NORTHERN DATA AG (NB2.DE) Stock Fundamental Analysis

Europe • Frankfurt Stock Exchange • FRA:NB2 • DE000A0SMU87

12.89 EUR
+0.16 (+1.26%)
Last: Feb 4, 2026, 05:28 PM
Fundamental Rating

3

Taking everything into account, NB2 scores 3 out of 10 in our fundamental rating. NB2 was compared to 115 industry peers in the Software industry. NB2 may be in some trouble as it scores bad on both profitability and health. NB2 shows excellent growth, but is valued quite expensive already.


Dividend Valuation Growth Profitability Health

1

1. Profitability

1.1 Basic Checks

  • NB2 had negative earnings in the past year.
  • NB2 had a negative operating cash flow in the past year.
  • In the past 5 years NB2 reported 4 times negative net income.
  • The reported operating cash flow has been mixed in the past 5 years: NB2 reported negative operating cash flow in multiple years.
NB2.DE Yearly Net Income VS EBIT VS OCF VS FCFNB2.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M -1B

1.2 Ratios

  • NB2 has a worse Return On Assets (-5.08%) than 70.43% of its industry peers.
  • The Return On Equity of NB2 (-10.03%) is worse than 67.83% of its industry peers.
Industry RankSector Rank
ROA -5.08%
ROE -10.03%
ROIC N/A
ROA(3y)-27.09%
ROA(5y)-12.41%
ROE(3y)-36.56%
ROE(5y)-22.1%
ROIC(3y)N/A
ROIC(5y)N/A
NB2.DE Yearly ROA, ROE, ROICNB2.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -200 -400 -600

1.3 Margins

  • NB2 has a Gross Margin of 37.20%. This is in the lower half of the industry: NB2 underperforms 78.26% of its industry peers.
  • In the last couple of years the Gross Margin of NB2 has grown nicely.
  • NB2 does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 37.2%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y9.08%
GM growth 5YN/A
NB2.DE Yearly Profit, Operating, Gross MarginsNB2.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -1K -2K -3K

More info and screens

3

2. Health

2.1 Basic Checks

  • NB2 does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • Compared to 1 year ago, NB2 has more shares outstanding
  • NB2 has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, NB2 has a worse debt to assets ratio.
NB2.DE Yearly Shares OutstandingNB2.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
NB2.DE Yearly Total Debt VS Total AssetsNB2.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

2.2 Solvency

  • Based on the Altman-Z score of 1.34, we must say that NB2 is in the distress zone and has some risk of bankruptcy.
  • NB2's Altman-Z score of 1.34 is on the low side compared to the rest of the industry. NB2 is outperformed by 68.70% of its industry peers.
  • NB2 has a Debt/Equity ratio of 0.82. This is a neutral value indicating NB2 is somewhat dependend on debt financing.
  • NB2 has a worse Debt to Equity ratio (0.82) than 73.91% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.82
Debt/FCF N/A
Altman-Z 1.34
ROIC/WACCN/A
WACC8.05%
NB2.DE Yearly LT Debt VS Equity VS FCFNB2.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M -1B

2.3 Liquidity

  • NB2 has a Current Ratio of 2.69. This indicates that NB2 is financially healthy and has no problem in meeting its short term obligations.
  • The Current ratio of NB2 (2.69) is better than 83.48% of its industry peers.
  • NB2 has a Quick Ratio of 2.69. This indicates that NB2 is financially healthy and has no problem in meeting its short term obligations.
  • NB2 has a better Quick ratio (2.69) than 83.48% of its industry peers.
Industry RankSector Rank
Current Ratio 2.69
Quick Ratio 2.69
NB2.DE Yearly Current Assets VS Current LiabilitesNB2.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M

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7

3. Growth

3.1 Past

  • The earnings per share for NB2 have decreased strongly by -480.00% in the last year.
  • Looking at the last year, NB2 shows a very strong growth in Revenue. The Revenue has grown by 61.65%.
  • The Revenue has been growing by 81.52% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-480%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-413.7%
Revenue 1Y (TTM)61.65%
Revenue growth 3Y1.8%
Revenue growth 5Y81.52%
Sales Q2Q%72.47%

