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Nebius Group N.V.（NBIS）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是Nebius Group N.V.的53.5倍（$1.7B vs $32.1M）。Snap Inc自由现金流更多（$205.6M vs $-586.8M）
Nebius Group N.V.是总部位于阿姆斯特丹的科技企业，核心业务为提供人工智能基础设施相关服务。集团旗下拥有Avride、TripleTen两大品牌，同时持有Toloka和Clickhouse的股份，在以色列、美国均设有办公地点。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
NBIS vs SNAP — 直观对比
营收规模更大
SNAP
是对方的53.5倍
$32.1M
自由现金流更多
SNAP
多$792.4M
$-586.8M
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $32.1M | $1.7B |
| 净利润 | — | $45.2M |
| 毛利率 | — | 59.1% |
| 营业利润率 | -251.1% | 2.9% |
| 净利率 | — | 2.6% |
| 营收同比 | — | 10.2% |
| 净利润同比 | — | 396.7% |
| 每股收益（稀释后） | — | $0.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NBISSNAP
| Q4 25 | — | $1.7B | ||
| Q3 25 | $32.1M | $1.5B | ||
| Q2 25 | $24.2M | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $79.6M | $1.4B | ||
| Q2 24 | $36.3M | $1.2B | ||
| Q1 24 | — | $1.2B |
净利润NBISSNAP
| Q4 25 | — | $45.2M | ||
| Q3 25 | — | $-103.5M | ||
| Q2 25 | $-185.4M | $-262.6M | ||
| Q1 25 | — | $-139.6M | ||
| Q4 24 | — | $9.1M | ||
| Q3 24 | $-258.2M | $-153.2M | ||
| Q2 24 | $-118.3M | $-248.6M | ||
| Q1 24 | — | $-305.1M |
毛利率NBISSNAP
| Q4 25 | — | 59.1% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 51.4% | ||
| Q1 25 | — | 53.1% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 52.4% | ||
| Q1 24 | — | 51.9% |
营业利润率NBISSNAP
| Q4 25 | — | 2.9% | ||
| Q3 25 | -251.1% | -8.5% | ||
| Q2 25 | -754.1% | -19.3% | ||
| Q1 25 | — | -14.2% | ||
| Q4 24 | — | -1.7% | ||
| Q3 24 | -366.1% | -12.6% | ||
| Q2 24 | -563.1% | -20.5% | ||
| Q1 24 | — | -27.9% |
净利率NBISSNAP
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | -6.9% | ||
| Q2 25 | -766.1% | -19.5% | ||
| Q1 25 | — | -10.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | -324.4% | -11.2% | ||
| Q2 24 | -325.9% | -20.1% | ||
| Q1 24 | — | -25.5% |
每股收益（稀释后）NBISSNAP
| Q4 25 | — | $0.03 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.16 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.09 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.19 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $4.8B | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $4.8B | $2.3B |
| 总资产 | $10.1B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资NBISSNAP
| Q4 25 | — | $2.9B | ||
| Q3 25 | $4.8B | $3.0B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $2.3B | $3.2B | ||
| Q2 24 | $2.3B | $3.1B | ||
| Q1 24 | — | $2.9B |
总债务NBISSNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益NBISSNAP
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $3.8B | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | $2.9B | $2.2B | ||
| Q2 24 | $4.3B | $2.1B | ||
| Q1 24 | — | $2.1B |
总资产NBISSNAP
| Q4 25 | — | $7.7B | ||
| Q3 25 | $10.1B | $7.6B | ||
| Q2 25 | $5.1B | $7.4B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | $3.0B | $7.6B | ||
| Q2 24 | $4.4B | $7.4B | ||
| Q1 24 | — | $7.2B |
负债/权益比NBISSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-196.8M | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $-586.8M | $205.6M |
| 自由现金流率自由现金流/营收 | -1828.0% | 12.0% |
| 资本支出强度资本支出/营收 | 1215.0% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | — | $437.2M |
8季度趋势，按日历期对齐
经营现金流NBISSNAP
| Q4 25 | — | $269.6M | ||
| Q3 25 | $-196.8M | $146.5M | ||
| Q2 25 | $-162.0M | $88.5M | ||
| Q1 25 | — | $151.6M | ||
| Q4 24 | — | $230.6M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $-21.4M | ||
| Q1 24 | — | $88.4M |
自由现金流NBISSNAP
| Q4 25 | — | $205.6M | ||
| Q3 25 | $-586.8M | $93.4M | ||
| Q2 25 | $-379.9M | $23.8M | ||
| Q1 25 | — | $114.4M | ||
| Q4 24 | — | $182.4M | ||
| Q3 24 | — | $71.8M | ||
| Q2 24 | — | $-73.4M | ||
| Q1 24 | — | $37.9M |
自由现金流率NBISSNAP
| Q4 25 | — | 12.0% | ||
| Q3 25 | -1828.0% | 6.2% | ||
| Q2 25 | -1569.8% | 1.8% | ||
| Q1 25 | — | 8.4% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 5.2% | ||
| Q2 24 | — | -5.9% | ||
| Q1 24 | — | 3.2% |
资本支出强度NBISSNAP
| Q4 25 | — | 3.7% | ||
| Q3 25 | 1215.0% | 3.5% | ||
| Q2 25 | 900.4% | 4.8% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 4.2% |
现金转化率NBISSNAP
| Q4 25 | — | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NBIS
| Nebius | $27.1M | 84% |
| TripleTen | $6.3M | 20% |
| Avride | $100.0K | 0% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
