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MTS (MTSS) RUB

MTS is Russia's largest mobile operator, also offering fixed broadband, pay TV, a retail bank, media, cloud and other digital services within its ecosystem.

At a glance: strengths & risks
✓Revenue growing (+9% y/y, Q2 2026)✓Profit growing (+1817% y/y, Q2 2026)✓Margins improving (37%→40%, Q2 2026)✓Dividend yield above fair (19% vs 12%)

Sector: Telecommunications

RU_MTSS

Price chart

189.1 RUBDay 0.00%

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
189.1 RUB · 0.00%
Market cap
355.7 bn RUB

Growth

Δ revenue y/y
9.2%
Δ EBITDA y/y
16.3%

Multiples

P/E (LTM)
3.4x
3y avg: 10.6x
P/B (FY)
21.0x
P/E (ann.)
1.3x
EV/EBITDA (LTM)
3.3x
3y avg: 4.1x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
18.5%
FCF yield (LTM)
1.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+12.9%
↓ details

Liquidity

Daily turnover (MOEX)
509 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
2026-06-30Q2 2026 (3M)OK213.5
y/y 9.2%
48.2
y/y 22.4%
36.4
y/y 9.2%
84.6
y/y 16.3%
66.9
y/y 1817.4%
-32.8-31.61835.6
y/y 8.6%
34.7
y/y —
878.3%651.9Link
2026-03-31Q1 2026 (3M)OK201.3
y/y 14.7%
41.0
y/y 28.7%
33.7
y/y 7.2%
74.7
y/y 18.0%
7.2
y/y 33.3%
31.2-44.31755.6
y/y 13.8%
26.2
y/y —
132.8%677.3Link
2025-12-31Q4 2025 (3M)OK222.5
y/y 16.4%
45.0
y/y —
26.8
y/y —
71.8
y/y —
23.3
y/y —
30.5-12.61768.4
y/y 16.6%
17.0
y/y —
612.7%645.3Report (PDF)
2025-09-30Q3 2025 (3M)OK213.8
y/y —
38.3
y/y —
33.5
y/y —
71.8
y/y —
6.5
y/y —
126.9-20.31775.5
y/y —
-4.3
y/y —
-34.9%640.2Report (PDF)
2025-06-30Q2 2025 (3M)OK195.4
y/y 14.4%
39.4
y/y 4.4%
33.4
y/y 20.6%
72.7
y/y 11.3%
3.5
y/y -55.3%
79.4-12.01690.2
y/y 25.7%
-45.3
y/y —
-54.6%608.5Report (PDF)
2025-03-31Q1 2025 (3M)OK175.5
y/y 8.8%
31.9
y/y -4.0%
31.5
y/y 20.1%
63.3
y/y 6.6%
5.4
y/y -73.2%
37.6-17.31543.2
y/y —
-5.8
y/y —
-252.8%661.7Report (PDF)
2024-12-31Q4 2024 (3M)OK191.2
y/y —
—
y/y 10.7%
—
y/y -3.1%
—
y/y 4.0%
—
y/y -40.1%
66.5-23.51517.0
y/y 17.5%
-11.2
y/y -753.1%
—692.4Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL341.7
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
72.8-33.3—
y/y —
—
y/y —
—499.1Report (PDF)
2024-06-30Q2 2024 (3M)OK170.9
y/y 18.5%
37.7
y/y 21.5%
27.7
y/y -4.5%
65.4
y/y 8.9%
7.8
y/y -46.4%
19.6-14.61345.1
y/y 22.9%
-18.5
y/y —
—439.2Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL161.3
y/y 8.3%
33.2
y/y 4.6%
26.2
y/y -9.6%
59.4
y/y -2.1%
20.1
y/y 34.6%
11.8-15.6—
y/y —
—
y/y —
—489.5Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——1291.5
y/y —
1.7
y/y —
-485.9%489.9Report (PDF)
2023-06-30Q2 2023 (3M)OK144.2
y/y —
31.1
y/y —
29.0
y/y —
60.0
y/y —
14.6
y/y —
18.0-7.41094.6
y/y —
-23.4
y/y —
—464.5Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL148.9
y/y —
31.7
y/y —
29.0
y/y —
60.7
y/y —
14.9
y/y —
18.0-7.4—
y/y —
—
y/y —
—427.4Report (PDF)