3.2 Future

  • The Earnings Per Share is expected to grow by 23.12% on average over the next years. This is a very strong growth
  • NB2 is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 23.74% yearly.
EPS Next Y-14.44%
EPS Next 2Y17.72%
EPS Next 3Y23.12%
EPS Next 5YN/A
Revenue Next Year13.21%
Revenue Next 2Y38.36%
Revenue Next 3Y34.68%
Revenue Next 5Y23.74%

3.3 Evolution

  • Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
NB2.DE Yearly Revenue VS EstimatesNB2.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 200M 400M 600M
NB2.DE Yearly EPS VS EstimatesNB2.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2018 2020 2021 2022 2023 2024 2025 2026 2027 0 -2 -4

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1

4. Valuation

4.1 Price/Earnings Ratio

  • NB2 reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • Also next year NB2 is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
NB2.DE Price Earnings VS Forward Price EarningsNB2.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 20 30 40 50

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NB2 indicates a somewhat cheap valuation: NB2 is cheaper than 77.39% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 11.25
NB2.DE Per share dataNB2.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5 10 -10 -15

4.3 Compensation for Growth

  • NB2's earnings are expected to grow with 23.12% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y17.72%
EPS Next 3Y23.12%

More info and screens

0

5. Dividend

5.1 Amount

  • NB2 does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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NORTHERN DATA AG

FRA:NB2 (2/4/2026, 5:28:31 PM)

12.89

+0.16 (+1.26%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)10-16
Earnings (Next)03-26
Inst Owners2.38%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap827.54M
Revenue(TTM)16.38M
Net Income(TTM)-84.26M
Analysts77.14
Price Target29.33 (127.54%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-9.02%
PT rev (3m)-15.44%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-2.33%
EPS NY rev (3m)-6.7%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-8.11%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 50.53
P/FCF N/A
P/OCF N/A
P/B 0.99
P/tB 1.03
EV/EBITDA 11.25
EPS(TTM)-7.25
EYN/A
EPS(NY)-2.33
Fwd EYN/A
FCF(TTM)-16.3
FCFYN/A
OCF(TTM)-0.91
OCFYN/A
SpS0.26
BVpS13.08
TBVpS12.51
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -5.08%
ROE -10.03%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 37.2%
FCFM N/A
ROA(3y)-27.09%
ROA(5y)-12.41%
ROE(3y)-36.56%
ROE(5y)-22.1%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y9.08%
GM growth 5YN/A
F-Score3
Asset Turnover0.01
Health
Industry RankSector Rank
Debt/Equity 0.82
Debt/FCF N/A
Debt/EBITDA 5.51
Cap/Depr 634.09%
Cap/Sales 6034.22%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 2.69
Quick Ratio 2.69
Altman-Z 1.34
F-Score3
WACC8.05%
ROIC/WACCN/A
Cap/Depr(3y)253.84%
Cap/Depr(5y)454.19%
Cap/Sales(3y)224.19%
Cap/Sales(5y)422.44%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-480%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-413.7%
EPS Next Y-14.44%
EPS Next 2Y17.72%
EPS Next 3Y23.12%
EPS Next 5YN/A
Revenue 1Y (TTM)61.65%
Revenue growth 3Y1.8%
Revenue growth 5Y81.52%
Sales Q2Q%72.47%
Revenue Next Year13.21%
Revenue Next 2Y38.36%
Revenue Next 3Y34.68%
Revenue Next 5Y23.74%
EBIT growth 1Y-255.81%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year303.58%
EBIT Next 3Y92.4%
EBIT Next 5YN/A
FCF growth 1Y-801.61%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-232.15%
OCF growth 3YN/A
OCF growth 5YN/A

NORTHERN DATA AG / NB2.DE FAQ

What is the ChartMill fundamental rating of NORTHERN DATA AG (NB2.DE) stock?

ChartMill assigns a fundamental rating of 3 / 10 to NB2.DE.


What is the valuation status for NB2 stock?

ChartMill assigns a valuation rating of 1 / 10 to NORTHERN DATA AG (NB2.DE). This can be considered as Overvalued.


What is the profitability of NB2 stock?

NORTHERN DATA AG (NB2.DE) has a profitability rating of 1 / 10.


What is the financial health of NORTHERN DATA AG (NB2.DE) stock?

The financial health rating of NORTHERN DATA AG (NB2.DE) is 3 / 10.