NBIS
Nebius Group N.V.
There isn't enough reported data to score NBIS yet.
WMG
Warner Music Group Corp.
WMG's fundamentals are strong and it looks cheap: trading at 25x earnings, below its usual 36x. Analysts expect strong earnings growth.
NBIS Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Unavailable | |
| Healthy |
NBIS's profitability and balance sheet are currently healthy. There isn't enough data to rate its revenue and cash flow.
WMG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Stable |
WMG's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
NBIS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 68x | $22.45 | -83% |
| Fair | 114x | $37.67 | -71% |
| Current | 390x | $129 | — |
| Expensive | 666x | $220 | +71% |
Historical ranges are pointers, not guarantees.
NBIS's PE is 390x, but its earnings don't support one, so it isn't a reliable read right now.
WMG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $31.67 | — |
| Current | 25x | $31.67 | — |
| Cheap | 31x | $39.57 | +25% |
| Fair | 36x | $46.67 | +47% |
| Expensive | 44x | $57.23 | +81% |
Historical ranges are pointers, not guarantees.
WMG has the edge over NBIS in the historical PE scenario, which offers more potential upside but is not a forecast.
NBIS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect NBIS's revenue to grow and its profitability to improve, with its earnings holding steady. However, they disagree widely on these estimates.
WMG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
WMG has the edge over NBIS on the outlook, with more favorable earnings expectations.
NBIS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | $0.33 | +$2.61 |
| Q4 2024 | -$2.28 | -456% |
| Q4 2023 | $0.64 | -36% |
| Q4 2022 | $1.00 | +$1.49 |
| Q4 2021 | -$0.49 | -156% |
| Q4 2020 | $0.87 | +89% |
| Q4 2019 | $0.46 | -73% |
| Q4 2018 | $1.71 | +434% |
NBIS has returned to profit: it earned $0.33 per share over the past year, after losing money the year before.
WMG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.72 | +33% |
| Q2 2026 | $1.29 | +126% |
| Q1 2026 | $0.87 | +1.2% |
| Q4 2025 | $0.59 | -39% |
| Q3 2025 | $0.70 | -15% |
| Q2 2025 | $0.57 | -45% |
| Q1 2025 | $0.86 | -16% |
| Q4 2024 | $0.97 | +6.6% |
| Q3 2024 | $0.82 | -3.5% |
WMG has the edge over NBIS in the latest year-over-year earnings comparison.
NBIS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2023 | $9.7B | +53% |
| Q4 2022 | $6.3B | +46% |
| Q4 2021 | $4.3B | +63% |
| Q4 2020 | $2.6B | +24% |
| Q4 2019 | $2.1B | +37% |
| Q4 2018 | $1.5B | +36% |
| Q4 2017 | $1.1B | +24% |
| Q4 2016 | $917M | +27% |
NBIS's revenue is growing: $530M last quarter, down 80% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -115% | -112 points |
| Q4 2023 | 3.6% | -11 points |
| Q4 2022 | 2.5% | -14 points |
| Q4 2021 | -3.7% | -18 points |
| Q4 2020 | 7.4% | -9.5 points |
| Q4 2019 | 14% | -2 points |
| Q4 2018 | 16% | -14 points |
| Q4 2017 | 14% | -19 points |
NBIS's operating margin was −115% last quarter, down 123 points from the same quarter a year ago, near the bottom of its range since 2011.
WMG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1.9B | +10% |
| Q1 2026 | $1.7B | +17% |
| Q4 2025 | $1.8B | +10% |
| Q3 2025 | $1.9B | +15% |
| Q2 2025 | $1.7B | +8.7% |
| Q1 2025 | $1.5B | -0.7% |
| Q4 2024 | $1.7B | -4.7% |
| Q3 2024 | $1.6B | +2.8% |
WMG has the edge over NBIS in the latest year-over-year revenue comparison.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 16% | +6.3 points |
| Q1 2026 | 16% | +4.3 points |
| Q4 2025 | 18% | +4.9 points |
| Q3 2025 | 7.7% | -1.1 points |
| Q2 2025 | 10% | -3.3 points |
| Q1 2025 | 11% | +3.4 points |
| Q4 2024 | 13% | -7.4 points |
| Q3 2024 | 8.8% | -4.6 points |
WMG's operating margin was 16% last quarter, up 6.3 points from the same quarter a year ago.
