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NLMK RUB

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Metals & Steel

RU_NLMK

Price chart

73.8 RUBDay -1.13%

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
73.8 RUB · -1.13%
Market cap
442.3 bn RUB

Growth

Δ revenue y/y
-18.3%
Δ EBITDA y/y
-37.8%

Multiples

P/E (LTM)
7.0x
3y avg: 7.5x
P/B (FY)
0.5x
P/E (ann.)
8.3x
EV/EBITDA (LTM)
2.4x
3y avg: 3.4x
EV/EBITDA (ann.)
2.5x

Cash return

Dividend yield
—
FCF yield (LTM)
8.2%

Liquidity

Daily turnover (MOEX)
829.6 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: 6 / Warn: 3 / Err: 6 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✗Errors 1
2023-06-30 Q2✓OK
2023-09-30 Q3✓OK
2023-12-31 FY✓OK
2023-12-31 Q4✓OK
2024-03-31 Q1✓OK
2024-06-30 Q2✗Errors 1Warn 1
2024-09-30 Q3✓OK
2024-12-31 FY⚠Warn 2
2024-12-31 Q4✗Errors 1Warn 1
2025-03-31 Q1⚠Warn 2
2025-06-30 Q2✗Errors 1Warn 2
2025-09-30 Q3⚠Warn 1
2025-12-31 FY✗Errors 1Warn 2
2025-12-31 Q4✗Errors 1Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2025-12-31FY 2025 (12M)OK200.8
y/y -3.8%
11.1
y/y -9.4%
18.8
y/y 33.0%
29.9
y/y 13.4%
3.3
y/y -82.6%
41.4-17.61130.1
y/y -0.1%
884.4
y/y 2.9%
—-104.1Link
2025-09-30Q3 2025 (3M)PARTIAL192.5
y/y -18.3%
17.3
y/y -60.4%
16.8
y/y 29.5%
34.1
y/y -39.8%
13.3
y/y -52.8%
33.7-20.7—
y/y —
—
y/y —
—-91.3Link
2025-06-30Q2 2025 (3M)OK219.0
y/y -18.1%
23.5
y/y -68.7%
14.7
y/y 25.3%
38.3
y/y -56.0%
23.3
y/y -37.6%
26.1-23.91113.4
y/y 8.3%
865.7
y/y 10.3%
—-78.5Link
2025-03-31Q1 2025 (3M)PARTIAL219.0
y/y -18.1%
23.5
y/y -68.7%
14.7
y/y 25.3%
38.3
y/y -56.0%
23.3
y/y -37.6%
26.1-23.9—
y/y —
—
y/y —
—-73.7Link
2024-12-31FY 2024 (12M)OK208.8
y/y 18.8%
12.2
y/y -16.8%
14.2
y/y -26.9%
26.4
y/y -22.6%
19.0
y/y -53.2%
33.4-78.21130.9
y/y 0.6%
859.9
y/y -0.5%
—-68.8Link
2024-09-30Q3 2024 (3M)PARTIAL235.7
y/y 10.2%
43.7
y/y -11.6%
13.0
y/y 13.4%
56.7
y/y -6.9%
28.2
y/y -43.7%
43.8-41.8—
y/y —
—
y/y —
—-74.0Link
2024-06-30Q2 2024 (3M)OK267.6
y/y 5.2%
75.2
y/y -5.5%
11.8
y/y 5.7%
86.9
y/y -4.1%
37.3
y/y -37.1%
54.1-5.31027.6
y/y -1.4%
785.1
y/y 6.2%
—-79.1Link
2024-03-31Q1 2024 (3M)PARTIAL267.6
y/y -7.5%
75.2
y/y -10.7%
11.8
y/y 239.0%
86.9
y/y -0.8%
37.3
y/y -37.1%
54.1-5.3—
y/y —
—
y/y —
—-134.6Link
2023-12-31FY 2023 (12M)OK175.8
y/y —
14.7
y/y —
19.4
y/y —
34.1
y/y —
40.6
y/y —
51.88.01123.8
y/y —
863.8
y/y —
—-190.0Link
2023-09-30Q3 2023 (3M)PARTIAL213.9
y/y —
49.4
y/y —
11.4
y/y —
60.9
y/y —
50.0
y/y —
52.5-3.9—
y/y —
—
y/y —
—-98.1Link
2023-06-30Q2 2023 (3M)OK254.4
y/y —
79.5
y/y —
11.1
y/y —
90.7
y/y —
59.4
y/y —
53.3-15.71041.8
y/y —
739.1
y/y —
—-19.8Link
2023-03-31Q1 2023 (3M)PARTIAL289.4
y/y —
84.2
y/y —
3.5
y/y —
87.7
y/y —
59.4
y/y —
53.3-15.7—
y/y —
—
y/y —
—30.5Link
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)

0100 000200 000300 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-60%-40%-20%0%20%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

Net debt / cash ($ mln)

-200 000-150 000-100 000-50 00002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot- and 3-yr-average-price cases) → target market cap at the current EV/EBITDA. Costs held flat (a producer has no commodity on the cost side).

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): -17% · spot +0% · 3-yr -17%

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 revenue831.7 bln RUB
Multiplier — 3-yr prices×0.96 (-4%)
= 3-yr-price revenue802.0 bln RUB
3 · Cost projection (held flat)
Cost multiplier×1.00 (+0%)
= Cash costs690.9 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA140.9 bln RUB
= 3-yr-price EBITDA111.1 bln RUB
Conservative EBITDA = min(spot, 3-yr)111.1 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)2.9x
Target EV = EV/EBITDA × conservative EBITDA318.5 bln RUB
Net debt-104.1 bln RUB
Target market cap = EV − net debt422.6 bln RUB
Current market cap506.8 bln RUB

Upside = target market cap ÷ current − 1 = -17%

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%595.13543.96+9%+0%-4%

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)