NBIS 基本面深度分析報告¶

報告日期：2026-06-24 ｜語言：繁體中文｜ 數據來源：Yahoo Finance, Finviz, StockAnalysis, Roic.ai ｜ 分析師：CFA 級機構研究

目錄¶

#	章節	核心結論
1	執行摘要	評級：觀望；目標價區間：$180 - $280
2	公司概覽與商業模式	護城河：技術領先與生態系統潛力 (7.0/10)
3	損益表深度分析	收入高速成長，但核心業務持續虧損
4	資產負債表分析	流動性良好，但高負債與現金流出壓力大
5	現金流量深度分析	自由現金流持續為負，資本支出龐大
6	獲利能力與資本效率	ROIC 遠低於 WACC，核心業務價值摧毀
7	估值深度分析	當前估值極高，大幅超越同業與歷史區間
8	成長催化劑	AI 產業爆發性成長與多元業務擴張
9	風險矩陣	高估值、營運虧損、競爭加劇與執行風險
10	投資建議	觀望，等待營運改善與估值回歸合理

1. 執行摘要¶

1.1 核心評分儀表板¶

graph TD
    NBIS_SCORE["🎯 NBIS 綜合評分<br/>總分：5.9/10"]

    F["📊 基本面<br/>6.0/10<br/>AI基礎設施前景佳，業務多元但複雜"]
    G["🚀 成長性<br/>9.5/10<br/>營收爆炸性成長，受益AI趨勢"]
    P["💰 獲利能力<br/>3.0/10<br/>毛利率高，但營運虧損嚴重，淨利受非經常性收益影響"]
    B["🏦 財務健康<br/>5.5/10<br/>現金充裕，但負債高，自由現金流持續巨額流出"]
    V["📈 估值<br/>2.0/10<br/>估值倍數極高，市場預期過度樂觀"]
    M["🛡️ 護城河<br/>7.0/10<br/>技術領先與生態系統潛力，但競爭激烈"]
    E["💼 管理層執行<br/>6.5/10<br/>展現強勁成長，但核心營運效率待提升"]
    I["💡 技術創新力<br/>8.0/10<br/>深耕AI前沿技術，研發投入高"]

    NBIS_SCORE --> F
    NBIS_SCORE --> G
    NBIS_SCORE --> P
    NBIS_SCORE --> B
    NBIS_SCORE --> V
    NBIS_SCORE --> M
    NBIS_SCORE --> E
    NBIS_SCORE --> I

    F --> F1["✅ AI基礎設施市場潛力巨大<br/>✅ 業務多元化佈局"]
    G --> G1["✅ TTM營收YoY達683.9%<br/>✅ AI產業需求爆發"]
    P --> P1["❌ 營業利益率-32.1%<br/>❌ EBITDA為負，核心業務不賺錢"]
    B --> B1["✅ 帳上現金$9.37B<br/>❌ TTM自由現金流$-6.15B"]
    V --> V1["❌ P/S高達79.6x<br/>❌ P/E (Forward) 762.0x"]
    M --> M1["✅ GPU集群技術領先<br/>✅ 雲平台與開發者工具生態"]
    E --> E1["✅ 成功拓展AI市場份額<br/>❌ 營運成本控制效率低"]
    I --> I1["✅ 大規模GPU集群<br/>✅ 自動駕駛技術研發"]

1.2 評分進度條視覺化¶

╔══════════════════════════════════════════════════════════════╗
║              NBIS 多維度評分儀表板 (1-10分)                  ║
╠══════════════════════════════════════════════════════════════╣
║ 基本面強度  6.0 ▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░  ★★★☆☆           ║
║ 成長動能    9.5 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓░  ★★★★★           ║
║ 獲利品質    3.0 ▓▓▓▓▓▓░░░░░░░░░░░░░░  ★☆☆☆☆           ║
║ 財務健康    5.5 ▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░░  ★★☆☆☆           ║
║ 估值合理性  2.0 ▓▓▓▓░░░░░░░░░░░░░░░░  ☆☆☆☆☆           ║
║ 護城河深度  7.0 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░  ★★★☆☆           ║
║ 管理層執行  6.5 ▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░  ★★★☆☆           ║
║ 技術創新力  8.0 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░  ★★★★☆           ║
╠══════════════════════════════════════════════════════════════╣
║ 綜合總分    5.9 ▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░░  🏆 成長潛力高但風險顯著 ║
╚══════════════════════════════════════════════════════════════╝

1.3 五大投資論點 + 三大核心風險¶

| 類型 | 項目 | 具體依據 | 信心度 | |------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------NBIS is a technology company building AI full-stack infrastructure (GPU clusters, cloud platforms, tools) and also operates TripleTen (edtech) and Avride (autonomous driving). It is incorporated in Netherlands, has 1543 employees.