NBIS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$3.7B | -$3.1B |
| Q4 2024 | -$562.1M | -$316.2M |
| Q4 2023 | -$245.9M | -$138.9M |
| Q4 2022 | -$107M | +$319.7M |
| Q4 2021 | -$426.7M | -539% |
| Q4 2020 | $97.3M | -66% |
| Q4 2019 | $287.9M | +$289.2M |
| Q4 2018 | -$1.3M | -101% |
NBIS has burned cash in six of the last eight quarters: −$4.6B over the past year, against −$43M the year before.
WMG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $114M | +1529% |
| Q1 2026 | $107M | +$153M |
| Q4 2025 | $390M | +32% |
| Q3 2025 | $203M | -1.9% |
| Q2 2025 | $7M | -96% |
| Q1 2025 | -$46M | +$34M |
| Q4 2024 | $296M | +44% |
| Q3 2024 | $207M | -13% |
WMG generated $814M in free cash flow over the past year, up 75% from the year before.
NBIS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -12% | -33.3M shares |
| 1 year | -32% | -115M shares |
| 3 years | -26% | -86.9M shares |
NBIS has the edge over WMG on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | $10M |
| Q4 2021 | $84.1M |
| Q4 2020 | $122.8M |
| Q4 2019 | $17.2M |
| Q4 2018 | $121.8M |
| Q4 2014 | $101.7M |
| Q4 2013 | $102.9M |
WMG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +5.4M shares |
| 1 year | +0.6% | +3.2M shares |
| 3 years | +1.6% | +8.5M shares |
| 5 years | +2% | +10.1M shares |
| Available history | +4.5% | +22.4M shares |
WMG has 524M diluted shares, up 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $48M |
| Q1 2026 | $22M |
| Q4 2025 | $26M |
| Q3 2025 | $13M |
| Q2 2025 | $1M |
| Q1 2025 | $17M |
| Q4 2024 | $2M |
| Q3 2024 | — |
WMG spent $109M buying back its own shares over the past year, about five times what it spent the year before.
NBIS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2023 | 0.7x | Very low |
| Q4 2022 | -0.7x | Net Cash |
NBIS's net debt is less than a year of its operating earnings (EBITDA).
WMG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.0x | Moderate |
| Q1 2026 | 3.6x | Elevated |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 4.0x | Elevated |
| Q2 2025 | 4.3x | High |
| Q1 2025 | 3.5x | Elevated |
| Q4 2024 | 3.0x | Moderate |
| Q3 2024 | 3.3x | Elevated |
WMG's net debt is about 3.0 years of its operating earnings (EBITDA), down from 4.3 years a year ago.
NBIS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 8.3 | Oversold |
NBIS's weekly RSI is 38 (neutral) and its Stochastic is 8 (oversold).
WMG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.0 | Neutral |
| Stochastic | 80.8 | Overbought |
WMG's weekly RSI is 60 (neutral) and its Stochastic is 81 (overbought).
NBIS PE vs Communication Services Sector
| Metric | NBIS | Sector median | Relative |
|---|---|---|---|
| PE | 390x | 16x | 2,264% above |
| PE % | 62 | 24 | 38 pts above |
NBIS is trading at 390x earnings, a 2264% premium to the Communication Services sector's median of 16x, though its earnings don't support one.
WMG PE vs Communication Services Sector
| Metric | WMG | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 16x | 49% above |
| PE % | 2 | 25 | 23 pts below |
WMG has the edge over NBIS on valuation relative to its sector.
NBIS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $179.7 | 28% below |
| 20 week MA | $199.9 | 36% below |
| 50 week MA | $163.5 | 21% below |
| 100 week MA | $110.0 | 17% above |
WMG has stronger trend alignment. NBIS is above 1 of 4 weekly averages versus WMG above 5 of 5.
WMG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.8 | 6.2% above |
| 20 week MA | $28.5 | 11% above |
| 50 week MA | $28.9 | 9.6% above |
| 100 week MA | $29.9 | 6% above |
| 200 week MA | $30.8 | 2.9% above |
WMG has climbed back above all five of its weekly moving averages, and it's now 2.9% above its 200-week average.
NBIS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $19.6 | $27.3 | +40% |
| 2025 | $27.3 | $87.6 | +221% |
| 2026 YTD | $87.6 | $128.6 | +47% |
NBIS has the edge over WMG on returns for 2026, with the stronger performance.
WMG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.9 | $37.5 | +25% |
| 2021 | $37.5 | $43.5 | +16% |
| 2022 | $43.5 | $35.6 | -18% |
| 2023 | $35.6 | $35.8 | +0.5% |
| 2024 | $35.8 | $31.5 | -12% |
| 2025 | $31.5 | $30.0 | -4.8% |
| 2026 YTD | $30.0 | $31.7 | +5.7% |
WMG has finished lower in three of the last six years. It's up 5.7% so far in 2026.