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Nanobiotix S.a. (NBTX) stock

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NASDAQ: NBTX Nasdaq Biotechnology

B Fundamentals grade

Nanobiotix S.a. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Nanobiotix S.a. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Nanobiotix S.a. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds13 adding, 5 cuttingOf 2 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Nanobiotix files

Where Nanobiotix S.a. stands after its latest Filing

Revenue for the twelve months was $37m, up 678.4% on a year earlier, faster than the 60.7% growth a quarter earlier. Free-cash-flow margin rose to -104.2% from -1137.1% a year earlier. Operating margin widened to -33.2% from -1986.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 3 financial-health checks.

Our model value for Nanobiotix is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Current signal Net income rising while operating cash flow falls: TTM net income grew 63.3% while operating cash flow fell 78.6% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 678.4% over the last 12 months.
  • Growth speeding up. The growth rate is 617.8 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Loss-making. Operating margin is -33.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 984.3 points on a year ago.
  • Burning cash. Free cash flow was -104.2% of revenue over the last 12 months.

Price chart

  • 1 day-10.4%
  • 1 week-10.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$36.9M
Operating margin
-33.2%
Net margin
-73.5%
EPS (TTM, diluted)
$-0.57

Growth

Share count change
+1.2%

Cash

Free cash flow (TTM)
-$38.4M
FCF margin
-104.2%
Stock pay % of revenue
10.9%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for NBTX from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Nanobiotix S.a. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Nanobiotix S.a. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.9 ~$2.1–$7.2 Left out: out of range vs price (0.03x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nanobiotix S.a. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Nanobiotix S.a.: too few analysts cover it.

Analyst recommendations

5 analysts, Nov 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Nov 2026415
  2. Oct 2026415

Counts of recommendations published by analysts covering Nanobiotix S.a., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.5%
of tradable shares
Days to cover
1.31
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
12%
of shares
Held by insiders
0.0%
of shares
Employees
98
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Fundamentals

Revenue (TTM) Nanobiotix S.a.
-$20M $0 $20M $40M FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue (TTM), FY18 Q4: $4.1M Revenue (TTM), FY19 Q4: $2.8M Revenue (TTM), FY20 Q4: $2.9M Revenue (TTM), FY21 Q4: $3.1M Revenue (TTM), FY22 Q4: $5M Revenue (TTM), FY23 Q4: $39.2M Revenue (TTM), FY24 Q4: -$7.8M Revenue (TTM), FY25 Q4: $36.9M $36.9M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY18 Q4 $4.1M
FY19 Q4 $2.8M
FY20 Q4 $2.9M
FY21 Q4 $3.1M
FY22 Q4 $5M
FY23 Q4 $39.2M
FY24 Q4 -$7.8M
FY25 Q4 $36.9M
Revenue growth, TTM YoY Nanobiotix S.a.
-200% 0% 200% 400% 600% 800% FY19 Q4 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 Revenue growth, TTM YoY, FY19 Q4: -30.8% Revenue growth, TTM YoY, FY20 Q4: 0.8% Revenue growth, TTM YoY, FY21 Q4: 9.3% Revenue growth, TTM YoY, FY22 Q4: 60.7% Revenue growth, TTM YoY, FY23 Q4: 678.4% 678.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY19 Q4 -30.8%
FY20 Q4 0.8%
FY21 Q4 9.3%
FY22 Q4 60.7%
FY23 Q4 678.4%
Operating margin (TTM) Nanobiotix S.a.
-2000% -1000% 0% 1000% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Operating margin (TTM), FY18 Q4: -864.2% Operating margin (TTM), FY19 Q4: -1841.0% Operating margin (TTM), FY20 Q4: -1450.2% Operating margin (TTM), FY21 Q4: -1986.4% Operating margin (TTM), FY22 Q4: -977.8% Operating margin (TTM), FY23 Q4: -74.0% Operating margin (TTM), FY24 Q4: 951.1% Operating margin (TTM), FY25 Q4: -33.2% -33.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY18 Q4 -864.2%
FY19 Q4 -1841.0%
FY20 Q4 -1450.2%
FY21 Q4 -1986.4%
FY22 Q4 -977.8%
FY23 Q4 -74.0%
FY24 Q4 951.1%
FY25 Q4 -33.2%
FCF margin (TTM) Nanobiotix S.a.
-2000% -1500% -1000% -500% 0% 500% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY18 Q4: -758.9% FCF margin (TTM), FY19 Q4: -1663.1% FCF margin (TTM), FY20 Q4: -1100.1% FCF margin (TTM), FY21 Q4: -1137.1% FCF margin (TTM), FY22 Q4: -778.8% FCF margin (TTM), FY23 Q4: -35.4% FCF margin (TTM), FY24 Q4: 283.6% FCF margin (TTM), FY25 Q4: -104.2% -104.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY18 Q4 -758.9%
FY19 Q4 -1663.1%
FY20 Q4 -1100.1%
FY21 Q4 -1137.1%
FY22 Q4 -778.8%
FY23 Q4 -35.4%
FY24 Q4 283.6%
FY25 Q4 -104.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 4 3 3 3 5 39 −8 37
EBITDA −35 −50 −40 −60 −48 −27 −72 −10
Operating income −36 −52 −42 −62 −49 −29 −74 −12
Net income −36 −57 −38 −56 −60 −43 −74 −27
Diluted EPS −$1.83 −$2.63 −$1.57 −$1.60 −$1.73 −$1.17 −$1.56 −$0.57
Growth (year on year)
Revenue — −30.8% +0.8% +9.3% +60.7% +678.4% −119.9% —
Margins
EBITDA margin −846.5% <−999% <−999% <−999% −946.4% −69.8% 928.5% −28.2%
Operating margin −864.2% <−999% <−999% <−999% −977.8% −74.0% 951.1% −33.2%
Net margin −872.2% <−999% <−999% <−999% <−999% −109.6% 947.5% −73.5%
Free-cash-flow margin −758.9% <−999% <−999% <−999% −778.8% −35.4% 283.6% −104.2%
Cash flow
Cash from operations −31 −46 −31 −35 −39 −13 −21 −38
Capital spending 0 1 0 0 0 0 1 1
Free cash flow −31 −47 −32 −36 −39 −14 −22 −38
Stock-based pay 2 5 3 4 3 3 5 4
Free cash flow after stock pay −33 −52 −35 −39 −43 −17 −27 −42
Balance sheet
Cash 41 39 146 95 44 83 51 62
Total debt — 0 0 0 0 0 0 0
Net debt (negative = net cash) −41 −39 −146 −95 −44 −83 −51 −62
Diluted shares 19,633m 22m 24m 35m 35m 37m 47m 48m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · December 31, 2025
What it owns · $80m
Short-term assets $74mLonger-term assets $6m
What it owes, and who funded it · $179m
Short-term liabilities $67mLonger-term liabilities $111mShareholders' equity $-99m
  • Short-term assets cover short-term liabilities $74m of assets due within a year against $67m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $74m short-term assets against $111m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$12m against $146,981 of interest.

