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Ozon Pharm (OZPH) RUB

At a glance: strengths & risks
✓Revenue growing (+24%)✓Profit growing (+34%)✓Margins improving (35%→38%)✓Low leverage (0.8x EBITDA)

Sector: Healthcare

RU_OZPH

Price chart

46.96 RUBDay 1.87%

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
46.96 RUB · 1.87%
Market cap
54.8 bn RUB

Growth

Δ revenue y/y
15.4%
Δ EBITDA y/y
16.4%

Multiples

P/E (LTM)
8.9x
3y avg: 10.1x
P/B (FY)
1.7x
P/E (ann.)
5.0x
EV/EBITDA (LTM)
5.3x
3y avg: 6.1x
EV/EBITDA (ann.)
3.7x

Cash return

Dividend yield
2.3%
FCF yield (LTM)
1.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+10.3%
↓ details

Liquidity

Daily turnover (MOEX)
114.6 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
2025-12-31Q4 2025 (3M)OK10.2
y/y 15.4%
4.0
y/y 16.8%
0.3
y/y 6.8%
4.3
y/y 16.3%
2.7
y/y 17.9%
-0.1-1.053.2
y/y 7.5%
33.2
y/y 31.0%
19.3%9.2Report (PDF)
2025-09-30Q3 2025 (3M)OK8.2
y/y 52.7%
2.9
y/y 138.3%
0.3
y/y 0.0%
3.2
y/y 110.0%
1.7
y/y 356.3%
-1.8-1.051.3
y/y 25.8%
30.7
y/y 33.7%
7.7%8.3Report (PDF)
2025-06-30Q2 2025 (3M)OK6.4
y/y -4.2%
1.7
y/y -15.1%
0.3
y/y 19.8%
2.1
y/y -11.1%
0.7
y/y -37.2%
2.3-1.050.3
y/y 31.0%
29.1
y/y 30.0%
10.4%10.0Report (PDF)
2025-03-31Q1 2025 (3M)OK6.9
y/y 45.2%
2.2
y/y 70.0%
0.3
y/y 0.0%
2.5
y/y 58.4%
1.0
y/y 28.0%
0.4-0.749.6
y/y —
26.3
y/y —
15.4%8.7Report (PDF)
2024-12-31Q4 2024 (3M)OK8.8
y/y 46.7%
3.4
y/y 137.0%
0.3
y/y -68.6%
3.7
y/y 56.6%
2.3
y/y 164.8%
-0.4-1.549.5
y/y 45.2%
25.3
y/y 48.0%
19.1%10.1Report (PDF)
2024-09-30Q3 2024 (3M)OK5.3
y/y -8.5%
1.2
y/y -53.1%
0.3
y/y 1404.3%
1.5
y/y -41.5%
0.4
y/y -80.4%
-0.8-1.340.8
y/y —
22.9
y/y —
2.2%10.1Report (PDF)
2024-06-30Q2 2024 (3M)OK6.7
y/y 73.1%
2.0
y/y 186.5%
0.3
y/y 19.4%
2.3
y/y 146.6%
1.1
y/y 253.1%
4.7-0.738.4
y/y —
22.4
y/y —
—8.0Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL4.7
y/y —
1.3
y/y —
0.3
y/y —
1.6
y/y —
0.8
y/y —
2.3-0.7—
y/y —
—
y/y —
—10.0Report (PDF)
2023-12-31Q4 2023 (3M)OK6.0
y/y —
1.4
y/y —
0.9
y/y —
2.3
y/y —
0.9
y/y —
-2.4-0.234.1
y/y —
17.1
y/y —
—13.5Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL5.8
y/y —
2.6
y/y —
0.0
y/y —
2.6
y/y —
1.9
y/y —
1.6-0.3—
y/y —
—
y/y —
—9.1Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL3.9
y/y —
0.7
y/y —
0.2
y/y —
0.9
y/y —
0.3
y/y —
2.1-0.1—
y/y —
—
y/y —
—9.5—

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)3 447
Long-term debt (incl. LT leases)8 573
− Cash & equivalents2 835
Net debt9 186

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

02 5005 0007 50010 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-50%0%50%100%150%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

FCF (₽ mln)

-4 000-2 00002 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash (₽ mln)

05 00010 00015 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Profit and cash

Worth a look
In a typical year of 2022–2025 operating cash flow came to 0.84x of reported net profit; after capex, 0.11x.
year2022202320242025
cash flow / profit0.03x1.16x1.26x0.53x
accruals, % of assets—-1.9%-2.5%5.5%
Last twelve months (to 2025-12-31): 0.53x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · EBIT covers interest 3.2x · capex 2.4x of depreciation
● In a typical year operating cash flow covered 85% of reported profit (4 profitable years).
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.

Category demand: Лекарства и медицинские товары (SberIndex) — backdrop

The “Лекарства и медицинские товары” category is weekly consumer pharmacy spending (% YoY), i.e. retail demand. For a manufacturer like Ozon Pharmaceutica this is only a demand backdrop, not a revenue proxy — sales depend on product mix, launches and B2B/government channels — so no spread to revenue is shown.

