20
form
20-F
accn
0001558370-22-005654
Input sign
1
sourceIds
0
nbis-sec-0001558370-22-005654
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2021-01-01
Period end
2021-12-31
value
4,794,200,000
Filing date
2022-04-20
form
20-F
accn
0001558370-22-005654
Input sign
1
sourceIds
0
nbis-sec-0001558370-22-005654
NBIS · 20-F · Filing version 2022-04-20
-4.11%
Basis · Calculated from disclosures

Source version date: 2022-04-20

View calculation inputs · 4 items
Currency
USD
Net income
-197,200,000
Revenue
4,794,200,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2021-01-01
Period end
2021-12-31
value
-197,200,000
Filing date
2022-04-20
form
20-F
accn
0001558370-22-005654
Input sign
1
sourceIds
0
nbis-sec-0001558370-22-005654
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2021-01-01
Period end
2021-12-31
value
4,794,200,000
Filing date
2022-04-20
form
20-F
accn
0001558370-22-005654
Input sign
1
sourceIds
0
nbis-sec-0001558370-22-005654
NBIS · 20-F · Filing version 2022-04-20
-9.92%
Basis · Calculated from disclosures

Source version date: 2022-04-20

View calculation inputs · 5 items
Currency
USD
Operating cash flow
125,100,000
Cash capital expenditure
600,600,000
Revenue
4,794,200,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
USD
Period start
2021-01-01
Period end
2021-12-31
value
125,100,000
Filing date
2022-04-20
form
20-F
accn
0001558370-22-005654
Input sign
1
sourceIds
0
nbis-sec-0001558370-22-005654
1
role
numerator
Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2021-01-01
Period end
2021-12-31
value
600,600,000
Filing date
2022-04-20
form
20-F
accn
0001558370-22-005654
Input sign
-1
sourceIds
0
nbis-sec-0001558370-22-005654
2
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2021-01-01
Period end
2021-12-31
value
4,794,200,000
Filing date
2022-04-20
form
20-F
accn
0001558370-22-005654
Input sign
1
sourceIds
0
nbis-sec-0001558370-22-005654
NBIS · 20-F · Filing version 2022-04-20
Calculations and sources 3 items
Operating margin% · Calculated from disclosures
Calculation basis

Operating income / revenue × 100

Reading guide

Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Net margin% · Calculated from disclosures
Calculation basis

Selected net-income concept / revenue × 100

Reading guide

May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

(CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures
Calculation basis

(Operating cash flow − cash purchases of PP&E) / revenue × 100

Reading guide

A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Business and research scope

How the business turns into revenue and cash, and what the available evidence can establish.

Company filings ↗

NEBIUS GROUP N.V.. The quote provider classifies its industry as Computer Software: Programming, Data Processing. Structured segment, customer-mix and contract information is not yet available. Company information and original financial documents are provided below; business revenue is not inferred from supply-chain classification.

Company profile and filings
Legal name
NEBIUS GROUP N.V.
Exchange / quote currency
NASDAQ / USD
Reporting currency
USD
Source industry classification
Computer Software: Programming, Data Processing
Financial period end / Source version used
2025-12-31 / 2026-04-30
Value-chain roles (not revenue shares)
Cloud and compute rental
Check SEC filings index ↗

Related companies in the value chain

Shared value-chain roles do not establish direct peer status or valuation comparability.
MARKET DATA

