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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 falling (-53307% y/y, Q2 2026)✗Margins compressing (66%→17%, Q2 2026)

Sector: Information Technology

RU_OZON

Price chart

3 496 RUBDay 0.23%

Key metrics

Net debt (table and EV/EBITDA): the definition agreed for this issuer rather than the standard formula — the financial table's tooltip spells out the terms. Amounts in millions of the reporting currency.

Market

Price
3 496 RUB · 0.23%
Market cap
9.3 bn USD

Growth

Δ revenue y/y
57.0%
Δ EBITDA y/y
66.9%

Multiples

P/E (LTM)
34.2x
P/B (FY)
—
P/E (ann.)
17.5x
EV/EBITDA (LTM)
5.6x
EV/EBITDA (ann.)
4.3x

Cash return

Dividend yield
6.1%
Model cash yield
-1.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
-1.6%
↓ details

Liquidity

Daily turnover (MOEX)
2.1 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.

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)OK4.4
y/y 57.0%
0.4
y/y 64.5%
0.3
y/y 70.2%
0.7
y/y 66.9%
0.1
y/y 2905.1%
2.2-0.222.5
y/y 65.3%
-2.0
y/y —
-28.3%3.1Report (PDF)
2026-03-31Q1 2026 (3M)OK3.8
y/y 73.7%
0.3
y/y 168.0%
0.2
y/y 60.6%
0.6
y/y 108.3%
0.1
y/y —
1.5-0.219.2
y/y —
-1.8
y/y —
-12.5%2.6Report (PDF)
2025-12-31Q4 2025 (3M)OK3.9
y/y 108.9%
0.3
y/y 446.8%
0.2
y/y 61.2%
0.5
y/y 837.4%
0.0
y/y -89.9%
2.0-0.218.3
y/y 108.8%
-1.9
y/y —
0.6%2.5Report (PDF)
2025-09-30Q3 2025 (3M)OK3.2
y/y 87.2%
0.2
y/y 261.1%
0.2
y/y 101.6%
0.4
y/y 162.4%
0.0
y/y —
1.7-0.215.1
y/y —
-1.7
y/y —
-2.8%2.1Report (PDF)
2025-06-30Q2 2025 (3M)OK2.8
y/y 107.8%
0.3
y/y —
0.2
y/y 67.7%
0.4
y/y —
0.0
y/y —
2.2-0.213.6
y/y 114.1%
-1.8
y/y —
—2.2Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL2.2
y/y 29.2%
0.1
y/y 103.9%
0.2
y/y 22.0%
0.3
y/y 48.4%
-0.1
y/y —
0.4-0.1—
y/y —
—
y/y —
—2.1Report (PDF)
2024-12-31Q4 2024 (3M)OK1.9
y/y 36.1%
-0.1
y/y -30.5%
0.1
y/y 55.8%
0.1
y/y 107.8%
0.4
y/y 1125.2%
1.7-0.38.8
y/y 64.9%
-1.3
y/y —
—1.5Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL1.7
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
0.8-0.2—
y/y —
—
y/y —
—2.1Report (PDF)
2024-06-30Q2 2024 (3M)OK1.4
y/y 16.6%
-0.1
y/y —
0.1
y/y 88.0%
0.0
y/y —
-0.3
y/y -380.4%
0.2-0.26.3
y/y —
-1.2
y/y —
107.5%1.8Report (PDF)
2024-03-31Q1 2024 (3M)OK1.7
y/y 32.1%
0.1
y/y —
0.1
y/y 21.0%
0.2
y/y 133.8%
-0.1
y/y —
0.2-0.27.5
y/y 12.4%
-1.1
y/y —
63.3%1.3Report (PDF)
2023-12-31Q4 2023 (3M)OK1.4
y/y —
-0.1
y/y —
0.1
y/y —
0.0
y/y —
0.0
y/y —
0.6-0.15.3
y/y —
-0.7
y/y —
—0.8Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL1.2
y/y —
-0.1
y/y —
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.10.0—
y/y —
—
y/y —
—0.8Evidence
2023-03-31Q1 2023 (3M)OK1.3
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
-0.3
y/y —
0.0-0.16.7
y/y —
-1.0
y/y —
—1.0Report (PDF)

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

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%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

05001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0004 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%-32.3%-35.2%
net debt / EBITDA 1.4x · 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)

2023H1 2026
Group revenue424.3—
Group adj. EBITDA4.2106.7
Group EBITDA margin1.0%—

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 (2026-10-17): +15.2% YoY · flat3-wk smooth: +15.3% vs 8-wk avg +15.5% (-0.3 pp)All categories: +7.2%

+5%+18%+30%+42%+55%Q4'24+41%Q1'25+35%Q2'25+40%Q3'25+42%Q4'25+31%Q1'26+33%Q2'26+29%Q3'26+20%Q4'26+15%+15.2%weekly % YoYquarter average

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

3кв 2025
+41.7%
4кв 2025
+30.7%
1кв 2026
+32.7%
2кв 2026
+28.9%
3кв 2026
+19.6%
4кв 2026 *
+15.3%

GMV Ozon (Q2 2026): +36.8% YoY · spread to category: +21.6 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 2026-10-22.

