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Lukoil (LKOH) USD

Lukoil is Russia's largest private oil company, vertically integrated from exploration and production through refining and petrochemicals to fuel retail in Russia and abroad.

At a glance: strengths & risks
✓Revenue growing (+8% y/y, H1 2026)✓Profit growing (+387% y/y, H1 2026)✓Margins improving (22%→40%, H1 2026)✓Net cash balance sheet

Sector: Oil & Gas

RU_LKOH

Price chart

4 994 RUBDay -1.35%

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
4 994 RUB · -1.35%
Market cap
48.5 bn USD

Growth

Δ revenue y/y
8.0%
Δ EBITDA y/y
93.3%

Multiples

P/E (LTM)
7.8x
3y avg: 17.6x
P/B (FY)
1.0x
P/E (ann.)
3.9x
EV/EBITDA (LTM)
2.1x
3y avg: 2.6x
EV/EBITDA (ann.)
1.9x

Cash return

Dividend yield
13.3%
FCF yield (LTM)
—

Value creation

to target market cap (spot commodity model)
Upside (potential)
+18.0%
↓ details

Liquidity

Daily turnover (MOEX)
9 bln 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 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30H1 2026 (6M)OK28.9
y/y 8.0%
8.6
y/y 150.4%
2.9
y/y 14.9%
11.4
y/y 93.3%
6.2
y/y 387.3%
11.1-239.177.7
y/y -28.5%
54.4
y/y -30.9%
23.5%-5.3Report (PDF)
2025-12-31H2 2025 (6M)OK26.1
y/y —
4.0
y/y —
4.8
y/y —
8.8
y/y —
0.1
y/y —
9.9-387.976.8
y/y -41.0%
50.9
y/y -47.4%
2.1%-3.9Report (PDF)
2025-06-30H1 2025 (6M)OK26.8
y/y -56.0%
3.4
y/y -64.8%
2.5
y/y -38.8%
5.9
y/y -57.2%
1.3
y/y -84.7%
10.0-386.6108.7
y/y -10.1%
78.7
y/y -13.6%
2.9%-3.2Report (PDF)
2024-12-31H2 2024 (6M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——130.2
y/y 7.9%
96.7
y/y 7.7%
11.9%-16.1Report (PDF)
2024-06-30H1 2024 (6M)OK60.8
y/y 125.1%
9.7
y/y 119.6%
4.1
y/y 12.3%
13.8
y/y 71.3%
8.3
y/y 95.5%
11.0-326.8120.9
y/y 9.0%
91.2
y/y 7.6%
18.3%-12.2Report (PDF)
2023-12-31H2 2023 (6M)OK84.2
y/y —
15.6
y/y —
4.5
y/y —
20.1
y/y —
12.0
y/y —
14.9-381.4120.6
y/y —
89.8
y/y —
18.7%-12.0Report (PDF)
2023-06-30H1 2023 (6M)OK27.0
y/y —
4.4
y/y —
3.6
y/y —
8.1
y/y —
4.2
y/y —
10.7-339.0110.9
y/y —
84.7
y/y —
—-9.0Report (PDF)

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

Short-term debt (incl. ST leases)1 150
Long-term debt (incl. LT leases)3 320
− Cash & equivalents9 784
Net debt-5 315

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 00080 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

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

Cash flow

FCF (₽ mln)

02 0004 0006 0008 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-20 000-15 000-10 000-5 00002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2019–2025 operating cash flow came to 2.25x of reported net profit; after capex, 1.27x.
year20192020202320242025
cash flow / profit1.79x46.69x1.57x2.25x14.63x
accruals, % of assets-8.6%-12.7%-7.7%-10.7%-24.1%
Last twelve months (to 2026-06-30): 3.34x of profit came back as operating cash flow.
net debt / EBITDA -0.0x · capex 1.3x of depreciation · dividends 0% 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 →

Production & Reserves

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

Oil & gas (SEC proved; disclosure frozen at end-2021)

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

Production, mmboe

789202168120246662025

Proved reserves

YearReserves, mmboe
202414 700
202115 300

Production

YearProduction, mmboeper day, mmboe
2025666
−2.2%		1.82
20246811.87
20217892.16

ЛУКОЙЛ: SEC proved 15.3 млрд бнэ на 31.12.2021 (76% жидкие) - последний опубликованный аудит (lukoil.ru пресс-релиз); добыча 2021 = 2,163 kboe/d без Западной Курны-2 x365 = ~789 mmboe (релиз МСФО FY2021). Новее абсолютных цифр не публикуется; компания указывала обеспеченность ~18 лет на конец 2022. Fresher points (Lukoil FY2025 results, group basis excl. West Qurna-2, rebased like-for-like): SEC proved ~14.7 bn boe (2024); production 1,824 kboe/d = ~666 mmboe FY2025, ~681 mmboe FY2024.

Key-commodity price — Urals

Current 96spot vs LTM +26%

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 3-year historical (p75) EV/EBITDA.

