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Lukoil RUB

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Oil & Gas

RU_LKOH

Price chart

4 696 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
4 696 RUB · -0.11%
Market cap
3253.7 bn RUB

Growth

Δ revenue y/y
-14.8%
Δ EBITDA y/y
-36.4%

Multiples

P/E (LTM)
33.7x
3y avg: 17.6x
P/B (FY)
0.9x
P/E (ann.)
5.6x
EV/EBITDA (LTM)
3.1x
3y avg: 2.7x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
23.2%
FCF yield (LTM)
19.7%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
+17.8%
↓ details

Liquidity

Daily turnover (MOEX)
305.9 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.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 2 / Err: 2 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-06-30 H1✓OK
2023-12-31 FY✗Errors 1
2023-12-31 H2✓OK
2024-06-30 H1✓OK
2024-12-31 FY✗Errors 1Warn 1
2025-06-30 H1⚠Warn 3
2025-12-31 FY⚠Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2025-12-31H2 2025 (6M)OK166.1
y/y 90.9%
182.0
y/y -49.9%
261.2
y/y -13.8%
443.1
y/y -33.5%
-191.9
y/y -194.6%
703.0-387.95474.4
y/y -41.0%
3626.5
y/y -47.4%
2.1%-10.2Report (PDF)
2025-06-30H1 2025 (6M)OK3601.7
y/y -16.9%
344.7
y/y -50.3%
261.6
y/y -10.0%
606.2
y/y -38.4%
288.6
y/y -51.2%
711.6-386.67750.7
y/y -10.1%
5614.7
y/y -13.6%
9.2%2.9Report (PDF)
2024-12-31H2 2024 (6M)OK87.0
y/y -98.6%
363.3
y/y -67.3%
302.8
y/y -5.0%
666.1
y/y -53.4%
202.9
y/y -76.3%
1005.9-453.09282.6
y/y 7.9%
6892.0
y/y 7.7%
11.9%-1080.5Report (PDF)
2024-06-30H1 2024 (6M)OK4333.6
y/y 125.1%
694.2
y/y 119.6%
290.6
y/y 12.3%
984.8
y/y 71.3%
591.5
y/y 95.5%
782.3-326.88619.4
y/y 9.0%
6499.9
y/y 7.6%
18.3%-867.0Report (PDF)
2023-12-31H2 2023 (6M)OK6002.8
y/y —
1111.6
y/y —
318.6
y/y —
1430.3
y/y —
857.6
y/y —
1064.4-381.48600.2
y/y —
6401.2
y/y —
18.7%-840.6Report (PDF)
2023-06-30H1 2023 (6M)OK1925.5
y/y —
316.0
y/y —
258.7
y/y —
574.8
y/y —
302.6
y/y —
759.9-339.07907.3
y/y —
6038.6
y/y —
—-640.8Report (PDF)
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil & Gas

Proved reserves
14 700 mln boe
2024
Reserve life (R/P)
22.1 yrs
reserves ÷ annual output
Annual production
666 mln boe
2025

Production, mln boe

68120246662025

Proved reserves

YearReserves, mln boe
202414 700

Production

YearProduction, mln boe
2025666
−2.2%
2024681

Lukoil FY2025: hydrocarbon output 1,824 kboe/d (~666 mln boe/yr), -2.3% YoY vs 1,866 kboe/d (~681 mln boe/yr) FY2024 — group basis excl. West Qurna-2 (prior ~803 figure incl. WQ2; rebased here for like-for-like). 2025 loss of control of foreign holding LIG booked as discontinued ops. SEC proved reserves ~14.7 bn boe.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 000 0004 000 0006 000 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-100%0%100%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF ($ mln)

0200 000400 000600 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

-1 250 000-1 000 000-750 000-500 000-250 00002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Urals

Current 89spot vs LTM +29%

Commodity price upside

Oil model: per-barrel, net-of-tax EBITDA projection. Only part of a Urals move reaches EBITDA — the rest is taken by mineral-extraction tax (~75% at the margin). Production × net-of-tax × Δprice → EBITDA → conservative (min spot/avg) → target market cap at the current EV/EBITDA.

USD/RUB: spot 72 vs LTM-avg 80 → ×0.90 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): +18% · spot +23% · 3-yr +13%

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

1 · Reported baseline (latest FY)
Revenue3.77 trn RUB
EBITDA1.05 trn RUB
Cash costs (revenue − EBITDA)2.72 trn RUB
2 · Urals oil price ($/bbl)
Spot$89.1
LTM average$69.1
3-yr average$80.2
3 · EBITDA projection (per-barrel, net of tax)
Production, mln bbl/yr · Frontier 2025 (mln boe)666
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot240.7 bln RUB
Price effect on EBITDA — 3-yr134.3 bln RUB
= Spot EBITDA (LTM + effect)1.29 trn RUB
= 3-yr-price EBITDA1.18 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/21.24 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))1.24 trn RUB
5 · Valuation → target market cap
EV/EBITDA (current)3.5x
Target EV = EV/EBITDA × conservative EBITDA4.27 trn RUB
Net debt-10.2 bln RUB
Target market cap = EV − net debt4.28 trn RUB
Current market cap3.63 trn RUB

Upside = target market cap ÷ current − 1 = +18%

Dividend potential

Dividend-model upside: +18%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)97 bn RUB
Payout ratio71%
Free cash flow (FY, OCF − capex) — caps payout640 bn RUB
Recent actual dividend (3-yr median)675.00 ₽
= Forecast dividend per share675.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)-2.4 pp
= Fair dividend yield12.1%
3 · Valuation → upside
Current price4696.00 ₽
Forecast dividend yield14.4%
Fair price (dividend-based)5558 ₽

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

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=17

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)