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

Short-term debt (incl. ST leases)394 470
Long-term debt (incl. LT leases)321 871
− Cash & equivalents64 487
Net debt651 854

Net debt / LTM EBITDA: 2.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

FCF (₽ mln)

-150 000-100 000-50 000050 000100 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

0200 000400 000600 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit runs ahead of cash
In a typical year of 2021–2025 operating cash flow came to 5.04x of reported net profit; after capex, 2.91x.
year20212022202320242025
cash flow / profit2.25x5.27x2.64x5.04x7.10x
accruals, % of assets-7.8%-14.3%-6.7%-8.4%-13.3%
Last twelve months (to 2026-06-30): 1.50x of profit came back as operating cash flow.
net debt / EBITDA 2.3x · EBIT covers interest 1.2x · capex 0.6x of depreciation · dividends 42% of free cash flow · share count +18.0% a year
● Capex is 56% of depreciation - the asset base is being consumed faster than replaced.
● EBIT covers interest 1.2x.
● Diluted share count grew 18.0% a year.
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 →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +13.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (84 614 − 72 745) × 3.58
42 497
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (355 704 + 651 854) ÷ 302 964
3.3x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (3.3 + 6.5) ÷ 2
4.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -98 412 + 68 + 0 − 0
-98 344
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 18.0% × 355 704
−64 162
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (42 497 × 4.9 + -98 344 − 64 162) ÷ 355 704
+13.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • share-count dilution 18.0%/yr (valued at market: -64162)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +15% vs +16% the year before — a -1.4 pp move. 3-year CAGR +15%.
revenue growth by year: 2023 +13% · 2024 +16% · 2025 +15%
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

Dividend-model upside: +65%

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)104 bn RUB
Payout ratio100%
Free cash flow (FY, OCF − capex) — not a cap (leverage 2.3x)213 bn RUB
Recent actual dividend (3-yr median)35.00 ₽
= Forecast dividend per share35.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-2.1 pp
= Fair dividend yield11.9%
3 · Valuation → upside
Current price188 ₽
Forecast dividend yield18.6%
Fair price (dividend-based)311 ₽

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

Dividend history

Paid, trailing 12-mo: 35.00 RUB/sh · 18.6%

Pay yearDividend /sh
202635.00 ₽
202535.00 ₽
202435.00 ₽
202334.29 ₽
202233.85 ₽
202137.06 ₽
202042.75 ₽
201928.66 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-0835.00 ₽
2025 q32025-07-0435.00 ₽
2024 q32024-07-1535.00 ₽
2023 q22023-06-2734.29 ₽
2022 q32022-07-0833.85 ₽
2021 q42021-10-0810.55 ₽
2021 q32021-07-0626.51 ₽
2020 q42020-10-088.93 ₽
2020 q32020-07-0720.57 ₽
2020 q12020-01-0813.25 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 56% buy — buyers5d: 56% buy — buyers20d: 50% buy — balanced

No iceberg levels detected last session.
No characteristic robot clips detected last session.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0956%0/00/010,609
03.0957%0/00/011,251
02.0944%1/00/19,782
01.0954%1/00/113,755
31.0865%0/00/010,544

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.

Investment-community mentions

Substantive mentions last 7 days: 3 (3 positive), last 30 days: 17 (13 positive) across tracked channels, broker research and shows. 15 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

