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Head Hunter RUB

At a glance: strengths & risks
✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 5.3 vs avg 7.4)✗Profit falling (-25%)✗Margins compressing (54%→50%)✗Dividend-trap risk

Sector: Information Technology

RU_HEAD

Price chart

2 919 RUBDay 0.86%

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
2 919 RUB · 0.86%
Market cap
137.7 bn RUB

Growth

Δ revenue y/y
-1.5%
Δ EBITDA y/y
-7.3%

Multiples

P/E (LTM)
3.7x
3y avg: 8.7x
P/B (FY)
10.5x
P/E (ann.)
10.8x
EV/EBITDA (LTM)
5.3x
3y avg: 7.4x
EV/EBITDA (ann.)
7.3x

Cash return

Dividend yield
16.0%
FCF yield (LTM)
14.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
-4.6%
↓ details

Liquidity

Daily turnover (MOEX)
381.4 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.

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.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-03-31Q1 2026 (3M)PARTIAL9.5
y/y -1.5%
—
y/y —
—
y/y —
4.6
y/y -7.3%
3.2
y/y —
———
y/y —
—
y/y —
—-4.3Link
2025-12-31Q4 2025 (3M)OK21.4
y/y 1.2%
10.6
y/y -4.6%
0.8
y/y 22.8%
11.4
y/y -3.0%
10.4
y/y -37.9%
——34.9
y/y 42.4%
13.1
y/y 181.7%
135.3%-11.4Report (PDF)
2025-06-30Q2 2025 (3M)OK10.1
y/y 7.3%
—
y/y -8.8%
—
y/y 41.1%
4.2
y/y -5.8%
—
y/y 6.1%
——31.7
y/y -22.8%
13.4
y/y -50.3%
—≈ -0.1Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL9.6
y/y —
—
y/y —
—
y/y —
4.9
y/y —
—
y/y —
5.0-0.1—
y/y —
—
y/y —
—-0.1Report (PDF)
2024-12-31Q4 2024 (3M)OK21.2
y/y —
11.1
y/y —
0.7
y/y —
11.8
y/y —
16.7
y/y —
13.8-2.024.5
y/y -33.4%
4.7
y/y -76.2%
150.6%5.2Report (PDF)
2024-06-30Q2 2024 (3M)OK18.4
y/y —
9.1
y/y —
0.6
y/y —
9.7
y/y —
7.2
y/y —
9.9-0.241.1
y/y —
27.0
y/y —
61.5%-19.2Report (PDF)
2023-12-31FY 2023 (12M)OK29.4
y/y —
15.6
y/y —
1.2
y/y —
16.8
y/y —
12.4
y/y —
16.4-0.536.8
y/y —
19.6
y/y —
—-12.0Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)634
Long-term debt (incl. LT leases)2 502
− Cash & equivalents14 501
Net debt-11 366

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

010 00020 00030 0002023 FY2024 H12024 H22025 q12025 q22025 H22026 q1

Year-over-year change

-8%-5%-2%0%2023 FY2024 H12024 H22025 q12025 q22025 H22026 q1

Cash flow

FCF (₽ mln)

05 00010 00015 0002023 FY2024 H12024 H22025 q12025 q22025 H22026 q1

Net debt / cash (₽ mln)

-20 000-15 000-10 000-5 00005 0002023 FY2024 H12024 FY2025 q12025 q22025 q42026 q1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.32x of reported net profit; after capex, 1.28x.
year20212022202320242025
cash flow / profit1.58x2.08x1.32x0.99x1.23x
accruals, % of assets-13.9%-16.6%-10.9%0.8%-11.7%
Last twelve months (to 2025-12-31): 1.23x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · EBIT covers interest 34.0x · capex 0.5x of depreciation · dividends 127% of free cash flow
● Capex is 54% of depreciation - the asset base is being consumed faster than replaced.
● Dividends were 127% of the free cash flow earned over the window.
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.

EBITDAC (EBITDA less capitalised development)

Software firms capitalise much of their development spend into intangibles, so EBITDA overstates cash earnings. EBITDAC = EBITDA − capitalised development (the metric Positive Technologies reports itself).

EBITDAC (FY 2025): 20.1 blnEV/EBITDA (FY): 6.5xEV/EBITDAC (FY): 6.6x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2025-12-31 FY20 536−43120 10649%
2024-12-31 H211 759−14411 61555%
2024-12-31 FY21 455−27221 18253%
2024-06-30 H19 696−1299 56752%
2023-12-31 FY16 759−22916 53056%

RUB mln

Labour market — leading indicator
hh-index = active resumes per vacancy (hh.ru open analytics, Russia). A rising index and falling vacancy count = cooling hiring demand → a headwind for HeadHunter's revenue (employers pay for job postings).
hh-index, Jul 2026
8.7
+45% y/y
Vacancies, y/y
-15%
open-vacancy volume
Feb 2025 — Jul 2026
source: stats.hh.ru

Fundamental value creation

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

Value created per year: -4.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (4 576 − 4 934) × 4.49
-1 607
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (137 733 + -4 350) ÷ 20 536
6.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (6.5 + 6.5) ÷ 2
6.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 4 216 + 0 + 0 − 0
4 216
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 607 × 6.5 + 4 216) ÷ 137 733
-4.5%

