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Head Hunter RUB

HeadHunter is Russia's leading online recruitment platform, where employers post vacancies and search a CV database and job seekers look for work; it also sells HR software and services.

At a glance: strengths & risks
✓Net cash balance sheet✗Dividend-trap risk

Sector: Information Technology

RU_HEAD

Price chart

2 664 RUBDay -0.34%

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
2 664 RUB · -0.34%
Market cap
125.7 bn RUB

Growth

Δ revenue y/y
0.0%
Δ EBITDA y/y
1.3%

Multiples

P/E (LTM)
7.0x
3y avg: 8.7x
P/B (FY)
9.6x
P/E (ann.)
7.2x
EV/EBITDA (LTM)
6.4x
3y avg: 7.4x
EV/EBITDA (ann.)
6.7x

Cash return

Dividend yield
16.0%
FCF yield (LTM)
16.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+9.8%
↓ details

Liquidity

Daily turnover (MOEX)
670.1 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
2026-06-30Q2 2026 (3M)OK10.1
y/y 0.0%
4.5
y/y 2.2%
0.4
y/y 7.5%
4.9
y/y 2.6%
4.4
y/y 4.2%
3.4-0.629.0
y/y -8.5%
9.9
y/y -26.6%
151.6%5.7Report (PDF)
2025-12-31Q4 2025 (3M)OK10.5
y/y 0.4%
4.8
y/y -9.8%
0.5
y/y 40.3%
5.3
y/y -7.0%
4.6
y/y -36.1%
5.7-0.534.9
y/y 42.4%
13.1
y/y 181.7%
135.3%-11.4Report (PDF)
2025-06-30Q2 2025 (3M)OK10.1
y/y —
4.4
y/y —
0.4
y/y —
4.8
y/y —
4.2
y/y —
4.6-0.231.7
y/y —
13.4
y/y —
184.8%-10.2Report (PDF)
2024-12-31Q4 2024 (3M)OK10.4
y/y 22.8%
5.4
y/y 20.3%
0.3
y/y 11.1%
5.7
y/y 19.7%
7.2
y/y 130.5%
6.2-0.624.5
y/y -33.4%
4.7
y/y -76.2%
196.7%5.2Report (PDF)
2023-12-31Q4 2023 (3M)OK8.5
y/y —
4.5
y/y —
0.3
y/y —
4.8
y/y —
3.1
y/y —
4.5-0.136.8
y/y —
19.6
y/y —
—-12.0Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL7.0
y/y —
—
y/y —
—
y/y —
4.2
y/y —
—
y/y —
3.0-0.1—
y/y —
—
y/y —
—-5.2Evidence

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

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

02 5005 0007 50010 00012 5002023 q22023 q42024 q42025 q22025 q42026 q2

Year-over-year change

-10%0%10%20%30%2023 q22023 q42024 q42025 q22025 q42026 q2

Cash flow

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

02 0004 0006 0008 0002023 q22023 q42024 q42025 q22025 q42026 q2

Net debt / cash (₽ mln)

-15 000-10 000-5 00005 00010 0002023 H12023 FY2024 FY2025 H12025 FY2026 H1

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 - Q2 2025): 1.15x 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): 6.4xEV/EBITDAC (FY): 6.5x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2025-12-31 FY20 536−43120 10649%
2024-12-31 FY21 455−27221 18253%
2023-12-31 FY16 759−22916 53056%

RUB mln

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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, Sep 2026
8.5
+33% y/y
Vacancies, y/y
-13%
open-vacancy volume
Apr 2025 — Sep 2026
source: stats.hh.ru

Quality / corporate governance

Potential discount −9% (factor 0.91)

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

Fundamental value creation

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

Value created per year: +9.8%

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)
= (4 849 − 4 785) × 4.25
271
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (125 701 + 5 746) ÷ 20 614
6.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (6.4 + 6.5) ÷ 2
6.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -8 079 + 18 647 + 0 − 0
10 568
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (271 × 6.4 + 10 568) ÷ 125 701
+9.8%

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

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).