24-MONTH PRICE HISTORY ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━¶

The stock price has shown significant volatility and an overall strong upward trend, especially in 2025 and early 2026. From $21.38 in Oct 2024 to $275.25 in Jun 2026, the price increased by over 1187%. The recent surge from $103.76 in March 2026 to $275.25 in June 2026 represents a 165% increase in three months, indicating strong market enthusiasm, likely driven by the AI narrative.

MARKET DATA ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━¶

Current Price: $275.25 52W High: $299.86 52W Low: $43.89 Market Cap: $69.89B Enterprise Value: $70.71B Beta: 1.434 (from Financial Data Package) / 4.16 (from Finviz) - Using 1.434 for WACC due to consistency with primary data package. Short Ratio: 2.39 Short % Float: 20.3% (high short interest, indicating bearish sentiment from some investors) Shares Outstanding: 220.41M shares Float Shares: 210.22M shares Insider Own %: 3.7% Institution Own %: 63.3%

VALUATION ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━¶

P/E (Trailing): 106.27413 (from Financial Data Package) / 91.83 (from Finviz) - Using 106.27 for primary analysis. P/E (Forward): 762.001 (extremely high, indicating high future earnings expectations or very low forward EPS) PEG Ratio: 0.63 (suggests growth is high relative to P/E, but P/E is already very high) P/S Ratio: 79.60528 P/B Ratio: 9.735436 EV / EBITDA: -1831.894 (negative EBITDA indicates operational losses) EV / Revenue: 80.546 EPS (TTM): $2.59 (from Financial Data Package) / $3.00 (from Finviz) - Using $2.59 for primary analysis. EPS (Forward): $0.36122 (significantly lower than TTM EPS, implies a sharp drop in earnings or a change in share count) FCF Yield: -8.80% (negative, indicates significant cash burn)

PROFITABILITY & GROWTH ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━¶

Revenue (TTM): $877.90M Revenue Growth (YoY): 683.9% (exceptional growth) Earnings Growth (YoY): N/A Earnings Growth (QoQ): N/A Gross Margin: 72.1% (strong gross profitability) Operating Margin: -32.1% (significant operating losses) EBITDA Margin: -4.4% (still negative, despite high gross margin) Net Profit Margin: 93.1% (This is highly misleading due to substantial non-operating income; core business is unprofitable) ROE: 14.1% (from Financial Data Package) / 14.51% (from Finviz) - Using 14.1% for primary analysis. ROA: -3.0% (from Financial Data Package) / 5.86% (from Finviz) - Using -3.0% for primary analysis, indicating asset inefficiency.

BALANCE SHEET SNAPSHOT ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━¶

Total Cash: $9.37B Total Debt: $9.59B Net Cash / Debt: $-217.20M (slight net debt position) Debt/Equity: 132.429 (high leverage) Current Ratio: 8.331 (very strong short-term liquidity) Quick Ratio: 8.139 Operating Cash Flow: $2.84B (TTM) Free Cash Flow: $-6.15B (TTM) (significant cash burn)

ANALYST CONSENSUS ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━¶

Recommendation: buy

Analysts: 14¶

Target (Mean): $244.07 (This is below the current price of $275.25, indicating analysts expect a price decline or have not updated targets to reflect the recent surge) Target (Low): $120.00 Target (High): $380.00 Dividend Yield: N/A Payout Ratio: 0.0%

1. 執行摘要¶

1.1 核心評分儀表板¶

graph TD
    NBIS_SCORE["🎯 NBIS 綜合評分<br/>總分：5.9/10"]

