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Gazprom RUB

At a glance: strengths & risks
✓Margins improving (29%→34%)✗Revenue declining (-9%)✗No dividends currently

Sector: Oil & Gas

RU_GAZP

Price chart

90.17 RUBDay -1.11%

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
90.17 RUB · -1.11%
Market cap
2134.6 bn RUB

Growth

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

Multiples

P/E (LTM)
2.1x
3y avg: 2.3x
P/B (FY)
0.1x
P/E (ann.)
1.4x
EV/EBITDA (LTM)
2.9x
3y avg: 3.4x
EV/EBITDA (ann.)
2.5x

Cash return

Dividend yield
—
FCF yield (LTM)
35.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-27.8%
↓ details

Liquidity

Daily turnover (MOEX)
11.8 bln 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.

Financial results

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%
1.0-0.732.5
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%
0.9-0.331.9
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%
0.9-1.330.5
y/y —
18.4
y/y —
15.4%7.2Report (PDF)
2024-12-31Q4 2024 (3M)OK3.2
y/y 39.3%
0.0
y/y 108.4%
0.8
y/y 79.2%
0.9
y/y 3458.9%
0.3
y/y 179.7%
0.9-0.730.7
y/y 6.9%
17.7
y/y 7.3%
7.5%7.8Report (PDF)
2024-09-30Q3 2024 (3M)OK2.4
y/y —
0.4
y/y —
0.4
y/y —
0.8
y/y —
0.0
y/y —
1.1-0.830.1
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)OK2.3
y/y —
-0.4
y/y —
0.5
y/y —
0.0
y/y —
-0.3
y/y —
0.7-0.828.7
y/y —
16.5
y/y —
—7.1Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL0.3
y/y —
0.0
y/y —
0.2
y/y —
0.3
y/y —
0.1
y/y —
1.0-0.7—
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 —
0.7-1.227.5
y/y —
16.9
y/y —
—6.3Report (PDF)

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

-200%0%200%400%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

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.

Quality / corporate governance

Potential discount −18% (factor 0.82)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

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.

Oil & gas upside may be overstated: mineral-extraction tax / export duty rise with price but costs are not re-priced here.

Upside (conservative): -28% · spot -20% · 3-yr -36%

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×1.02 (+2%)
= Spot revenue9.92 trn RUB
Multiplier — 3-yr prices×1.00 (+0%)
= 3-yr-price revenue9.78 trn RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs6.78 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3.14 trn RUB
= 3-yr-price EBITDA3.00 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/23.07 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))3.07 trn RUB
5 · Valuation → target market cap
EV/EBITDA (current)3.2x
Target EV = EV/EBITDA × conservative EBITDA9.98 trn RUB
Net debt7.93 trn RUB
Target market cap = EV − net debt2.05 trn RUB
Current market cap2.83 trn RUB

Upside = target market cap ÷ current − 1 = -28%

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)50%407.69427.87-5%-4%+2%
RF exchange gas (SPIMEX)12%7 054.007 190.54-2%-2%-12%
LNG10%16.3011.66+40%+40%+7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -9% vs +25% the year before — a -34.2 pp move. 3-year CAGR -6%.
revenue growth by year: 2023 -27% · 2024 +25% · 2025 -9%
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).

Dividend potential

Dividends suspended (~3.8 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 rate14.2%
Historical yield spread to rate (3-yr median)+16.7 pp
= Fair dividend yield30.0%
3 · Valuation → upside
Current price91.06 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
202251.03 ₽
202015.24 ₽
201916.61 ₽
20188.04 ₽
20178.04 ₽
20167.89 ₽
20157.20 ₽
20147.20 ₽
Payments by period
PeriodEx-date/sh
2022 q42022-10-0751.03 ₽
2020 q32020-07-1415.24 ₽
2019 q32019-07-1616.61 ₽
2018 q32018-07-178.04 ₽
2017 q32017-07-188.04 ₽
2016 q32016-07-187.89 ₽
2015 q32015-07-147.20 ₽
2014 q32014-07-157.20 ₽
2013 q22013-05-095.99 ₽
2012 q22012-05-088.97 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 46% buy — balanced5d: 51% buy — balanced20d: 49% buy — balanced

Iceberg levels last session: 13 bid / 5 ask; largest — bid 90.8 (filled ×9.1 of displayed, 74 refills).
Robot clips (recurring characteristic order size): 15 bid / 15 ask; largest — bid 108 lots ×670 appearances across 205 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1134, ask ×1230.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
23.0746%13/515/1558,619
22.0754%10/1017/1589,264
21.0754%3/728/23115,421
20.0752%5/925/2395,918
17.0746%26/1114/20111,045

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Corporate events

29.06.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
29 июня 2026 года пройдет годовое собрание акционеров ПАО 'Газпром', на котором не будут объявлены и выплачены дивиденды по итогам 2025 года. Кворум по всем вопросам повестки дня был обеспечен, а годовой отчет и финансовая отчетность за 2025 год были утверждены.
16.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Газпром» согласовал сделку с ВЭБ.РФ, получив 10 голосов 'за' из 11. Заседание прошло 14 июля 2026 года, а протокол был составлен 15 июля 2026 года.
08.05.26BuybackПриобретение эмитентом собственных голосующих акций (долей) или депозитарных расписок на акции эмитента
ПАО «Газпром» приобрело 342,5 тыс. голосующих акций, увеличив свою долю до 342,5 тыс. акций. Приобретение произошло на основании решения Арбитражного суда от 13.03.2026. Дата приобретения акций - 04.05.2026.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 10 of 17 funds, ≈5,0 млрд ₽ combined. Last month: trimmed — 2.

FundManagerWeight≈PositionΔ weight m/mDisclosure
EQMX Индекс МосБиржиВИМ Инвестиции9.55%1,1 млрд ₽—29.05.2026
SBMX Первая - Фонд Топ Российских акцийПервая9.50%1,6 млрд ₽—29.05.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал9.49%1,1 млрд ₽—29.05.2026
AMRE АТОН – Российские акции +Атон-менеджмент9.04%55 млн ₽—29.05.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис8.56%24 млн ₽—29.05.2026
SBPS Первая – Фонд Моя цель 2035Первая6.00%9 млн ₽—29.05.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал4.13%13 млн ₽-2.00 pp29.05.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал3.89%491 млн ₽-4.16 pp29.05.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал3.63%10 млн ₽—29.05.2026
TRUR Т-Капитал – Стратегия вечного портфеля в рубляхТ-Капитал2.80%486 млн ₽—29.05.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

Investment-community mentions

Substantive mentions last 7 days: 2 (1 negative), last 30 days: 6 (2 positive, 3 negative) across tracked channels, broker research and shows. 31 passing mentions (digests, calendars) hidden.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Gazprom — from primary filings.

GAZP (Gazprom) is a Russian energy company primarily engaged in the exploration, production, transportation, and sale of natural gas. It also operates in the oil and power generation sectors, and holds a monopoly on Russia's gas export pipeline infrastructure.

Frequently asked questions

What is Gazprom's P/E ratio?
Gazprom trades at a P/E of 2.1x (price to trailing 12-month earnings).
What is Gazprom's EV/EBITDA?
Gazprom trades at 2.9x EV/EBITDA.
What is Gazprom's P/B ratio?
Gazprom trades at a P/B of 0.1x.
What is Gazprom's return on equity (ROE)?
Gazprom's ROE is 7.9%.
What is Gazprom's market capitalization?
Gazprom's market cap is 2134.6 bn RUB.