Nebius normalized owner-earnings valuation

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

as of 2026-07-19

Normalized owner earnings

0.48

Capitalized core business value

10.6

Implied equity value

14.6

Estimated value per share

$42.82

Current share price

$177.71

Upside or downside

-75.9%

Net non-core assets after funding haircut

4.0$B

Fully diluted shares

0.340billions

Normalized owner-earnings margin

15.0%

Current share price

$177.71USD/share

Recognized revenue basis

3.20$B

Owner-earnings capitalization multiple

Nebius Q1 2026 recognized revenue ARR margins capex cash and funding plans — assets.nebius.com
Published 2028 EV to EBIT and sum-of-parts framework — seekingalpha.com
Published sum-of-parts framework with explicit dilution and funding assumptions — mvcinvesting.substack.com
Published model distinguishing recognized revenue from exit ARR — northwiseproject.com

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