What is National Company "KazMunayGaz" JSC (KMGZ)'s P/E ratio?

National Company "KazMunayGaz" JSC (KMGZ) trades at a P/E of 21.9x (price to trailing 12-month earnings).

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 14.6%.

What is National Company "KazMunayGaz" JSC (KMGZ)'s market capitalization?

National Company "KazMunayGaz" JSC (KMGZ)'s market cap is 23530.0 bn KZT.

National Company "KazMunayGaz" JSC (KMGZ) Stock — Financials, Valuation & Dividends

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

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.

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
2026-06-30	Q2 2026 (3M)	OK	— y/y 23.7% y/y 23.7%	— y/y 61.9% y/y 61.9%	— y/y 7.2% y/y 7.2%	— y/y 45.0% y/y 45.0%	— y/y 69.1% y/y 69.1%	—	-185.2	18970.3 y/y -0.4%	12463.0 y/y 3.4%	14.6%	1107.5	Report (PDF)
2026-03-31	Q1 2026 (3M)	OK	— y/y 10.7% y/y 10.7%	— y/y 44.5% y/y 44.5%	— y/y 6.8% y/y 6.8%	— y/y 33.0% y/y 33.0%	— y/y 93.8% y/y 93.8%	—	-237.1	19003.2 y/y 0.9%	12324.6 y/y 4.3%	12.1%	694.8	Report (PDF)
2025-12-31	Q4 2025 (3M)	OK	— y/y 1.4% y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y -2.0% y/y —	—	-370.0	18848.4 y/y 11.3%	12386.3 y/y —	8.5%	504.0	Report (PDF)
2025-09-30	Q3 2025 (3M)	OK	— y/y 11.2% y/y 11.2%	— y/y 256.8% y/y 256.8%	— y/y 8.2% y/y 8.2%	— y/y 112.2% y/y 112.2%	— y/y 12.8% y/y 12.8%	—	-780.4	20324.7 y/y 14.4%	12908.0 y/y 16.8%	10.4%	2722.1	Report (PDF)
2025-06-30	Q2 2025 (3M)	OK	— y/y 6.2% y/y 6.2%	— y/y 141.8% y/y 141.8%	— y/y 9.5% y/y 9.5%	— y/y 76.0% y/y 76.0%	— y/y -2.8% y/y -2.8%	—	—	19053.9 y/y 8.5%	12054.2 y/y -31.3%	9.0%	2333.5	Report (PDF)
2025-03-31	Q1 2025 (3M)	OK	— y/y 0.6% y/y 0.6%	— y/y 78.4% y/y 78.4%	— y/y 9.6% y/y 9.6%	— y/y 49.7% y/y 49.7%	— y/y -35.9% y/y -35.9%	—	—	18836.0 y/y 10.2%	11811.9 y/y 14.8%	—	-1675.3	Report (PDF)
2024-12-31	Q4 2024 (3M)	OK	— y/y 11.1% y/y —	— y/y -100.0% y/y —	— y/y -100.0% y/y —	— y/y -100.0% y/y —	— y/y 18.4% y/y —	—	566.1	16941.1 y/y -0.0%	— y/y —	—	-0.5	Report (PDF)
2024-09-30	Q3 2024 (3M)	OK	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	—	—	17760.1 y/y —	11053.0 y/y —	8.1%	2773.1	Report (PDF)
2024-06-30	Q2 2024 (3M)	OK	— y/y 7.5% y/y 7.5%	— y/y -3.4% y/y -3.4%	— y/y 23.8% y/y 23.8%	— y/y 8.5% y/y 8.5%	— y/y -29.1% y/y -29.1%	—	—	17565.1 y/y 5.5%	17558.2 y/y 77.8%	7.9%	2530.1	Report (PDF)
2024-03-31	Q1 2024 (3M)	OK	— y/y 2.1% y/y 2.1%	— y/y 445.1% y/y 445.1%	— y/y 6.9% y/y 6.9%	— y/y 101.1% y/y 101.1%	— y/y 6.6% y/y 6.6%	—	-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	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	—	-693.3	16942.7 y/y —	10394.4 y/y —	8.8%	2910.9	Report (PDF)
2023-09-30	Q3 2023 (3M)	OK	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	—	-172.1	17600.5 y/y —	10714.7 y/y —	12.3%	3051.7	Report (PDF)
2023-06-30	Q2 2023 (3M)	OK	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	—	147.1	16650.8 y/y —	9873.5 y/y —	15.6%	3347.7	Report (PDF)
2023-03-31	Q1 2023 (3M)	OK	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	— y/y — y/y —	—	-41.3	16747.0 y/y —	10000.5 y/y —	—	3396.5	Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Net debt	1 107 476
Borrowings	3 411 001
Lease liabilities	124 156
− Cash	1 522 178
− Bank deposits	905 503

Cash flow

Net debt / cash (₸ mln)

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.

year	2023	2024	2025
cash flow / profit	1.80x	0.00x	1.77x
accruals, % of assets	-4.4%	6.5%	-4.4%

Last twelve months (to 2026-06-30): 1.49x of profit came back as operating cash flow.

net debt / EBITDA 0.2x

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 112spot vs LTM +21%

Commodity-player potential

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

Upside: +25.8%

Main driver: Brent crude +47% vs LTM; revenue ×1.21 vs costs ×1.04; EBITDA 2 906 909→3 456 431; at 8.8× EV/EBITDA → +26%.

Product prices — moves vs the LTM average

Commodity	Share	Spot	LTM	3-yr	vs LTM, $	vs LTM, KZT	3y vs LTM
Brent crude (rev)	+70%	112.33	76.51	81.15	+47%	+30%	+6%

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

1 · Reported baseline (LTM)
LTM revenue	10 438 748
LTM EBITDA	2 906 909
LTM cash costs (revenue − EBITDA)	7 531 839
2 · Revenue projection
Revenue multiplier — spot	×1.207 (+21%)
= Spot revenue	12 604 160
Revenue multiplier — 3y price	×0.956 (-4%)
= 3-year-price revenue	9 974 927
3 · Costs projection
Cost multiplier — spot	×1.040 (+4%)
= Spot cash costs	7 833 113
Cost multiplier — 3y price	×1.040 (+4%)
= 3-year-price cash costs	7 833 113
4 · EBITDA projection (revenue − costs)
= Spot EBITDA	4 771 047
= 3-year-price EBITDA	2 141 815
Conservative EBITDA = min(spot, avg)	3 456 431
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)	8.8x
Target EV = EV/EBITDA × conservative EBITDA	30 589 413
Net debt	1 107 476
Target market cap = EV − net debt	29 481 937
Current market cap	23 434 964

Upside = target market cap ÷ current − 1 = +25.8%

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 — daily history

Current 7.9x · 3-year 75th pct 8.8x

EV/EBITDA3-year 75th pct

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.

National Company "KazMunayGaz" JSC (KMGZ) KZT

Price chart

Key metrics

Market

Growth

Multiples

Cash return

Value creation

Liquidity