Quote details

Candlesticks, volume and cross-company prices

170.47 +11.22%
2026-07-23 — 2026-10-23Price change over the selected period -28.16%
Provider split-adjusted prices excluding dividends, USD. Recorded trading days are equally spaced from 2026-07-23 to 2026-10-23 (66 trading days). Volume is shown separately in shares.USD100150200250300158.74Volume · shares2026-07-23 Volume 15,309,800 shares2026-07-24 Volume 24,095,300 shares2026-07-27 Volume 18,169,100 shares2026-07-28 Volume 28,902,400 shares2026-07-29 Volume 39,775,900 shares2026-07-30 Volume 42,302,400 shares2026-07-31 Volume 25,703,400 shares2026-08-03 Volume 28,630,300 shares2026-08-04 Volume 21,356,700 shares2026-08-05 Volume 15,769,000 shares2026-08-06 Volume 26,723,800 shares2026-08-07 Volume 22,822,900 shares2026-08-10 Volume 16,165,200 shares2026-08-11 Volume 22,528,700 shares2026-08-12 Volume 63,538,200 shares2026-08-13 Volume 36,239,100 shares2026-08-14 Volume 29,024,700 shares2026-08-17 Volume 19,722,300 shares2026-08-18 Volume 22,824,200 shares2026-08-19 Volume 50,438,600 shares2026-08-20 Volume 28,477,900 shares2026-08-21 Volume 20,239,700 shares2026-08-24 Volume 16,882,300 shares2026-08-25 Volume 13,547,900 shares2026-08-26 Volume 10,562,800 shares2026-08-27 Volume 16,068,200 shares2026-08-28 Volume 13,122,100 shares2026-08-31 Volume 10,556,100 shares2026-09-01 Volume 10,855,900 shares2026-09-02 Volume 10,817,900 shares2026-09-03 Volume 10,679,600 shares2026-09-04 Volume 14,970,700 shares2026-09-08 Volume 26,697,300 shares2026-09-09 Volume 11,439,000 shares2026-09-10 Volume 13,059,400 shares2026-09-11 Volume 11,228,300 shares2026-09-14 Volume 13,725,100 shares2026-09-15 Volume 10,489,000 shares2026-09-16 Volume 13,917,900 shares2026-09-17 Volume 30,767,600 shares2026-09-18 Volume 21,347,700 shares2026-09-21 Volume 17,531,100 shares2026-09-22 Volume 15,389,000 shares2026-09-23 Volume 11,013,400 shares2026-09-24 Volume 24,335,000 shares2026-09-25 Volume 11,048,800 shares2026-09-28 Volume 12,762,100 shares2026-09-29 Volume 13,102,200 shares2026-09-30 Volume 14,717,700 shares2026-10-01 Volume 12,329,200 shares2026-10-02 Volume 12,268,400 shares2026-10-05 Volume 15,066,700 shares2026-10-06 Volume 21,419,200 shares2026-10-07 Volume 18,053,700 shares2026-10-08 Volume 21,969,300 shares2026-10-09 Volume 9,561,400 shares2026-10-12 Volume 14,062,200 shares2026-10-13 Volume 17,642,600 shares2026-10-14 Volume 34,041,200 shares2026-10-15 Volume 47,717,500 shares2026-10-16 Volume 35,212,600 shares2026-10-19 Volume 26,881,200 shares2026-10-20 Volume 22,615,600 shares2026-10-21 Volume 19,693,900 shares2026-10-22 Volume 26,221,800 shares2026-10-23 Volume 13,423,700 shares63.5M007-2308-1409-0910-0110-23
Daily · Provider split-adjusted prices, excluding dividends · USD · Valid closes: 504 / trading dates: 504Market data source
MARKET & FUNDAMENTALS

Quote and valuation methodology

Data timestamps

Trading overview

Previous close
153.27
Session open
159.00
Session range
158.30 – 171.53
Session volume
20.60 M
20 Average daily volume
20.44 M
Historical range
14.09 – 299.86

Valuation and cash

Market cap · USD
48.09 B
Price / sales · Annual
90.77
Free cash flow yield
-7.65%

Financial denominator

Revenue · Annual
529.80 M USD
Period end
2025-12-31
Source version
2026-04-30

Quote 2026-10-27Market cap retrieved 2026-10-28Financial period end 2025-12-31

Research archiveNo standalone articles or full reports for this company have been included yet

Public financial and operating analysis is available. Standalone research has not yet been published; exploreOperating data、Financial comparison and SourceSource document。

Financial comparison

Select two specific periods to compare changes in scale, earnings and cash.

