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Moscow Exchange (MOEX) RUB

At a glance: strengths & risks
Strong ROE (22%)Dividend yield above fair (15% vs 11%)Revenue declining (-11%)Profit falling (-25%)

Sector: Financial Services

RU_MOEX

Price chart

146.82 RUBDay 0.49%

Key metrics

Market

Price
146.82 RUB · 0.49%
Market cap
334.2 bn RUB

Growth

Δ revenue y/y
16.3%
Δ EBITDA y/y
32.2%

Multiples

P/E (LTM)
5.3x
3y avg: 6.5x
P/B (FY)
1.2x
3y avg: 1.7x
P/E (ann.)
4.9x

Returns

Dividend yield
14.9%
ROE (annualized)
24.7%
ROI (ROE ÷ P/B)
19.9%

Value creation

annualized net income / market cap (return on equity value)
Banking potential

Liquidity

Daily turnover (MOEX)
1 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 RUBNet profitB RUBAssetsB RUBEquityB RUBROE (annualized)Source
2026-03-31Q1 2026 (3M)OK33.2
y/y 16.3%
17.2
y/y 32.2%
13173.8
y/y 15.9%
286.6
y/y 2.9%
24.7%Link
2025-12-31Q4 2025 (3M)OK34.9
y/y 1.8%
14.2
y/y -18.3%
13027.8
y/y 7.7%
269.1
y/y 2.9%
22.7%Report (PDF)
2025-09-30Q3 2025 (3M)OK33.5
y/y -15.0%
17.3
y/y -27.0%
12427.3
y/y 35.0%
253.8
y/y 4.4%
24.6%Report (PDF)
2025-06-30Q2 2025 (3M)OK32.0
y/y -14.4%
15.0
y/y -28.1%
10734.4
y/y 12.0%
235.7
y/y 6.4%
21.7%Report (PDF)
2025-03-31Q1 2025 (3M)OK28.6
y/y -16.0%
13.0
y/y -32.9%
11365.0
y/y 14.7%
278.6
y/y 15.2%
19.2%Report (PDF)
2024-12-31Q4 2024 (3M)OK34.3
y/y -2.0%
17.4
y/y -13.4%
12092.6
y/y 27.8%
261.5
y/y 17.3%
31.4%Report (PDF)
2024-09-30Q3 2024 (3M)OK40.0
y/y 59.0%
23.0
y/y 51.9%
9203.4
y/y 2.0%
243.2
y/y 21.7%
35.5%Report (PDF)
2024-06-30Q2 2024 (3M)OK36.8
y/y
19.5
y/y
9584.8
y/y
221.5
y/y
33.5%Report (PDF)
2024-03-31Q1 2024 (3M)OK34.0
y/y 46.5%
19.4
y/y 35.0%
9912.5
y/y 41.4%
241.9
y/y 26.8%
33.3%Report (PDF)
2023-12-31Q4 2023 (3M)OK35.0
y/y
20.0
y/y
9464.3
y/y
223.1
y/y
28.7%Report (PDF)
2023-09-30Q3 2023 (3M)OK49.5
y/y
28.6
y/y
9019.6
y/y
199.9
y/y
27.7%Report (PDF)
2023-06-30Q2 2023 (3M)OK20.2
y/y
12.1
y/y
7528.5
y/y
191.5
y/y
25.3%Report (PDF)
2023-03-31Q1 2023 (3M)OK23.2
y/y
14.3
y/y
7010.8
y/y
190.8
y/y
Report (PDF)

Trading volumes by market

Moscow Exchange Group turnover by market, monthly — supplementary

PeriodTotal
трлн ₽
Equities
трлн ₽
Bonds
трлн ₽
Derivatives
трлн ₽
Money market (repo & deposits)
трлн ₽
Jun 2026190.70
+42.9%
2.81
+11.1%
1.39
+2.2%
16.32
+71.1%
166.74
+55.7%
May 2026156.44
+26.7%
1.88
−24.2%
1.11
+37.0%
12.66
+50.4%
138.48
+36.0%
Apr 2026191.95
+22.9%
2.67
−37.0%
1.86
+91.8%
14.29
+20.5%
170.41
+36.3%
Mar 2026216.43
+41.0%
3.53
−10.6%
1.56
+9.1%
21.14
+70.5%
170.42
+39.7%
Feb 2026171.23
+31.4%
2.42
−49.7%
1.55
+15.7%
11.91
+0.4%
141.82
+41.6%
Jan 2026136.292.140.6813.82106.97
Dec 2025199.612.741.4315.73157.88
Nov 2025158.722.172.4810.77128.32
Oct 2025182.993.051.6316.80145.53
Sep 2025173.532.541.3313.34137.59
Aug 2025152.553.011.068.93124.20
Jul 2025158.033.151.569.22127.47
Jun 2025133.422.531.369.54107.10
May 2025123.482.480.818.42101.82
Apr 2025156.174.240.9711.86125.06
Mar 2025153.483.951.4312.40122.02
Feb 2025130.344.811.3411.86100.13

ISS Московской биржи (iss/turnovers + per-engine markets, агрегация по торговым дням). Текущий незавершённый месяц исключён. Драгметаллы/валюта не публикуются в открытом ISS с 2024.

