Sector: Oil & gas (national oil company)
KMGZ
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: kase_book/KMGZ
Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB KZT | Operating profitB KZT | D&AB KZT | EBITDAB KZT | Net profitB KZT | Operating CFB KZT | Capex + M&AB KZT | AssetsB KZT | EquityB KZT | ROE (annualized) | Net debtB KZT | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | Q4 2025 (3M) | OK | 2313.9 y/y -20.0% | 363.8 y/y — | 190.4 y/y 138.6% | 554.2 y/y — | 109.5 y/y -51.9% | 358.0 | -370.0 | 18848.4 y/y 11.3% | 12386.3 y/y — | 8.5% | 2534.8 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 2557.1 y/y 11.2% | -63.5 y/y 16.8% | 180.6 y/y 8.2% | 117.1 y/y 11.8% | 428.2 y/y 11.0% | 598.4 | -780.4 | 20324.7 y/y 14.4% | 12908.0 y/y 16.8% | 10.3% | 2722.1 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 2259.2 y/y 6.2% | 340.9 y/y 46.5% | 172.0 y/y 9.5% | 512.9 y/y 28.1% | 337.9 y/y -2.8% | 516.5 | — | 19053.9 y/y 8.5% | 12054.2 y/y — | 9.0% | 2333.5 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 2241.3 y/y 0.6% | 137.0 y/y -39.6% | 181.0 y/y 11.5% | 318.0 y/y -18.3% | 196.5 y/y -34.6% | 427.5 | — | 18836.0 y/y 10.2% | 11811.9 y/y 14.8% | — | -1675.3 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 2893.5 y/y 29.6% | — y/y — | -493.3 y/y -408.6% | — y/y — | 227.4 y/y 1026.8% | -1420.0 | 566.1 | 16941.1 y/y -0.0% | — y/y — | — | -1.0 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 2109.3 y/y 4.3% | 28.7 y/y -39.9% | 170.9 y/y 11.8% | 199.6 y/y -17.8% | 317.4 y/y -8.7% | 546.6 | — | 17760.1 y/y 0.9% | 11053.0 y/y 3.2% | — | 2773.1 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 2012.0 y/y 7.5% | 99.4 y/y -3.4% | 160.1 y/y 23.8% | 259.6 y/y 8.5% | 249.1 y/y -29.1% | 602.8 | — | 17565.1 y/y 5.5% | — y/y — | — | 2530.1 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 2227.3 y/y 2.1% | 226.8 y/y 445.1% | 162.3 y/y 6.9% | 389.1 y/y 101.1% | 300.4 y/y 6.6% | 270.7 | -467.6 | 17095.9 y/y 2.1% | 10290.1 y/y 2.9% | 11.6% | 3336.2 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 2232.2 y/y — | 244.5 y/y — | 159.9 y/y — | 404.4 y/y — | -24.5 y/y — | 710.8 | -693.3 | 16942.7 y/y — | 10394.4 y/y — | 8.8% | 2910.9 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | OK | 2144.7 y/y — | 253.3 y/y — | 180.9 y/y — | 434.2 y/y — | 173.8 y/y — | 385.2 | -172.1 | 17600.5 y/y — | 10714.7 y/y — | 12.3% | 3051.7 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 1760.7 y/y — | 296.1 y/y — | 108.5 y/y — | 404.6 y/y — | 493.5 y/y — | 435.6 | 147.1 | 16650.8 y/y — | 9873.5 y/y — | 15.6% | 3347.7 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | OK | 2181.9 y/y — | 41.6 y/y — | 151.9 y/y — | 193.5 y/y — | 281.7 y/y — | 136.0 | -41.3 | 16747.0 y/y — | 10000.5 y/y — | — | 3396.5 | Report (PDF) |
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Current 98spot vs LTM +19%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: +9.3%
Main driver: Brent crude +28% vs LTM; revenue ×1.19 vs costs ×1.04; EBITDA 1 502 190→2 255 790; at 12.0× EV/EBITDA → +9%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Brent crude (rev) | +70% | 97.73 | 76.58 | 80.38 | +28% | +5% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 9 371 488 |
| LTM EBITDA | 1 502 190 |
| LTM cash costs (revenue − EBITDA) | 7 869 298 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.193 (+19%) |
| = Spot revenue | 11 183 029 |
| Revenue multiplier — 3y price | ×1.035 (+3%) |
| = 3-year-price revenue | 9 696 691 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.040 (+4%) |
| = Spot cash costs | 8 184 070 |
| Cost multiplier — 3y price | ×1.040 (+4%) |
| = 3-year-price cash costs | 8 184 070 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 2 998 959 |
| = 3-year-price EBITDA | 1 512 621 |
| Conservative EBITDA = min(spot, avg) | 2 255 790 |
| 5 · Valuation → target market cap | |
| Historical EV/EBITDA (75th pct) | 12.0x |
| Target EV = EV/EBITDA × conservative EBITDA | 27 069 481 |
| Net debt | 2 534 827 |
| Target market cap = EV − net debt | 24 534 654 |
| Current market cap | 22 454 679 |
Upside = target market cap ÷ current − 1 = +9.3%
Projected EV/EBITDA 7.0x · target 75th pct (3y) 18.3x · LTM avg 12.5x
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-06-23 | — | National Company "KazMunayGas" paid dividends on common shares KZ1C00001122 (KMGZ) for 2025 | Paid | KASE news |
KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).
Investor reporting (IR): https://www.kmg.kz/en/investors/reporting/
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of National Company "KazMunayGaz" JSC (KMGZ) — from primary filings.
KazMunayGas is Kazakhstan’s national oil and gas company, engaged in exploration, production, transport and refining across the value chain.