From Nanobiotix S.a.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.2%
year over year
R&D spending
70.9%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated NBTX FHTX ZYME CUE CCCC BHST Median
Revenue, last 12 months $37m $37m $37m $38m $35m $35m $56m
Revenue growth, last 12 months 678.4% 52.0% −69.8% 354.4% 2.3% 37.0% 12.6%
Revenue growth, 3-year average — 19.1% −56.4% 176.2% 29.8% — 13.7%
Revenue growth, latest quarter — 112.7% −90.6% 166.7% 2.8% — 10.2%
Operating margin −33.2% −198.0% −419.0% −262.0% −319.0% −16.2% −189.4%
Operating margin, 3-year average — −284.9% −235.1% −439.8% −361.6% — −363.5%
Net margin −73.5% −175.8% −404.0% −435.8% −289.4% −32.3% −169.8%
Cash from operations / revenue −102.5% −229.3% −321.4% −132.9% −242.2% −20.9% −168.0%
Free-cash-flow margin −104.2% −229.4% −324.7% −133.2% −243.7% −27.8% −162.4%
Free-cash-flow margin, 3-year average — −306.5% −168.9% −313.4% −255.9% — −310.0%
Stock pay / revenue 10.9% 27.0% 89.6% 69.1% 40.8% 2.4% 20.0%
Change in share count 1.2% 5.9% −2.2% 74.2% 10.4% — 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Operating margin Profitability -33.2% -189.4% 55 of 175
Net margin Profitability -73.5% -157.3% 72 of 180
Free-cash-flow margin Cash generation -104.2% -145.4% 83 of 176
Stock pay as % of revenue Cash generation 10.9% 19.2% 63 of 179
Change in share count Balance sheet 1.2% 7.9% 38 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$218M
Institutions reporting
19
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
7 / 3

Top buyers and sellers, Q2 2026: 13 institutions bought and 5 sold ; the biggest buyer was Jane Street Group, LLC (+32K shares) and the biggest seller UBS Group AG (−2,980). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Johnson & Johnson $212M 5.6M 97.1% 0.0%
Morgan Stanley $1.9M 50K 0.9% ▲ 37.3%
Jane Street Group, LLC $1.2M 32K 0.6% New
HRT Financial LP $1M 27K 0.5% New
Xtx Topco Ltd $597,734 16K 0.3% New
Optiver Holding B.V. $513,889 14K 0.2% ▲ 1.0%
Marshall Wace, LLP $378,659 10K 0.2% ▲ 8.7%
Citadel Advisors LLC $227,783 6K 0.1% New
BNP Paribas Financial Markets $152,459 4K 0.1% ▲ 13.6%
UBS Group AG $97,153 3K 0.0% ▼ 53.6%
Royal Bank Of Canada $83,000 2K 0.0% ▲ 19.9%
Jpmorgan Chase & Co $61,348 2K 0.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nanobiotix S.a.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Nanobiotix S.a. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Nanobiotix S.a. in brief

What does Nanobiotix S.a. do?
Nanobiotix S.a. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Nanobiotix S.a.'s stock ticker?
Nanobiotix S.a. trades under the ticker NBTX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nanobiotix S.a.'s free cash flow?
Nanobiotix S.a.'s free-cash-flow margin is -104.2% of revenue over the trailing twelve months, ranking 83 of the 176 biotechnology companies we cover.
Who are Nanobiotix S.a.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Johnson & Johnson, Morgan Stanley and Jane Street Group, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Nanobiotix S.a.'s competitors?
In our Biotechnology peer group, the companies closest to Nanobiotix S.a. are Foghorn Therapeutics Inc., Zymeworks Inc., Cue Biopharma, Inc., C4 Therapeutics, Inc. and Bioharvest Sciences Inc. The side-by-side comparison below sets their revenue, margins and growth against Nanobiotix S.a.'s.