Nebius Group N.V.
NBIS Technology Software Infrastructure
In the quarter to June 2026, revenue grew 454.0%, EPS fell 127.8%, free cash flow fell 399.3% and total debt rose 617.7%, each against the same quarter a year earlier. Member of the Nasdaq 100; insiders bought in the last twelve months.
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Nebius Group N.V. (NBIS) Beneish M-score
Nebius Group N.V.'s Beneish M-score for fiscal 2025 is 10.38; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 10.38 | 11.88 |
| FY2024 | −1.49 | 0.49 |
| FY2022 | −1.98 | 0.02 |
| FY2021 | −2.00 | 0.27 |
| FY2020 | −2.27 | 0.73 |
| FY2019 | −3.00 | (1.72) |
| FY2018 | −1.28 | 1.38 |
| FY2017 | −2.66 | 0.24 |
| FY2016 | −2.90 | (0.05) |
| FY2015 | −2.86 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 11.11 | — | 10.22 | |
| Gross margin index | 0.76 | — | 0.40 | |
| Asset quality index | 3.67 | — | 1.48 | |
| Sales growth index | 5.79 | — | 5.16 | |
| Depreciation index | 1.14 | — | 0.13 | |
| SG&A index | 0.26 | — | −0.04 | |
| Total accruals to total assets | (0.03) | — | −0.14 | |
| Leverage index | 6.09 | — | −1.99 | |
| Beneish M-score | Flagged by the model | 10.38 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MDB MongoDB, Inc. compare | −2.9× |
| TWLO Twilio Inc. compare | −2.8× |
| NTAP NetApp, Inc. compare | −2.7× |
| ZS Zscaler, Inc. compare | −2.7× |
| OKTA Okta, Inc. compare | −2.7× |
| XYZ Block, Inc. compare | −2.7× |
| CRWV CoreWeave Inc. compare | 0.1× |
| NBIS Nebius Group N.V. | 10.4× |
| VRSN VeriSign, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI