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OZON USD

Ozon is one of Russia's largest e-commerce marketplaces, selling its own inventory and third-party sellers' goods through its own logistics network, and building fintech (Ozon Bank) and advertising businesses.

At a glance: strengths & risks
✓Revenue growing (+47% y/y, Q2 2026)✓Profit growing (+2710% y/y, Q2 2026)✓Margins improving (13%→17%, Q2 2026)✗Loss-making last FY

Sector: Information Technology

RU_OZON

Price chart

2 731 RUBDay 0.00%

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
2 731 RUB · 0.00%
Market cap
8.3 bn USD

Growth

Δ revenue y/y
46.8%
Δ EBITDA y/y
82.0%

Multiples

P/E (LTM)
67.2x
P/B (FY)
—
P/E (ann.)
14.6x
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
156.6x

Cash return

Dividend yield
7.8%
FCF yield (LTM)
5.3%

Liquidity

Daily turnover (MOEX)
22.6 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 USD, 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 USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK4.7
y/y 46.8%
0.4
y/y 53.8%
0.3
y/y 139.7%
0.8
y/y 82.0%
0.1
y/y 2709.7%
-3.2-1.010.6
y/y -29.4%
10.3
y/y —
13.7%≈ 476.6Report (PDF)
2026-03-31Q1 2026 (3M)OK4.2
y/y 48.9%
0.4
y/y 129.8%
0.3
y/y 37.7%
0.6
y/y 78.6%
0.1
y/y —
1.7-14.421.9
y/y —
-2.0
y/y —
-12.4%476.6Report (PDF)
2025-12-31Q4 2025 (3M)OK4.3
y/y 43.7%
0.3
y/y 398.9%
0.2
y/y 29.5%
0.5
y/y 582.3%
0.1
y/y 122.4%
2.2-17.620.1
y/y 60.6%
-2.1
y/y —
0.7%383.9Report (PDF)
2025-09-30Q3 2025 (3M)OK3.6
y/y 69.1%
0.3
y/y 226.1%
0.3
y/y 139.0%
0.5
y/y 172.2%
0.0
y/y —
1.9-14.617.5
y/y —
-1.9
y/y —
-2.8%336.5Report (PDF)
2025-06-30Q2 2025 (3M)OK3.2
y/y 86.6%
0.3
y/y —
0.1
y/y 0.0%
0.4
y/y —
0.1
y/y —
2.5-12.615.0
y/y 95.9%
-2.0
y/y —
—308.9Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL2.8
y/y 31.5%
0.2
y/y 107.5%
0.2
y/y 24.1%
0.4
y/y 51.1%
-0.1
y/y —
0.5-13.4—
y/y —
—
y/y —
—284.9Report (PDF)
2024-12-31Q4 2024 (3M)OK3.0
y/y —
-0.1
y/y —
0.2
y/y —
0.1
y/y —
-0.2
y/y —
2.4-27.012.5
y/y 87.0%
-1.9
y/y —
—263.0Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL2.1
y/y —
0.3
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
1.1-14.6—
y/y —
—
y/y —
—244.2Report (PDF)
2024-06-30Q2 2024 (3M)OK1.7
y/y 29.5%
-0.3
y/y —
0.1
y/y 108.8%
0.0
y/y —
-0.4
y/y -411.5%
0.3-14.27.6
y/y —
-1.4
y/y —
109.2%205.7Report (PDF)
2024-03-31Q1 2024 (3M)OK2.2
y/y 64.8%
0.1
y/y —
0.2
y/y 50.9%
0.2
y/y —
-0.2
y/y —
0.3-14.69.7
y/y 34.7%
-1.4
y/y —
62.8%175.7Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——6.7
y/y —
-0.9
y/y —
—117.6Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL1.3
y/y —
-0.1
y/y —
0.1
y/y —
-0.1
y/y —
0.1
y/y —
0.2-2.3—
y/y —
—
y/y —
—75.8Link
2023-03-31Q1 2023 (3M)OK1.3
y/y —
-0.2
y/y —
0.1
y/y —
-0.1
y/y —
-0.3
y/y —
0.0-9.07.2
y/y —
-1.1
y/y —
—78.6Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-1 00001 0002 0003 0004 0005 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)

-2 000-1 00001 0002 0003 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%
Last twelve months (to 2025-Q3): 24.75x of profit came back as operating cash flow.
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 revenue424.3596.9613.3334.2
Group adj. EBITDA4.243.8—106.7
Group EBITDA margin1.0%7.3%—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—545.5——
E-commerce — adj. EBITDA—43.8——
Fintech — revenue—51.4——
Fintech — adj. EBITDA————

