Fair value · Nebius Group N.V. (NBIS) · updated 2026-09-03 · from annual report FY2025
Everything below is unaffected: the filed statements, the filing they came from, and NBIS’s growth history are all as reported.
annual report FY2025 · fiscal year ended 2025-12-31 · filed 2026-04-30 · accession 0001104659-26-052948
Open this filing on sec.gov1.02
Put/Call (OI)
put-heavy
0.62
Put/Call (volume)
78%
ATM IV ~30d
$300
Call wall
47k OI
$200
Put wall
35k OI
As of previous close (2026-09-02) · OPRA historical data · walls = largest open-interest strikes above/below spot · market-wide positioning
At least two methods need a usable value to draw a range with these inputs.
No preset range for this company yet.
The two ranges are identical because every input sits on a preset.
We don’t tell you what NBIS is worth. Every tab OPENS on what today’s price implies for that method’s key assumption; you decide whether that assumption is reasonable — the growth matrix has NBIS’s filed history and the AI chat will reason it through with you — and the range you build is yours. Our presets are filed history and reference settings, never a recommendation.
Discounted cash flow
N/A
Financials are filed in RUB; our prices are in USD, so these methods need a conversion we do not yet publish.
Preset inputs — revenue-driven DCF from the latest filing
Implied by today’s price
Financials are filed in RUB; our prices are in USD, so these methods need a conversion we do not yet publish.
Not solvable from the price — Financials are filed in RUB; our prices are in USD, so these methods need a conversion we do not yet publish. Showing preset inputs.
This method has no key input to read out of the price. The others below do, and you set them yourself: the growth matrix shows what NBIS has actually filed, and the AI chat will reason it through with you.
Free cash flow grows at your stage-1 rate, then your stage-2 rate, then a terminal rate; everything is discounted at your WACC.
Yearly free-cash-flow growth for the first stage. Starts below zero so a shrinking-cash-flow case — and the rate today’s price implies — can be set.
How long stage-1 growth lasts.
Slower growth after stage 1, before the terminal phase.
Growth forever after the two stages. Above ~3% is rarely justified.
The return you require. Default is the WACC EvidInvest computed for this company. Higher discount rate, lower value.
| Year | Stage | FCF | Present value |
|---|---|---|---|
| 1 | Stage 1 | $-3,865M | $-3,383M |
| 2 | Stage 1 | $-4,058M | $-3,110M |
| 3 | Stage 1 | $-4,261M | $-2,858M |
| 4 | Stage 1 | $-4,474M | $-2,627M |
| 5 | Stage 1 | $-4,698M | $-2,414M |
| 6 | Stage 2 | $-4,815M | $-2,166M |
| 7 | Stage 2 | $-4,936M | $-1,944M |
| 8 | Stage 2 | $-5,059M | $-1,744M |
| 9 | Stage 2 | $-5,186M | $-1,565M |
| 10 | Stage 2 | $-5,315M | $-1,404M |
Inputs from the filing
Financials are filed in RUB; our prices are in USD, so these methods need a conversion we do not yet publish.
annual report FY2025 · period ended 2025-12-31 · filed 2026-04-30 · accession 0001104659-26-052948 · sec.gov
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