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MMK (MAGN) RUB

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-21%)✗Profit falling (-119%)✗Loss-making last FY✗Margins compressing (20%→13%)✗No dividends currently

Sector: Metals & Steel

RU_MAGN

Price chart

22.55 RUBDay 1.71%

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
22.55 RUB · 1.71%
Market cap
252.0 bn RUB

Growth

Δ revenue y/y
-1.1%
Δ EBITDA y/y
-27.8%

Multiples

P/E (LTM)
—
3y avg: 5.2x
P/B (FY)
0.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
2.7x
3y avg: 2.4x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
—
FCF yield (LTM)
-3.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-39.2%
↓ details

Liquidity

Daily turnover (MOEX)
1.2 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 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)OK153.3
y/y -1.1%
2.8
y/y -63.3%
13.2
y/y -9.1%
16.0
y/y -27.8%
-17.7
y/y -816.6%
30.0-15.4885.1
y/y -1.1%
645.3
y/y -5.8%
-10.8%-81.4Report (PDF)
2026-03-31Q1 2026 (3M)OK129.0
y/y -18.6%
-4.7
y/y -171.8%
13.2
y/y -4.9%
8.5
y/y -58.3%
-1.4
y/y -143.7%
-1.8-15.8895.0
y/y 60.0%
664.7
y/y -2.9%
-0.8%-66.7Report (PDF)
2025-12-31Q4 2025 (3M)OK145.8
y/y -12.0%
3.3
y/y -63.3%
16.2
y/y 15.1%
19.6
y/y -15.6%
-25.5
y/y -313.9%
30.8-26.3877.9
y/y -3.9%
664.7
y/y -3.6%
-2.2%-80.1Report (PDF)
2025-09-30Q3 2025 (3M)OK150.6
y/y -18.6%
3.9
y/y -83.2%
15.5
y/y 14.8%
19.4
y/y -47.2%
5.1
y/y -71.1%
24.6-21.3573.0
y/y -37.3%
692.3
y/y 2.7%
1.0%-72.9Report (PDF)
2025-06-30Q2 2025 (3M)OK155.1
y/y -31.0%
7.7
y/y -79.3%
14.5
y/y 8.6%
22.1
y/y -56.1%
2.5
y/y -90.7%
20.8-23.9895.1
y/y -0.4%
685.3
y/y 0.7%
1.4%-69.9Report (PDF)
2025-03-31Q1 2025 (3M)OK158.5
y/y -17.9%
6.5
y/y -78.5%
13.9
y/y 3.8%
20.4
y/y -53.3%
3.1
y/y -86.8%
19.8-20.8559.3
y/y -40.1%
684.4
y/y -0.6%
1.8%-73.7Report (PDF)
2024-12-31Q4 2024 (3M)OK165.6
y/y -19.6%
9.1
y/y -76.5%
14.1
y/y -4.3%
23.2
y/y -56.5%
11.9
y/y -64.0%
32.7-28.4913.2
y/y 1.2%
689.8
y/y 4.0%
11.7%-74.1Report (PDF)
2024-09-30Q3 2024 (3M)OK185.0
y/y -9.6%
23.3
y/y -44.1%
13.5
y/y 17.1%
36.8
y/y -30.8%
17.5
y/y -47.9%
26.8-25.4914.2
y/y —
673.9
y/y —
3.4%-95.7Report (PDF)
2024-06-30Q2 2024 (3M)OK224.9
y/y 13.0%
37.1
y/y -15.6%
13.3
y/y 19.5%
50.4
y/y -8.5%
26.6
y/y -16.8%
48.7-25.6898.9
y/y 9.0%
680.8
y/y 14.3%
15.5%-84.5Report (PDF)
2024-03-31Q1 2024 (3M)OK192.9
y/y 25.5%
30.3
y/y 37.1%
13.3
y/y 22.2%
43.6
y/y 32.1%
23.7
y/y 20.5%
30.3-21.8933.4
y/y 3.5%
688.4
y/y 3.8%
14.1%-95.9Report (PDF)
2023-12-31Q4 2023 (3M)OK206.0
y/y —
38.6
y/y —
14.7
y/y —
53.3
y/y —
33.1
y/y —
45.0-45.1902.0
y/y —
663.3
y/y —
—-94.2Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL204.7
y/y —
41.6
y/y —
11.5
y/y —
53.2
y/y —
33.6
y/y —
39.3-27.2—
y/y —
—
y/y —
—-87.9Report (PDF)
2023-06-30Q2 2023 (3M)OK199.0
y/y —
43.9
y/y —
11.1
y/y —
55.0
y/y —
31.9
y/y —
28.1-26.3824.6
y/y —
595.4
y/y —
20.3%-84.8Report (PDF)
2023-03-31Q1 2023 (3M)OK153.7
y/y —
22.1
y/y —
10.9
y/y —
33.0
y/y —
19.7
y/y —
34.3-18.9902.0
y/y —
663.3
y/y —
—-73.9Report (PDF)

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

Short-term debt (incl. ST leases)31 919
Long-term debt (incl. LT leases)22 946
− Cash & equivalents136 259
Net debt-81 394

Net debt / LTM EBITDA: -1.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

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

Year-over-year change

-75%-50%-25%0%25%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

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

Net debt / cash (₽ mln)

-100 000-80 000-60 000-40 000-20 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.49x of reported net profit; after capex, 0.61x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit1.12x2.41x1.24x1.74x—
accruals, % of assets-3.9%-13.5%-3.1%-6.4%-12.6%
net debt / EBITDA -1.0x · EBIT covers interest 2.8x · capex 1.8x of depreciation · dividends 43% of free cash flow
● EBIT covers interest 2.8x.
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.

