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OZON RUB

At a glance: strengths & risks
✓Revenue growing (+63%)✓Margins improving (6%→13%)✗Loss-making last FY

Sector: Information Technology

RU_OZON

Price chart

3 205.5 RUBDay 3.20%

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
3 205.5 RUB · 3.20%
Market cap
693.7 bn RUB

Growth

Δ revenue y/y
46.8%
Δ EBITDA y/y
3.2%

Multiples

P/E (LTM)
42.5x
P/B (FY)
—
P/E (ann.)
17.2x
EV/EBITDA (LTM)
10.7x
EV/EBITDA (ann.)
9.4x

Cash return

Dividend yield
3.4%
FCF yield (LTM)
4.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
-15.1%
↓ details

Liquidity

Daily turnover (MOEX)
6.8 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.

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
2026-06-30Q2 2026 (3M)PARTIAL334.2
y/y 46.8%
31.3
y/y 53.8%
—
y/y —
-14.4
y/y 3.2%
5.5
y/y 2709.7%
———
y/y —
—
y/y —
—≈ 476.6Link
2026-03-31Q1 2026 (3M)PARTIAL300.9
y/y 48.9%
26.1
y/y 129.8%
19.6
y/y 37.7%
45.7
y/y 78.6%
4.5
y/y —
120.5-14.41560.5
y/y —
-144.5
y/y —
-12.4%476.6Report (PDF)
2025-12-31Q4 2025 (3M)OK308.6
y/y 43.7%
21.9
y/y 398.9%
16.8
y/y 29.5%
38.7
y/y 582.3%
3.7
y/y 122.4%
157.6-17.61429.8
y/y 60.6%
-148.4
y/y —
0.7%383.9Report (PDF)
2025-09-30Q3 2025 (3M)OK258.9
y/y 69.1%
17.8
y/y 226.1%
21.2
y/y 139.0%
39.0
y/y 172.2%
2.6
y/y —
133.6-14.61248.6
y/y —
-137.4
y/y —
-2.8%336.5Report (PDF)
2025-06-30Q2 2025 (3M)OK227.6
y/y 86.6%
20.3
y/y —
10.0
y/y 0.0%
30.3
y/y —
8.3
y/y —
179.9-12.61066.7
y/y 95.9%
-140.3
y/y —
—308.9Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL202.1
y/y 31.5%
11.3
y/y 107.5%
14.2
y/y 24.1%
25.6
y/y 51.1%
-7.9
y/y —
32.5-13.4—
y/y —
—
y/y —
—284.9Report (PDF)
2024-12-31Q4 2024 (3M)OK214.7
y/y —
-7.3
y/y —
13.0
y/y —
5.7
y/y —
-16.3
y/y —
167.6-27.0890.0
y/y 87.0%
-132.5
y/y —
—263.0Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL153.1
y/y —
18.6
y/y —
8.9
y/y —
14.3
y/y —
-0.7
y/y —
75.3-14.6—
y/y —
—
y/y —
—244.2Report (PDF)
2024-06-30Q2 2024 (3M)OK122.0
y/y 29.5%
-18.6
y/y —
10.0
y/y 108.8%
-3.2
y/y —
-27.9
y/y —
21.7-14.2544.4
y/y —
-103.2
y/y —
109.2%205.7Report (PDF)
2024-03-31Q1 2024 (3M)OK153.7
y/y 64.8%
5.5
y/y —
11.5
y/y 50.9%
16.9
y/y —
-13.2
y/y —
21.7-14.6694.0
y/y 34.7%
-101.4
y/y —
62.8%175.7Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——476.0
y/y —
-66.6
y/y —
—117.6Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL94.2
y/y —
-8.6
y/y —
4.8
y/y —
-3.9
y/y —
-13.1
y/y —
10.8-2.3—
y/y —
—
y/y —
—75.8Link
2023-03-31Q1 2023 (3M)OK93.2
y/y —
-13.6
y/y —
7.6
y/y —
-6.0
y/y —
-22.1
y/y —
-1.8-9.0515.2
y/y —
-77.7
y/y —
—78.6Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-100 0000100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

050 000100 000150 000200 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

0100 000200 000300 000400 000500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
year2022202320242025
cash flow / profit————
accruals, % of assets-16.9%-30.1%-38.7%-35.3%
net debt / EBITDA 2.9x · EBIT covers interest 1.1x · capex 1.3x of depreciation
● EBIT covers interest 1.1x.
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.