Dividend potential

Dividend-model upside: +42%

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)64 bn RUB
Payout ratio75%
Free cash flow (FY, OCF − capex)98 bn RUB
Recent actual dividend (3-yr median)19.57 ₽
= Forecast dividend per share21.01 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-10.4 pp
= Fair dividend yield (bank floor ≈ rate−3.5)10.8%
3 · Valuation → upside
Current price145 ₽
Forecast dividend yield14.5%
Fair price (dividend-based)206 ₽

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

Dividend history

Paid, trailing 12-mo: 19.57 RUB/sh · 13.5%

Pay yearDividend /sh
202619.57 ₽
202526.11 ₽
202417.35 ₽
20234.84 ₽
20219.45 ₽
20207.93 ₽
20197.70 ₽
20185.47 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-0819.57 ₽
2025 q32025-07-0926.11 ₽
2024 q22024-06-1317.35 ₽
2023 q22023-05-104.84 ₽
2021 q22021-05-129.45 ₽
2020 q22020-05-137.93 ₽
2019 q22019-05-107.70 ₽
2018 q22018-05-115.47 ₽
2017 q32017-09-272.49 ₽
2017 q22017-05-127.68 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 51% buy — balanced5d: 53% buy — balanced20d: 51% buy — balanced

Iceberg levels last session: 1 bid / 0 ask; largest — bid 147.78 (filled ×3.7 of displayed, 29 refills).
Robot clips (recurring characteristic order size): 48 bid / 61 ask; largest — ask 179 lots ×4947 appearances across 457 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×6899, ask ×6179.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
23.0751%1/048/6127,492
22.0748%2/140/4622,717
21.0751%1/164/7529,350
20.0759%0/274/7930,527
17.0750%0/169/7832,029

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

25.06.26Filing Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
На 9 июля 2026 года будет определена дата для фиксирования лиц, имеющих право на получение дивидендов по обыкновенным акциям Московской Биржи. Соответствующее решение было принято 25 июня 2026 года.
25.06.26AGM / Board Решения общих собраний участников (акционеров)
На общем собрании акционеров ПАО Московская Биржа, проведенном 25.06.2026, были приняты решения, включая утверждение годового отчета за 2025 год и распределение прибыли с выплатой дивидендов в размере 19,57 руб. на акцию. Общая сумма дивидендов составила 44,5 млрд. руб.
05.03.26Material event События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Наблюдательный совет ПАО Московская Биржа рекомендовал выплатить дивиденды по результатам 2025 года в размере 19,57 руб. на акцию, общая сумма дивидендов составит 44,5 млрд. руб. Решение будет вынесено на Общее собрание акционеров в 2026 году.
14.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО Московская Биржа избрал нового члена Правления на срок с 02.10.2026 по 01.10.2031. Также одобрено заключение трудового договора с заинтересованным лицом, причем цена сделки определена в Приложении 5.

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 4 of 17 funds, ≈86 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ7.60%67 млн ₽29.05.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ7.53%12 млн ₽29.05.2026
SBRI Первая - Фонд Ответственные инвестицииПервая4.32%6 млн ₽29.05.2026
SCFT Технологии будущегоДоверительная4.26%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: 1, last 30 days: 9 (2 positive) across tracked channels, broker research and shows. 25 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=43

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 Moscow Exchange (MOEX) — from primary filings.

MOEX operates the Moscow Exchange, Russia's primary stock, bond, derivatives, and foreign exchange trading platform, and also provides clearing, settlement, and depository services.

Frequently asked questions

What is Moscow Exchange (MOEX)'s P/E ratio?
Moscow Exchange (MOEX) trades at a P/E of 5.3x (price to trailing 12-month earnings).
What is Moscow Exchange (MOEX)'s P/B ratio?
Moscow Exchange (MOEX) trades at a P/B of 1.2x.
What is Moscow Exchange (MOEX)'s dividend yield?
Moscow Exchange (MOEX)'s trailing 12-month dividend yield is 14.9%.
What is Moscow Exchange (MOEX)'s return on equity (ROE)?
Moscow Exchange (MOEX)'s ROE is 24.7%.
What is Moscow Exchange (MOEX)'s market capitalization?
Moscow Exchange (MOEX)'s market cap is 334.2 bn RUB.