NBTX vs PD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. NBTX and PD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined NBTX and PD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Nanobiotix S.A. is a clinical-stage nanomedicine company headquartered in France and dual-listed on Nasdaq (as American Depositary Shares under NBTX) and Euronext Paris. Its lead product candidate, NBTXR3 (also called JNJ-1900), is a radioenhancer: injectable nanoparticles that are placed directly into a tumor and, when activated by standard radiotherapy, are designed to boost the radiation's tumor-killing effect. In late 2023 the company signed a global license and collaboration with Johnson & Johnson's Janssen unit, which now sponsors and operates the pivotal Phase 3 NANORAY-312 study in head and neck cancer and broader development across other solid tumors.

Full NBTX guide

PagerDuty sells the software that wakes engineers up. When a payment system, a checkout flow or an internal API breaks, PagerDuty ingests the alert from monitoring tools, decides who is on call, escalates until a human acknowledges it, and coordinates the response through to a postmortem. Around that core it has added runbook automation (from its 2020 Rundeck purchase), an AIOps layer that groups noisy alerts into single incidents, customer service operations tooling, and more recently a set of agentic features including an autonomous site-reliability agent and automated shift management. Roughly 15,500 paying customers use it, of which about 884 spend more than ~$100,000 a year, and annual recurring revenue sits near ~$501 million.

Full PD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• NBTX drivers: Johnson & Johnson partnership; NANORAY-312 head and neck readout.
• PD drivers: Margin and cash generation from a flat revenue base; A new chief executive and a go-to-market reset.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is clinical and binary: NBTXR3 remains unapproved, and a failed or delayed NANORAY-312 Phase 3 could erase much of the equity value in a single day. For PD, the core problem is demand, not costs: dollar-based net retention of ~98% means the existing customer base is shrinking slightly net of expansion, so new logos are doing the work of holding revenue flat.

Pick NBTX if you believe its drivers more; PD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the NBTX and PD guides.

NBTX. Standard price-to-earnings valuation does not apply because Nanobiotix is pre-approval and its reported revenue stems mostly from the J&J agreement rather than product sales. The market instead prices the probability-weighted value of NBTXR3 across head and neck, lung, and other tumors, net of dilution risk. That is why the roughly $1.5 billion market value sits far above trailing revenue and coexists with ongoing net losses.

PD. Two numbers explain most of the debate around PD. Revenue growth under 1% with retention below 100% is what keeps the multiple near ~2x sales, while a ~23.7% non-GAAP operating margin, real free cash flow and a cash pile worth roughly half the market cap are what keeps the floor where it is. Guidance for the rest of fiscal 2027 implies more of the same, with quarterly revenue held around ~$123 million to ~$125 million and profitability doing the improving.

Headline figures (approximate, July 2026): NBTX shows market cap ~$1.5B, revenue (fy2025) ~$36M (~EUR 32.6M, largely J&J-agreement, non-product), net loss (fy2025) ~$26M (~EUR 24.0M), cash (dec 31, 2025) ~$58M (~EUR 52.8M); PD shows revenue (ttm) ~$494 million, q2 fy2027 revenue (quarter ended july 31, 2026) ~$124.4 million, up ~0.8% year over year, annual recurring revenue / net retention ~$501 million ARR, dollar-based net retention ~98%, profitability GAAP operating income ~$10.2 million (~8.2% margin); non-GAAP operating margin ~23.7%; non-GAAP diluted EPS ~$0.32.

NBTX and PD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined NBTX and PD exposure against your real portfolio. It is not an investment adviser.