Operating segments

RUB bn; adjusted EBITDA by segment (IFRS)

202320242025H1 2026
Group revenue424.3596.6613.3334.2
Group adj. EBITDA4.242.4—106.7
Group EBITDA margin1.0%7.1%—31.9%
E-Commerce — revenue———273.8
E-Commerce — adj. EBITDA———38.2
Финтех — revenue———69.7
Финтех — adj. EBITDA———19.7
E-commerce — revenue—545.2——
E-commerce — adj. EBITDA—42.4——
Fintech — revenue—51.4——
Fintech — adj. EBITDA————

Issuer IFRS reports (auto-extracted)

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGMV
млрд ₽		Orders
млн		Active buyers
млн
Q1 2026-031 135.40
+35.5%		807.70
+83.2%		67.30
+15.8%
Q4 2025-121 260
+33.0%		832.90
+81.3%		65.10
+15.2%
FY 2025-124 160
+44.7%		2 480
+68.6%		65.10
+15.2%
Q3 2025-091 102.20
+53.0%		667.80
+79.8%		63
+17.8%
Q2 2025-06958.40
+51.4%		539.40
+61.1%		60.50
+18.4%
Q1 2025-03837.80
+46.9%		440.90
+44.4%		58.10
+18.6%
Q4 2024-12947.40459.4056.50
FY 2024-122 8751 47156.50
Q3 2024-09720.40371.5053.50
Q2 2024-06633.20334.8051.10
Q1 2024-03570.20305.3049

Ozon, ежеквартальные пресс-релизы (ir.ozon.com; Интерфакс/Ведомости/Коммерсантъ): оборот (GMV) с учётом услуг по кварталам — 2024 Q1 570,2 / Q2 633,2 / Q4≈947 млрд (Q3 ≈720 восстановлен из Q3'25 +53% и годовой суммы 2,875 трлн); 2025 Q1 837,8 / Q2 958,4 / Q3 1 102,2 / Q4 1 260 млрд (год 4,16 трлн, +45%). Заказы и активные заказы по кварталам (млн): 2024 305,3/334,8/371,5/459,4, 2025 440,9/539,4/667,8/832,9 (годовые 1 471→2 481); активные покупатели (LTM, млн): 2024 49,0/51,1/53,5/56,5, 2025 58,1/60,5/63,0/65,1. Все кварталы из релизов Ozon (ir.ozon.com, III кв. и год 2025).

Spending: Маркетплейсы (SberIndex) — leading indicator

SberIndex — weekly nominal Russian consumer-spending growth (% YoY) from aggregated Sber-card data. The “Маркетплейсы” category tracks consumer demand in near-real-time and is a leading signal for Ozon. The level is closer to turnover than to revenue, so the spread to the company's own growth is shown below.

Маркетплейсы latest week (2026-08-08): +20.4% YoY · decelerating3-wk smooth: +22.0% vs 8-wk avg +26.2% (-4.3 pp)All categories: +8.2%

+15%+25%+35%+45%+55%Q4'24+36%Q1'25+35%Q2'25+40%Q3'25+42%Q4'25+31%Q1'26+33%Q2'26+29%Q3'26+24%+20.4%weekly % YoYquarter average

Average growth by quarter, % YoY: * квартал ещё не закончен

2кв 2025
+40.4%
3кв 2025
+41.7%
4кв 2025
+30.7%
1кв 2026
+32.7%
2кв 2026
+28.9%
3кв 2026 *
+24.2%

GMV Ozon (Q1 2026): +35.5% YoY · spread to category: +15.1 pp

A positive spread means the company out-grows the category (share/format/online). A narrowing spread while the category decelerates flags slowing sales.

