NLMK is a vertically integrated steelmaker based at the Novolipetsk plant, with its own iron ore and rolling mills in Russia and abroad, focused on flat steel.
Sector: Metals & Steel
RU_NLMK
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 199.1 y/y -9.1% | 42.7 y/y -18.1% | -40.1 y/y 6.2% | 34.9 y/y -8.8% | 30.1 y/y -33.0% | 7.9 | 0.0 | 1121.0 y/y 0.7% | 905.8 y/y 4.6% | — | -100.5 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | PARTIAL | 195.8 y/y -13.9% | -23.4 y/y — | 55.7 y/y -26.6% | 32.3 y/y -24.9% | -14.5 y/y -178.4% | 1.9 | -2622.8 | — y/y — | — y/y — | — | -102.3 | Report (PDF) |
| 2025-12-31 | FY 2025 (12M) | OK | — y/y -15.1% | — y/y -63.4% | — y/y 28.5% | — y/y -45.3% | — y/y -48.2% | — | — | 1130.1 y/y -0.1% | 884.4 y/y 2.9% | 7.2% | -45.4 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 219.0 y/y — | 23.5 y/y — | -61.2 y/y — | 38.3 y/y — | 23.3 y/y — | 26.1 | — | 1113.4 y/y — | 865.7 y/y — | — | -78.5 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | PARTIAL | 227.3 y/y — | -33.0 y/y — | 75.9 y/y — | 43.0 y/y — | 18.5 y/y — | 9.6 | — | — y/y — | — y/y — | — | -73.7 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 461.8 y/y — | 73.5 y/y — | 27.1 y/y — | 100.6 y/y — | 40.2 y/y — | 77.2 | -67.9 | 1130.9 y/y 0.6% | 859.9 y/y -0.5% | 14.8% | -10.1 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 517.8 y/y — | 132.8 y/y — | 23.5 y/y — | 156.3 y/y — | 81.6 y/y — | 108.2 | -45.5 | 1027.6 y/y — | 785.1 y/y — | 19.8% | -79.1 | Report (PDF) |
| 2023-12-31 | FY 2023 (12M) | OK | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 1123.8 y/y — | 863.8 y/y — | 26.1% | -112.4 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 254.4 y/y — | 79.5 y/y — | 11.1 y/y — | 90.7 y/y — | 59.4 y/y — | 53.3 | -15.7 | 1041.8 y/y — | 739.1 y/y — | — | -6.2 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | PARTIAL | 289.4 y/y — | 84.2 y/y — | 3.5 y/y — | 87.7 y/y — | 45.9 y/y — | 53.3 | -15.7 | — y/y — | — y/y — | — | 30.5 | Report (PDF) |
| Short-term debt (incl. ST leases) | 17 691 |
| Long-term debt (incl. LT leases) | 21 978 |
| − Cash & equivalents | 140 146 |
| Net debt | -100 477 |
|---|
Net debt / LTM EBITDA: -0.7x
Quarterly values (₽ mln)
Year-over-year change
FCF (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 0.89x | 1.49x | 1.01x | 1.52x | 2.02x |
| accruals, % of assets | 4.3% | -8.5% | -0.1% | -5.6% | -5.7% |
Our earnings breakdowns and investment notes on this issuer.
Physical operating metrics — supplementary, not part of the financial statements
Steel
| Year | Production, Mt |
|---|---|
| 2023 | 14.24 |
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.
Current 64 125 ₽/тspot vs LTM +10%
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. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.
