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Mechel (MTLR) RUB

Mechel is a mining and steel group producing coking and thermal coal in Kuzbass and Yakutia, iron ore, and long steel products at its Chelyabinsk plant, with its own ports and rail logistics.

At a glance: strengths & risks
✗Revenue declining (-23% y/y, H1 2026)✗Loss-making last FY✗No dividends currently

Sector: Metals & Steel

RU_MTLR

Price chart

40.71 RUBDay 3.25%

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
40.71 RUB · 3.25%
Market cap
22.2 bn RUB

Growth

Δ revenue y/y
-22.9%
Δ EBITDA y/y
-149.2%

Multiples

P/E (LTM)
—
P/B (FY)
—
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
132.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-90.0%
↓ details

Liquidity

Daily turnover (MOEX)
571.5 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 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
2026-06-30H1 2026 (6M)OK117.3
y/y -22.9%
-17.0
y/y —
7.3
y/y -23.3%
-9.8
y/y —
-43.2
y/y —
27.2-3.8189.0
y/y -14.0%
-222.3
y/y —
43.0%306.2Report (PDF)
2025-12-31H2 2025 (6M)OK134.7
y/y -25.8%
-10.6
y/y -210.6%
7.8
y/y -12.9%
-2.8
y/y -115.4%
-39.2
y/y -93.4%
13.1-4.4207.5
y/y -19.2%
-179.2
y/y —
50.0%272.2Report (PDF)
2025-06-30H1 2025 (6M)OK152.3
y/y -26.1%
-22.6
y/y -596.3%
9.5
y/y 1.7%
-13.1
y/y -194.5%
-40.5
y/y —
33.2-6.4219.7
y/y -17.1%
-139.9
y/y —
67.6%272.2Report (PDF)
2024-12-31H2 2024 (6M)OK181.5
y/y -14.0%
9.6
y/y -73.2%
8.9
y/y 11.6%
18.5
y/y -57.7%
-20.3
y/y -217.6%
44.0-8.6256.8
y/y -5.5%
-99.8
y/y —
41.9%278.6Report (PDF)
2024-06-30H1 2024 (6M)OK206.0
y/y 5.8%
4.5
y/y -84.3%
9.3
y/y 28.5%
13.9
y/y -61.8%
-16.0
y/y -328.3%
17.7-8.7265.1
y/y -1.9%
-73.3
y/y —
47.8%279.5Report (PDF)
2023-12-31H2 2023 (6M)OK211.2
y/y —
35.9
y/y —
8.0
y/y —
43.9
y/y —
17.2
y/y —
32.6-12.8271.9
y/y —
-60.5
y/y —
-33.4%265.7Report (PDF)
2023-06-30H1 2023 (6M)OK194.7
y/y —
29.0
y/y —
7.2
y/y —
36.2
y/y —
7.0
y/y —
31.8-10.5270.3
y/y —
-84.8
y/y —
—261.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2023-06-30

Short-term debt (incl. ST leases)269 581
Long-term debt (incl. LT leases)12 777
− Cash & equivalents21 203
Net debt261 155

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-50 000050 000100 000150 000200 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-200%-100%0%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

010 00020 00030 00040 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

0100 000200 000300 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.93x of reported net profit; after capex, 1.35x. Loss years (2024, 2025) are left out of the ratio.
year2022202320242025
cash flow / profit1.20x2.65x——
accruals, % of assets-5.1%-14.7%-38.1%-60.8%
EBIT covers interest -0.6x · capex 1.0x of depreciation
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 →

Key-commodity price — Coking coal

Current 270spot vs LTM +25%

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. For spread names (petrochemicals) the commodity cost base is re-priced too.

