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Rushydro RUB

RusHydro is Russia's largest hydropower generator, operating hydroelectric plants across the country as well as thermal plants and grids in the Far East.

At a glance: strengths & risks
✓Revenue growing (+19% y/y, Q2 2026)✓Profit growing (+80% y/y, Q2 2026)✓Margins improving (31%→39%, Q2 2026)✓Cheaper than own history (EV/EBITDA 3.6 vs avg 4.5)✗High leverage (3.2x EBITDA)✗No dividends currently

Sector: Utilities

RU_HYDR

Price chart

0.4544 RUBDay 0.46%

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
0.4544 RUB · 0.46%
Market cap
202.1 bn RUB

Growth

Δ revenue y/y
18.7%
Δ EBITDA y/y
50.1%

Multiples

P/E (LTM)
1.4x
3y avg: 5.7x
P/B (FY)
0.3x
P/E (ann.)
2.2x
EV/EBITDA (LTM)
3.6x
3y avg: 4.5x
EV/EBITDA (ann.)
3.5x

Cash return

Dividend yield
—
FCF yield (LTM)
-30.6%

Liquidity

Daily turnover (MOEX)
324.4 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
2026-06-30Q2 2026 (3M)PARTIAL176.2
y/y 18.7%
56.3
y/y 55.6%
12.5
y/y 29.2%
68.8
y/y 50.1%
22.8
y/y 80.4%
58.0-55.11885.2
y/y 26.6%
763.1
y/y 23.8%
12.1%767.4Report (PDF)
2026-03-31Q1 2026 (3M)PARTIAL210.9
y/y 19.0%
66.9
y/y 49.2%
12.3
y/y 26.8%
79.2
y/y 45.2%
37.2
y/y 96.6%
73.2-67.71810.9
y/y 29.2%
740.7
y/y 22.6%
20.6%737.4Report (PDF)
2025-12-31Q4 2025 (3M)PARTIAL194.1
y/y 15.2%
78.2
y/y 147.6%
11.2
y/y 14.0%
89.4
y/y 115.9%
87.6
y/y 203.4%
61.0-117.31756.1
y/y 28.6%
703.6
y/y 20.2%
17.9%706.3Report (PDF)
2025-09-30Q3 2025 (3M)PARTIAL144.0
y/y 12.1%
21.6
y/y -10.6%
10.6
y/y 7.0%
32.2
y/y -5.5%
-1.3
y/y —
16.8-52.11590.1
y/y 20.2%
615.5
y/y -8.1%
-0.3%623.1Report (PDF)
2025-06-30Q2 2025 (3M)PARTIAL148.4
y/y 16.4%
36.2
y/y 52.9%
9.7
y/y -4.7%
45.8
y/y 35.6%
12.7
y/y 79.3%
30.9-56.51488.6
y/y 19.0%
616.2
y/y -8.0%
8.3%553.2Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL177.3
y/y 14.1%
44.8
y/y 41.1%
9.7
y/y 1.0%
54.5
y/y 31.8%
18.9
y/y 14.2%
48.6-45.01402.1
y/y 16.9%
604.3
y/y -8.7%
12.7%497.6Report (PDF)
2024-12-31Q4 2024 (3M)PARTIAL168.4
y/y 18.3%
31.6
y/y 90.6%
9.8
y/y 8.9%
41.4
y/y 61.8%
-84.7
y/y -244.2%
45.5-76.71365.7
y/y 17.3%
585.3
y/y -9.3%
-9.7%476.2Report (PDF)
2024-09-30Q3 2024 (3M)OK128.4
y/y 19.8%
24.2
y/y 37.2%
9.9
y/y 9.0%
34.1
y/y 27.6%
-0.1
y/y -101.5%
14.4-54.51323.3
y/y 18.5%
669.8
y/y -0.0%
-0.0%423.4Report (PDF)
2024-06-30Q2 2024 (3M)OK127.5
y/y 7.2%
23.7
y/y -10.8%
10.1
y/y 15.7%
33.8
y/y -4.3%
7.1
y/y -65.3%
14.5-38.91250.7
y/y 15.1%
669.8
y/y 1.3%
4.2%365.8Report (PDF)
2024-03-31Q1 2024 (3M)OK155.5
y/y 9.7%
31.8
y/y -10.0%
9.6
y/y 22.6%
41.4
y/y -4.1%
16.6
y/y -39.3%
42.8-29.31199.7
y/y 13.4%
661.9
y/y -0.2%
10.2%325.6Report (PDF)
2023-12-31Q4 2023 (3M)OK142.4
y/y —
16.6
y/y —
9.0
y/y —
25.6
y/y —
-24.6
y/y —
40.8-64.11164.4
y/y —
645.2
y/y —
4.9%324.1Report (PDF)
2023-09-30Q3 2023 (3M)OK107.2
y/y —
17.6
y/y —
9.1
y/y —
26.7
y/y —
9.1
y/y —
1.0-33.51116.3
y/y —
670.1
y/y —
1.8%291.7Report (PDF)
2023-06-30Q2 2023 (3M)OK119.0
y/y —
26.5
y/y —
8.8
y/y —
35.3
y/y —
20.3
y/y —
26.3-33.01086.2
y/y —
661.1
y/y —
12.3%228.7Report (PDF)
2023-03-31Q1 2023 (3M)OK141.7
y/y —
35.3
y/y —
7.8
y/y —
43.1
y/y —
27.3
y/y —
35.2-62.21057.7
y/y —
663.1
y/y —
—216.6Report (PDF)