Operating and investing cash flows cover the consolidated group, including Fintech. Changes in Fintech customer funds affect OCF. Neither OCF + ICF nor OCF − capex directly measures cash available to the corporate business. Net debt uses a separate corporate basis. H1 2026 IFRS statements, page 7

Fundamental value creation

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

Value created per year: -1.6%

Cash flow after capex (OCF − capex) (LTM): 6 531

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)
= (728 − 436) × 3.03
0
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (9 326 + 3 078) ÷ 2 207
5.6x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.6 + 6.5) ÷ 2
6.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -898 + 544 + 201 − 0
-154
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (0 × 6.1 + -154) ÷ 9 326
-1.6%

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

Caveats:

  • growth zeroed: debt-funded EBITDA growth but net profit is now a LOSS while net debt rose (FY net -11->-11)

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).

EV/EBITDA — daily history

Current 19.0x · 3-year 75th pct 30.0x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Information Technology. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
MICRON TECHNOLOGY INCUS1027.99.1x1.6x
ORACLE CORPUS390.515.4x2.7x
INTERNATIONAL BUSINESS MACHINES CORPUS238.619.5x3.4x
MICROSOFT CORPUS3972.120.9x3.7x
NVIDIA CORPUS5394.826.9x4.8x
CISCO SYSTEMS, INC.US423.227.3x4.8x
TEXAS INSTRUMENTS INCUS259.928.4x5.0x
Apple Inc.US5081.929.8x5.3x
Broadcom Inc.US1639.330.0x5.3x
APPLIED MATERIALS INC /DEUS324.333.3x5.9x
LAM RESEARCH CORPUS326.337.6x6.7x
Arista Networks, Inc.US235.150.2x8.9x
Group median27.8x4.9x
Group average27.4x4.8x
This companyRussia9.25.6x5.6x

Group median 27.8x as traded, 4.9x adjusted; this company 5.6x — a 14% premium.

Group average 27.4x as traded, 4.8x adjusted; against the average this company is at a 16% premium.

At the adjusted group median the market cap would be -16% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend history

Paid, trailing 12-mo: 213.55 RUB/sh · 6.0%

Pay yearDividend /sh
202670.00 ₽
2025143.55 ₽
Payments by period
PeriodLast day to buy/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: 42% buy — sellers5d: 49% buy — balanced20d: 49% buy — balanced

No iceberg levels detected last session.
Robot clips (recurring characteristic order size): 3 bid / 2 ask; largest — bid 55 lots ×255 appearances across 73 price levels.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
22.1042%0/03/216,997
21.1047%0/04/220,622
20.1051%3/12/117,097
19.1048%1/14/739,546
16.1058%0/20/119,378

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: 7 (4 positive, 1 negative), last 30 days: 14 (6 positive, 4 negative) across tracked channels, broker research and shows. 36 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.
07.09.26BuybackПриобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
Подконтрольная организации 'ОЗОН ЕСОП' приобрела 334 тыс. голосующих акций 'Озон' с регистрационным номером 1-01-17182-A на сумму, не указанную в сообщении. Акции не предоставляют права голоса в соответствии с уставом компании.
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 5 of 17 funds, ≈924 млн ₽ combined. Last month: added — 1, trimmed — 3, entered top-10 — 1, left top-10 — 4.

FundManagerWeight≈PositionΔ weight m/mDisclosure
TITR Т-Капитал Акции ростаТ-Капитал8.64%27 млн ₽—31.08.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал5.84%830 млн ₽-1.16 pp31.08.2026
AKIE Альфа-Капитал Управляемые акции с выплатой дохода (new)Альфа-Капитал5.17%19 млн ₽+5.17 pp31.08.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ4.94%9 млн ₽-0.75 pp31.08.2026
AMRE АТОН – Российские акции +Атон-менеджмент4.49%39 млн ₽-1.42 pp31.08.2026
SBMX Первая - Фонд Топ Российских акцийПерваяleft top-10 (was 2.71%)31.08.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капиталleft top-10 (was 2.71%)31.08.2026
EQMX ВИМ - Индекс МосБиржиВИМ Инвестицииleft top-10 (was 2.80%)31.08.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капиталleft top-10 (was 6.23%)31.08.2026

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.

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 34.2x (price to trailing 12-month earnings).
What is OZON's EV/EBITDA?
OZON trades at 5.6x EV/EBITDA.
What is OZON's dividend yield?
OZON's trailing 12-month dividend yield is 6.1%.
What is OZON's return on equity (ROE)?
OZON's ROE is -28.3%.
What is OZON's market capitalization?
OZON's market cap is 9.3 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
Озон 1P-02floatfloat100.00+0.00%162K19.8M10.2028

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; 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