Лекарства и медицинские товары latest week (2026-08-08): +10.0% YoY · flat3-wk smooth: +10.1% vs 8-wk avg +10.7% (-0.6 pp)All categories: +8.2%

-5%+4%+12%+21%+30%Q4'24+13%Q1'25+16%Q2'25+14%Q3'25+10%Q4'25+9%Q1'26+5%Q2'26+9%Q3'26+10%+10.0%weekly % YoYquarter average

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

2кв 2025
+13.9%
3кв 2025
+9.7%
4кв 2025
+8.7%
1кв 2026
+4.9%
2кв 2026
+8.8%
3кв 2026 *
+10.2%

Source: SberIndex, updated 2026-08-11.

Fundamental value creation

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

Value created per year: +10.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (4 272 − 3 672) × 2.80
1 682
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (54 835 + 9 186) ÷ 11 965
5.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.4 + 6.5) ÷ 2
5.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 879 + 239 + 0 − 0
1 118
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 9.9% × 54 835
−5 429
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 682 × 5.9 + 1 118 − 5 429) ÷ 54 835
+10.3%

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

Caveats:

  • share-count dilution 9.9%/yr (valued at market: -5429)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +24% vs +30% the year before — a -6.0 pp move. 3-year CAGR +19%.
revenue growth by year: 2023 +4% · 2024 +30% · 2025 +24%
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

Dividend-model upside: -66%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)6 bn RUB
Payout ratio19%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.8x)-1 bn RUB
Recent actual dividend (3-yr median)1.06 ₽
= Forecast dividend per share1.06 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-14.8 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price46.10 ₽
Forecast dividend yield2.3%
Fair price (dividend-based)15.67 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividend history

Paid, trailing 12-mo: 1.06 RUB/sh · 2.3%

Pay yearDividend /sh
20260.81 ₽
20250.79 ₽
20240.18 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-070.27 ₽
2026 q22026-06-020.27 ₽
2026 q12026-01-090.27 ₽
2025 q42025-10-030.25 ₽
2025 q32025-07-020.28 ₽
2025 q22025-06-040.26 ₽
2024 q42024-12-260.18 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows. 2 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

09.07.26Filing★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки
Компания 'Озон Фармацевтика' заключила крупную сделку на сумму 20,25 млрд. руб., что составляет 38,04% от стоимости активов, с поручительством перед 'Альфа-Банком' до 2035 года. Сделка связана с кредитным соглашением на возобновляемую кредитную линию.
26.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО 'Озон Фармацевтика' установило дату фиксации прав акционеров на получение дивидендов по обыкновенным акциям на 8 июля 2026 года. Регистрационный номер выпуска ценных бумаг: 1-01-10877-P, ISIN: RU000A109B25.
26.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
28.05.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Совет директоров ПАО 'Озон Фармацевтика' рекомендовал выплатить дивиденды за 1 квартал 2026 года в размере 315,3 млн руб., что составляет 0,27 руб. на акцию. Дата, на которую определяются лица, имеющие право на получение дивидендов, установлена на 8 июля 2026 года.
28.05.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Озон Фармацевтика' рекомендовал выплатить дивиденды за 3 месяца 2026 года в размере 315,3 млн. руб., что составит 0,27 руб. на акцию. Дата определения лиц, имеющих право на получение дивидендов, предложена на 8 июля 2026 года.
19.05.26Filing★ ▲ Созыв общего собрания участников (акционеров)
ПАО 'Озон Фармацевтика' проведет внеочередное общее собрание акционеров 24 июня 2026 года в форме заочного голосования. Повестка дня включает вопрос о выплате дивидендов по итогам работы за 3 месяца 2026 года. Дата окончания приема бюллетеней для голосования также 24 июня 2026 года.

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 1 of 17 funds, ≈9 млн ₽ combined. Last month: added — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
SIPO Первая – Фонд АйПиОПервая9.42%9 млн ₽+0.66 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.

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 Pharm (OZPH) — from primary filings.

Frequently asked questions

What is Ozon Pharm (OZPH)'s P/E ratio?
Ozon Pharm (OZPH) trades at a P/E of 8.9x (price to trailing 12-month earnings).
What is Ozon Pharm (OZPH)'s EV/EBITDA?
Ozon Pharm (OZPH) trades at 5.3x EV/EBITDA.
What is Ozon Pharm (OZPH)'s P/B ratio?
Ozon Pharm (OZPH) trades at a P/B of 1.7x.
What is Ozon Pharm (OZPH)'s dividend yield?
Ozon Pharm (OZPH)'s trailing 12-month dividend yield is 2.3%.
What is Ozon Pharm (OZPH)'s return on equity (ROE)?
Ozon Pharm (OZPH)'s ROE is 32.8%.
What is Ozon Pharm (OZPH)'s market capitalization?
Ozon Pharm (OZPH)'s market cap is 54.8 bn RUB.

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