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Lukoil (LKOH) USD

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-15%)✗Profit falling (-233%)✗Loss-making last FY✗Margins compressing (37%→28%)

Sector: Oil & Gas

RU_LKOH

Price chart

4 646.5 RUBDay 2.32%

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
4 646.5 RUB · 2.32%
Market cap
45.2 bn USD

Growth

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

Multiples

P/E (LTM)
—
3y avg: 5.2x
P/B (FY)
0.9x
P/E (ann.)
5.6x
EV/EBITDA (LTM)
2.4x
EV/EBITDA (ann.)
2.1x

Cash return

Dividend yield
23.2%
FCF yield (LTM)
—

Value creation

to target market cap (spot commodity model)
Upside (potential)
+15.8%
↓ details

Liquidity

Daily turnover (MOEX)
8.2 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
2025-12-31H2 2025 (6M)OK2.3
y/y 90.9%
2.6
y/y -49.9%
3.7
y/y -13.8%
6.2
y/y -33.5%
-18.9
y/y -764.3%
9.9-387.976.8
y/y -41.0%
50.9
y/y -47.4%
-22.9%-10.2Report (PDF)
2025-06-30H1 2025 (6M)OK50.5
y/y -16.9%
4.8
y/y -50.3%
3.7
y/y -10.0%
8.5
y/y -38.4%
4.0
y/y -51.2%
10.0-386.6108.7
y/y -10.1%
78.7
y/y -13.6%
9.2%2.9Report (PDF)
2024-12-31H2 2024 (6M)OK1.2
y/y -98.6%
5.1
y/y -67.3%
4.2
y/y -5.0%
9.3
y/y -53.4%
2.8
y/y -76.3%
14.1-453.0130.2
y/y 7.9%
96.7
y/y 7.7%
11.9%-1080.5Report (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%-867.0Report (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%-840.6Report (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 —
—-640.8Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 00080 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)

02 0004 0006 0008 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

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.

Key-commodity price — Urals

Current 98spot vs LTM +28%

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.

Upside (conservative): +16% · spot +27% · 3-yr +5%

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$97.7
LTM average$76.6
3-yr average$80.4
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 — spot279.4 bln RUB
Price effect on EBITDA — 3-yr52.3 bln RUB
= Spot EBITDA (LTM + effect)1.33 trn RUB
= 3-yr-price EBITDA1.10 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/21.22 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))1.22 trn RUB
5 · Valuation → target market cap
EV/EBITDA (current)3.5x
Target EV = EV/EBITDA × conservative EBITDA4.19 trn RUB
Net debt-10.2 bln RUB
Target market cap = EV − net debt4.20 trn RUB
Current market cap3.63 trn RUB

Upside = target market cap ÷ current − 1 = +16%

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: -100%

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)-1059 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 share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-2.9 pp
= Fair dividend yield11.3%
3 · Valuation → upside
Current price4506 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Paid, trailing 12-mo: 675.00 RUB/sh · 15.0%

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: 54% buy — balanced5d: 51% buy — balanced20d: 48% buy — balanced

Iceberg levels last session: 3 bid / 3 ask; largest — ask 4638 (filled ×5.4 of displayed, 49 refills).
Robot clips (recurring characteristic order size): 35 bid / 39 ask; largest — ask 22 lots ×1197 appearances across 208 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1464, ask ×1438.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
23.0754%3/335/3957,034
22.0750%6/538/4052,909
21.0749%6/257/5249,906
20.0752%5/240/3647,665
17.0748%5/239/4047,915

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.

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.
29.01.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «ЛУКОЙЛ» заключило соглашение с Carlyle о продаже LUKOIL International GmbH, что связано с введением ограничительных мер против компании. Сделка зависит от выполнения ряда условий, включая регуляторные согласования. В рамках соглашения не предусмотрена продажа активов в Казахстане.
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, ≈8,0 млрд ₽ combined. Last month: trimmed — 8.

FundManagerWeight≈PositionΔ weight m/mDisclosure
EQMX Индекс МосБиржиВИМ Инвестиции15.34%1,8 млрд ₽-1.24 pp29.05.2026
SBMX Первая - Фонд Топ Российских акцийПервая15.27%2,6 млрд ₽-1.23 pp29.05.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал15.27%1,8 млрд ₽-1.18 pp29.05.2026
AMRE АТОН – Российские акции +Атон-менеджмент8.98%55 млн ₽-1.11 pp29.05.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис8.70%25 млн ₽-0.56 pp29.05.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал6.86%866 млн ₽—29.05.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал6.51%20 млн ₽-1.77 pp29.05.2026
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ6.50%57 млн ₽-0.67 pp29.05.2026
SBPS Первая – Фонд Моя цель 2035Первая6.18%9 млн ₽-0.51 pp29.05.2026
TRUR Т-Капитал – Стратегия вечного портфеля в рубляхТ-Капитал4.08%708 млн ₽—29.05.2026
SBRI Первая - Фонд Ответственные инвестицииПервая3.69%5 млн ₽—29.05.2026
SCFT Технологии будущегоДоверительная3.64%0 млн ₽—29.05.2026

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.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 (1 negative) across tracked channels, broker research and shows. 18 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.

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Lukoil (LKOH) — from primary filings.

LKOH (Lukoil) is a Russian integrated oil and gas company engaged in the exploration, production, refining, and sale of crude oil and natural gas, as well as the production and distribution of petroleum products.

Frequently asked questions

What is Lukoil (LKOH)'s EV/EBITDA?
Lukoil (LKOH) trades at 2.4x EV/EBITDA.
What is Lukoil (LKOH)'s P/B ratio?
Lukoil (LKOH) trades at a P/B of 0.9x.
What is Lukoil (LKOH)'s dividend yield?
Lukoil (LKOH)'s trailing 12-month dividend yield is 23.2%.
What is Lukoil (LKOH)'s return on equity (ROE)?
Lukoil (LKOH)'s ROE is -22.9%.
What is Lukoil (LKOH)'s market capitalization?
Lukoil (LKOH)'s market cap is 45.2 bn USD.