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MMK (MAGN) USD

MMK (Magnitogorsk Iron and Steel Works) is one of Russia's largest steelmakers, producing flat and long steel products at its Magnitogorsk site for the auto, construction and pipe industries.

At a glance: strengths & risks
✓Net cash balance sheet✗Profit falling (-817% y/y, Q2 2026)✗Loss-making last FY✗Margins compressing (14%→10%, Q2 2026)✗No dividends currently

Sector: Metals & Steel

RU_MAGN

Price chart

23.04 RUBDay 0.26%

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
23.04 RUB · 0.26%
Market cap
3.2 bn USD

Growth

Δ revenue y/y
5.7%
Δ EBITDA y/y
-22.8%

Multiples

P/E (LTM)
—
3y avg: 5.7x
P/B (FY)
0.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
2.7x
3y avg: 2.7x
EV/EBITDA (ann.)
2.5x

Cash return

Dividend yield
—
FCF yield (LTM)
-4.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-8.8%
↓ details

Liquidity

Daily turnover (MOEX)
747.9 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.

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
2026-06-30Q2 2026 (3M)OK2021.3
y/y 5.7%
37.1
y/y -60.8%
173.5
y/y -2.7%
210.6
y/y -22.8%
-234.0
y/y -866.4%
395.0-203.111383.9
y/y -0.2%
8299.9
y/y -5.0%
-11.4%-1046.8Report (PDF)
2026-03-31Q1 2026 (3M)OK1631.7
y/y -5.0%
-59.3
y/y -183.8%
166.7
y/y 11.0%
107.4
y/y -51.4%
-17.3
y/y -150.9%
-22.2-199.911009.0
y/y 3.2%
8176.0
y/y -0.0%
-0.8%-820.3Report (PDF)
2025-12-31Q4 2025 (3M)OK1815.2
y/y 14.6%
41.5
y/y -39.3%
202.3
y/y 45.9%
243.8
y/y 17.8%
-317.8
y/y -398.2%
383.5-315.511223.1
y/y 25.0%
8497.3
y/y 25.3%
-2.1%-1023.4Report (PDF)
2025-09-30Q3 2025 (3M)OK1865.7
y/y -9.9%
48.5
y/y -81.3%
192.0
y/y 27.1%
240.5
y/y -41.5%
62.6
y/y -68.0%
305.1-264.310954.5
y/y 11.1%
8354.4
y/y 14.9%
1.0%-879.3Report (PDF)
2025-06-30Q2 2025 (3M)OK1911.7
y/y -23.2%
94.5
y/y -77.0%
178.4
y/y 20.9%
272.9
y/y -51.1%
30.5
y/y -89.6%
256.2-294.811407.2
y/y 8.8%
8733.6
y/y 10.0%
1.4%-891.4Report (PDF)
2025-03-31Q1 2025 (3M)OK1718.0
y/y -19.3%
70.8
y/y -78.8%
150.2
y/y 2.0%
221.0
y/y -54.1%
34.0
y/y -87.0%
215.1-225.610672.4
y/y 5.6%
8179.2
y/y 9.7%
1.8%-881.2Report (PDF)
2024-12-31Q4 2024 (3M)OK1680.7
y/y -30.6%
92.1
y/y -80.3%
143.2
y/y -15.8%
235.4
y/y -62.9%
121.1
y/y -69.7%
331.4-281.58980.9
y/y -10.7%
6784.2
y/y -8.3%
12.2%-728.7Report (PDF)
2024-09-30Q3 2024 (3M)OK2070.2
y/y -4.5%
260.2
y/y -41.0%
151.1
y/y 23.7%
411.3
y/y -27.5%
195.8
y/y -45.0%
300.4-284.19860.2
y/y —
7268.7
y/y —
3.4%-1032.7Report (PDF)
2024-06-30Q2 2024 (3M)OK2490.0
y/y 1.7%
410.5
y/y -24.0%
147.5
y/y 7.6%
558.0
y/y -17.6%
294.1
y/y -25.1%
539.1-283.710483.1
y/y 10.6%
7939.6
y/y 16.1%
15.3%-986.0Report (PDF)
2024-03-31Q1 2024 (3M)OK2129.1
y/y 0.6%
334.2
y/y 9.9%
147.3
y/y -2.1%
481.5
y/y 5.9%
262.0
y/y -3.4%
334.3-240.710105.0
y/y -13.6%
7453.3
y/y -13.4%
14.1%-1038.1Report (PDF)
2023-12-31Q4 2023 (3M)OK2216.8
y/y —
414.9
y/y —
158.7
y/y —
569.7
y/y —
356.5
y/y —
484.4-536.710057.1
y/y —
7395.7
y/y —
—-1050.2Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL2168.3
y/y —
441.0
y/y —
122.1
y/y —
567.0
y/y —
356.1
y/y —
415.9-287.8—
y/y —
—
y/y —
—-901.9Report (PDF)
2023-06-30Q2 2023 (3M)OK2447.6
y/y —
540.0
y/y —
137.1
y/y —
677.1
y/y —
392.6
y/y —
345.3-323.19474.4
y/y —
6841.2
y/y —
20.3%-974.2Report (PDF)
2023-03-31Q1 2023 (3M)OK2116.0
y/y —
304.2
y/y —
150.4
y/y —
454.6
y/y —
271.2
y/y —
472.4-259.911701.2
y/y —
8604.8
y/y —
—-958.5Report (PDF)