Annual · As of 2025-12-31Source version used 2026-04-30 · Original currency USD
USD · Annual
Current period 2025-01-01 — 2025-12-31Comparison period 2024-01-01 — 2024-12-31
Financial comparison of two defined periods; expand values for source records
Line itemCurrent periodComparison periodAmount changeGrowth
RevenueRecognized revenue; growth is calculated only when the comparison-period base is positive
529.80 M

Raw value 529,800,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

91.50 M

Raw value 91,500,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

+438.30 M+479.02%
Operating incomeOperating margin -115.46% · Change +321.26 percentage points
-611.70 M

Raw value -611,700,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

-399.60 M

Raw value -399,600,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

-212.10 M—
Net incomeNet margin 15.57% · Change +716.56 percentage points
82.50 M

Raw value 82,500,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

-641.40 M

Raw value -641,400,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

+723.90 M—
Operating cash flowOperating cash flow / revenue 72.63% · Change -195.78 percentage points
384.80 M

Raw value 384,800,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

245.60 M

Raw value 245,600,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

+139.20 M+56.68%
Capital expenditureCapital expenditure / revenue 767.46% · Change -115.05 percentage points
4.07 B

Raw value 4,066,000,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

807.50 M

Raw value 807,500,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

+3.26 B+403.53%
Comparable values unavailable for the two selected periods · Gross profit
  • Gross profit:Reported value unavailable; Reported value unavailable.
Check filing sources ↗

The change is the current value minus the comparison value; it is not automatically classified as year-over-year or quarter-over-quarter. Select a value to inspect reporting dates, filing versions and reconstruction inputs.

Historical trends and full financials
Comparable-period financial trends
Last value in range
USD million-2k02k4k6k2011.122016.012019.012022.012025.1253083-612

Time rangeRevenue

2011-12-31 — 2025-12-31
Methodology and controls

Series with the same unit and frequency share a value axis. Annual observations retain annual frequency; guidance and scenarios are labeled separately. Each column compares observations with matching period boundaries and units. Records that fail those checks remain blank. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Scroll to see all periods; select a value to open its source →

Annual financials, USD. Records without verified periods or units are excluded from comparison columns.
Reporting period end · USD2011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Revenue
622.20 M