31.07.26Filing★ ▲ Заключение подконтрольной эмитенту организацией договора, предусматривающего обязанность приобретать эмиссионные ценные бумаги эмитента
29 июля 2026 года ООО «Бастион» заключило договор, обязывающий приобрести 67,5 млн обыкновенных акций ПАО «МТС» в течение года. После выполнения обязательств, количество акций у ООО «Бастион» составит 167,8 млн. акций.
30.07.26Filing★ ▼ Отчуждение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
30 июля 2026 года подконтрольная организации ПАО «МТС» отчуждает 67,5 млн. обыкновенных акций, что составляет 3,38% уставного капитала. После отчуждения остаётся 2,4 млн. акций, что составляет 0,12% уставного капитала.
24.07.26AGM / Board★ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'МТС' одобрил сделки стоимостью более 30 млрд. руб., что составляет более 10% активов компании. Решение было принято на заседании 23 июля 2026 года с кворумом 9 членов, из которых 8 проголосовали 'ЗА'.
07.07.26Filing★ Совершение эмитентом существенной сделки
ПАО «МТС» заключило опционный договор на сумму до 50 млрд. руб. с возможностью оплаты паев ЗПИФ до 18 сентября 2030 года. Сделка была одобрена Советом директоров 26 марта 2026 года.
24.06.26Filing★ Дата, на которую определяются лица, имеющие право на осуществление прав по именным эмиссионным ценным бумагам
ПАО 'МТС' установило дату 9 июля 2026 года для определения лиц, имеющих право на получение дивидендов по обыкновенным акциям. Дивиденды будут выплачиваться на основании решения, принятого на годовом собрании акционеров 23 июня 2026 года.
24.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На общем собрании акционеров ПАО 'МТС' принято решение о выплате дивидендов в размере 35,00 руб. на акцию, общая сумма дивидендов составит 69,9 млрд. руб. Собрание пройдет 23.06.2026 в Москве.
29.05.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством на основании договора
ПАО 'Мобильные ТелеСистемы' получило кредитный рейтинг ruAAА от рейтингового агентства 'Эксперт РА' 29 мая 2026 года. Рейтинг присвоен для биржевых облигаций серии 003P-03 с регистрационным номером 4B02-03-04715-A-003P, ISIN RU000A10F9B7.
03.09.26Material eventСведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг

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 5 of 17 funds, ≈821 млн ₽ combined. Last month: added — 1, trimmed — 4, entered top-10 — 1, left top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
TITR Т-Капитал Акции ростаТ-Капитал8.36%25 млн ₽-0.72 pp31.07.2026
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ6.81%65 млн ₽-1.29 pp31.07.2026
AKME Альфа-Капитал Управляемые акции (new)Альфа-Капитал5.48%725 млн ₽+5.48 pp31.07.2026
SBRI Первая - Фонд Ответственные инвестицииПервая3.79%6 млн ₽-0.98 pp31.07.2026
SCFT Технологии будущегоДоверительная3.71%0 млн ₽-0.96 pp31.07.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капиталleft top-10 (was 3.41%)31.07.2026

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=236

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 MTS (MTSS) — from primary filings.

Frequently asked questions

What is MTS (MTSS)'s P/E ratio?
MTS (MTSS) trades at a P/E of 3.4x (price to trailing 12-month earnings).
What is MTS (MTSS)'s EV/EBITDA?
MTS (MTSS) trades at 3.3x EV/EBITDA.
What is MTS (MTSS)'s P/B ratio?
MTS (MTSS) trades at a P/B of 21.0x.
What is MTS (MTSS)'s dividend yield?
MTS (MTSS)'s trailing 12-month dividend yield is 18.5%.
What is MTS (MTSS)'s return on equity (ROE)?
MTS (MTSS)'s ROE is 132.8%.
What is MTS (MTSS)'s market capitalization?
MTS (MTSS)'s market cap is 355.7 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
МТС 1P-1510.7%6.6%99.445K11.2026
МТС 2P-1113.2%19%101.13.2Mput 11.2026
МТС 1P-1414.3%6.6%97.02.9M02.2027
МТС 2Р-15—14%——put 02.2027
МТС 2P-0714.8%14.6%100.23.5Mput 03.2027
МТС 1P-2914.8%14%99.83.4Mput 03.2027
МТС 1P-16—6.6%——05.2027
МТС 1P-2814.8%13.25%99.315.7Mput 06.2027
МТС 2P-04floatfloat99.9841K09.2027
МТС 2P-05floatfloat100.118.9M09.2027
МТС 2P-13floatfloat100.8300K10.2027
МТС 2P-01floatfloat99.67.0M10.2027
МТС 2P-03floatfloat100.58K12.2027
МТС 2P-1015.4%13.25%98.51.9Mput 01.2028
МТС 2P-1215.3%13.25%98.51.7Mput 01.2028

and 12 more issue(s)

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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