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KuybyshevAzot PAO (KAZT) USD

KuibyshevAzot is a chemical company in Tolyatti producing caprolactam, polyamide and technical yarns, ammonia and nitrogen fertilizers.

At a glance: strengths & risks
✓Profit growing (+60% y/y, H1 2026)✓Margins improving (20%→27%, H1 2026)

Sector: Chemicals

RU_KAZT

Price chart

378.6 RUBDay 0.11%

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
378.6 RUB · 0.11%
Market cap
938 mln USD

Growth

Δ revenue y/y
-4.7%
Δ EBITDA y/y
31.5%

Multiples

P/E (LTM)
8.6x
3y avg: 9.7x
P/B (FY)
0.7x
P/E (ann.)
6.0x
EV/EBITDA (LTM)
6.6x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
—

Value creation

to target market cap (spot commodity model)
Upside (potential)
+80.7%
↓ details

Liquidity

Daily turnover (MOEX)
5.7 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 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H1 2026 (6M)OK588.9
y/y -4.7%
88.7
y/y 75.7%
71.0
y/y 0.0%
159.7
y/y 31.5%
77.5
y/y 59.6%
136.3-2303.02358.5
y/y 7.7%
1460.7
y/y 7.4%
10.9%-77.5Report (PDF)
2025-12-31H2 2025 (6M)OK563.9
y/y 7.6%
42.0
y/y -45.2%
—
y/y —
-29.0
y/y -124.5%
31.1
y/y -61.9%
——2012.2
y/y -10.7%
1380.7
y/y 4.2%
5.8%≈ 81.4Evidence
2025-06-30H1 2025 (6M)OK618.1
y/y 1.0%
50.5
y/y -36.2%
71.0
y/y 89.4%
121.5
y/y 4.2%
48.6
y/y -47.6%
178.2-3859.02189.2
y/y 32.2%
1360.5
y/y 8.0%
7.2%81.4Report (PDF)
2024-12-31H2 2024 (6M)OK524.1
y/y -13.1%
76.7
y/y -17.6%
41.9
y/y 15.9%
118.6
y/y -8.2%
81.8
y/y 63.6%
65.4-5813.02254.6
y/y —
1324.7
y/y —
13.5%21283.0Report (PDF)
2024-06-30H1 2024 (6M)OK611.9
y/y 15.0%
79.1
y/y -40.7%
37.5
y/y 41.0%
116.6
y/y -27.1%
92.7
y/y -28.2%
65.7-3691.01656.0
y/y -1.9%
1259.6
y/y 4.6%
—-3142.0Evidence
2023-12-31H2 2023 (6M)PARTIAL603.1
y/y —
93.1
y/y —
36.1
y/y —
129.2
y/y —
50.0
y/y —
69.3-3032.0—
y/y —
—
y/y —
—-9111.0Evidence
2023-06-30H1 2023 (6M)OK532.0
y/y —
133.4
y/y —
26.6
y/y —
160.0
y/y —
129.1
y/y —
38.9-3484.01687.6
y/y —
1203.7
y/y —
—-11278.0Evidence

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

Short-term debt (incl. ST leases)9
Long-term debt (incl. LT leases)494
− Cash & equivalents580
Net debt-77

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-20002004006002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-150%-100%-50%0%50%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-500501001502023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-20 000-10 000010 00020 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is broadly cash-backed
In a typical year of 2020–2025 operating cash flow came to 0.98x of reported net profit; after capex, 0.56x.
year2020202120232024
cash flow / profit11.40x1.22x0.60x0.75x
accruals, % of assets-0.2%——1.9%
capex 1.5x of depreciation · dividends 17% of free cash flow
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 −10% (factor 0.90)

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

Key-commodity price — Polyamide CFR Asia

Current 2 786spot vs LTM +9%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the 3-year historical (p75) EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 86 vs LTM-avg 78 → ×1.10 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): +81% · spot +103% · 3-yr +58%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (LTM to 2025-06-30)
Revenue81.4 bln RUB
EBITDA17.1 bln RUB
Cash costs (revenue − EBITDA)64.3 bln RUB
2 · Revenue projection
Multiplier — spot×1.25 (+25%)
= Spot revenue102.1 bln RUB
Multiplier — 3-yr prices×1.16 (+16%)
= 3-yr-price revenue94.5 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs67.5 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA34.6 bln RUB
= 3-yr-price EBITDA27.0 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/230.8 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))30.8 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)3.9x
Target EV = EV/EBITDA × conservative EBITDA121.5 bln RUB
Net debt (as of 2026-06-30)746 mln RUB
Target market cap = EV − net debt120.7 bln RUB
Current market cap66.8 bln RUB