Issuer IFRS reports (auto-extracted)

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGMV
млрд ₽		Orders
млн		Active buyers
млн
Q2 2026-061 311
+36.8%		934.30
+73.2%		69.20
+14.4%
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). | Q2 2026 (добавлено 02.09.2026): GMV 1 311 млрд +37% г/г, заказы 934,3 млн +73,2%, активные покупатели 69,2 млн — Ozon Q2'26 пресс-релиз (ir.ozon.com), подтверждено Aton (GMV 1 311) и The Moscow Times/pro.finansy (заказы 934,3 с 539,4; покупатели 69,2 с 67,3).

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 (2026-08-29): +18.8% YoY · decelerating3-wk smooth: +19.8% vs 8-wk avg +23.2% (-3.4 pp)All categories: +7.4%

+15%+25%+35%+45%+55%Q4'24+34%Q1'25+35%Q2'25+40%Q3'25+42%Q4'25+31%Q1'26+33%Q2'26+29%Q3'26+23%+18.8%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 *
+22.7%

GMV Ozon (Q2 2026): +36.8% YoY · spread to category: +18.0 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 2026-09-06.

Fundamental value creation

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

Value created per year: ≤-300.0%

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)
= (774 − 425) × 3.24
454
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (8 289 + 476 576) ÷ 2 504
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (30.0 + 6.5) ÷ 2
18.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -167 700 + 539 + 0 − 0
-167 161
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (454 × 18.2 + -167 161) ÷ 8 289
≤-300.0%

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

Caveats:

  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)
  • EBITDA-growth term clamped to ±market cap

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 · 7.8%

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: 48% buy — balanced5d: 51% buy — balanced20d: 51% buy — balanced

Iceberg levels last session: 10 bid / 10 ask; largest — ask 2626 (filled ×5.5 of displayed, 3 refills).
Robot clips (recurring characteristic order size): 18 bid / 18 ask; largest — bid 105 lots ×408 appearances across 161 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×647, ask ×654.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0948%10/1018/18149,831
03.0952%4/23/3100,282
02.0954%0/00/028,740
01.0953%2/16/870,186
31.0851%2/21/257,143

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: 5 (5 positive), last 30 days: 26 (12 positive, 8 negative) across tracked channels, broker research and shows. 49 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

24.08.26Material event★ ▼ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Компания 'Озон' сообщила о инцидентах на складах, что может повлиять на стоимость её акций и облигаций. Акции имеют регистрационный номер 1-01-17182-A, а облигации - 001Р-02. Инциденты могут оказать существенное влияние на котировки ценных бумаг.
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.
21.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров компании 'Озон' единогласно одобрил размещение биржевых неконвертируемых бездокументарных процентных облигаций в рамках программы серии 001Р. Решение принято на заседании 18 августа 2026 года. Облигации будут размещаться по открытой подписке.

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 8 of 17 funds, ≈2,2 млрд ₽ combined. Last month: added — 1, trimmed — 3, left top-10 — 2.

FundManagerWeight≈PositionΔ weight m/mDisclosure
TITR Т-Капитал Акции ростаТ-Капитал8.23%24 млн ₽+1.89 pp31.07.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал7.00%926 млн ₽-1.91 pp31.07.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал6.23%19 млн ₽-1.18 pp31.07.2026
AMRE АТОН – Российские акции +Атон-менеджмент5.91%46 млн ₽—31.07.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ5.69%10 млн ₽-0.76 pp31.07.2026
EQMX ВИМ - Индекс МосБиржиВИМ Инвестиции2.80%340 млн ₽—31.07.2026
SBMX Первая - Фонд Топ Российских акцийПервая2.71%512 млн ₽—31.07.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал2.71%352 млн ₽—31.07.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капиталleft top-10 (was 7.87%)31.07.2026
TRND Т-Капитал Трендовые акцииТ-Капиталleft top-10 (was 5.22%)31.07.2026

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.

Frequently asked questions

What is OZON's P/E ratio?
OZON trades at a P/E of 67.2x (price to trailing 12-month earnings).
What is OZON's EV/EBITDA?
OZON trades at 218.2x EV/EBITDA.
What is OZON's dividend yield?
OZON's trailing 12-month dividend yield is 7.8%.
What is OZON's return on equity (ROE)?
OZON's ROE is 13.7%.
What is OZON's market capitalization?
OZON's market cap is 8.3 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
Озон 1P-02floatfloat99.84.3M10.2028

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

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map