Nebius Group N.V. (NBIS) intrinsic value & 10-year financials
Nebius Group N.V. (NBIS) has a Graham intrinsic value of RUB 1,708.41 per share. Over the last 10 fiscal years revenue shrank 60.9% a year to RUB 16.3M, with an average return on invested capital of 5.2%.
- Graham intrinsic value
- RUB 1,708.41
- Revenue (FY2025)
- RUB 16.3M
- Revenue growth (10-yr CAGR)
- -60.9%
- ROIC (10-yr avg)
- 5.2%
- Free cash flow (FY2025)
- —
NBIS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | RUB 16.3M | — | — | — | — | — |
| FY2024 | RUB 6.9M | — | — | — | — | — |
| FY2023 | RUB 800.1B | RUB 19.9B | RUB 53.26 | -RUB 20.4B | 3.6% | 4.7% |
| FY2022 | RUB 92.0B | RUB 39.5B | RUB 82.53 | -RUB 8.9B | 14.4% | 2.8% |
| FY2021 | RUB 55.9B | -RUB 14.7B | -RUB 40.48 | -RUB 35.3B | -23.7% | -5.2% |
| FY2020 | RUB 20.1B | RUB 23.4B | RUB 72.03 | RUB 8.1B | 80.7% | 5.8% |
| FY2019 | RUB 175.4B | RUB 11.1B | RUB 38.21 | RUB 23.8B | 14.1% | 9.0% |
| FY2018 | RUB 127.7B | RUB 45.9B | RUB 141.98 | -RUB 111.0M | 16.3% | 14.2% |
| FY2017 | RUB 94.1B | RUB 8.7B | RUB 26.49 | RUB 11.4B | 13.9% | — |
| FY2016 | RUB 75.9B | RUB 6.8B | RUB 20.84 | RUB 15.7B | 16.9% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in RUB.
Executive summary
Nebius Group N.V. is facing top-line stagnation, with revenue contracting over the decade.
Nebius Group N.V. has historically struggled to out-earn its cost of capital, averaging just 5.2% ROIC.
Over the decade, Nebius Group N.V. shows that management has aggressively returned capital to shareholders by retiring 24.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Nebius Group N.V. is modeled at 14.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1708.41 per share.