Raw value 622,200,000.00 USD

2011-01-01 — 2011-12-31 · USD · Reported data

947.10 M

Raw value 947,100,000.00 USD

2012-01-01 — 2012-12-31 · USD · Reported data

1.21 B

Raw value 1,206,900,000.00 USD

2013-01-01 — 2013-12-31 · USD · Reported data

902.40 M

Raw value 902,400,000.00 USD

2014-01-01 — 2014-12-31 · USD · Reported data

820.40 M

Raw value 820,400,000.00 USD

2015-01-01 — 2015-12-31 · USD · Reported data

1.25 B

Raw value 1,251,700,000.00 USD

2016-01-01 — 2016-12-31 · USD · Reported data

1.63 B

Raw value 1,632,900,000.00 USD

2017-01-01 — 2017-12-31 · USD · Reported data

1.84 B

Raw value 1,837,600,000.00 USD

2018-01-01 — 2018-12-31 · USD · Reported data

2.22 B

Raw value 2,224,400,000.00 USD

2019-01-01 — 2019-12-31 · USD · Reported data

2.96 B

Raw value 2,955,600,000.00 USD

2020-01-01 — 2020-12-31 · USD · Reported data

4.79 B

Raw value 4,794,200,000.00 USD

2021-01-01 — 2021-12-31 · USD · Reported data

13.50 M

Raw value 13,500,000.00 USD

2022-01-01 — 2022-12-31 · USD · Reported data

9.80 M

Raw value 9,800,000.00 USD

2023-01-01 — 2023-12-31 · USD · Reported data

91.50 M

Raw value 91,500,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

529.80 M

Raw value 529,800,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

Gross profit———————————————
Operating income
218.50 M

Raw value 218,500,000.00 USD

2011-01-01 — 2011-12-31 · USD · Reported data

311.20 M

Raw value 311,200,000.00 USD

2012-01-01 — 2012-12-31 · USD · Reported data

392.20 M

Raw value 392,200,000.00 USD

2013-01-01 — 2013-12-31 · USD · Reported data

272.40 M

Raw value 272,400,000.00 USD

2014-01-01 — 2014-12-31 · USD · Reported data

131.60 M

Raw value 131,600,000.00 USD

2015-01-01 — 2015-12-31 · USD · Reported data

211.80 M

Raw value 211,800,000.00 USD

2016-01-01 — 2016-12-31 · USD · Reported data

226.30 M

Raw value 226,300,000.00 USD

2017-01-01 — 2017-12-31 · USD · Reported data

300.30 M

Raw value 300,300,000.00 USD

2018-01-01 — 2018-12-31 · USD · Reported data

313.30 M

Raw value 313,300,000.00 USD

2019-01-01 — 2019-12-31 · USD · Reported data

220.00 M

Raw value 220,000,000.00 USD

2020-01-01 — 2020-12-31 · USD · Reported data

-178.70 M

Raw value -178,700,000.00 USD

2021-01-01 — 2021-12-31 · USD · Reported data

-158.00 M

Raw value -158,000,000.00 USD

2022-01-01 — 2022-12-31 · USD · Reported data

-285.70 M

Raw value -285,700,000.00 USD

2023-01-01 — 2023-12-31 · USD · Reported data

-399.60 M

Raw value -399,600,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

-611.70 M

Raw value -611,700,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

Net income
179.30 M

Raw value 179,300,000.00 USD

2011-01-01 — 2011-12-31 · USD · Reported data

—————————
-197.20 M

Raw value -197,200,000.00 USD

2021-01-01 — 2021-12-31 · USD · Reported data

745.60 M

Raw value 745,600,000.00 USD

2022-01-01 — 2022-12-31 · USD · Reported data

241.30 M

Raw value 241,300,000.00 USD

2023-01-01 — 2023-12-31 · USD · Reported data

-641.40 M

Raw value -641,400,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

82.50 M

Raw value 82,500,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

Operating cash flow——————
412.70 M

Raw value 412,700,000.00 USD

2017-01-01 — 2017-12-31 · USD · Reported data

406.10 M

Raw value 406,100,000.00 USD

2018-01-01 — 2018-12-31 · USD · Reported data

562.80 M

Raw value 562,800,000.00 USD

2019-01-01 — 2019-12-31 · USD · Reported data

441.30 M

Raw value 441,300,000.00 USD

2020-01-01 — 2020-12-31 · USD · Reported data

125.10 M

Raw value 125,100,000.00 USD

2021-01-01 — 2021-12-31 · USD · Reported data

697.00 M

Raw value 697,000,000.00 USD

2022-01-01 — 2022-12-31 · USD · Reported data

829.80 M

Raw value 829,800,000.00 USD

2023-01-01 — 2023-12-31 · USD · Reported data

245.60 M

Raw value 245,600,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

384.80 M

Raw value 384,800,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

Capital expenditure
172.90 M

Raw value 172,900,000.00 USD

2011-01-01 — 2011-12-31 · USD · Reported data

131.20 M

Raw value 131,200,000.00 USD

2012-01-01 — 2012-12-31 · USD · Reported data

150.80 M

Raw value 150,800,000.00 USD

2013-01-01 — 2013-12-31 · USD · Reported data

172.00 M

Raw value 172,000,000.00 USD

2014-01-01 — 2014-12-31 · USD · Reported data

179.00 M

Raw value 179,000,000.00 USD

2015-01-01 — 2015-12-31 · USD · Reported data

158.70 M

Raw value 158,700,000.00 USD

