The latest data point for NBIS's operating ROA metrics in Q4'25 shows ROE at -5.41%, ROA at -2.00%, and ROIC at -2.22%, indicating persistent negative profitability across all measures despite a brief recovery earlier in the year. This reflects ongoing challenges in generating returns on equity, assets, and invested capital as of the most recent quarter. Over the period from Q1'23 to Q4'25, the trends for ROE, ROA, and ROIC exhibit high volatility with an overall downward trajectory, starting with positive values (e.g., ROE at 1.34% in Q1'23, peaking at 4.82% in Q2'23) before shifting to predominantly negative territory from Q4'23 onward, with a notable spike to positive highs in Q2'25 (ROE at 15.48%, ROA at 11.47%, ROIC at 11.67%) followed by sharp declines. Significant inflection points include the transition to losses in late 2023 and the temporary rebound in mid-2025, underscoring inconsistent operational efficiency and potential sector-specific pressures affecting capital utilization.