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

Short-term debt (incl. ST leases)264 724
Long-term debt (incl. LT leases)577 590
− Cash & equivalents74 933
Net debt767 381

Net debt / LTM EBITDA: 2.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 000200 000250 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) (₽ mln)

-60 000-40 000-20 000020 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

0200 000400 000600 000800 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 2.78x of reported net profit; after capex, -1.67x. Loss years (2024) are left out of the ratio.
year20212022202320242025
cash flow / profit2.35x3.43x3.22x—1.33x
accruals, % of assets-6.1%-4.7%-6.1%-13.1%-2.2%
Last twelve months (to 2026-06-30): 1.43x of profit came back as operating cash flow.
net debt / EBITDA 3.2x · EBIT covers interest 2.6x · capex 4.8x of depreciation
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 →

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.

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +14% vs +14% the year before — a +0.9 pp move. 3-year CAGR +17%.
revenue growth by year: 2023 +22% · 2024 +14% · 2025 +14%
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 3.6x · 3-year 75th pct 4.9x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Utilities. 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
Inter RAORussia2.40.3x0.3x
Rosseti Moscow RegionRussia1.11.5x1.5x
FGC UESRussia1.71.8x1.8x
LenenergoRussia1.91.9x1.9x
NEXTERA ENERGY INCUS164.317.5x3.3x
CPFL EnergiaBrazil11.56.3x3.6x
CemigBrazil6.76.5x3.6x
DEWA (Dubai Electricity & Water)UAE35.99.9x3.9x
Equatorial EnergiaBrazil12.411.0x6.2x
En+ GroupRussia2.56.4x6.4x
Manila Electric (Meralco)Philippines8.012.7x8.7x
EnergisaBrazil33.823.5x13.3x
Group median6.4x3.6x
Group average8.3x4.5x
This companyRussia2.53.6x3.6x

Group median 6.4x as traded, 3.6x adjusted; this company 3.6x — a 0% discount.

Group average 8.3x as traded, 4.5x adjusted; against the average this company is at a 21% discount. The average sits 26% above the median: Energisa (13.3x) skews the group.

At the adjusted group median the market cap would be +1% 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

Dividends suspended (~3.3 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)120 bn RUB
Payout ratio30%
Free cash flow (FY, OCF − capex)-114 bn RUB
Recent actual dividend (3-yr median)0.05 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-9.1 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price0.459 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Pay yearDividend /sh
20230.05 ₽
20220.05 ₽
20210.05 ₽
20200.04 ₽
20190.04 ₽
20180.03 ₽
20170.05 ₽
20160.04 ₽
Payments by period
PeriodLast day to buy/sh
2023 q32023-07-070.05 ₽
2022 q32022-07-060.05 ₽
2021 q32021-07-070.05 ₽
2020 q42020-10-070.04 ₽
2019 q32019-07-050.04 ₽
2018 q32018-07-040.03 ₽
2017 q32017-07-060.05 ₽
2016 q32016-07-060.04 ₽
2015 q32015-07-030.02 ₽
2014 q32014-07-040.01 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 4 (1 positive, 1 negative), last 30 days: 6 (3 positive, 1 negative) across tracked channels, broker research and shows. 2 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