2016-01-01 — 2016-12-31 · USD · Reported data

215.10 M

Raw value 215,100,000.00 USD

2017-01-01 — 2017-12-31 · USD · Reported data

407.70 M

Raw value 407,700,000.00 USD

2018-01-01 — 2018-12-31 · USD · Reported data

260.50 M

Raw value 260,500,000.00 USD

2019-01-01 — 2019-12-31 · USD · Reported data

332.30 M

Raw value 332,300,000.00 USD

2020-01-01 — 2020-12-31 · USD · Reported data

600.60 M

Raw value 600,600,000.00 USD

2021-01-01 — 2021-12-31 · USD · Reported data

14.60 M

Raw value 14,600,000.00 USD

2022-01-01 — 2022-12-31 · USD · Reported data

82.90 M

Raw value 82,900,000.00 USD

2023-01-01 — 2023-12-31 · USD · Reported data

807.50 M

Raw value 807,500,000.00 USD

2024-01-01 — 2024-12-31 · USD · Reported data

4.07 B

Raw value 4,066,000,000.00 USD

2025-01-01 — 2025-12-31 · USD · Reported data

Comparison rules and gaps

Comparison columns require aligned period boundaries, currency and duration. Blank values are not zero; directly reported quarters and cumulative reconstructions are distinguished. A non-positive comparison base is shown as an amount change without a percentage growth rate.

View filing source

Events and disclosure records

Completed events, conditional arrangements and the document versions used are listed separately.

Check original source ↗
Disclosed events

Reflection AI, Inc. · Offtake and leasing

Multi-year agreement for Reflection to train and run its open-source models on Nebius's platform; one of four Q2 2026 landmark wins each with more than $1bn total contract value and annual contract value of $20-25m per MW [2]

Disclosed events

Cohere · Offtake and leasing

Multi-year agreement with Cohere to support the growth of its enterprise agentic AI solutions on Nebius; one of four Q2 2026 landmark wins each with more than $1bn total contract value and annual contract value of $20-25m per MW [3]

Disclosed events

Anonymous customer · NBIS (US-based AI neolab) · Offtake and leasing

A US-based AI neolab chose Nebius's platform for frontier model development; one of four Q2 2026 landmark wins each with more than $1bn total contract value and annual contract value of $20-25m per MW; counterparty not named by the company [4]

Disclosed events

Anonymous customer · NBIS (large US quantitative trading firm) · Offtake and leasing

A large US quantitative trading firm chose Nebius, described as a large-scale customer win in financial services; one of four Q2 2026 landmark wins each with more than $1bn total contract value and annual contract value of $20-25m per MW; counterparty not named [5]

View remaining recorded events (3)
Disclosed events

MUFG · Capital and financing

Nebius's inaugural senior secured debt facility of approximately $775m with MUFG as structuring agent, sole bookrunner and underwriter; priced at SOFR + 2.50%, maturing October 31, 2030, secured on deployed GPU infrastructure and contracted cash flows from an investment-grade customer and covering more than 100% of the related capex [6]

Disclosed events

Eigen AI · Capital and financing

Nebius completed the acquisition of Eigen AI, described as a leading inference and model-optimization company; announced May 1, 2026 and completed June 10, 2026; consideration not disclosed [8]

Disclosed events

Bloom Energy Corporation · Offtake and leasing

Long-term partnership under which Bloom Energy solid-oxide fuel cells supply behind-the-meter electricity to Nebius; first US project of 328 MW installed capacity expected operational during 2026; no financial terms disclosed [7]

Included financial source versions
  1. 20-F Original financial filings ↗

    This page cites periods ending through 2025-12-31. The same document includes multiple comparison periods.

  2. 20-F Original financial filings ↗

    This page cites periods ending through 2022-12-31.

  3. 20-F Original financial filings ↗

    This page cites periods ending through 2021-12-31.

  4. 20-F Original financial filings ↗

    This page cites periods ending through 2020-12-31.

  5. 20-F/A Original financial filings ↗

    This page cites periods ending through 2019-12-31.

  6. 20-F Original financial filings ↗

    This page cites periods ending through 2018-12-31.

Showing the latest 6 recorded source versions. Find the remaining 7 in Source values in the full financial table.

Industry relationships and operating mechanisms

Trace supply and demand through contract performance, operating metrics and cash attribution.

