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NLMK USD

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Sector: Metals & Steel

RU_NLMK

Price chart

73.92 RUBDay 1.57%

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
73.92 RUB · 1.57%
Market cap
6.2 bn USD

Growth

Δ revenue y/y
-15.1%
Δ EBITDA y/y
-45.3%

Multiples

P/E (LTM)
7.0x
3y avg: 7.5x
P/B (FY)
0.5x
P/E (ann.)
5.5x
EV/EBITDA (LTM)
—

Cash return

Dividend yield
—
FCF yield (LTM)
—

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-29.5%
↓ details

Liquidity

Daily turnover (MOEX)
36.7 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.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 2 / Err: 3 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✗Errors 1
2023-06-30 Q2✓OK
2023-12-31 FY✓OK
2023-12-31 H2⚠Warn 1
2024-06-30 H1✓OK
2024-12-31 FY⚠Warn 2
2024-12-31 H2✗Errors 1Warn 1
2025-12-31 FY✗Errors 1Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2025-12-31FY 2025 (12M)OK11.7
y/y -15.1%
1.1
y/y -63.4%
0.9
y/y 28.5%
2.0
y/y -45.3%
0.9
y/y -48.2%
1.8-102.615.8
y/y -0.1%
12.4
y/y 2.9%
7.2%-104.1Report (PDF)
2024-12-31Q4 2024 (3M)OK6.5
y/y —
1.0
y/y —
0.4
y/y —
1.4
y/y —
0.6
y/y —
1.1-67.915.9
y/y 0.6%
12.1
y/y -0.5%
14.8%-68.8Report (PDF)
2024-06-30Q2 2024 (3M)OK7.3
y/y —
1.9
y/y —
0.3
y/y —
2.2
y/y —
1.1
y/y —
1.5-45.514.4
y/y —
11.0
y/y —
19.8%-79.1Report (PDF)
2023-12-31FY 2023 (12M)OK13.1
y/y —
3.2
y/y —
0.6
y/y —
3.8
y/y —
2.9
y/y —
3.0-79.815.8
y/y —
12.1
y/y —
26.1%-190.0Report (PDF)
2023-06-30Q2 2023 (3M)OK3.6
y/y —
1.1
y/y —
0.2
y/y —
1.3
y/y —
0.8
y/y —
0.7-0.214.6
y/y —
10.4
y/y —
—-19.8Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL4.1
y/y —
1.2
y/y —
0.0
y/y —
1.2
y/y —
0.8
y/y —
0.7-0.2—
y/y —
—
y/y —
—30.5Report (PDF)
Data quality — review suggested

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCrude steel
mln t		Steel products sold
mln t
FY 2025-1214
−2.1%		13.20
+2.3%
FY 2024-1214.3012.90

НЛМК, операционные результаты за 2025 г. (nlmk.com/ru/ir; Интерфакс/profinansy, апр. 2026): производство стали 14,0 млн т (-2% г/г), продажи металлопродукции 13,2 млн т (+2%). Значения 2024 г. восстановлены из заявленных темпов.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Steel

Annual production
14.24 Mt
2023

Production

YearProduction, Mt
202314.24

NLMK crude steel ~14.24 Mt (worldsteel FY2023). NLMK curtailed operating disclosure after 2022; FY2024/FY2025 volumes NOT officially disclosed (only 1H2025 = 7.1 Mt, -4% YoY reported). worldsteel's repeated 14.24 figure is a carried-forward number, not a fresh disclosure. Figure shown is approximate / 2023.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 50002 5005 0007 50010 0002023 q12023 q22023 H22024 H12024 H2

Year-over-year change

-60%-40%-20%0%2023 q12023 q22023 H22024 H12024 H2

Cash flow

FCF ($ mln)

-1 00001 0002 0002023 q12023 q22023 H22024 H12024 H2

Net debt / cash ($ mln)

-200 000-150 000-100 000-50 000050 0002023 q12023 q22023 q42024 H12024 FY2025 FY

Key-commodity price — Iron & Steel Scrap

Current 597spot vs LTM +10%

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 current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 73 vs LTM-avg 80 → ×0.91 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -30% · spot -21% · 3-yr -38%

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

1 · Reported baseline (latest FY)
Revenue831.4 bln RUB
EBITDA140.5 bln RUB
Cash costs (revenue − EBITDA)690.9 bln RUB
2 · Revenue projection
Multiplier — spot×1.00 (-0%)
= Spot revenue829.6 bln RUB
Multiplier — 3-yr prices×0.96 (-4%)
= 3-yr-price revenue797.9 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs725.4 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA104.2 bln RUB
= 3-yr-price EBITDA72.5 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/288.3 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))88.3 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)2.9x
Target EV = EV/EBITDA × conservative EBITDA253.2 bln RUB
Net debt-104.1 bln RUB
Target market cap = EV − net debt357.3 bln RUB
Current market cap506.8 bln RUB

Upside = target market cap ÷ current − 1 = -30%

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)
Iron & Steel Scrap85%596.69543.96+10%-0%-5%

Dividend potential

Dividends suspended (~2.1 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)63 bn RUB
Payout ratio79%
Free cash flow (FY, OCF − capex) — caps payout25 bn RUB
Recent actual dividend (3-yr median)25.43 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)-1.9 pp
= Fair dividend yield12.6%
3 · Valuation → upside
Current price74.38 ₽
Forecast dividend yield—
Fair price (dividend-based)-3.82 ₽

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

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=2509

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)