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): +1% · spot +1% · 3-yr +51%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (LTM to 2026-06-30) | |
| Revenue | 793.7 bln RUB |
| EBITDA | 126.5 bln RUB |
| Cash costs (revenue − EBITDA) | 667.2 bln RUB |
| 2 · Revenue projection | |
| Multiplier — spot | ×1.04 (+4%) |
| = Spot revenue | 829.3 bln RUB |
| Multiplier — 3-yr prices | ×1.15 (+15%) |
| = 3-yr-price revenue | 909.4 bln RUB |
| 3 · Cost projection (+ RU inflation ~5%) | |
| Cost multiplier | ×1.05 (+5%) |
| = Cash costs | 700.6 bln RUB |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 128.8 bln RUB |
| = 3-yr-price EBITDA | 208.8 bln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 168.8 bln RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 128.8 bln RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (3y hist. p75) | 2.8x |
| Target EV = EV/EBITDA × conservative EBITDA | 354.4 bln RUB |
| Net debt (as of 2026-06-30) | -100.5 bln RUB |
| Target market cap = EV − net debt | 454.9 bln RUB |
| Current market cap | 448.5 bln RUB |
Upside = target market cap ÷ current − 1 = +1%
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) | 68% | 64 125.00 | 58 100.70 | +10% | +10% | +15% |
| CRC Russia (RUB) | 32% | 69 900.00 | 76 066.64 | -8% | -8% | +13% |
Dividends suspended (~2.2 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) | 22 bn RUB |
| Payout ratio | 72% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage -0.7x) | 25 bn RUB |
| Recent actual dividend (3-yr median) | 25.43 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -2.0 pp |
| = Fair dividend yield | 12.0% |
| 3 · Valuation → upside | |
| Current price | 72.48 ₽ |
| 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 | 25.43 ₽ | |
| 2021 | 41.91 ₽ | |
| 2020 | 20.73 ₽ | |
| 2019 | 22.86 ₽ | |
| 2018 | 19.46 ₽ | |
| 2017 | 12.56 ₽ | |
| 2016 | 6.59 ₽ | |
| 2015 | 4.13 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2024 q2 | 2024-05-24 | 25.43 ₽ |
| 2021 q4 | 2021-12-03 | 13.33 ₽ |
| 2021 q3 | 2021-09-03 | 13.62 ₽ |
| 2021 q2 | 2021-06-21 | 14.96 ₽ |
| 2020 q4 | 2020-12-25 | 11.18 ₽ |
| 2020 q3 | 2020-07-09 | 3.21 ₽ |
| 2020 q2 | 2020-06-05 | 3.12 ₽ |
| 2020 q1 | 2020-01-07 | 3.22 ₽ |
| 2019 q4 | 2019-10-08 | 3.68 ₽ |
| 2019 q2 | 2019-06-17 | 13.14 ₽ |
No dividend rows found for this issuer.
Share of volume initiated by buyers (crossing the spread):
1d: 50% buy — balanced5d: 50% buy — balanced20d: 51% buy — balanced
No iceberg levels detected last session.
Robot clips (recurring characteristic order size): 1 bid / 0 ask; largest — bid 72 lots ×183 appearances across 42 price levels.
| Day | Buyer initiative | Icebergs bid/ask | Robots bid/ask | Trades |
|---|---|---|---|---|
| 04.09 | 50% | 0/0 | 1/0 | 11,683 |
| 03.09 | 53% | 0/0 | 1/0 | 12,124 |
| 02.09 | 52% | 0/0 | 1/0 | 8,701 |
| 01.09 | 47% | 1/1 | 2/2 | 19,055 |
| 31.08 | 52% | 1/0 | 2/0 | 12,645 |
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.
Substantive mentions last 7 days: 1 (1 negative), last 30 days: 1 (1 negative) across tracked channels, broker research and shows. 11 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.
| 28.05.26 | AGM / Board | ★ ▼ Решения общих собраний участников (акционеров) 28 мая 2026 года ПАО «НЛМК» проведет годовое собрание акционеров, на котором будет утвержден годовой отчет и финансовая отчетность за 2025 год. Дивиденды по результатам 2025 года не будут выплачены. Также будет избран новый Совет директоров и утвержден Устав в новой редакции. |
| 24.04.26 | AGM / Board | ★ ▼ Решения совета директоров (наблюдательного совета) |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
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)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of NLMK — from primary filings.
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