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

Short-term debt (incl. ST leases)411
Long-term debt (incl. LT leases)295
− Cash & equivalents1 752
Net debt-1 047

Net debt / LTM EBITDA: -1.3x

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-60%-40%-20%0%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-600-400-20002004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 250-1 000-750-500-25002024 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 27% 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCrude steel
mln t		Pig iron
mln t
Q2 2026-062.75
+7.3%		2.27
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). | Q2 2026 (03.09.2026): сталь 2,747 млн т (+12,2% кв/кв), чугун 2,269 (капремонты) — операц. релиз ММК 2 кв. 2026, подтв. Smart-Lab/Fomag. (Q1 2026 в серии ещё нет — досбор отдельно.)

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 63 500 ₽/тspot 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 company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 81 vs LTM-avg 79 → ×1.03 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -9% · spot -9% · 3-yr +46%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue578.7 bln RUB
EBITDA63.5 bln RUB
Cash costs (revenue − EBITDA)515.2 bln RUB
2 · Revenue projection
Multiplier — spot×1.04 (+4%)
= Spot revenue599.6 bln RUB
Multiplier — 3-yr prices×1.13 (+13%)
= 3-yr-price revenue653.6 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs541.0 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA58.6 bln RUB
= 3-yr-price EBITDA112.7 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/285.6 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))58.6 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)2.6x
Target EV = EV/EBITDA × conservative EBITDA152.0 bln RUB
Net debt (as of 2026-06-30)-81.2 bln RUB
Target market cap = EV − net debt233.2 bln RUB
Current market cap255.7 bln RUB

Upside = target market cap ÷ current − 1 = -9%

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%63 500.0058 100.70+9%+9%+15%
Galvanized coil (RUB)31%99 500.0095 386.70+4%+4%+16%
CRC Russia (RUB)17%70 100.0076 066.64-8%-8%+13%

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).

EV/EBITDA — daily history

Current 2.7x · 3-year 75th pct 2.9x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Metals & Steel. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Tata SteelIndia22.88.1x1.6x
JSW SteelIndia31.710.8x2.1x
Gerdauglobal10.37.0x3.4x
NLMKRussia5.43.6x3.6x
POSCO HoldingsKorea16.37.1x3.7x
Steel Dynamicsglobal36.712.3x5.9x
SeverstalRussia7.26.1x6.1x
Nucor Corporationglobal60.415.8x7.6x
Cleveland-Cliffsglobal8.020.3x9.7x
RusalRussia4.710.6x10.6x
UsiminasBrazil1.626.3x14.1x
TMK (pipe)Russia0.916.3x16.3x
Group median10.7x6.0x
Group average12.0x7.1x
This companyRussia3.12.7x2.7x

Group median 10.7x as traded, 6.0x adjusted; this company 2.7x — a 56% discount.

Group average 12.0x as traded, 7.1x adjusted; against the average this company is at a 62% discount.

At the adjusted group median the market cap would be +86% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend potential

Dividends suspended (~2.0 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)-8.1 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price22.89 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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
PeriodLast day to buy/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: 0, last 30 days: 2 (2 negative) across tracked channels, broker research and shows. 22 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

22.10.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО 'Магнитогорский металлургический комбинат' раскрывает операционные результаты за III квартал и 9 месяцев 2026 года, а также промежуточную бухгалтерскую отчетность за девять месяцев, закончившихся 30 сентября 2026 года. Это событие может оказать влияние на стоимость его обыкновенных акций.
28.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Магнитогорский металлургический комбинат' принял решения о создании Правления и утверждении его состава. Решение было принято единогласно 25.09.2026.
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.

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, ≈11 млн ₽ combined. Last month: added — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
SBRI Первая - Фонд Ответственные инвестицииПервая6.52%10 млн ₽+0.69 pp31.08.2026
SCFT Технологии будущегоДоверительная6.19%1 млн ₽—31.08.2026

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 MMK (MAGN) — from primary filings.

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 -11.4%.
What is MMK (MAGN)'s market capitalization?
MMK (MAGN)'s market cap is 3.2 bn USD.

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