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Nebius Group

NBIS on Nasdaq. Computer programming, data processing, etc. Market value $66.0bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-5.8%low

For every $100 of what the whole company costs, it produced $-5.82 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-4.4%five-year median

Each dollar kept in the business earns -4 cents a year. Above 10 is good.

Quality score: 28 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$249.87 a share, 240% above its 1-year low

Over the past year the price has ranged from $73.52 to $299.86.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.5
0.7
0.7
-0.6
-3.7
20212022202320242025
Revenue
$4.8bn$14m$10m$92m$530m
Operating margin
-3.7%-1170.4%-2915.3%-436.7%-115.5%
Debt to equity
n/a0.240.59n/a0.90
Shares outstanding
0.36bn0.37bn0.37bn0.24bn0.25bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.90× equity
  • Revenue growth, five yearsShrinking, 29.1% a year
  • Buying back its own sharesYes, 30% fewer since 2021

Dates

Next results (estimated)
10 November 2026
Last annual report (10-K)
30 April 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

2 long-term investors we follow own it, up from 1 last quarter. 1,060 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • at least 10.5%+3.3 pts
    (filed with 1 related holder)
    Since 31 July 2026
  • NVIDIA Corporation
    Passive investor
    9.3%
    Since 13 July 2026
  • SAF AI GP LP
    Passive investor
    at least 5.6%
    (filed with 4 related holders)
    Since 19 May 2026
  • Orbis Investment Management Limited
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • Allan Gray Australia Pty Ltd
    Passive investor
    Sold down below 5%
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 10 sold $317m, $260m of it under preset trading plans.

  • Nave Ophir
    COO, Director
    Sold
    under a preset trading plan
    Date
    5 October 2026
    Shares
    500,000
    Price
    $235.53
    Value
    $118m
  • Korolenko Andrey
    Chief Infrastructure Officer
    Sold
    Date
    1 October 2026
    Shares
    29,090
    Price
    $234.16
    Value
    $7m
  • Shtan Danila
    Chief Technology Officer
    Sold
    Date
    1 October 2026
    Shares
    14,546
    Price
    $234.16
    Value
    $3m
  • Volozh Arkadiy
    CEO, Director
    Sold
    Date
    1 October 2026
    Shares
    37,778
    Price
    $234.16
    Value
    $9m
  • Boynton John Wilson IV
    Director
    Sold
    under a preset trading plan
    Date
    29 September 2026
    Shares
    50
    Price
    $235.01
    Value
    $11,751
  • Boynton John Wilson IV
    Director
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    6,364
    Price
    $210.36
    Value
    $1m
  • Boroditsky Marc
    Chief Revenue Officer
    Sold
    under a preset trading plan
    Date
    14 September 2026
    Shares
    7,000
    Price
    $209.08
    Value
    $1m
  • Alonso Sanchez Maria del Dado
    CFO
    Sold
    Date
    1 September 2026
    Shares
    470
    Price
    $196.00
    Value
    $92,120
  • Ryan Charles E
    Director
    Sold
    under a preset trading plan
    Date
    14 August 2026
    Shares
    50,000
    Price
    $265.53
    Value
    $13m
  • Boynton John Wilson IV
    Director
    Sold
    under a preset trading plan
    Date
    14 August 2026
    Shares
    5,296
    Price
    $270.99
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Nebius Group doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 29.1% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.