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 162 mln USD.

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 M USD, 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	RevenueM USD	Operating profitM USD	D&AM USD	EBITDAM USD	Net profitM USD	Operating CFM USD	Capex + M&AM USD	AssetsM USD	EquityM USD	ROE (annualized)	Net debtM USD	Source
2026-06-30	H1 2026 (6M)	OK	378.8 y/y 44.6% y/y 44.6%	90.8 y/y -3.8% y/y -3.8%	2.1 y/y 28.2% y/y 28.2%	92.9 y/y -3.3% y/y -3.3%	22.4 y/y -31.6% y/y -31.6%	-87.5	-80.6	1636.3 y/y 22.1%	120.9 y/y 86.9%	40.5%	1101.4	Report (PDF)
2025-12-31	H2 2025 (6M)	OK	316.9 y/y 26.6% y/y 14.4%	65.8 y/y 30.3% y/y 3.9%	1.8 y/y 99.3% y/y 263.8%	67.6 y/y 31.2% y/y 5.9%	10.7 y/y 153.4% y/y 27.8%	-218.9	-281.9	1542.6 y/y 46.2%	100.4 y/y 214.4%	52.6%	1166.1	Report (PDF)
2025-06-30	H1 2025 (6M)	OK	262.0 y/y 45.3% y/y 45.3%	94.5 y/y 58.2% y/y 58.2%	1.6 y/y 32.8% y/y 32.8%	96.1 y/y 57.7% y/y 57.7%	32.7 y/y 272.7% y/y 272.7%	-48.1	-176.0	1340.2 y/y 14.0%	64.7 y/y 174.1%	135.6%	925.7	Report (PDF)
2024-12-31	H2 2024 (6M)	OK	277.0 y/y 138.8% y/y 94.3%	63.3 y/y 141.5% y/y 59.3%	0.5 y/y -3.0% y/y -69.5%	63.8 y/y 136.7% y/y 54.3%	8.3 y/y 143.0% y/y 32.4%	173.4	-372.6	1054.9 y/y 24.2%	31.9 y/y 115.6%	61.7%	727.5	Report (PDF)
2024-06-30	H1 2024 (6M)	OK	180.4 y/y 268.6% y/y 268.6%	59.7 y/y 433.3% y/y 433.3%	1.2 y/y 699.6% y/y 699.6%	60.9 y/y 436.9% y/y 436.9%	8.8 y/y 1072.6% y/y 1072.6%	-184.4	-15.0	1175.9 y/y —	23.6 y/y —	91.5%	896.7	Report (PDF)
2023-12-31	H2 2023 (6M)	OK	142.6 y/y — y/y —	39.7 y/y — y/y —	1.6 y/y — y/y —	41.3 y/y — y/y —	6.3 y/y — y/y —	-163.9	-4.7	849.1 y/y —	14.8 y/y —	—	615.4	Report (PDF)
2023-06-30	H1 2023 (6M)	PARTIAL	48.9 y/y — y/y —	11.2 y/y — y/y —	0.2 y/y — y/y —	11.3 y/y — y/y —	0.7 y/y — y/y —	-67.5	-1.3	— y/y —	— y/y —	—	32345.0	Evidence

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

Net debt	1 101
Short-term debt (incl. ST leases)	97
Long-term debt (incl. LT leases)	1 044
− Cash & equivalents	40

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

Year-over-year change

Cash flow

FCF (₽ 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, -3.63x. 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)

20 projects building · 0.36m m² · 7 721 flats

escrow accounts: 100%overdue delivery: 0matched SPVs: 13

Commissioning, m m²: actual 2022: 0.01 · 2023: 0.03 · 2024: 0.16 · 2025: 0.02 · 2026: 0.03 · planned 2027: 0.12 · 2028: 0.15 · 2029: 0.05 · 2030: 0.03

→ Commissioning: last full year -88% YoY · 2026 exp. 0.03m (+70% — accelerating)

Pipeline MoM: 0.77→0.36 млн м² (-53.7%)

Geography (area): Нижегородская обл. 191k m² · код 25 91k m² · Татарстан 75k m²

Source: DOM.RF ЕИСЖС, snapshot 2026-09-07, 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: ≤-300.0%

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) = (93 − 96) × 1.73	-5
2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (162 + 1 101) ÷ 160	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 = -176 + 0 + 0 − 1 050	-1 226
5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (-5 × 7.2 + -1 226) ÷ 162	≤-300.0%

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).

Corporate events

04.09.26	AGM / Board	★ Решения совета директоров (наблюдательного совета) Совет директоров ПАО 'ГЛОРАКС' утвердил ряд решений, включая выбор председателя и повестку заочного голосования, связанного с крупной сделкой с балансовой стоимостью более 50% активов. Также была определена цена выкупа обыкновенных акций в размере 44,57 руб. за акцию. Реорганизация компании через присоединение к ней ООО 'СЗ НТВО' также была согласована.
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.
31.08.26	Material event	★ ▲ Информация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг ПАО 'Глоракс' за 1 полугодие 2026 года продемонстрировало уверенный рост: выручка увеличилась на 45% до 27 млрд руб., чистая прибыль возросла на 29% до 1,6 млрд руб. Компания сохранила высокую рентабельность по EBITDA на уровне 32% и снизила среднюю ставку по кредитному портфелю до 11,8%.
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.
02.07.26	AGM / Board	Решения общих собраний участников (акционеров) На годовом общем собрании акционеров ПАО 'ГЛОРАКС', состоявшемся 30 июня 2026 года, было принято решение не выплачивать дивиденды по итогам 2025 года. Также утверждены годовой отчет и финансовая отчетность за 2025 год, избраны члены Совета директоров и назначены аудиторы на 2026 год.

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, %	Volume, ₽	Maturity
ГЛОРАКС1Р3	18.4%	28%	104.0	5.2M	01.2027
ГЛОРАКС1Р4	20.2%	25.5%	109.2	14.8M	03.2028
ГЛОРАКС1Р5	20.9%	20.5%	103.1	18.2M	07.2029
sГЛОРАК2Р1	20.3%	19.5%	100.4	31.9M	12.2029

GLORAX (GLRX) USD

Price chart

Key metrics

Market

Growth

Multiples

Cash return

Liquidity