Upside = target market cap ÷ current − 1 = +81%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Polyamide CFR Asia30%2 786.162 546.62+9%+20%+14%
AN (Black Sea)18%660.98520.69+27%+39%+22%
Ammonia (Black Sea)17%406.00360.71+13%+23%+20%
Urea (FOB China)11%400.00369.47+8%+19%+16%
UAN (Black Sea)6%487.50248.56+96%+115%+51%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +4% vs +0% the year before — a +4.0 pp move. 3-year CAGR —.
revenue growth by year: 2023 -7% · 2024 +0% · 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

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Paid, trailing 12-mo: 4.00 RUB/sh · 1.1%

Pay yearDividend /sh
20256.50 ₽
202422.00 ₽
202349.00 ₽
202232.40 ₽
202116.85 ₽
20197.00 ₽
20185.00 ₽
20172.00 ₽
Payments by period
PeriodEx-date/sh
2025 q32025-09-224.00 ₽
2025 q22025-05-232.50 ₽
2024 q42024-12-027.00 ₽
2024 q22024-05-2415.00 ₽
2023 q42023-12-1114.00 ₽
2023 q22023-05-1835.00 ₽
2022 q32022-09-2915.00 ₽
2022 q22022-05-1917.40 ₽
2021 q42021-12-2010.00 ₽
2021 q22021-05-076.85 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

24.08.26Filing★ Совершение эмитентом сделки, в совершении которой имеется заинтересованность
ПАО 'КуйбышевАзот' заключает крупную сделку с ООО 'Нитроком' на переработку сырья с максимальной стоимостью 7,94 млрд. руб. по Толлинговому Договору, сроком до 16.10.2036. Сделка одобрена общим собранием акционеров 15.05.2026.
24.08.26Filing★ Совершение эмитентом существенной сделки
ПАО 'КуйбышевАзот' заключит крупную сделку по Толлинговому Договору с ООО 'Нитроком', предусматривающую абонентскую плату до 7,9 млрд руб. в год. Срок исполнения обязательств - до 16.10.2036. Решение о сделке было принято советом директоров 09.04.2026.
28.07.26Filing★ Созыв общего собрания участников (акционеров)
ПАО «КуйбышевАзот» проведет внеочередное общее собрание акционеров с заочным голосованием 7 сентября 2026 года. Установлены цены выкупа акций: 412,06 руб. за обыкновенную и 419,17 руб. за привилегированную акцию. Срок для предъявления требований о выкупе акций истекает 22 октября 2026 года.
27.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'КуйбышевАзот' единогласно одобрил сделку по приобретению доли участия в другой организации. Голосование по вопросу прошло 26 августа 2026 года с результатом 8 голосов 'за'. Условия сделки, включая цену, не раскрываются до её завершения.
19.05.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «КуйбышевАзот» 15 мая 2026 года было утверждено распределение прибыли за 2025 год в размере 8 256,5 млн. руб. Дивиденды по итогам полугодия 2025 года не будут выплачены. Также были избраны новые члены совета директоров компании.

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 KuybyshevAzot PAO (KAZT) — from primary filings.

Frequently asked questions

What is KuybyshevAzot PAO (KAZT)'s P/E ratio?
KuybyshevAzot PAO (KAZT) trades at a P/E of 8.6x (price to trailing 12-month earnings).
What is KuybyshevAzot PAO (KAZT)'s EV/EBITDA?
KuybyshevAzot PAO (KAZT) trades at 6.6x EV/EBITDA.
What is KuybyshevAzot PAO (KAZT)'s P/B ratio?
KuybyshevAzot PAO (KAZT) trades at a P/B of 0.7x.
What is KuybyshevAzot PAO (KAZT)'s dividend yield?
KuybyshevAzot PAO (KAZT)'s trailing 12-month dividend yield is 1.1%.
What is KuybyshevAzot PAO (KAZT)'s return on equity (ROE)?
KuybyshevAzot PAO (KAZT)'s ROE is 10.9%.
What is KuybyshevAzot PAO (KAZT)'s market capitalization?
KuybyshevAzot PAO (KAZT)'s market cap is 938 mln USD.

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