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCrude steel
mln t		Pig iron
mln t
Q4 2025-122.54
+6.0%		—
FY 2025-1210.10
−9.8%		9.10
−4.1%
Q3 2025-092.42
−2.3%		—
Q2 2025-062.56
−24.2%		—
Q1 2025-032.57
−13.4%		—
Q4 2024-122.40—
FY 2024-1211.209.49
Q3 2024-092.48—
Q2 2024-063.38—
Q1 2024-032.97—

ММК, операционные результаты Группы по кварталам (mmk.ru/ru/ir; Интерфакс/Ведомости/metalinfo). Выплавка стали, млн т — 2024: Q1 2,970 / Q2 3,377 / Q3 2,480 / Q4 2,400 (год 11,195); 2025: Q1 2,573 / Q3 2,423 / Q4 2,543 (Q2 2,561 — остаток до годовой суммы 10,1). Чугун — годовой: 9,49→9,1 млн т (2024 восстановлен).

Production & Reserves

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

Steel

Annual production
10.16 Mt
2025

Production, Mt

12.99202311.20202410.162025

Production

YearProduction, Mt
202510.16
−9.3%
202411.20
−13.8%
202312.99

MMK (Magnitogorsk) official 12M2025 operational release: crude steel 10.159 Mt (-9.2% YoY). FY2024 11.195 Mt.

Key-commodity price — HRC Russia (RUB)

Current 64 125 ₽/тspot vs LTM +6%

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 83 vs LTM-avg 78 → ×1.05 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -39% · spot -39% · 3-yr +20%

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

1 · Reported baseline (latest FY)
Revenue609.9 bln RUB
EBITDA81.5 bln RUB
Cash costs (revenue − EBITDA)528.4 bln RUB
2 · Revenue projection
Multiplier — spot×0.97 (-3%)
= Spot revenue591.9 bln RUB
Multiplier — 3-yr prices×1.08 (+8%)
= 3-yr-price revenue658.8 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs554.8 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA37.2 bln RUB
= 3-yr-price EBITDA104.0 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/270.6 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))37.2 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)2.5x
Target EV = EV/EBITDA × conservative EBITDA94.2 bln RUB
Net debt-79.9 bln RUB
Target market cap = EV − net debt174.1 bln RUB
Current market cap286.5 bln RUB

Upside = target market cap ÷ current − 1 = -39%

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)
HRC Russia (RUB)39%64 125.0060 657.53+6%+6%+11%
Galvanized coil (RUB)31%92 500.00101 790.25-9%-9%+9%
CRC Russia (RUB)17%69 900.0081 103.87-14%-14%+6%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -21% vs +1% the year before — a -21.3 pp move. 3-year CAGR -4%.
revenue growth by year: 2023 +9% · 2024 +1% · 2025 -21%
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

Dividends suspended (~1.8 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)-15 bn RUB
Payout ratio48%
Free cash flow (FY, OCF − capex) — not a cap (leverage -1.0x)6 bn RUB
Recent actual dividend (3-yr median)5.25 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-7.7 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price22.17 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
20245.25 ₽
20222.66 ₽
20218.66 ₽
20203.76 ₽
20193.58 ₽
20185.31 ₽
20173.22 ₽
20161.03 ₽
Payments by period
PeriodEx-date/sh
2024 q42024-10-162.49 ₽
2024 q22024-06-072.75 ₽
2022 q12022-01-112.66 ₽
2021 q32021-09-233.53 ₽
2021 q22021-06-152.74 ₽
2021 q12021-01-122.39 ₽
2020 q32020-09-210.61 ₽
2020 q22020-06-151.51 ₽
2020 q12020-01-131.65 ₽
2019 q42019-10-110.69 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

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

07.08.26AGM / BoardРешения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО 'Магнитогорский металлургический комбинат' 07.08.2026 было принято решение о реорганизации компании путем присоединения трех обществ: ООО 'МагМеталлПак', ООО 'Ремпуть' и ООО 'Шлаксервис'. Уставный капитал ПАО 'ММК' останется без изменений и составит 11,17 млрд. руб.
23.07.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО 'Магнитогорский металлургический комбинат' раскрывает неаудированную финансовую отчетность за 1 полугодие 2026 года, что может повлиять на стоимость его обыкновенных акций. Дата события - 23 июля 2026 года.
14.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «ММК» принял решение о согласии на сделку по дополнительному соглашению к договору поручительства с Банком на сумму 18,08 млрд. руб., срок погашения кредита - до 28.02.2029. Сделка признана имеющей заинтересованность, решение принято единогласно.

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 2 of 17 funds, ≈7 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
SBRI Первая - Фонд Ответственные инвестицииПервая4.09%6 млн ₽—30.06.2026
SCFT Технологии будущегоДоверительная4.01%0 млн ₽—30.06.2026

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.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=9

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 MMK (MAGN) — from primary filings.

MAGN (Magnitogorsk Iron and Steel Works) is a Russian steel and mining company that produces a wide range of steel products, including flat and long products, as well as iron ore and coal. It operates one of the largest steel mills in Russia, located in Magnitogorsk, Chelyabinsk Oblast.

Frequently asked questions

What is MMK (MAGN)'s EV/EBITDA?
MMK (MAGN) trades at 2.7x EV/EBITDA.
What is MMK (MAGN)'s P/B ratio?
MMK (MAGN) trades at a P/B of 0.4x.
What is MMK (MAGN)'s return on equity (ROE)?
MMK (MAGN)'s ROE is -10.8%.
What is MMK (MAGN)'s market capitalization?
MMK (MAGN)'s market cap is 252.0 bn RUB.

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