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OKEY RUB

O'KEY Group is a Russian food retailer operating hypermarkets and the DA! discounter chain, mainly in St. Petersburg and Moscow.

At a glance: strengths & risks
✗Loss-making last FY✗Margins compressing (18%→10%, H1 2026)

Sector: Retail

RU_OKEY

Price chart

51.41 RUBDay 3.30%

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
51.41 RUB · 3.30%
Market cap
13.8 bn RUB

Growth

Δ revenue y/y
-3.6%
Δ EBITDA y/y
-45.6%

Multiples

P/E (LTM)
—
P/B (FY)
—
P/E (ann.)
<0
EV/EBITDA (LTM)
5.4x
EV/EBITDA (ann.)
5.8x

Cash return

Dividend yield
—
FCF yield (LTM)
58.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
-19.6%
↓ details

Liquidity

Daily turnover (MOEX)
6.5 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
2026-06-30H1 2026 (6M)OK67.1
y/y -3.6%
-0.5
y/y -110.5%
7.2
y/y 0.0%
6.7
y/y -45.6%
-5.6
y/y —
-3.0—56.6
y/y -24.4%
-23.7
y/y —
52.7%64.0Report (PDF)
2025-12-31H2 2025 (6M)OK73.6
y/y 82.0%
0.7
y/y -82.5%
7.1
y/y 0.0%
7.8
y/y -28.4%
-3.4
y/y -273.4%
10.4-0.274.0
y/y -31.2%
-19.0
y/y —
13.9%56.5Report (PDF)
2025-06-30H1 2025 (6M)OK69.6
y/y -33.6%
5.1
y/y 33.8%
7.2
y/y 23.2%
12.3
y/y 27.4%
-0.1
y/y —
3.5-0.274.8
y/y -20.7%
-32.1
y/y —
1.2%72.1Report (PDF)
2024-12-31H2 2024 (6M)OK40.4
y/y -62.4%
3.7
y/y -3.4%
7.1
y/y 17.8%
10.9
y/y 9.5%
2.0
y/y 455.7%
16.5-0.2107.5
y/y 2.8%
-10.3
y/y —
-12.4%31.8Report (PDF)
2024-06-30H1 2024 (6M)OK104.8
y/y 6.2%
3.8
y/y 431.5%
5.8
y/y -8.7%
9.6
y/y 35.4%
-0.6
y/y —
5.3-0.194.3
y/y -0.4%
-12.2
y/y —
9.8%39.1Report (PDF)
2023-12-31H2 2023 (6M)OK107.6
y/y —
3.9
y/y —
6.0
y/y —
9.9
y/y —
-0.6
y/y —
16.5-0.3104.5
y/y —
-11.7
y/y —
29.9%35.6Report (PDF)
2023-06-30H1 2023 (6M)OK98.7
y/y —
0.7
y/y —
6.4
y/y —
7.1
y/y —
-2.8
y/y —
0.2-0.194.7
y/y —
-11.1
y/y —
—42.5Report (PDF)

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

Short-term debt (incl. ST leases)21 058
Long-term debt (incl. LT leases)44 017
− Cash & equivalents1 034
Net debt64 041

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

025 00050 00075 000100 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-100%-50%0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-5 00005 00010 00015 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

020 00040 00060 00080 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 14.85x of reported net profit; after capex, 14.48x. Loss years (2022, 2023, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit14.07x——15.62x—
accruals, % of assets-16.0%-15.0%-19.3%-19.0%-23.5%
net debt / EBITDA 2.8x · capex 0.0x of depreciation
● Capex is 3% of depreciation - the asset base is being consumed faster than replaced.
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: -20.5%

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)
= (6 660 − 12 251) × 1.96
-456
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (13 833 + 64 041) ÷ 13 082
6.0x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (6.0 + 6.5) ÷ 2
6.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 6 194 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-456 × 6.2 + 0) ÷ 13 833
-20.5%

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

Caveats:

  • half-year basis (semi-annual reporter)
  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -1% vs -30% the year before — a +28.2 pp move. 3-year CAGR -11%.
revenue growth by year: 2023 +3% · 2024 -30% · 2025 -1%
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

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Pay yearDividend /sh
20221.77 ₽
Payments by period
PeriodEx-date/sh
2022 q32022-07-281.77 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1, last 30 days: 2 across tracked channels, broker research and shows.

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

20.05.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Компания 'О’КЕЙ' приняла решение о досрочном погашении биржевых облигаций в количестве 3 млн штук по цене 1 тыс. руб. за облигацию с выплатой купонного дохода. Погашение состоится 6 июня 2026 года, с учетом, что дата погашения попадает на нерабочий день.
22.07.26AGM / BoardРешения общих собраний участников (акционеров)
20 июля 2026 года состоится внеочередное общее собрание акционеров ООО «О’КЕЙ» в Москве. В повестке дня - избрание председателя и секретаря, утверждение устава в новой редакции и одобрение сделки по аренде. Кворум составит 100%.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

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 OKEY — from primary filings.

Frequently asked questions

What is OKEY's EV/EBITDA?
OKEY trades at 5.4x EV/EBITDA.
What is OKEY's return on equity (ROE)?
OKEY's ROE is 52.7%.
What is OKEY's market capitalization?
OKEY's market cap is 13.8 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
О'КЕЙ Б1Р512.3%11.75%99.81.7Mput 05.2026
О'КЕЙ Б1Р728.1%25%100.04.2Mput 06.2026
О'КЕЙ Б1Р816.7%16.9%100.32.2Mput 02.2027
О'КЕЙ Б1Р617.8%15.5%99.33.9Mput 03.2027
О'КЕЙ Б1Р218.7%10%84.6755K04.2029
О'КЕЙ Б1Р417.5%9.9%80.647K10.2030

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

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