    F["📊 基本面<br/>6.0/10<br/>AI基礎設施前景佳，業務多元但複雜"]
    G["🚀 成長性<br/>9.5/10<br/>營收爆炸性成長，受益AI趨勢"]
    P["💰 獲利能力<br/>3.0/10<br/>毛利率高，但營運虧損嚴重，淨利受非經常性收益影響"]
    B["🏦 財務健康<br/>5.5/10<br/>現金充裕，但負債高，自由現金流持續巨額流出"]
    V["📈 估值<br/>2.0/10<br/>估值倍數極高，市場預期過度樂觀"]
    M["🛡️ 護城河<br/>7.0/10<br/>技術領先與生態系統潛力，但競爭激烈"]
    E["💼 管理層執行<br/>6.5/10<br/>展現強勁成長，但核心營運效率待提升"]
    I["💡 技術創新力<br/>8.0/10<br/>深耕AI前沿技術，研發投入高"]

    NBIS_SCORE --> F
    NBIS_SCORE --> G
    NBIS_SCORE --> P
    NBIS_SCORE --> B
    NBIS_SCORE --> V
    NBIS_SCORE --> M
    NBIS_SCORE --> E
    NBIS_SCORE --> I

    F --> F1["✅ AI基礎設施市場潛力巨大<br/>✅ 業務多元化佈局"]
    G --> G1["✅ TTM營收YoY達683.9%<br/>✅ AI產業需求爆發"]
    P --> P1["❌ 營業利益率-32.1% (TTM)<br/>❌ EBITDA為負 (-4.4% TTM)，核心業務不賺錢"]
    B --> B1["✅ 帳上現金$9.37B<br/>❌ TTM自由現金流$-6.15B"]
    V --> V1["❌ P/S高達79.6x<br/>❌ P/E (Forward) 762.0x"]
    M --> M1["✅ GPU集群技術領先<br/>✅ 雲平台與開發者工具生態"]
    E --> E1["✅ 成功拓展AI市場份額，營收成長驚人<br/>❌ 營運成本控制效率低，導致巨額營運虧損"]
    I --> I1["✅ 大規模GPU集群技術<br/>✅ 自動駕駛技術研發"]

1.2 評分進度條視覺化¶

╔══════════════════════════════════════════════════════════════╗
║              NBIS 多維度評分儀表板 (1-10分)                  ║
╠══════════════════════════════════════════════════════════════╣
║ 基本面強度  6.0 ▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░  ★★★☆☆           ║
║ 成長動能    9.5 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓░  ★★★★★           ║
║ 獲利品質    3.0 ▓▓▓▓▓▓░░░░░░░░░░░░░░  ★☆☆☆☆           ║
║ 財務健康    5.5 ▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░░  ★★☆☆☆           ║
║ 估值合理性  2.0 ▓▓▓▓░░░░░░░░░░░░░░░░  ☆☆☆☆☆           ║
║ 護城河深度  7.0 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░  ★★★☆☆           ║
║ 管理層執行  6.5 ▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░  ★★★☆☆           ║
║ 技術創新力  8.0 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░  ★★★★☆           ║
╠══════════════════════════════════════════════════════════════╣
║ 綜合總分    5.9 ▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░░  🏆 成長潛力高但風險顯著 ║
╚══════════════════════════════════════════════════════════════╝

1.3 五大投資論點 + 三大核心風險¶

| 類型 | 項目 | 具體依據 | 信心度 | |------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | Total Assets | $22,303M | $12,431M | $3,549M | $8,755M | ↗️ 強勁成長 | 🟢 | | Total Liabilities Net Minori | $7,840M | $294.90M | $5,460M | $3,740M | ↗️ 顯著增加 | 🔴 | | Stockholders Equity | $4,590M | $3,250M | $3,290M | $4,250M | ↗️ 波動上升 | 🟡 | | Cash And Cash Equivalents | $9,298M | $3,678M | $2,435M | $116.1M | ↗️ 大幅增長 | 🟢 | | Total Debt | $9,590M | $4.97B | $49.50M | $26.20M | ↗️ 債務急劇增加 | 🔴 | | Current Assets | $11,238M | $4,711M | $2,533M | $3,454M | ↗️ 穩定增長 | 🟢 | | Current Liabilities | $1,349M | $1,530M | $264.00M | $3,870M | ↗️ 顯著增加 | 🟡 |

資產結構分解深度解析：

NBIS 的資產負債表在過去幾年呈現出極其動態的變化。截至 2026 年 3 月 31 日 TTM，總資產達到 $22.30B，相較於 2025 年底的 $12.43B 有著驚人的增長，主要由現金和物業、廠房及設備（PPE）的顯著增加驅動。現金及等價物從