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): +18% · spot +25% · 3-yr +10%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue3.92 trn RUB
EBITDA1.44 trn RUB
Cash costs (revenue − EBITDA)2.48 trn RUB
2 · Urals oil price ($/bbl)
Spot$96.3
LTM average$76.6
3-yr average$80.6
3 · EBITDA projection (per-barrel, net of tax)
Production, mln bbl/yr · Frontier 2025 (mmboe)666
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot382.1 bln RUB
Price effect on EBITDA — 3-yr156.6 bln RUB
= Spot EBITDA (LTM + effect)1.82 trn RUB
= 3-yr-price EBITDA1.60 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/21.71 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))1.71 trn RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)2.3x
Target EV = EV/EBITDA × conservative EBITDA4.01 trn RUB
Net debt (as of 2026-06-30)-131.1 bln RUB
Target market cap = EV − net debt4.14 trn RUB
Current market cap3.51 trn RUB

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

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -15% vs -44% the year before — a +29.5 pp move. 3-year CAGR —.
revenue growth by year: 2023 +41% · 2024 -44% · 2025 -15%
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

Dividend-model upside: +10%

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)446 bn RUB
Payout ratio79%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.0x)640 bn RUB
Recent actual dividend (3-yr median)675.00 ₽
= Forecast dividend per share675.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-2.2 pp
= Fair dividend yield11.8%
3 · Valuation → upside
Current price5062 ₽
Forecast dividend yield13.3%
Fair price (dividend-based)5568 ₽

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

Dividend history

Paid, trailing 12-mo: 675.00 RUB/sh · 13.3%

Pay yearDividend /sh
2026675.00 ₽
2025541.00 ₽
20241012.00 ₽
2023885.00 ₽
2022793.00 ₽
2021553.00 ₽
2020396.00 ₽
2019347.00 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-05-01278.00 ₽
2026 q12026-01-09397.00 ₽
2025 q22025-06-02541.00 ₽
2024 q42024-12-16514.00 ₽
2024 q22024-05-06498.00 ₽
2023 q42023-12-14447.00 ₽
2023 q22023-06-01438.00 ₽
2022 q42022-12-19793.00 ₽
2021 q42021-12-17340.00 ₽
2021 q32021-07-01213.00 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 52% buy — balanced5d: 52% buy — balanced20d: 50% buy — balanced

Iceberg levels last session: 1 bid / 3 ask; largest — ask 5004 (filled ×4.6 of displayed, 82 refills).
Robot clips (recurring characteristic order size): 12 bid / 18 ask; largest — bid 12 lots ×348 appearances across 119 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×595, ask ×667.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0952%1/312/1841,931
03.0955%1/112/1147,534
02.0954%0/010/1025,774
01.0951%1/317/1841,109
31.0848%8/517/1243,874

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 5 (4 positive), last 30 days: 12 (8 positive) across tracked channels, broker research and shows. 14 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

24.04.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
24.04.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
17.03.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
Совет директоров ПАО «ЛУКОЙЛ» проведет заседание 19 марта 2026 года, на котором будет обсуждаться размер дивидендов по акциям за 2025 год. Ожидается, что будут даны рекомендации по выплатам акционерам.
27.04.26AGM / BoardРешения совета директоров (наблюдательного совета)

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 12 of 17 funds, ≈8,1 млрд ₽ combined. Last month: added — 5, trimmed — 1, entered top-10 — 3, left top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
TMOS Т-Капитал Индекс МосБиржиТ-Капитал16.38%2,1 млрд ₽+1.02 pp31.07.2026
EQMX ВИМ - Индекс МосБиржиВИМ Инвестиции16.11%2,0 млрд ₽+0.76 pp31.07.2026
SBMX Первая - Фонд Топ Российских акцийПервая15.73%3,0 млрд ₽—31.07.2026
AMRE АТОН – Российские акции +Атон-менеджмент9.34%73 млн ₽—31.07.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис8.98%28 млн ₽—31.07.2026
TRND Т-Капитал Трендовые акции (new)Т-Капитал7.44%37 млн ₽+7.44 pp31.07.2026
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ6.86%65 млн ₽—31.07.2026
SBPS Первая – Фонд Моя цель 2035Первая6.35%10 млн ₽—31.07.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал5.62%20 млн ₽-1.08 pp31.07.2026
TRUR Т-Капитал – Стратегия вечного портфеля в рубляхТ-Капитал4.12%762 млн ₽—31.07.2026
SBRI Первая - Фонд Ответственные инвестиции (new)Первая3.68%5 млн ₽+3.68 pp31.07.2026
SCFT Технологии будущего (new)Доверительная3.59%0 млн ₽+3.59 pp31.07.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капиталleft top-10 (was 5.60%)31.07.2026

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 Lukoil (LKOH) — from primary filings.

Frequently asked questions

What is Lukoil (LKOH)'s P/E ratio?
Lukoil (LKOH) trades at a P/E of 7.8x (price to trailing 12-month earnings).
What is Lukoil (LKOH)'s EV/EBITDA?
Lukoil (LKOH) trades at 2.1x EV/EBITDA.
What is Lukoil (LKOH)'s P/B ratio?
Lukoil (LKOH) trades at a P/B of 1.0x.
What is Lukoil (LKOH)'s dividend yield?
Lukoil (LKOH)'s trailing 12-month dividend yield is 13.3%.
What is Lukoil (LKOH)'s return on equity (ROE)?
Lukoil (LKOH)'s ROE is 23.5%.
What is Lukoil (LKOH)'s market capitalization?
Lukoil (LKOH)'s market cap is 48.5 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ЛУКОЙЛ 261.8%4.75%100.413.0M11.2026
ЛУКОЙЛ 274.1%2.8%99.21.1M04.2027
ЛУКОЙЛ 306.5%3.875%92.04.2M05.2030
ЛУКОЙЛ 316.5%3.6%88.0323K10.2031

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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