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Gazprom RUB

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Oil & Gas

RU_GAZP

Price chart

112.35 RUBDay -0.09%

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
112.35 RUB · -0.09%
Market cap
2659.7 bn RUB

Growth

Δ revenue y/y
-0.3%
Δ EBITDA y/y
17.5%

Multiples

P/E (LTM)
2.6x
3y avg: 2.3x
P/B (FY)
0.1x
P/E (ann.)
1.8x
EV/EBITDA (LTM)
3.0x
3y avg: 3.4x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
—
FCF yield (LTM)
-20.4%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-90.0%
↓ details

Liquidity

Daily turnover (MOEX)
222.5 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 4 / Err: 10 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-06-30 H1⚠Warn 1
2023-09-30 9M✓OK
2023-09-30 Q3✓OK
2023-12-31 FY✗Errors 2Warn 1
2023-12-31 Q4✗Errors 2
2024-03-31 Q1✗Errors 1Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 9M✓OK
2024-09-30 Q3✗Errors 1Warn 1
2024-12-31 FY✗Errors 5Warn 1
2024-12-31 Q4✗Errors 1Warn 2
2025-03-31 Q1✗Errors 1Warn 2
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3✗Errors 1Warn 1
2025-12-31 FY✗Errors 2Warn 1
2025-12-31 Q4✗Errors 1Warn 1
2026-03-31 Q1⚠Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in T RUB, 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.

DatePeriodStatusRevenueT RUBOperating profitT RUBD&AT RUBEBITDAT RUBNet profitT RUBOperating CFT RUBCapex + M&AT RUBAssetsT RUBEquityT RUBROE (annualized)Net debtT RUBSource
2026-03-31Q1 2026 (3M)OK2.8
y/y -0.3%
0.6
y/y 27.1%
0.4
y/y 4.3%
1.0
y/y 17.5%
0.4
y/y -45.9%
1.0-0.532.5
y/y 6.7%
19.3
y/y 5.0%
7.9%7.7Report (PDF)
2025-12-31Q4 2025 (3M)OK2.6
y/y -19.0%
0.2
y/y 500.0%
0.7
y/y -16.6%
0.9
y/y 5.3%
0.2
y/y -36.5%
0.9-0.831.9
y/y 3.9%
18.9
y/y 7.0%
7.2%7.9Report (PDF)
2025-09-30Q3 2025 (3M)OK2.2
y/y -9.8%
0.3
y/y -32.6%
0.6
y/y 60.4%
0.9
y/y 13.7%
0.1
y/y —
0.6-0.731.5
y/y 4.4%
18.7
y/y 6.8%
1.1%7.7Report (PDF)
2025-06-30Q2 2025 (3M)OK2.2
y/y -5.6%
0.3
y/y -12.3%
0.3
y/y 0.0%
0.7
y/y -6.6%
0.3
y/y -18.8%
0.5-0.930.6
y/y 4.5%
18.6
y/y 6.0%
7.4%7.6Report (PDF)
2025-03-31Q1 2025 (3M)OK2.8
y/y 1.1%
0.5
y/y -23.6%
0.4
y/y 245.3%
0.8
y/y 14.1%
0.7
y/y 2.5%
0.9-0.730.5
y/y —
18.4
y/y —
15.4%7.2Report (PDF)
2024-12-31Q4 2024 (3M)OK3.2
y/y -52.2%
0.0
y/y 106.0%
0.8
y/y 1646.5%
0.9
y/y 229.5%
0.3
y/y 145.3%
0.9-2.230.7
y/y 6.9%
17.7
y/y 7.3%
7.5%7.8Report (PDF)
2024-09-30Q3 2024 (3M)OK2.4
y/y 13.8%
0.4
y/y 55.8%
0.4
y/y 43.2%
0.8
y/y 49.3%
0.0
y/y -148.2%
1.1-0.630.1
y/y —
17.5
y/y —
-0.3%7.6Report (PDF)
2024-06-30Q2 2024 (3M)OK2.3
y/y —
0.4
y/y —
0.3
y/y —
0.7
y/y —
0.4
y/y —
0.2-0.929.3
y/y —
17.6
y/y —
—7.5Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL2.8
y/y —
0.6
y/y —
0.1
y/y —
0.7
y/y —
0.7
y/y —
0.2——
y/y —
—
y/y —
—6.6Report (PDF)
2023-12-31Q4 2023 (3M)OK6.7
y/y —
-0.6
y/y —
-0.1
y/y —
-0.7
y/y —
-0.6
y/y —
1.6-1.628.7
y/y —
16.5
y/y —
—7.1Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL2.1
y/y —
0.3
y/y —
0.3
y/y —
0.5
y/y —
0.1
y/y —
0.5-0.6—
y/y —
—
y/y —
—6.3Report (PDF)
2023-06-30Q2 2023 (3M)OK1.8
y/y —
0.2
y/y —
0.5
y/y —
0.7
y/y —
0.0
y/y —
0.7-1.327.5
y/y —
16.9
y/y —
—6.3Report (PDF)
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil & Gas (gas)

Annual production
409.33 bcm
2025

Production, bcm

35920234162024409.332025

Production

YearProduction, bcm
2025409.33
−1.6%
2024416
+15.9%
2023359

Gazprom FY2025 gas output 409.33 bcm incl. JV share (405.4 bcm excl.), -2.6% YoY (Interfax citing Gazprom). FY2024 ~416 bcm. Detailed segment/reserve disclosure curtailed post-2022.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 000 00002 000 0004 000 0006 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

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

Net debt / cash ($ mln)

02 000 0004 000 0006 000 0008 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Natural Gas (TTF)

Current 408spot vs LTM -5%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 72 vs LTM-avg 80 → ×0.90 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is). Oil & gas upside may be overstated: mineral-extraction tax / export duty rise with price but costs are not re-priced here.

Upside (conservative): -90% · spot -90% · 3-yr -87%

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

1 · Reported baseline (latest FY)
Revenue9.77 trn RUB
EBITDA3.32 trn RUB
Cash costs (revenue − EBITDA)6.46 trn RUB
2 · Revenue projection
Multiplier — spot×0.94 (-6%)
= Spot revenue9.16 trn RUB
Multiplier — 3-yr prices×0.95 (-5%)
= 3-yr-price revenue9.33 trn RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs6.78 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2.39 trn RUB
= 3-yr-price EBITDA2.55 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/22.47 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))2.39 trn RUB
5 · Valuation → target market cap
EV/EBITDA (current)3.2x
Target EV = EV/EBITDA × conservative EBITDA7.75 trn RUB
Net debt7.93 trn RUB
Target market cap = EV − net debt0 mln RUB
Current market cap2.83 trn RUB

Upside = target market cap ÷ current − 1 = -90%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Natural Gas (TTF)55%407.69427.87-5%-14%-8%
LNG10%14.0211.09+26%+14%+1%

Dividend potential

Dividends suspended (~3.7 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)1348 bn RUB
Payout ratio100%
Recent actual dividend (3-yr median)51.03 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)+17.9 pp
= Fair dividend yield30.0%
3 · Valuation → upside
Current price112.43 ₽
Forecast dividend yield—
Fair price (dividend-based)0 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=934

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)