NBIS vs. ZS: Nebius vs. Zscaler Stock Comparison
How do Nebius (NBIS) and Zscaler (ZS) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
Nebius (NBIS) and Zscaler (ZS) are both classified in the Systems Software sub-industry within the broader Software industry, placing them in the closest GICS peer bucket.
Zscaler (ZS) has been public since March 16, 2018, giving it a longer listed trading history, while Nebius (NBIS) listed on October 21, 2024 and still has a shorter public-market record.
| Profile Item | NBIS | ZS |
|---|---|---|
| Name | Nebius Group N.V. Class A Ordinary Shares | Zscaler Inc. |
| Country/Region | Netherlands | United States |
| GICS Sector | Information Technology | Information Technology |
| GICS Industry Group | Software & Services | Software & Services |
| GICS Industry | Software | Software |
| GICS Sub-Industry | Systems Software | Systems Software |
| Market Capitalization | 35.20 billion USD | 32.23 billion USD |
| Currency | USD | USD |
| Exchange | Nasdaq | Nasdaq |
| Listing Date | October 21, 2024 | March 16, 2018 |
| Security Type | Common Stock | Common Stock |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | NBIS | ZS |
|---|---|---|
| Total Return (1Y) | 25.86% | -37.61% |
| Total Return (3Y, Annualized) | -- | 5.36% |
| Total Return (5Y, Annualized) | -- | -10.75% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
Nebius (NBIS) carries a highly aggressive beta of 4.66, indicating much higher sensitivity to broad-market moves, whereas Zscaler (ZS) is closer to market-like at 0.88 — a noticeable difference in market-sensitivity profile.
| Metric | NBIS | ZS |
|---|---|---|
| Volatility (1Y, Annualized) | 111.62% | 68.66% |
| Beta (5Y) | 4.66 | 0.88 |
| Max Drawdown (5Y) | -58.27% | -76.41% |
| Avg. Volume (3M) | 20.58M | 2.92M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | NBIS | ZS |
|---|---|---|
| Sharpe Ratio (1Y) | 0.19 | -0.61 |
| Sortino Ratio (1Y) | 0.31 | -0.79 |
Profitability
ROE (TTM)
Zscaler (ZS) reports a negative ROE of -2.87%; negative ROE can reflect losses or negative shareholders’ equity, so it is harder to read as capital efficiency. Meanwhile Nebius (NBIS) reports 0.60%, ranking against industry peers normally.
NBIS
Software & Services industry group
0.60%
- Max
- 53.85%
- Q3
- 17.90%
- Median
- 6.59%
- NBIS
- 0.60%
- Q1
- -9.59%
- Min
- -50.52%
ZS
Software & Services industry group
-2.87%
- Max
- 53.85%
- Q3
- 17.90%
- Median
- 6.59%
- ZS
- -2.87%
- Q1
- -9.59%
- Min
- -50.52%
Net Margin (TTM)
Zscaler (ZS) reports a negative net margin of -1.89%, usually indicating a net loss over the period. Meanwhile Nebius (NBIS) reports 3.13%, ranking against industry peers normally.
NBIS
Software & Services industry group
3.13%
- Max
- 41.17%
- Q3
- 15.28%
- Median
- 4.63%
- NBIS
- 3.13%
- Q1
- -5.42%
- Min
- -33.17%
ZS
Software & Services industry group
-1.89%
- Max
- 41.17%
- Q3
- 15.28%
- Median
- 4.63%
- ZS
- -1.89%
- Q1
- -5.42%
- Min
- -33.17%
Operating Margin (TTM)
Both Nebius (NBIS) at -0.22% and Zscaler (ZS) at -1.01% report negative operating margin values, usually indicating operating losses over the period.
NBIS
Software & Services industry group
-0.22%
- Max
- 46.89%
- Q3
- 17.64%
- Median
- 8.73%
- NBIS
- -0.22%
- Q1
- -2.13%
- Min
- -30.45%
ZS
Software & Services industry group
-1.01%
- Max
- 46.89%
- Q3
- 17.64%
- Median
- 8.73%
- ZS
- -1.01%
- Q1
- -2.13%
- Min
- -30.45%
Profitability Metrics
| Metric | NBIS | ZS |
|---|---|---|
| ROE (TTM) | 0.60% | -2.87% |
| ROA (TTM) | -1.92% | -1.03% |
| Net Margin (TTM) | 3.13% | -1.89% |
| Operating Margin (TTM) | -0.22% | -1.01% |
| Gross Margin (TTM) | 74.26% | 76.87% |
Growth
Revenue Growth
Nebius (NBIS) at 479.02% clears its industry range for revenue growth, far stronger top-line momentum than Zscaler (ZS) at 25.42%, which is closer to a typical peer reading.