Direct relationships: 8 · Excluded by current filters: 3

Upstream supply

1 companies
↗
2026-05-201 record

NBIS

Nebius Group N.V.

Operating metrics: 8 ↗

Downstream demand

4 companies
2026-08-121 record
2026-08-121 record
2026-08-121 record
2026-08-121 record

Capital sources

2 companies
↗
Date not specified1 record
2026-07-171 record

Capital deployed

1 companies
2026-06-101 record

Goods and services are arranged from supplier to customer; capital is shown separately. Select a relationship to inspect its evidence and operating mechanism. Second-degree paths do not establish guarantees or certain revenue.

Downstream demand · Capacity offtake

NBIS Reflection AI

Signed / existingA · Original filing

What this relationship establishes

Multi-year compute agreement

Relationship type
Capacity offtake

Recorded as signed or existing; performance progress requires separate verification

Amount basis
USD 1 billion Amount associated with the contract relationship
  • One of four major contracts won in Q2 2026, each with total contract value exceeding $1bn
  • Annualized contract value of $20–25 million per MW
  • $1.0bn

Contract duration, revenue recognition and cash collection do not follow the same schedule. Dividing the total by the contract term is not a substitute for actual period results.

Attribution
Applies to this relationship; the original document determines the specific legal entities and attribution.
Concentration
A relationship amount and company denominator with matching periods and definitions are not provided

Relationship counts, capacity and total contract value are not measures of revenue or procurement concentration.

Complete record and source location

Multi-year agreement for Reflection to train and run its open-source models on Nebius's platform; one of four Q2 2026 landmark wins each with more than $1bn total contract value and annual contract value of $20-25m per MW

A · Original filing

Nebius Group N.V. Form 6-K, Exhibit 99.2, Q2 2026 shareholder letter, filed August 12, 2026

Customer demand and execution

The excerpts below come from this record. Verify signed status separately from actual completion.

  • This record does not specify performance milestones, payment arrangements or termination provisions.
Inputs still needed to quantify the impact
  • A period-by-period schedule of contractual cash receipts, cash payments and revenue recognition
  • Performance, termination and substitute-capacity provisions
  • Attribution to equity after construction, maintenance, taxes, fees and financing

The amount associated with a relationship cannot substitute for the company's revenue, earnings or stock-price impact. Applies to this relationship; the original document determines the specific legal entities and attribution.

How to test the operating mechanism

Analytical framework, not a realized impact

  1. Contract terms

    Reflection AI purchases products or services from NBIS under an offtake arrangement; first distinguish leases, cloud services and other offtake arrangements.

  2. Contract execution

    Track delivery, lease commencement or service activation, cancellation conditions and renewal options for each tranche.

  3. Financial outcomes

    Present the nominal contract amount, revenue recognized during the period, cash receipts and spending to fulfill the contract separately.

  4. Testing price implications

    Verify the effective contract term, capital investment and financing attribution before estimating cash attributable to shareholders.

Cross-check relationship events against subsequent disclosures of company revenue, costs, working capital and cash flows; movements in the same direction alone do not establish causation.

Operating data to test the relationship

NBIS · Company-specific metric definitions and classifications

Metrics test operating processes; an overall change cannot be attributed to a single relationship. Expand the definitions to check calculation methods and their applicable boundaries.

Profit and costs

Can revenue growth translate into earnings attributable to shareholders?

Preserve the distinctions relating to depreciation, stock-based compensation, adjustments and segments. The company's margin cannot be applied as this contract's margin.
Operating metricLatest valueDefinition and boundaries
Operating margin ↗2025-12-31 · Research calculation-115.46%
Definition and boundaries

Operating income / revenue × 100

Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Net margin ↗2025-12-31 · Research calculation15.57%
Definition and boundaries

Selected net-income concept / revenue × 100

May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Operating cash flow / revenue ↗2025-12-31 · Research calculation72.63%
Definition and boundaries

Operating cash flow / revenue × 100

Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

(CFO − cash purchases of PP&E) / revenue ↗2025-12-31 · Research calculation-694.83%
Definition and boundaries

(Operating cash flow − cash purchases of PP&E) / revenue × 100

A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Show remaining company metrics (4)
Other operating observations

What verifiable information does this metric provide about this relationship?