Source: SberIndex, updated 2026-08-11.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -14.8%

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)
= (31 284 − 30 316) × 4.94
4 785
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (693 714 + 476 576) ÷ 154 632
7.6x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (7.6 + 6.5) ÷ 2
7.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -167 700 + 31 066 + 0 − 0
-136 634
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 785 × 7.0 + -136 634) ÷ 693 714
-14.8%

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

Caveats:

  • FCF (LTM) approximated by latest FY

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +63% vs +45% the year before — a +18.2 pp move. 3-year CAGR +53%.
revenue growth by year: 2023 +53% · 2024 +45% · 2025 +63%
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 history

Paid, trailing 12-mo: 213.55 RUB/sh · 6.9%

Pay yearDividend /sh
202670.00 ₽
2025143.55 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-05-2570.00 ₽
2025 q42025-12-19143.55 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 57% buy — buyers5d: 51% buy — balanced20d: 50% buy — balanced

Iceberg levels last session: 5 bid / 0 ask; largest — bid 2965 (filled ×5.2 of displayed, 107 refills).
Robot clips (recurring characteristic order size): 9 bid / 7 ask; largest — bid 16 lots ×258 appearances across 115 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×492, ask ×397.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
10.0857%5/09/744,382
07.0842%0/03/322,190
06.0849%0/03/422,663
05.0853%1/01/525,326
04.0848%0/09/836,659

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.

Investment-community mentions

Substantive mentions last 7 days: 4 (2 positive, 2 negative), last 30 days: 27 (7 positive, 11 negative) across tracked channels, broker research and shows. 35 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.

Corporate events

30.07.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Компания Озон объявила финансовые результаты за 2 квартал 2026 года, что может повлиять на стоимость её акций и облигаций. Акции имеют регистрационный номер 1-01-17182-A, а биржевые облигации серии 001Р-02 размещаются по открытой подписке.
02.07.26Buyback★ ▲ Приобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
Подконтрольная организация ООО «ОЗОН ЕСОП» приобрела 120 тыс. голосующих акций обыкновенного типа эмитента ПАО 'Озон' с регистрационным номером 1-01-17182-A. Акции были приобретены с привлечением брокера на фондовом рынке ПАО Московская Биржа. После приобретения доля акций, предоставляющих право голоса, осталась равной 0.
07.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Озон' единогласно утвердил информационную политику компании на заседании 7 августа 2026 года. Кворум составил 9 из 9 членов совета.

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

RU equity fund ownership

Disclosed in the top-10 of 10 of 17 funds, ≈2,9 млрд ₽ combined. Last month: added — 3, trimmed — 3, entered top-10 — 3.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал8.91%1,3 млрд ₽—30.06.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал7.87%27 млн ₽-1.05 pp30.06.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал7.41%22 млн ₽-0.80 pp30.06.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ6.45%12 млн ₽—30.06.2026
TITR Т-Капитал Акции ростаТ-Капитал6.34%20 млн ₽—30.06.2026
AMRE АТОН – Российские акции +Атон-менеджмент6.14%45 млн ₽—30.06.2026
TRND Т-Капитал Трендовые акцииТ-Капитал5.22%26 млн ₽-0.50 pp30.06.2026
SBMX Первая - Фонд Топ Российских акций (new)Первая3.17%618 млн ₽+3.17 pp30.06.2026
TMOS Т-Капитал Индекс МосБиржи (new)Т-Капитал3.15%414 млн ₽+3.15 pp30.06.2026
EQMX Индекс МосБиржи (new)ВИМ Инвестиции3.15%402 млн ₽+3.15 pp30.06.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=38334

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 OZON — from primary filings.

OZON is a Russian e-commerce company that operates an online marketplace and retail platform, selling a wide range of consumer goods. It also provides logistics and delivery services, as well as financial technology products like digital wallets and BNPL services.

Frequently asked questions

What is OZON's P/E ratio?
OZON trades at a P/E of 42.5x (price to trailing 12-month earnings).
What is OZON's EV/EBITDA?
OZON trades at 10.7x EV/EBITDA.
What is OZON's dividend yield?
OZON's trailing 12-month dividend yield is 3.4%.
What is OZON's return on equity (ROE)?
OZON's ROE is -12.4%.
What is OZON's market capitalization?
OZON's market cap is 693.7 bn RUB.

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