Sector: Metals & Steel
RU_MAGN
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 129.0 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 | -15.8 | 895.0 y/y 0.2% | 664.7 y/y -2.9% | -0.8% | -66.5 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 145.8 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 | -26.3 | 877.9 y/y -3.9% | 664.7 y/y -3.6% | -2.2% | -79.9 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 150.6 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 | -21.3 | 907.8 y/y -0.7% | 692.3 y/y 2.7% | 1.0% | -71.7 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 155.1 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 | -23.9 | 895.1 y/y -0.4% | 685.3 y/y 0.7% | 1.4% | -68.9 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 158.5 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 | -20.8 | 893.1 y/y -4.3% | 684.4 y/y -0.6% | 1.8% | -72.7 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 165.6 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 | -28.4 | 913.2 y/y 1.2% | 689.8 y/y 4.0% | 11.7% | -72.9 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 185.0 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 | -25.4 | 914.2 y/y — | 673.9 y/y — | 3.4% | -94.7 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 224.9 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 | -25.6 | 898.9 y/y 9.0% | 680.8 y/y 14.3% | 15.5% | -83.5 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 192.9 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 | -21.8 | 933.4 y/y 3.5% | 688.4 y/y 3.8% | 14.1% | -99.7 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 206.0 y/y — | 38.6 y/y — | 14.7 y/y — | 53.3 y/y — | 33.1 y/y — | 45.0 | -45.1 | 902.0 y/y — | 663.3 y/y — | — | -92.9 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | PARTIAL | 204.7 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 — | — | -87.9 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 199.0 y/y — | 43.9 y/y — | 11.1 y/y — | 55.0 y/y — | 31.9 y/y — | 28.1 | -26.3 | 824.6 y/y — | 595.4 y/y — | 20.3% | -82.8 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | OK | 153.7 y/y — | 22.1 y/y — | 10.9 y/y — | 33.0 y/y — | 19.7 y/y — | 34.3 | -18.9 | 902.0 y/y — | 663.3 y/y — | — | -73.9 | Report (PDF) |
Quarterly values (₽ mln)
Year-over-year change
FCF (₽ mln)
Net debt / cash (₽ mln)
Physical operating metrics — supplementary, not part of the financial statements
Steel
| Year | Production, Mt |
|---|---|
| 2025 | 10.16 −9.3% |
| 2024 | 11.20 −13.8% |
| 2023 | 12.99 |
MMK (Magnitogorsk) official 12M2025 operational release: crude steel 10.159 Mt (-9.2% YoY). FY2024 11.195 Mt.
Current 62 900 ₽/тspot vs LTM +8%
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 current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.
Upside (conservative): -20% · spot -20% · 3-yr +50%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (latest FY) | |
| Revenue | 609.9 bln RUB |
| EBITDA | 81.5 bln RUB |
| Cash costs (revenue − EBITDA) | 528.4 bln RUB |
| 2 · Revenue projection | |
| Multiplier — spot | ×1.01 (+1%) |
| = Spot revenue | 613.2 bln RUB |
| Multiplier — 3-yr prices | ×1.14 (+14%) |
| = 3-yr-price revenue | 692.6 bln RUB |
| 3 · Cost projection (+ RU inflation ~5%) | |
| Cost multiplier | ×1.05 (+5%) |
| = Cash costs | 554.8 bln RUB |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 58.4 bln RUB |
| = 3-yr-price EBITDA | 137.8 bln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 98.1 bln RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 58.4 bln RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (current) | 2.5x |
| Target EV = EV/EBITDA × conservative EBITDA | 148.2 bln RUB |
| Net debt | -79.9 bln RUB |
| Target market cap = EV − net debt | 228.0 bln RUB |
| Current market cap | 286.5 bln RUB |
Upside = target market cap ÷ current − 1 = -20%
Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.
| Commodity | Revenue share | Spot | LTM avg | $ vs LTM | RUB vs LTM (FX) | RUB 3-yr (FX) |
|---|---|---|---|---|---|---|
| HRC Russia (RUB) | 39% | 62 900.00 | 58 083.52 | +8% | +8% | +16% |
| Galvanized coil (RUB) | 31% | 91 500.00 | 95 311.46 | -4% | -4% | +17% |
| CRC Russia (RUB) | 17% | 69 550.00 | 75 967.16 | -8% | -8% | +14% |
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 ratio | 48% |
| 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 share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.2% |
| Historical yield spread to rate (3-yr median) | -8.1 pp |
| = Fair dividend yield | 10.8% |
| 3 · Valuation → upside | |
| Current price | 16.86 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | 0.000 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
| Pay year | Dividend /sh | |
|---|---|---|
| 2024 | 5.25 ₽ | |
| 2022 | 2.66 ₽ | |
| 2021 | 8.66 ₽ | |
| 2020 | 3.76 ₽ | |
| 2019 | 3.58 ₽ | |
| 2018 | 5.31 ₽ | |
| 2017 | 3.22 ₽ | |
| 2016 | 1.03 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2024 q4 | 2024-10-16 | 2.49 ₽ |
| 2024 q2 | 2024-06-07 | 2.75 ₽ |
| 2022 q1 | 2022-01-11 | 2.66 ₽ |
| 2021 q3 | 2021-09-23 | 3.53 ₽ |
| 2021 q2 | 2021-06-15 | 2.74 ₽ |
| 2021 q1 | 2021-01-12 | 2.39 ₽ |
| 2020 q3 | 2020-09-21 | 0.61 ₽ |
| 2020 q2 | 2020-06-15 | 1.51 ₽ |
| 2020 q1 | 2020-01-13 | 1.65 ₽ |
| 2019 q4 | 2019-10-11 | 0.69 ₽ |
No dividend rows found for this issuer.
| 01.06.26 | AGM / Board | ★ ▼ Решения общих собраний участников (акционеров) На годовом собрании акционеров ПАО 'Магнитогорский металлургический комбинат' 29 мая 2026 года было принято решение не выплачивать дивиденды по результатам 2025 года и утвердить размер вознаграждений членам Совета директоров в 165 млн. руб. Кворум для принятия решений был обеспечен. |
| 23.07.26 | Material event | События (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. |
| 14.07.26 | AGM / Board | Решения 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.
Disclosed in the top-10 of 2 of 17 funds, ≈7 млн ₽ combined.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| SBRI Первая - Фонд Ответственные инвестиции | Первая | 4.44% | 6 млн ₽ | — | 29.05.2026 |
| SCFT Технологии будущего | Доверительная | 4.35% | 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.
Substantive mentions last 7 days: 1, last 30 days: 2 (1 positive) across tracked channels, broker research and shows. 16 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=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.