Nebius Group N.V. (NBIS) vs Zscaler, Inc. (ZS)

Nebius Group N.V. and Zscaler, Inc. are both Software Infrastructure companies. Nebius Group N.V. and Zscaler, Inc. are of similar size ($33.2B and $32.7B). Zscaler, Inc. has negative trailing earnings, so its P/E is not meaningful; Nebius Group N.V. trades at 466×. Nebius Group N.V. grew revenue faster over the last twelve months: 511.5% against 25.4%. Nebius Group N.V. has the higher net margin (3.13% vs −1.88%) and the higher return on invested capital (−3.94% vs −10.2%). Across the 20 metrics below, Zscaler, Inc. leads on 11 and Nebius Group N.V. on 9.

Valuation

Metric NBIS ZS Software Infrastructure median
P/E 465.50 n/m 24.43
P/S 25.04 9.80 2.81
P/B 3.28 12.65 2.88
Price to free cash flow n/m 42.25 17.94
EV/EBITDA 242.69 119.10 14.51
EV/Sales 25.41 9.61 2.91
Earnings yield 0.21% (0.19%) 0.00%
Free cash flow yield (17.32%) 2.37% 0.49%

Profitability

Metric NBIS ZS Software Infrastructure median
Gross margin 74.26% 76.80% 57.45%
Operating margin (50.48%) (3.98%) 0.00%
Net margin 3.13% (1.88%) 0.00%
Free cash flow margin (433.81%) 23.24% 0.00%
Return on equity 0.60% (2.87%) 0.00%
Return on assets 0.26% (0.88%) 0.00%
Return on invested capital (3.94%) (10.15%) 0.00%

Growth

Metric NBIS ZS Software Infrastructure median
Revenue growth (TTM) 511.51% 25.42% 14.28%
EPS growth (last fiscal year) 114.46% (44.44%) 18.26%
Revenue growth, 5-year CAGR (29.09%) 37.87% 16.15%
Net income growth, 5-year CAGR (24.90%) 0.00% 0.00%

Health

Metric NBIS ZS Software Infrastructure median
Debt to equity 0.83 0.65 0.02
Current ratio 4.03 1.70 1.53
Net debt to EBITDA (2.60) (6.57) 0.05

Dividend

Metric NBIS ZS Software Infrastructure median
Dividend yield — — 1.06%
Payout ratio — — 0.29

Size

Metric NBIS ZS Software Infrastructure median
Market cap 32.72b 33.24b 661.51m

Compare with another peer

Any metric, up to five companies and an Excel export Powerpack