EV/EBITDA — daily history

Current 6.5x · 3-year 75th pct 10.8x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Information Technology. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
MICRON TECHNOLOGY INCUS1008.19.0x1.7x
ORACLE CORPUS396.515.6x2.9x
INTERNATIONAL BUSINESS MACHINES CORPUS229.518.4x3.5x
MICROSOFT CORPUS3964.020.8x3.9x
NVIDIA CORPUS5261.126.2x4.9x
CISCO SYSTEMS, INC.US421.127.2x5.1x
TEXAS INSTRUMENTS INCUS253.627.7x5.2x
Apple Inc.US5015.529.4x5.5x
Broadcom Inc.US1622.729.7x5.6x
APPLIED MATERIALS INC /DEUS321.132.9x6.2x
LAM RESEARCH CORPUS329.638.0x7.2x
Arista Networks, Inc.US231.149.3x9.3x
Group median27.4x5.2x
Group average27.0x5.1x
This companyRussia1.56.4x6.4x

Group median 27.4x as traded, 5.2x adjusted; this company 6.4x — a 24% premium.

Group average 27.0x as traded, 5.1x adjusted; against the average this company is at a 26% premium.

At the adjusted group median the market cap would be -17% 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 20.7x, Russia 3.9x, South Africa 5.1x, Kazakhstan 4.6x, India 18.8x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-21; the company's own is live.

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)18 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)433.00 ₽
= Forecast dividend per share433.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)+3.5 pp
= Fair dividend yield17.5%
3 · Valuation → upside
Current price2705 ₽
Forecast dividend yield16.0%
Fair price (dividend-based)2592 ₽

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

Dividend history

Paid, trailing 12-mo: 433.00 RUB/sh · 16.0%

Pay yearDividend /sh
2026433.00 ₽
2025233.00 ₽
2024907.00 ₽
202263.00 ₽
202140.40 ₽
202036.13 ₽
201923.45 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-09-25200.00 ₽
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: 0, last 30 days: 2 (1 positive, 1 negative) across tracked channels, broker research and shows. 7 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

14.10.26Buyback★ ▲ Приобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
Подконтрольная организации 'Хэдхантер' приобрела 245,5 тыс. голосующих акций, увеличив свою долю до 2,19 млн. акций. Приобретение произошло на Московской Бирже с использованием брокеров. Дата события - 13.10.2026.
22.09.26Filing★ ▲ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
Компания 'Хэдхантер' объявила дивиденды по обыкновенным акциям в размере 200 руб. на акцию, общая сумма выплат составит 8,96 млрд. руб. Дата определения лиц, имеющих право на получение дивидендов, назначена на 28.09.2026.
21.09.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На внеочередном собрании акционеров 17.09.2026 года было решено выплатить дивиденды в размере 200 руб. на акцию и утвердить новую редакцию Устава Общества. Кворум составил 52,8%. Дата составления списка лиц, имеющих право на получение дивидендов, назначена на 28.09.2026.
14.08.26Filing★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
Во 2-м квартале 2026 года выручка Группы составила 10,1 млрд руб., сохранившись на уровне аналогичного периода прошлого года, с ростом сегмента HR-Tech на 29,4% до 775 млн руб. Чистая прибыль увеличилась на 4,2% до 4,4 млрд руб. Обыкновенные акции зарегистрированы под номером 1-01-16755-A.
14.08.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров 'Хэдхантер' рекомендовал выплатить дивиденды в размере 200 руб. на акцию по результатам 1 полугодия 2026 года и предложил установить дату 28 сентября 2026 года для определения лиц, имеющих право на получение дивидендов.
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.
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.

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 6 of 17 funds, ≈1,4 млрд ₽ combined. Last month: added — 1, trimmed — 1, entered top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
TITR Т-Капитал Акции ростаТ-Капитал8.65%27 млн ₽—31.08.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал8.60%1,2 млрд ₽—31.08.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал7.98%29 млн ₽-0.91 pp31.08.2026
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ5.32%54 млн ₽—31.08.2026
AMRE АТОН – Российские акции +Атон-менеджмент5.27%46 млн ₽—31.08.2026
AKUP Альфа-Капитал Умный портфель (new)Альфа-Капитал4.84%15 млн ₽+4.84 pp31.08.2026

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 Head Hunter — from primary filings.

Frequently asked questions

What is Head Hunter's P/E ratio?
Head Hunter trades at a P/E of 7.0x (price to trailing 12-month earnings).
What is Head Hunter's EV/EBITDA?
Head Hunter trades at 6.4x EV/EBITDA.
What is Head Hunter's P/B ratio?
Head Hunter trades at a P/B of 9.6x.
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 151.6%.
What is Head Hunter's market capitalization?
Head Hunter's market cap is 125.7 bn RUB.

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