How these numbers are calculated

Every figure on this site is arithmetic on two inputs: a live share price and a revenue figure. This page states exactly where each comes from and where the method breaks down.

The calculation

market cap = share price × shares outstanding
P/S forward = market cap ÷ FY2026 revenue guidance
NBIS implied price = peer P/S × NBIS FY26 revenue ÷ NBIS shares

Where the inputs come from

Input	Source	Updated
Share prices	Yahoo Finance public chart endpoint	Automatically
Shares outstanding	Company filings, cross-checked against IR releases	Quarterly, by hand
Revenue & guidance	Nebius Q2 2026 results, and each peer's own results	Quarterly, by hand
Private stake values	ClickHouse Series D, Avride round; comparables where no round exists	On announcement

Why fundamentals are entered by hand Revenue and share counts are not auto-scraped here. Automated extraction from filing data reliably produces wrong figures. Restatements, prior-year comparatives and non-calendar fiscal years all get picked up as if they were current. A wrong multiple that looks plausible is worse than no number at all, so these are verified against company releases each quarter and dated on every page.

Where this method is weak

Price-to-sales ignores profitability entirely

A company earning 50% margins and one losing money can show the same P/S. Sales multiples are used here because Nebius is not meaningfully profitable, which makes earnings multiples useless. That is a limitation, not a virtue. Two companies on the same P/S can be worth very different things.

Comparing growth rates through a static multiple is crude

Nebius grew revenue several hundred percent year over year. Microsoft grew in the high teens. Applying Microsoft's multiple to Nebius asks “what if the growth premium disappeared entirely?” That is a real scenario worth sizing, but it is not a prediction, and not a fair like-for-like comparison.

Forward and trailing columns use different bases

Forward multiples use FY2026 guidance where a company has issued it, and trailing revenue where it has not. For the mature companies the two are close. For Nebius and CoreWeave they are far apart, which is why both columns are shown rather than one.

Share counts exclude future dilution

Capital-intensive businesses building data centres raise money. Convertible notes, follow-on offerings and stock compensation all increase the share count over time. These calculations use shares outstanding as last reported, so any implied price is arithmetic on today's count, not tomorrow's.

Corrections If a figure here is wrong, it should be fixed rather than defended. Every number carries its as-of date so it can be checked against the source.

What has been corrected

Every change to a published figure, most recent first.
Date	What changed
2026-09-02	Added Nebius's roughly 28% stake in ClickHouse to the sum-of-the-parts page. It had been omitted. Including it raises the non-core total from $2.8–3.1 billion to $6.8–7.3 billion, or 12–13% of market capitalization rather than 5–6%, and lowers the implied multiple on the core AI-cloud business from 16.1–16.2× to 14.8–15.0× forward sales.