EPS Growth
Neither Nebius (NBIS) nor Zscaler (ZS) reports a EPS growth value for this period, so a direct comparison isn't possible.
Growth Metrics
| Metric | NBIS | ZS |
|---|---|---|
| Revenue Growth (YoY) | 479.02% | 25.42% |
| Revenue Growth (3Y CAGR) | 239.83% | 27.51% |
| EPS Growth (YoY) | -- | -- |
| EPS Growth (3Y CAGR) | -28.68% | -- |
Financial Strength
Current Ratio (MRQ)
Zscaler (ZS) at 1.70 keeps current ratio within its industry’s typical mid-range, while Nebius (NBIS) at 4.03 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.
NBIS
Software & Services industry group
4.03
- Max
- 5.11
- NBIS
- 4.03
- Q3
- 2.77
- Median
- 1.67
- Q1
- 1.01
- Min
- 0.03
ZS
Software & Services industry group
1.70
- Max
- 5.11
- Q3
- 2.77
- ZS
- 1.70
- Median
- 1.67
- Q1
- 1.01
- Min
- 0.03
Debt / Equity (MRQ)
Both Nebius (NBIS) at 0.99 and Zscaler (ZS) at 0.72 fund their balance sheets with roughly industry-typical debt-to-equity mixes.
NBIS
Software & Services industry group
0.99
- Max
- 2.52
- Q3
- 1.13
- NBIS
- 0.99
- Median
- 0.40
- Q1
- 0.07
- Min
- 0.00
ZS
Software & Services industry group
0.72
- Max
- 2.52
- Q3
- 1.13
- ZS
- 0.72
- Median
- 0.40
- Q1
- 0.07
- Min
- 0.00
Financial Strength Metrics
| Metric | NBIS | ZS |
|---|---|---|
| Current Ratio (MRQ) | 4.03 | 1.70 |
| Debt / Equity (MRQ) | 0.99 | 0.72 |
| Net Debt / EBITDA | 8.35 | -36.63 |
Dividends
Dividend Yield (TTM)
Neither Nebius (NBIS) nor Zscaler (ZS) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.
NBIS
Software & Services industry group
0.00%
- NBIS
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
ZS
Software & Services industry group
0.00%
- ZS
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
Neither Nebius (NBIS) nor Zscaler (ZS) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.
NBIS
Software & Services industry group
0.00%
- NBIS
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
ZS
Software & Services industry group
0.00%
- ZS
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Metrics
| Metric | NBIS | ZS |
|---|---|---|
| Dividend Yield (TTM) | 0.00% | 0.00% |
| Dividend Payout Ratio (TTM) | 0.00% | 0.00% |
Valuation
P/E Ratio (TTM)
An earnings multiple is available for just one side: Nebius (NBIS) trades at 101.16 times trailing earnings, ranked against its peers, while Zscaler (ZS) has no P/E ratio this period.
NBIS
Software & Services industry group
101.16
- Max
- 112.94
- NBIS
- 101.16
- Q3
- 60.32
- Median
- 32.91
- Q1
- 18.77
- Min
- 6.69
ZS
Software & Services industry group
--
- Max
- 112.94
- Q3
- 60.32
- Median
- 32.91
- Q1
- 18.77
- Min
- 6.69
- ZS
- --
P/S Ratio (TTM)
Both look expensive on sales: Zscaler (ZS) at 9.61 sits in the upper P/S ratio quartile, and Nebius (NBIS) at 25.98 prices even higher, above its industry range.
NBIS
Software & Services industry group
25.98
- NBIS
- 25.98
- Max
- 17.91
- Q3
- 8.78
- Median
- 4.25
- Q1
- 2.23
- Min
- 0.02
ZS
Software & Services industry group
9.61
- Max
- 17.91
- ZS
- 9.61
- Q3
- 8.78
- Median
- 4.25
- Q1
- 2.23
- Min
- 0.02
P/B Ratio (MRQ)
Nebius (NBIS) at 3.43 is valued about in line with its industry on P/B ratio, while Zscaler (ZS) at 12.40 carries an above-peer premium to book — ZS is pricier on assets.
NBIS
Software & Services industry group
3.43
- Max
- 16.63
- Q3
- 8.50
- Median
- 4.30
- NBIS
- 3.43
- Q1
- 1.92
- Min
- -3.90
ZS
Software & Services industry group
12.40
- Max
- 16.63
- ZS
- 12.40
- Q3
- 8.50
- Median
- 4.30
- Q1
- 1.92
- Min
- -3.90
Valuation Metrics
| Metric | NBIS | ZS |
|---|---|---|
| P/E Ratio (TTM) | 101.16 | -- |
| P/S Ratio (TTM) | 25.98 | 9.61 |
| P/B Ratio (MRQ) | 3.43 | 12.40 |
| Free Cash Flow Yield (TTM) | -27.31% | 3.34% |