Frontierby eninvs

Language: EN · RU

← Region

Gazprom RUB

Gazprom is Russia's state-controlled gas producer and exporter and the owner of the unified gas supply system; it also runs oil (Gazprom Neft) and power generation businesses.

At a glance: strengths & risks
✓Revenue growing (+15% y/y, Q2 2026)✓Profit growing (+64% y/y, Q2 2026)✓Margins improving (31%→37%, Q2 2026)✗No dividends currently

Sector: Oil & Gas

RU_GAZP

Price chart

91.7 RUBDay 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
91.7 RUB · 0.00%
Market cap
2170.9 bn RUB

Growth

Δ revenue y/y
14.8%
Δ EBITDA y/y
35.4%

Multiples

P/E (LTM)
1.7x
3y avg: 2.3x
P/B (FY)
0.1x
P/E (ann.)
1.0x
EV/EBITDA (LTM)
2.7x
3y avg: 3.4x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
—
FCF yield (LTM)
-15.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+400.0%
↓ details

Liquidity

Daily turnover (MOEX)
7.4 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
2026-06-30Q2 2026 (3M)OK2.5
y/y 14.8%
0.6
y/y 69.9%
0.3
y/y 0.0%
0.9
y/y 35.4%
0.6
y/y 63.9%
0.4-0.632.8
y/y 7.4%
19.7
y/y 6.0%
11.4%8.0Report (PDF)
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%
0.90.131.9
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 —
0.6-1.431.5
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%
0.5-0.530.6
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 682.2%
0.4
y/y —
0.4
y/y 43.2%
0.8
y/y —
0.0
y/y -144.2%
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 —
—
y/y —
0.3
y/y —
—
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 —
0.7-1.227.5
y/y —
16.9
y/y —
—6.3Report (PDF)

Net debt structure (leases included, IFRS 16) 2023-06-30

Short-term debt (incl. ST leases)1 015 947
Long-term debt (incl. LT leases)5 252 307
Net debt6 268 254

Net debt / LTM EBITDA: 1.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

01 000 0002 000 0003 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-750 000-500 000-250 0000250 000500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

02 000 0004 000 0006 000 0008 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.78x of reported net profit. Loss years (2023) are left out of the ratio.
year20212022202320242025
cash flow / profit1.40x1.67x—1.89x2.13x
accruals, % of assets-3.2%-3.4%-10.0%-3.8%-4.8%
Last twelve months (to 2026-06-30): 2.32x of profit came back as operating cash flow.
net debt / EBITDA 2.4x
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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 873spot vs LTM +97%

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 3-year historical (p75) EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 86 vs LTM-avg 78 → ×1.10 (ruble weaker → more 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): +400% · spot +400% · 3-yr +65%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue10.08 trn RUB
EBITDA3.70 trn RUB
Cash costs (revenue − EBITDA)6.38 trn RUB
2 · Revenue projection
Multiplier — spot×1.65 (+65%)
= Spot revenue16.64 trn RUB
Multiplier — 3-yr prices×1.08 (+8%)
= 3-yr-price revenue10.92 trn RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs6.70 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA9.94 trn RUB
= 3-yr-price EBITDA4.22 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/27.08 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))7.08 trn RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)2.7x
Target EV = EV/EBITDA × conservative EBITDA19.36 trn RUB
Net debt (as of 2026-06-30)7.95 trn RUB
Target market cap = EV − net debt11.41 trn RUB
Current market cap2.17 trn RUB

Upside = target market cap ÷ current − 1 = +400%

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%873.45443.18+97%+117%+15%
RF exchange gas (SPIMEX)12%7 107.007 190.54-1%-1%-10%
LNG10%17.8511.65+53%+68%+19%

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 (~3.9 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 rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price91.70 ₽
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: 51% buy — balanced5d: 51% buy — balanced20d: 49% buy — balanced

Iceberg levels last session: 4 bid / 12 ask; largest — bid 90.39 (filled ×5.4 of displayed, 57 refills).
Robot clips (recurring characteristic order size): 7 bid / 5 ask; largest — ask 679 lots ×264 appearances across 84 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×768, ask ×680.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0951%4/127/544,927
03.0955%10/177/962,297
02.0951%0/06/442,278
01.0949%6/711/1062,076
31.0851%19/813/1088,677

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.

Investment-community mentions

Substantive mentions last 7 days: 11 (8 positive), last 30 days: 22 (12 positive, 2 negative) across tracked channels, broker research and shows. 19 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.

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 7 of 17 funds, ≈4,4 млрд ₽ combined. Last month: added — 1, trimmed — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
BCSR БКС Индекс Российского рынкаБрокеркредитсервис8.88%28 млн ₽+0.63 pp31.07.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал8.78%1,1 млрд ₽—31.07.2026
EQMX ВИМ - Индекс МосБиржиВИМ Инвестиции8.66%1,1 млрд ₽—31.07.2026
SBMX Первая - Фонд Топ Российских акцийПервая8.58%1,6 млрд ₽-0.69 pp31.07.2026
AMRE АТОН – Российские акции +Атон-менеджмент8.47%66 млн ₽—31.07.2026
SBPS Первая – Фонд Моя цель 2035Первая5.40%8 млн ₽—31.07.2026
TRUR Т-Капитал – Стратегия вечного портфеля в рубляхТ-Капитал2.40%444 млн ₽—31.07.2026

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.

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.

Frequently asked questions

What is Gazprom's P/E ratio?
Gazprom trades at a P/E of 1.7x (price to trailing 12-month earnings).
What is Gazprom's EV/EBITDA?
Gazprom trades at 2.7x 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 11.4%.
What is Gazprom's market capitalization?
Gazprom's market cap is 2170.9 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ГазпромБО7floatfloat——put 07.2025
ГазпромБ22floatfloat——put 07.2025
ГазпромБ23floatfloat——put 07.2025
ГазпромБ19floatfloat——10.2043
ГазпромБ20floatfloat——10.2043

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map