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Novatek 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: Oil & Gas

RU_NVTK

Price chart

1 056.6 RUBDay -3.32%

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
1 056.6 RUB · -3.32%
Market cap
3208.2 bn RUB

Growth

Δ revenue y/y
-19.2%
Δ EBITDA y/y
0.4%

Multiples

P/E (LTM)
17.2x
3y avg: 11.6x
P/B (FY)
1.1x
P/E (ann.)
33.2x
EV/EBITDA (LTM)
8.2x
3y avg: 9.0x
EV/EBITDA (ann.)
8.4x

Cash return

Dividend yield
7.3%
FCF yield (LTM)
5.6%

Liquidity

Daily turnover (MOEX)
1.1 bln 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: 7 / Warn: 3 / Err: 5 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✓OK
2023-06-30 Q2✓OK
2023-09-30 Q3✓OK
2023-12-31 FY✓OK
2023-12-31 Q4✓OK
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2✗Errors 1Warn 3
2024-09-30 Q3✓OK
2024-12-31 FY⚠Warn 1
2024-12-31 Q4✗Errors 1Warn 1
2025-03-31 Q1✗Errors 1
2025-06-30 Q2✗Errors 1Warn 1
2025-09-30 Q3✓OK
2025-12-31 FY⚠Warn 3
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)OK320.6
y/y -24.1%
58.1
y/y 8.8%
27.2
y/y 12.7%
85.3
y/y 10.0%
-65.4
y/y -306.8%
172.5-26.83589.1
y/y -4.1%
2842.3
y/y -0.2%
—-25.6Link
2025-09-30Q3 2025 (3M)PARTIAL320.6
y/y -19.2%
67.8
y/y -9.4%
26.9
y/y 16.3%
94.7
y/y -3.4%
24.1
y/y -76.4%
135.2-31.1—
y/y —
—
y/y —
—47.7Link
2025-06-30Q2 2025 (3M)OK402.2
y/y 10.7%
77.5
y/y -19.5%
26.6
y/y 20.2%
104.1
y/y -12.1%
113.6
y/y -34.2%
97.8-35.43800.4
y/y 5.0%
2974.4
y/y 5.4%
—121.1Link
2025-03-31Q1 2025 (3M)PARTIAL402.2
y/y 10.7%
77.5
y/y -22.6%
26.6
y/y 20.2%
104.1
y/y -14.9%
113.6
y/y -41.3%
97.8-35.4—
y/y —
—
y/y —
—197.4Link
2024-12-31FY 2024 (12M)OK422.5
y/y 11.9%
53.4
y/y -54.6%
24.1
y/y 19.1%
77.5
y/y -43.8%
31.6
y/y -84.7%
86.13.23740.8
y/y 16.2%
2848.0
y/y 9.3%
—152.7Link
2024-09-30Q3 2024 (3M)PARTIAL396.7
y/y 8.9%
74.9
y/y -22.8%
23.1
y/y 21.3%
98.0
y/y -15.5%
102.2
y/y -24.4%
88.6-51.5—
y/y —
—
y/y —
—197.4Link
2024-06-30Q2 2024 (3M)OK363.3
y/y 15.4%
96.3
y/y 26.3%
22.1
y/y 23.8%
118.4
y/y 25.8%
172.7
y/y 169.6%
91.2-106.23620.9
y/y 24.9%
2821.3
y/y 17.2%
—242.1Link
2024-03-31Q1 2024 (3M)PARTIAL363.3
y/y 15.4%
100.1
y/y 31.3%
22.1
y/y 21.6%
122.2
y/y 29.4%
193.7
y/y 202.3%
91.2-106.2—
y/y —
—
y/y —
—160.4Link
2023-12-31FY 2023 (12M)OK377.7
y/y —
117.6
y/y —
20.2
y/y —
137.9
y/y —
206.2
y/y —
——3219.2
y/y —
2605.6
y/y —
—78.8Link
2023-09-30Q3 2023 (3M)PARTIAL364.3
y/y —
97.0
y/y —
19.1
y/y —
116.0
y/y —
135.1
y/y —
113.7-81.7—
y/y —
—
y/y —
—43.5Link
2023-06-30Q2 2023 (3M)OK314.8
y/y —
76.3
y/y —
17.9
y/y —
94.1
y/y —
64.1
y/y —
92.1-40.72899.0
y/y —
2406.6
y/y —
—8.2Link
2023-03-31Q1 2023 (3M)PARTIAL314.8
y/y —
76.3
y/y —
18.2
y/y —
94.4
y/y —
64.1
y/y —
———
y/y —
—
y/y —
—23.1Link
Data quality — review suggested

Production & Reserves

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

Oil & Gas (gas/liquids)

Proved reserves
17 506 mln boe
2024
Reserve life (R/P)
26.0 yrs
reserves ÷ annual output
Annual production
673 mln boe
2025

Proved reserves

YearReserves, mln boe
202417 506

Production

YearProduction, mln boe
2025673
2024667

Novatek FY2025 preliminary operating data (novatek.ru, 20 Jan 2026): 673 mmboe (+0.9% YoY; 84.57 bcm gas + 14.11 Mt liquids). FY2024 667 mmboe. SEC proved reserves 17,506 mmboe at 31 Dec 2024.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0100 000200 000300 000400 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

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

Cash flow

Net debt / cash ($ mln)

-100 0000100 000200 0002023 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). Oil & gas upside may be overstated: mineral-extraction tax / export duty rise with price but costs are not re-priced here.

Upside (conservative): +11% · spot +58% · 3-yr +11%

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

1 · Reported baseline (latest FY)
Revenue1.45 trn RUB
EBITDA388.1 bln RUB
Cash costs (revenue − EBITDA)1.06 trn RUB
2 · Revenue projection
Multiplier — spot×1.16 (+16%)
= Spot revenue1.67 trn RUB
Multiplier — 3-yr prices×1.03 (+3%)
= 3-yr-price revenue1.49 trn RUB
3 · Cost projection (held flat)
Cost multiplier×1.00 (+0%)
= Cash costs1.06 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA616.2 bln RUB
= 3-yr-price EBITDA433.0 bln RUB
Conservative EBITDA = min(spot, 3-yr)433.0 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)8.8x
Target EV = EV/EBITDA × conservative EBITDA3.80 trn RUB
Net debt-25.6 bln RUB
Target market cap = EV − net debt3.82 trn RUB
Current market cap3.43 trn RUB

Upside = target market cap ÷ current − 1 = +11%

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)
LNG45%13.9911.09+26%+15%+2%
Brent35%94.6769.09+37%+25%+6%

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=225

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