Is Nebius Group NV overvalued or undervalued?

As of 17 October 2025, the valuation grade for Nebius Group NV has moved from fair to expensive, indicating a shift towards overvaluation. The company is currently considered overvalued, with a Price to Book Value of 6.12, an EV to EBIT ratio of -36.38, and an EV to EBITDA ratio of -48.23. In comparison, eBay, Inc. has a fair valuation with a P/E ratio of 70.51 and an EV to EBITDA of 53.28, while Pinterest, Inc. is rated attractive with a P/E of 13.40 and an EV to EBITDA of 96.72.
Despite the recent stock performance showing a remarkable year-to-date return of 309.53% compared to the S&P 500's 13.30%, the high valuation ratios suggest that Nebius Group NV may not sustain such growth levels, reinforcing the conclusion of overvaluation.