Use the metric's definition and original inputs. Quantitative attribution to this relationship has not been established.
Operating metricLatest valueDefinition and boundaries
Revenue growth YoY ↗2025-12-31 · Research calculation479.02%
Definition and boundaries

(Current-period revenue / comparable prior-year revenue − 1) × 100

Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Operating cash flow / net income ↗2025-12-31 · Research calculation4.66 x
Definition and boundaries

Operating cash flow / net income(Net income > 0)

Examines cash conversion when earnings are positive. No multiple is calculated when net income is non-positive; taxes, non-cash charges and working capital can all cause divergence. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

(Net income − operating cash flow) / revenue ↗2025-12-31 · Research calculation-57.06%
Definition and boundaries

(Net income − operating cash flow) / revenue × 100

The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Investment and funding needs

How much cash is required for construction and procurement before delivery?

Compare prepayments, cash capital expenditure and commissioning plans. Current-period revenue is not a substitute for a full investment-recovery calculation.
Operating metricLatest valueDefinition and boundaries
Cash purchases of PP&E / revenue ↗2025-12-31 · Research calculation767.46%
Definition and boundaries

Cash purchases of PP&E / revenue × 100

Identified cash purchases of PP&E, excluding non-cash additions. Maintenance and expansion investment are not separated. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Related companies in the value chain 10 companies · Cloud and compute rental

Related browsing is based on overlapping segments in the current graph. It does not establish direct peers, valuation comparability, or a supply, customer or investment relationship.

Search all operating metrics and calculation methods

Operating metric search

Test relationship hypotheses against actual operating series, with their definitions, periods and calculation methods.

Historical research methodology
8 / 8 items
Operating metricLatest valuePeriod / classificationDefinition and interpretation boundariesAnalysis
Revenue growth YoY479.02%2025-12-31Research calculation(Current-period revenue / comparable prior-year revenue − 1) × 100Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating margin-115.46%2025-12-31Research calculationOperating income / revenue × 100Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Net margin15.57%2025-12-31Research calculationSelected net-income concept / revenue × 100May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating cash flow / revenue72.63%2025-12-31Research calculationOperating cash flow / revenue × 100Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
(CFO − cash purchases of PP&E) / revenue-694.83%2025-12-31Research calculation(Operating cash flow − cash purchases of PP&E) / revenue × 100A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating cash flow / net income4.66 x2025-12-31Research calculationOperating cash flow / net income(Net income > 0)Examines cash conversion when earnings are positive. No multiple is calculated when net income is non-positive; taxes, non-cash charges and working capital can all cause divergence. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Cash purchases of PP&E / revenue767.46%2025-12-31Research calculationCash purchases of PP&E / revenue × 100Identified cash purchases of PP&E, excluding non-cash additions. Maintenance and expansion investment are not separated. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
(Net income − operating cash flow) / revenue-57.06%2025-12-31Research calculation(Net income − operating cash flow) / revenue × 100The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Source grades, dates and quantitative definitions

A = original SEC or exchange filings; B = company announcements, IR materials, official websites or established media; C = industry-structure inferences or third-party accounts without an independent primary source

Key relationships were reviewed using public information available through 2026-10-23. Historical relationships have not all been individually reverified. Their original dates are retained; delisted entities remain in the relationship archive but are excluded from market-cap weights. Review coverage through 2026-10-23.

Signed status does not mean that the full amount has been paid or that capacity has been delivered. Assess contract value, period revenue, investment, loans, prepayments and guarantee caps separately; do not sum them as a single exposure. Distinguish total power capacity from critical IT load. Company-level metrics cannot be attributed directly to an individual relationship.

