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Nanobiotix (NBTX) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Nanobiotix stock $18.76, price $32.87, that is 42.9% below the price, quality 47 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US · Based in France

N Nanobiotix logo Thin data Nov 10, 2026

Nanobiotix

NBTX · US
Very expensive, weak quality

Our calculation puts a fair price 43% below what the stock costs today.

Quality 47/100
Mixed Growth (revenue 5y +66.4 %/yr in USD)
Negative equity (buybacks among others)
Revenue last quarter 79% below a year ago.
Fair value $18.76 · Strongly overvalued
Loss-making · -80.8% net margin (FY2025)
Negative free cash flow
Trails peers (1/5)
Narrow moat 5/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$55.07 $1.98 Fair Value $18.76 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range $1.98 – $55.07 · fair‑value band $14.07 – $23.45 · the $32.87 price screens above the $18.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Nanobiotix S.A. operates as a clinical-stage biotechnology that focuses on developing product candidates for the treatment of cancer and other unmet medical needs.

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Its lead product candidate is NBTXR3, a sterile aqueous suspension of crystalline hafnium oxide nanoparticles used for the treatment of soft tissue sarcoma, head and neck, liver, prostate, pancreatic, esophageal, rectal, and non-small cell lung cancer.

The company has a partnership with Lian Oncology Limited to develop and commercialize NBTXR3 in China, South Korea, Singapore, and Thailand. Nanobiotix S.A. was incorporated in 2003 and is based in Paris, France.

Stock analysis

Nanobiotix (NBTX) currently trades at $32.87, while our estimate is $18.76, 43% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $14.07 (bear) to $23.45 (bull), the price of $32.87 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 47/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Nanobiotix reported revenue of €29.6M in FY2025 versus €2.6M in FY2021, a compound +82.9%/yr. Reported net income was −€24.0M in FY2025.

Key figures

Market cap $1.6B Small · EPS (TTM) $−1.27 · Net margin −80.8% · Return on equity −199% · Return on assets (EBIT) −55.1% (5-year average) · Operating margin −323% · Revenue (TTM) €11.5M · Revenue growth (YoY) −79.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (low confidence).

What moves the price

The share trades about 40% below its 52-week high and 65% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −43%, NBTX screens richer than that median.

Fair Value

Bear $14.07 Fair Value $18.76 Bull $23.45
Price $32.87 · Downside -42.9%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 26
How much profit the company makes from its sales and capital
Quality Growth 70
Are margins and returns getting better?
Cashflow 20
Do the profits arrive as real cash?
Financial strength 67
Debt, balance sheet and risk of trouble
Investment 89
Does it invest with discipline instead of growing at any price?
Low Volatility 47
How calm the share price moves, does not count
Price momentum 30
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 68
Distance to the 52-week high, does not count
New shares 29
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 35/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+83.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+66.4%
Start year 2020 (pandemic). Over 10 years: +22.1% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1,566.8% (2020) → −36.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

NBTX screens overvalued: fair value 43% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 1/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Above median
Fair Value upside −42.9% · Bottom 25%
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −35.4% · Below median
Net margin (12 months) −80.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −79.2% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs NBTX
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs NBTX
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs NBTX
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs NBTX
argenx SE ARGX $971.55 $908.40 −7% vs NBTX
CSL Limited CSL A$201.68 A$181.40 −10% vs NBTX
Moderna, Inc MRNA $250.83 $158.70 −37% vs NBTX
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs NBTX
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs NBTX
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs NBTX

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Nanobiotix: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Nanobiotix Fair Value". https://www.fairvalue-calculator.com/stock/NBTX

Frequently asked questions

Is Nanobiotix (NBTX) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is $18.76 versus a price of $32.87, about 43% lower (overvalued).
What is the fair value of NBTX?
Our estimate for Nanobiotix is $18.76 (as of Nov 10, 2026), built from audited fundamentals. The current price: $32.87.
What is the quality score of NBTX?
Nanobiotix has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nanobiotix (NBTX)?
Our calculated price target is the estimate of $18.76 (as of Nov 10, 2026). Cautious scenario $14.07, optimistic scenario $23.45. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Nanobiotix stock forecast for 2026?
Our estimate puts fair value at $18.76, about 43% lower versus a price of $32.87 (overvalued). Cautious scenario $14.07, optimistic scenario $23.45. The calculation is refreshed regularly with new filings.
What is the revenue of Nanobiotix (NBTX)?
Nanobiotix reported trailing-twelve-month revenue of about €11.5M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Nanobiotix (NBTX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nanobiotix it is $18.76 per share (as of Nov 10, 2026), against a price of $32.87.
Is Nanobiotix stock overvalued or undervalued in 2026?
As of Nov 10, 2026, NBTX trades above its calculated fair value: price $32.87, fair value $18.76, a gap of about −43% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NBTX?
No. The price is what the market pays today ($32.87); the fair value is what the company's own numbers justify ($18.76). For Nanobiotix the two are $14.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nanobiotix worth?
The market values Nanobiotix at about $1.6B (market capitalisation, as of Nov 10, 2026). Per share that is $32.87; our models calculate a fair value of $18.76 per share.
What do the bullish and bearish scenarios say about NBTX?
Our models span a range for Nanobiotix: cautious scenario $14.07, base $18.76, optimistic $23.45 per share (as of Nov 10, 2026, price $32.87). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nanobiotix (NBTX)?
Balance-sheet figures for Nanobiotix (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is NBTX from its 52-week high?
Nanobiotix trades at $32.87, about 40% below its 52-week high of $55.07 and 65% above the low of $19.97 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $18.76 is for.
Which stocks are comparable to Nanobiotix?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nanobiotix stock attractive at the current price?
The data as of Nov 10, 2026: price $32.87, calculated fair value $18.76 (−43%), Quality Score 47/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Nanobiotix itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nanobiotix (NBTX)?
The closing price on Nov 10, 2026 was $32.87. Our estimate is $18.76, about 43% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nanobiotix right now?
The price sits above even our optimistic bull case ($23.45). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Nanobiotix

How large is the market capitalisation of Nanobiotix (NBTX)?
The market capitalisation of Nanobiotix is $1.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Nanobiotix (NBTX)?
Earnings per share at Nanobiotix are $−1.27. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nanobiotix (NBTX)?
The net margin of Nanobiotix is −80.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nanobiotix (NBTX)?
The return on equity (ROE) of Nanobiotix is −199% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nanobiotix (NBTX)?
On an EBIT basis the return on assets of Nanobiotix is −55.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nanobiotix (NBTX)?
The operating margin of Nanobiotix is −323% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nanobiotix (NBTX)?
Revenue at Nanobiotix is growing −79.2% versus a year earlier (3y avg +83.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Nanobiotix (NBTX) generate?
The free cash flow of Nanobiotix is −€34.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Nanobiotix (NBTX) carry?
The net debt of Nanobiotix is €42.6M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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