Despite the increased attention of researchers to the nonprofit sector (Lu, 2018), studies on nonprofit organizations (NPOs) business models remain limited. This thesis aims to propose a conceptualization of NPO business models in order to understand the mechanisms underlying the creation and capture of societal value: what are the fundamental mechanisms underlying NPO business models? To answer this central question, the thesis develops an innovative theoretical framework through Bourdieu's theory of forms of capital (Bourdieu, 1979, 1980, 1986) to understand and map out the specific nature of NPO business models. This thesis contributes to the literature on business models and the nonprofit sector by demonstrating the existence of distinct NPO business models characterized by differentiated mechanisms of value creation and capture. A central finding is that the sustainability of NPO business models is closely linked to their ability to accumulate and convert complementary forms of capital.