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

Caveats:

  • LTM EBITDA approximated by latest FY
  • FCF (LTM) approximated by latest FY
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +4% vs +35% the year before — a -30.5 pp move. 3-year CAGR +32%.
revenue growth by year: 2023 +63% · 2024 +35% · 2025 +4%
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

High yield on falling profit

The forecast yield is high but full-year profit fell >20% — the payout rests on past earnings and is likely to be cut. Upside is suppressed to avoid flagging a yield trap as a buy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)15 bn RUB
Payout ratio81%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.1x)20 bn RUB
Recent actual dividend (3-yr median)466.00 ₽
= Forecast dividend per share466.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)+5.0 pp
= Fair dividend yield19.0%
3 · Valuation → upside
Current price2894 ₽
Forecast dividend yield16.1%
Fair price (dividend-based)2687 ₽

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

Dividend history

Paid, trailing 12-mo: 466.00 RUB/sh · 16.1%

Pay yearDividend /sh
2026233.00 ₽
2025233.00 ₽
2024907.00 ₽
202263.00 ₽
202140.40 ₽
202036.13 ₽
201923.45 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-05-12233.00 ₽
2025 q32025-09-25233.00 ₽
2024 q42024-12-16907.00 ₽
2022 q12022-01-2063.00 ₽
2021 q22021-06-0740.40 ₽
2020 q12020-03-2536.13 ₽
2019 q22019-06-1223.45 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 6 (3 positive), last 30 days: 8 (3 positive, 1 negative) across tracked channels, broker research and shows. 5 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

11.08.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
На заседании совета директоров компании 'Хэдхантер', запланированном на 12.08.2026, будет обсуждаться финансовые результаты и рекомендации по выплате дивидендов за 1 полугодие 2025 года. Также будет рассмотрен вопрос о созыве внеочередного Общего собрания акционеров.
05.08.26Buyback★ ▲ Приобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
Подконтрольная организации Хэдхантер приобрела 235,6 тыс. голосующих акций эмитента на организованных торгах. После сделки общее количество акций составило 1,17 млн. акций. Приобретение произошло в период с 20.07.2026 по 31.07.2026.
15.05.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Хэдхантер объявил неаудированные финансовые результаты за Q1 2026 с выручкой 9,5 млрд руб., что на 1,5% ниже год к году. Программа обратного выкупа акций объемом до 15 млрд руб. одобрена на срок 12 месяцев, что должно повысить акционерную стоимость. Чистая прибыль составила 3,7 млрд руб., увеличившись на 8,5% год к году.
04.05.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
Компания 'Хэдхантер' объявила дату фиксации прав на получение дивидендов по обыкновенным акциям на 12 мая 2026 года. Дивиденды будут начислены по результатам 2025 года. Номинальная стоимость акций составляет 1 рубль.
04.05.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров компании 'Хэдхантер' принято решение о выплате дивидендов в размере 233 руб. на акцию из нераспределенной прибыли. Также назначена аудиторская организация АО 'Кэпт'. Решение о внесении изменений в Устав не было принято.
06.03.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров 'Хэдхантер' рекомендовал выплатить дивиденды в размере 233 руб. на акцию по результатам 2025 года и установить дату 12 мая 2026 года для определения лиц, имеющих право на их получение.
10.07.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Компания 'Хэдхантер' сообщила о приобретении ООО 'Управляющая компания Альфа-Капитал' права на 5,01% голосов акций, что составляет 2 364 744 голосов. Предыдущее количество голосов составляло 4,90% или 2 310 657 голосов. Приобретение произошло на основании покупки обыкновенных акций 21 февраля 2025 года.

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 5 of 17 funds, ≈1,5 млрд ₽ combined. Last month: added — 1, trimmed — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал9.40%1,3 млрд ₽+1.00 pp30.06.2026
TITR Т-Капитал Акции ростаТ-Капитал9.01%28 млн ₽—30.06.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал6.99%24 млн ₽-0.50 pp30.06.2026
AMRE АТОН – Российские акции +Атон-менеджмент5.00%36 млн ₽—30.06.2026
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ4.87%48 млн ₽—30.06.2026

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.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=39017

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 Head Hunter — from primary filings.

HEAD is a Russian company that operates a chain of sports retail stores, selling sporting goods, equipment, and apparel under various brands.

Frequently asked questions

What is Head Hunter's P/E ratio?
Head Hunter trades at a P/E of 3.7x (price to trailing 12-month earnings).
What is Head Hunter's EV/EBITDA?
Head Hunter trades at 5.3x EV/EBITDA.
What is Head Hunter's P/B ratio?
Head Hunter trades at a P/B of 10.5x.
What is Head Hunter's dividend yield?
Head Hunter's trailing 12-month dividend yield is 16.0%.
What is Head Hunter's return on equity (ROE)?
Head Hunter's ROE is 157.9%.
What is Head Hunter's market capitalization?
Head Hunter's market cap is 137.7 bn RUB.

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