USD/RUB: spot 86 vs LTM-avg 78 → ×1.10 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -90% · spot -90% · 3-yr -90%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue252.0 bln RUB
EBITDA-12.6 bln RUB
Cash costs (revenue − EBITDA)264.6 bln RUB
2 · Revenue projection
Multiplier — spot×1.17 (+17%)
= Spot revenue293.6 bln RUB
Multiplier — 3-yr prices×1.15 (+15%)
= 3-yr-price revenue290.0 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.07 (+7%)
= Cash costs283.1 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA10.5 bln RUB
= 3-yr-price EBITDA3.6 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/27.1 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))7.1 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)1.0x
Target EV = EV/EBITDA × conservative EBITDA7.1 bln RUB
Net debt (as of 2026-06-30)306.2 bln RUB
Target market cap = EV − net debt0 mln RUB
Current market cap21.7 bln RUB

Upside = target market cap ÷ current − 1 = -90%

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)
Coking coal50%270.00215.32+25%+38%+22%
CRC Russia (RUB)30%69 900.0076 066.64-8%-8%+13%
Ferrous scrap RF (RUB) — cost20%21 417.7519 396.52+10%+10%+17%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -26% vs -5% the year before — a -21.4 pp move. 3-year CAGR -13%.
revenue growth by year: 2023 -6% · 2024 -5% · 2025 -26%
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 (~5.2 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)-82 bn RUB
Payout ratio50%
Free cash flow (FY, OCF − capex)36 bn RUB
Recent actual dividend (3-yr median)1.17 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price39.10 ₽
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
20211.17 ₽
20203.48 ₽
201918.21 ₽
201816.66 ₽
Payments by period
PeriodEx-date/sh
2021 q32021-07-091.17 ₽
2020 q32020-07-153.48 ₽
2019 q32019-07-1618.21 ₽
2018 q32018-07-1616.66 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 3 (2 negative) across tracked channels, broker research and shows. 7 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

28.08.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Мечел» объявляет финансовые результаты за первое полугодие 2026 года, что может оказать влияние на стоимость его акций. Дата события - 28 августа 2026 года. Акции имеют регистрационные номера 1-01-55005-E и 2-01-55005-E.
26.08.26Filing★ ▼ Совершение эмитентом существенной сделки
ПАО «Мечел» совершило крупную сделку на сумму 69,8 млрд. руб., что составляет 33,6% от стоимости активов в 207,5 млрд. руб. Сделка включает несколько дополнительных соглашений к договорам залога акций, с сроком исполнения обязательств до 6 марта 2033 года.
14.08.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Мечел» одобрил крупную сделку, стоимость которой составляет свыше 25%, но менее 50% балансовой стоимости активов. Решение о сделке принято без раскрытия информации о её условиях и цене. Кворум заседания составил 9 голосов 'за', 0 'против' и 0 'воздержался'.
03.07.26Filing★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки
Компания "Мечел" совершила крупную сделку на сумму 111,4 млрд. руб., что составляет 53,7% от стоимости активов в 207,5 млрд. руб. Сделка включает дополнительные соглашения к договорам поручительства с сроком исполнения обязательств до 31.03.2033.
30.06.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
На общем собрании акционеров ПАО «Мечел», состоявшемся 30 июня 2026 года, было принято решение не выплачивать дивиденды по всем категориям акций из-за убытка в 10,4 млрд. руб. за 2025 год. Также были избраны новые члены Совета директоров и назначена аудиторская организация на 2026 год.
04.06.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
03 июня 2026 года пройдет заседание совета директоров ПАО «Мечел», на котором будут обсуждаться рекомендации по распределению прибыли и дивидендам за 2025 год. Также будет рассматриваться вопрос о кандидатах в члены совета директоров и утверждение бюллетеней для голосования на годовом собрании акционеров.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

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 Mechel (MTLR) — from primary filings.

Frequently asked questions

What is Mechel (MTLR)'s return on equity (ROE)?
Mechel (MTLR)'s ROE is 43.0%.
What is Mechel (MTLR)'s market capitalization?
Mechel (MTLR)'s market cap is 22.2 bn RUB.

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