Source facts and operating implications are distinguished, with forecasts and conditional scenarios identified as such. Missing relationships mean that this graph has no record of them. Data version 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644.

EVIDENCE & SOURCES

Data and calculation basis

Sources and filing versions
Quotes and valuation

2026-10-27, 16:00 ET · Regular-session close. History through 2026-10-23 uses provider split-adjusted prices, excluding dividends. Full-history adjustment factors have not been independently recalculated. MA20 is the arithmetic mean of 20 recorded trading-day closes and does not bridge missing prices or known corporate actions. Price comparisons exclude dividend reinvestment and do not represent total returns. Market cap retrieved on 2026-10-28. Prices refresh daily. Source timestamps and website update times are shown separately.

The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately.

Original verification notes

first-provider-observation-listing-date-not-verified

Nebius trading resumed after Yandex business separation. Excludes suspended/former-business observations; this is a scope boundary, not an IPO date.

Financial statements

Reporting period 2025-12-31; filed 2026-04-30. Financials use the company's reporting periods and currency; unavailable values appear as —. Expand the section below each chart to inspect metric definitions, inputs and original sources.

Business evidence

Based on value-chain records; original operating disclosures are still needed.

Citations: 8 · Documents: 5 · Duplicate documents are grouped; individual source locations are retained

1NVDA 13F-HR 0001045810-26-000065 (period 2026-06-30, filed 2026-08-14)Value-chain archive

NVDA 13F-HR 0001045810-26-000065 (period 2026-06-30, filed 2026-08-14) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
2Nebius Group N.V. Form 6-K, Exhibit 99.2, Q2 2026 shareholder letter, filed August 12, 2026Value-chain archive · 4 citations
References 2

Nebius Group N.V. Form 6-K, Exhibit 99.2, Q2 2026 shareholder letter, filed August 12, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 3

Nebius Group N.V. Form 6-K, Exhibit 99.2, Q2 2026 shareholder letter, filed August 12, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 4

Nebius Group N.V. Form 6-K, Exhibit 99.2, Q2 2026 shareholder letter, filed August 12, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 5

Nebius Group N.V. Form 6-K, Exhibit 99.2, Q2 2026 shareholder letter, filed August 12, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
6Nebius Group N.V. Form 6-K/A, Exhibit 99.1, July 17, 2026Value-chain archive

Nebius Group N.V. Form 6-K/A, Exhibit 99.1, July 17, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
7Nebius newsroom press release, May 20, 2026Value-chain archive

Nebius newsroom press release, May 20, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
8Nebius newsroom press release, June 10, 2026Value-chain archive

Nebius newsroom press release, June 10, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
Missing evidence
  • Primary-source coverage of the company’s standalone business analysis and falsification criteria is incomplete.
  • Company-specific operating KPIs are not yet available; financial ratios do not substitute for evidence about products, orders or capacity.
Unresolved business questions
Which products, customers and revenue categories can be independently verified from primary materials?
Existing relationship records do not represent the entire business; company-level primary evidence for segments, products, customer concentration and key operations remains incomplete.
Relationships
Company announcements, framework intentions and signed agreements are distinguished. Contract amounts do not represent payments already made. Records without sources are flagged separately.
Version
60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644

ResearchSource document

Sources: 13
01NBIS · 20-F · Filing version 2012-03-02

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
02NBIS · 20-F · Filing version 2013-04-09

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
03NBIS · 20-F · Filing version 2014-04-04

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
04NBIS · 20-F · Filing version 2015-04-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
05NBIS · 20-F · Filing version 2016-03-22

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
06NBIS · 20-F · Filing version 2017-03-22

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
07NBIS · 20-F · Filing version 2018-03-27

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
08NBIS · 20-F · Filing version 2019-04-19

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
09NBIS · 20-F/A · Filing version 2020-04-02

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
10NBIS · 20-F · Filing version 2021-04-01

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
11NBIS · 20-F · Filing version 2022-04-20

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
12NBIS · 20-F · Filing version 2025-04-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
13NBIS · 20-F · Filing version 2026-04-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure