What is GLORAX (GLRX)'s P/E ratio?

GLORAX (GLRX) trades at a P/E of 4.9x (price to trailing 12-month earnings).

What is GLORAX (GLRX)'s EV/EBITDA?

GLORAX (GLRX) trades at 7.9x EV/EBITDA.

What is GLORAX (GLRX)'s P/B ratio?

GLORAX (GLRX) trades at a P/B of 1.6x.

What is GLORAX (GLRX)'s market capitalization?

GLORAX (GLRX)'s market cap is 11.4 bn RUB.

GLORAX (GLRX) Stock — Financials, Valuation & Dividends

Glorax is a residential developer building housing in St. Petersburg, Moscow and regional cities across Russia.

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 B 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.

Date	Period	Status	RevenueB RUB	Operating profitB RUB	D&AB RUB	EBITDAB RUB	Net profitB RUB	Operating CFB RUB	Capex + M&AB RUB	AssetsB RUB	EquityB RUB	ROE (annualized)	Net debtB RUB	Source
2026-06-30	H1 2026 (6M)	OK	27.0 y/y 44.6% y/y 44.6%	6.5 y/y -3.8% y/y -3.8%	0.1 y/y 28.2% y/y 28.2%	6.6 y/y -3.3% y/y -3.3%	1.6 y/y -31.6% y/y -31.6%	-6.2	-0.1	116.7 y/y 22.1%	8.6 y/y 86.9%	40.5%	78.5	Report (PDF)
2025-12-31	H2 2025 (6M)	OK	22.6 y/y 26.6% y/y 14.4%	4.7 y/y 30.3% y/y 3.9%	0.1 y/y 99.3% y/y 263.8%	4.8 y/y 31.2% y/y 5.9%	0.8 y/y 153.4% y/y 27.8%	-15.6	-0.3	110.0 y/y 46.2%	7.2 y/y 214.4%	52.6%	83.1	Report (PDF)
2025-06-30	H1 2025 (6M)	OK	18.7 y/y 45.3% y/y 45.3%	6.7 y/y 58.2% y/y 58.2%	0.1 y/y 32.8% y/y 32.8%	6.9 y/y 57.7% y/y 57.7%	2.3 y/y 272.7% y/y 272.7%	-3.4	-0.2	95.6 y/y 14.0%	4.6 y/y 174.1%	135.6%	66.0	Report (PDF)
2024-12-31	H2 2024 (6M)	OK	19.8 y/y 138.8% y/y 94.3%	4.5 y/y 141.5% y/y 59.3%	0.0 y/y -3.0% y/y -69.5%	4.5 y/y 136.7% y/y 54.3%	0.6 y/y 143.0% y/y 32.4%	12.4	-0.3	75.2 y/y 24.2%	2.3 y/y 115.6%	61.7%	51.9	Report (PDF)
2024-06-30	H1 2024 (6M)	OK	12.9 y/y 268.6% y/y 268.6%	4.3 y/y 433.3% y/y 433.3%	0.1 y/y 699.6% y/y 699.6%	4.3 y/y 436.9% y/y 436.9%	0.6 y/y 1072.6% y/y 1072.6%	-13.1	-0.1	83.8 y/y —	1.7 y/y —	91.5%	63.9	Report (PDF)
2023-12-31	H2 2023 (6M)	OK	10.2 y/y — y/y —	2.8 y/y — y/y —	0.1 y/y — y/y —	2.9 y/y — y/y —	0.4 y/y — y/y —	-11.7	0.1	60.5 y/y —	1.1 y/y —	—	43.9	Report (PDF)
2023-06-30	H1 2023 (6M)	PARTIAL	3.5 y/y — y/y —	0.8 y/y — y/y —	0.0 y/y — y/y —	0.8 y/y — y/y —	0.1 y/y — y/y —	-4.8	-0.1	— y/y —	— y/y —	—	32.3	Evidence

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

Net debt	78 531
Short-term debt (incl. ST leases)	6 924
Long-term debt (incl. LT leases)	74 471
− Cash & equivalents	2 864

Net debt / LTM EBITDA: 6.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

Year-over-year change

Cash flow

Operating and investing cash flow (OCF + ICF) (₽ mln)

Net debt / cash (₽ mln)

Profit and cash

The gap is the business model

In a typical year of 2021–2025 operating cash flow came to -6.15x of reported net profit; after capex, -6.30x. Loss years (2021, 2022) are left out of the ratio.

year	2022	2023	2024	2025
cash flow / profit	—	-32.82x	-0.64x	-6.15x
accruals, % of assets	31.0%	28.1%	2.7%	20.1%

Last twelve months (to 2026-06-30): -9.27x of profit came back as operating cash flow.

net debt / EBITDA 6.7x · capex 1.4x of depreciation

● In a typical year operating cash flow covered -615% of reported profit (3 profitable years).

● Accruals average 20.5% of assets a year - profit runs ahead of cash.

Real estate: profit carries investment-property revaluations and, for developers, buyer money that sits in escrow until handover - neither passes through operating cash flow, so profit above cash is structural here. Judge the leverage against escrow coverage and against the rent roll, not against this ratio.

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.

Earnings ex-capitalized interest

Developers fund construction with project financing and, under IAS 23, capitalize the interest into inventory (construction-in-progress) instead of expensing it. At a high key rate this understates the true interest burden in EBITDA and net profit. Below: earnings as if ALL interest were expensed.

Year	EBITDA	Cap. interest	EBITDA ex-%	Net profit	NP ex-%
2025	11 669	−6 234	5 436	3 095	-3 139
2024	8 895	−3 257	5 637	1 221	-2 036

RUB mln. Adjustment is gross (pre-tax): shows the full interest burden as if the capitalized interest had been a period expense.

Construction pipeline (DOM.RF registry)

17 projects building · 0.29m m² · 7 005 flats

escrow accounts: 100%overdue delivery: 0matched SPVs: 11

Commissioning, m m²: actual 2020: 0.08 · 2024: 0.03 · 2026: 0.04 · planned 2026: 0.06 · 2027: 0.10 · 2028: 0.05 · 2029: 0.05

→ Commissioning: last full year -70% YoY · 2026 exp. 0.10m (+286% — accelerating)

Pipeline MoM: 0.36→0.29 млн м² (-17.8%)

Geography (area): Нижегородская обл. 141k m² · Татарстан 36k m² · код 33 32k m² · код 51 31k m² · код 76 30k m²

Source: DOM.RF ЕИСЖС, snapshot 2026-10-22, updated monthly. Projects are matched by developer brand — groups whose SPVs use project names (notably PIK) are only PARTIALLY covered, so levels are a lower bound; read the month-over-month trend and ratios (escrow, timing, regions).

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.

Consistently profitable yet pays no dividends to minorities (−18%)

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -182.7%

How this was calculated

1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (6 625 − 6 852) × 1.73	-391
2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (11 445 + 78 531) ÷ 11 443	7.9x
3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (7.9 + 6.5) ÷ 2	7.2x
4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -17 053 + 0 + 0 − 1 050	-18 103
5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (-391 × 7.2 + -18 103) ÷ 11 445	-182.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

half-year basis (semi-annual reporter)
dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼

Last-year revenue growth +27% vs +139% the year before — a -112.3 pp move. 3-year CAGR +96%.

revenue growth by year: 2023 +150% · 2024 +139% · 2025 +27%

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 8.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Construction & Real Estate. Every peer trades on the same market, so no adjustment is needed.

Company	Market	Cap, $bn	EV/EBITDA
PIK Group	Russia	4.4	5.3x
APRI	Russia	0.2	8.6x
Samolet	Russia	0.2	9.5x
Etalon	Russia	0.2	10.9x
LSR Group	Russia	0.7	41.1x
Group median			9.5x
Group average			15.1x
This company	Russia	0.1	7.9x

Group median 9.5x; this company 7.9x — a 17% discount.

Group average 15.1x; against the average this company is at a 48% discount. The average sits 59% above the median: LSR Group (41.1x) skews the group.

At the adjusted group median the market cap would be +168% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Corporate events

21.10.26	Material event	★ ▲ Информация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг ПАО 'ГЛОРАКС' объявило о проведении первичного публичного размещения акций на Московской Бирже, запланированного на 23 октября 2025 года. Стоимость одной акции составит 76,48 руб., что на 19,5% выше цены размещения в 64 руб. Инвесторы смогут продать акции по этой цене при выполнении определенных условий.
07.10.26	Filing	★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента Компания 'ГЛОРАКС' объявила о выкупе обыкновенных акций по цене 44,57 руб. за акцию. Акционеры, голосовавшие против или не участвовавшие в голосовании, могут требовать выкуп акций до 19 ноября 2026 года. Выкуп будет осуществляться в период с 20 по 19 декабря 2026 года.
31.08.26	Filing	★ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня 28 августа 2026 года ПАО 'ГЛОРАКС' проведет заседание совета директоров, в повестке которого рассматриваются вопросы о реорганизации компании и крупных сделках, включая поручительства с ПАО Сбербанк и АО 'Банк ДОМ.РФ'. На заседании также будет обсуждаться цена выкупа акций Общества.
10.07.26	Filing	★ ▼ Совершение эмитентом существенной сделки ПАО 'ГЛОРАКС' заключило крупную сделку по проектному финансированию с АО 'Банк ДОМ.РФ', обеспечив обязательства дочернего общества 'СЗ Мицар' залогом прав по договору залогового счета на сумму 82,55 млрд. руб., что составляет 75,05% от совокупной стоимости активов компании на 31.12.2025.
10.07.26	Filing	★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора 10 июля 2026 года ПАО 'ГЛОРАКС' присвоен кредитный рейтинг BBB+(RU) для биржевых зеленых облигаций серии 002Р-01. Рейтинг был выдан обществом с ограниченной ответственностью 'Национальные Кредитные Рейтинги'.
17.06.26	Filing	★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора 17 июня 2026 года кредитное рейтинговое агентство АКРА изменило кредитный рейтинг облигаций ПАО 'ГЛОРАКС' с BBB(RU) на BBB+(RU). Рейтинг присвоен для биржевых облигаций серий 001Р-03 и 001Р-04.
07.10.26	AGM / Board	Решения общих собраний участников (акционеров) ПАО «ГЛОРАКС» приняло решения о реорганизации в форме присоединения к нему ООО «Специализированный застройщик «НТВО» и о заключении нескольких крупных сделок с общим лимитом до 82,55 млрд. руб. Также акционеры имеют право на выкуп акций по цене 44,57 руб. за акцию.
05.10.26	AGM / Board	Решения совета директоров (наблюдательного совета) Совет директоров ПАО 'ГЛОРАКС' принял решение о цене услуг аудиторской организации для проведения аудита за 2026 год в размере не более 3 млн. руб. Также утвержден план работы департамента внутреннего аудита на второе полугодие 2026 года.

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

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 GLORAX (GLRX) — from primary filings.

Issue	YTM	Coupon	Price, %	1D	Volume today, ₽	Avg vol. 20D, ₽	Maturity
ГЛОРАКС1Р3	18.4%	28%	102.81	+0.01%	2.8M	6.1M	01.2027
ГЛОРАКС1Р4	23.3%	25.5%	105.30	-0.08%	5.3M	11.9M	03.2028
ГЛОРАКС1Р5	22.9%	20.5%	99.30	-0.08%	8.4M	25.4M	07.2029
sГЛОРАК2Р1	23.8%	19.5%	95.45	+0.07%	6.1M	22.2M	12.2029

GLORAX (GLRX) RUB

Price chart

Key metrics

Market

Growth

Multiples

Cash return

Value creation

Liquidity