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National Company "KazMunayGaz" JSC (KMGZ) KZT

KazMunayGas is Kazakhstan’s national oil and gas company, engaged in exploration, production, transport and refining across the value chain.

Sector: Oil & gas (national oil company)

KMGZ

Price chart

35 200 KZTDay 0.00%

Key metrics

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.

Market

Price
35 200 KZT · 0.00%
Market cap
23121.3 bn KZT

Growth

Δ revenue y/y
10.7%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
18.5x
P/B (FY)
1.9x
P/E (ann.)
15.5x
EV/EBITDA (LTM)
15.4x
EV/EBITDA (ann.)
6.1x

Cash return

Dividend yield
1.6%
FCF yield (LTM)
-7.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+54.6%
↓ details

Liquidity

Daily turnover (KASE)
563 200

Shares: kase_book/KMGZ

Financial results

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.

DatePeriodStatusRevenueB KZTOperating profitB KZTD&AB KZTEBITDAB KZTNet profitB KZTOperating CFB KZTCapex + M&AB KZTAssetsB KZTEquityB KZTROE (annualized)Net debtB KZTSource
2026-03-31Q1 2026 (3M)PARTIAL2480.9
y/y 10.7%
—
y/y —
0.0
y/y -100.0%
—
y/y —
373.0
y/y 89.8%
0.3—19003.2
y/y 0.9%
—
y/y —
—-1.7Report (PDF)
2025-12-31Q4 2025 (3M)OK2313.9
y/y -20.0%
363.8
y/y 202.5%
190.4
y/y 138.6%
554.2
y/y 165.3%
109.5
y/y -51.9%
358.0-370.018848.4
y/y 11.3%
12386.3
y/y —
8.5%2534.8Report (PDF)
2025-09-30Q3 2025 (3M)OK2557.1
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%
598.4-780.420324.7
y/y 14.4%
12908.0
y/y 16.8%
10.3%2722.1Report (PDF)
2025-06-30Q2 2025 (3M)OK2259.2
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 -31.3%
9.0%2333.5Report (PDF)
2025-03-31Q1 2025 (3M)OK2241.3
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%
—-1675.3Report (PDF)
2024-12-31Q4 2024 (3M)OK2893.5
y/y 29.6%
-354.9
y/y -245.2%
-493.3
y/y -408.6%
-848.3
y/y -309.8%
227.4
y/y 1026.8%
-1420.0566.116941.1
y/y -0.0%
—
y/y —
—-0.5Report (PDF)
2024-09-30Q3 2024 (3M)OK2109.3
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%
8.1%2773.1Report (PDF)
2024-06-30Q2 2024 (3M)OK2012.0
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%
17558.2
y/y 77.8%
7.9%2530.1Report (PDF)
2024-03-31Q1 2024 (3M)OK2227.3
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%
270.7-467.617095.9
y/y 2.1%
10290.1
y/y 2.9%
11.6%3336.2Report (PDF)
2023-12-31Q4 2023 (3M)OK2232.2
y/y —
244.5
y/y —
159.9
y/y —
404.4
y/y —
-24.5
y/y —
710.8-693.316942.7
y/y —
10394.4
y/y —
8.8%2910.9Report (PDF)
2023-09-30Q3 2023 (3M)OK2144.7
y/y —
253.3
y/y —
180.9
y/y —
434.2
y/y —
173.8
y/y —
385.2-172.117600.5
y/y —
10714.7
y/y —
12.3%3051.7Report (PDF)
2023-06-30Q2 2023 (3M)OK1760.7
y/y —
296.1
y/y —
108.5
y/y —
404.6
y/y —
493.5
y/y —
435.6147.116650.8
y/y —
9873.5
y/y —
15.6%3347.7Report (PDF)
2023-03-31Q1 2023 (3M)OK2181.9
y/y —
41.6
y/y —
151.9
y/y —
193.5
y/y —
281.7
y/y —
136.0-41.316747.0
y/y —
10000.5
y/y —
—3396.5Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents1 688
Net debt-1 688

Net debt / LTM EBITDA: -0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000 00001 000 0002 000 0003 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-400%-200%0%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 000 000-500 0000500 0001 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-2 000 00002 000 0004 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.77x of reported net profit.
year202320242025
cash flow / profit1.80x0.00x1.77x
accruals, % of assets-4.4%6.5%-4.4%
Last twelve months (to 2026-03-31): 1.18x of profit came back as operating cash flow.
net debt / EBITDA 1.7x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Brent crude

Current 97spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +54.6%

Main driver: Brent crude +42% vs LTM; revenue ×1.30 vs costs ×1.04; EBITDA 1 502 190→3 168 829; at 12.0× EV/EBITDA → +55%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent crude (rev)+70%96.9468.1780.58+42%+18%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue9 371 488
LTM EBITDA1 502 190
LTM cash costs (revenue − EBITDA)7 869 298
2 · Revenue projection
Revenue multiplier — spot×1.295 (+30%)
= Spot revenue12 140 570
Revenue multiplier — 3y price×1.127 (+13%)
= 3-year-price revenue10 565 228
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs8 184 070
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs8 184 070
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 956 500
= 3-year-price EBITDA2 381 158
Conservative EBITDA = min(spot, avg)3 168 829
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA38 025 944
Net debt2 534 827
Target market cap = EV − net debt35 491 117
Current market cap22 950 756

Upside = target market cap ÷ current − 1 = +54.6%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +1% vs +11% the year before — a -9.7 pp move. 3-year CAGR +3%.
revenue growth by year: 2023 -4% · 2024 +11% · 2025 +1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.2x · target 75th pct (3y) 13.2x · LTM avg 12.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-23—National Company "KazMunayGas" paid dividends on common shares KZ1C00001122 (KMGZ) for 2025PaidKASE 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.

Frequently asked questions

What is National Company "KazMunayGaz" JSC (KMGZ)'s P/E ratio?
National Company "KazMunayGaz" JSC (KMGZ) trades at a P/E of 18.5x (price to trailing 12-month earnings).
What is National Company "KazMunayGaz" JSC (KMGZ)'s EV/EBITDA?
National Company "KazMunayGaz" JSC (KMGZ) trades at 15.4x EV/EBITDA.
What is National Company "KazMunayGaz" JSC (KMGZ)'s P/B ratio?
National Company "KazMunayGaz" JSC (KMGZ) trades at a P/B of 1.9x.
What is National Company "KazMunayGaz" JSC (KMGZ)'s dividend yield?
National Company "KazMunayGaz" JSC (KMGZ)'s trailing 12-month dividend yield is 1.6%.
What is National Company "KazMunayGaz" JSC (KMGZ)'s return on equity (ROE)?
National Company "KazMunayGaz" JSC (KMGZ)'s ROE is 8.5%.
What is National Company "KazMunayGaz" JSC (KMGZ)'s market capitalization?
National Company "KazMunayGaz" JSC (KMGZ)'s market cap is 23121.3 bn KZT.

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