28.08.26Earnings★ ▲ О финансовых результатах по МСФО за 6 месяцев, закончившихся 30 июня 2026 года, и по состоянию на эту дату
РусГидро за 1-е полугодие 2026 года увеличила выручку на 19,6% до 428,3 млрд руб. Чистая прибыль составила 60,1 млрд руб., а показатель EBITDA достиг 149,9 млрд руб. Финансовый долг вырос на 8,8% до 883,0 млрд руб.
30.07.26Filing★ ▲ О финансовых результатах по РСБУ за 6 месяцев 2026 года
За 6 месяцев 2026 года выручка ПАО «РусГидро» составила 150 млрд руб. (+22% г/г), чистая прибыль – 48,4 млрд руб. Кредитный портфель увеличился на 10% до 641,2 млрд руб. Доля долгосрочных заимствований составила 72%.
01.07.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО 'РусГидро', состоявшемся 30.06.2026, было принято решение не выплачивать дивиденды по итогам 2023-2025 годов. Утверждены годовой отчет и финансовая отчетность за 2025 год, а также распределение прибыли, где нераспределенная прибыль составила 32,7 млн. руб. по итогам 2023 года и 66,9 млн. руб. по итогам 2025 года.
01.06.26Filing★ ▲ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
РусГидро опубликовала финансовые результаты за 1 квартал 2026 года, выручка составила 231,1 млрд руб., EBITDA - 79,1 млрд руб., чистая прибыль - 37,2 млрд руб. Финансовый долг увеличился до 834,1 млрд руб. на фоне реализации инвестиционной программы.
29.05.26Earnings★ ▲ О финансовых результатах по МСФО за 3 месяца, закончившихся 31 марта 2026 года, и по состоянию на эту дату
По итогам 1 квартала 2026 года выручка РусГидро выросла на 19,1% до 231,1 млрд. руб., EBITDA составила 79,1 млрд. руб., а чистая прибыль достигла 37,2 млрд. руб. Финансовый долг увеличился на 38,0% до 834,1 млн. руб. на фоне масштабной инвестиционной программы.
19.05.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
19 мая 2026 года рейтинговое агентство присвоило кредитный рейтинг ruAAA облигациям ПАО 'РусГидро'. Дата регистрации выпуска облигаций - 14 мая 2026 года, идентификационный номер программы - 4-55038-E-002P-02E.
29.04.26Filing★ ▲ О финансовых результатах по РСБУ за 1 квартал 2026 года
15.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров РусГидро утвердил отчет о промежуточных итогах исполнения бизнес-плана за 2026 год и изменения в положение о закупках. Все 13 членов совета проголосовали 'За'. Дата заседания - 12 октября 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 Rushydro — from primary filings.

Frequently asked questions

What is Rushydro's P/E ratio?
Rushydro trades at a P/E of 1.4x (price to trailing 12-month earnings).
What is Rushydro's EV/EBITDA?
Rushydro trades at 3.6x EV/EBITDA.
What is Rushydro's P/B ratio?
Rushydro trades at a P/B of 0.3x.
What is Rushydro's return on equity (ROE)?
Rushydro's ROE is 12.1%.
What is Rushydro's market capitalization?
Rushydro's market cap is 202.1 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
РусГид2Р01floatfloat100.00+0.00%9.2M41.4M11.2026
РусГид2Р05floatfloat100.27-0.03%5.6M13.2M12.2026
РусГид2Р06floatfloat100.75+0.35%15.7M2.8M05.2027
РусГидБП1314.8%17.35%102.62+0.13%3.8M8.8M08.2027
РусГидБП10floatfloat100.10-0.11%82K855K03.2028
РусГид2Р11floatfloat100.42+0.01%51K1.4M04.2028
РусГид2Р0715.7%13.85%98.69+0.04%27.7M24.9M07.2028
РусГид2Р09floatfloat100.86-0.08%83K123K09.2028
РусГид2Р0815.4%15.45%101.76+0.08%4.8M7.6M09.2028
РусГидБП12floatfloat99.67-0.18%810K8.3M10.2028
РусГид2Р12floatfloat100.60+0.10%1.4M52.4M03.2029
РусГид2Р14floatfloat100.10+0.00%2.5M33.3M06.2029
РусГид2Р13floatfloat99.99+0.00%5.6M14.5M08.2029
РусГид2Р10floatfloat————11.2030

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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