Sector: Oil & Gas
RU_RNFT
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | H2 2025 (6M) | OK | 98.6 y/y -35.5% | 12.6 y/y -57.8% | 2.5 y/y 1.5% | 15.1 y/y -53.3% | 12.0 y/y -21.2% | 0.1 | -11.3 | 356.6 y/y 1.3% | 144.5 y/y 2.5% | 17.2% | 59.6 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 119.6 y/y -18.8% | 21.5 y/y -45.6% | 2.6 y/y 6.8% | 24.1 y/y -42.5% | 11.8 y/y -68.5% | 21.7 | -14.4 | 329.9 y/y -2.1% | 132.5 y/y 5.5% | 17.3% | 62.9 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 152.9 y/y 4.1% | 29.8 y/y 18.1% | 2.5 y/y -69.4% | 32.3 y/y -3.3% | 15.2 y/y 41.5% | 31.4 | -33.8 | 352.1 y/y 9.8% | 141.0 y/y 48.3% | 39.5% | 108.7 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 147.3 y/y 60.2% | 39.5 y/y — | 2.4 y/y -69.1% | 41.9 y/y 489.9% | 37.4 y/y — | 26.2 | -14.2 | 336.9 y/y 8.3% | 125.6 y/y 49.9% | 67.9% | 92.7 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 146.8 y/y — | 25.2 y/y — | 8.2 y/y — | 33.4 y/y — | 10.8 y/y — | 43.5 | -13.7 | 320.7 y/y — | 95.0 y/y — | 6.5% | 107.0 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 91.9 y/y — | -0.8 y/y — | 7.9 y/y — | 7.1 y/y — | -4.9 y/y — | 17.1 | -8.3 | 311.1 y/y — | 83.7 y/y — | — | 129.3 | Report (PDF) |
| Short-term debt (incl. ST leases) | 47 920 |
| Long-term debt (incl. LT leases) | 42 776 |
| − Cash & equivalents | 31 066 |
| Net debt | 59 630 |
|---|
Quarterly values (₽ mln)
Year-over-year change
FCF (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| cash flow / profit | 1.22x | 10.37x | 1.09x | 0.92x |
| accruals, % of assets | -2.6% | -17.1% | -1.4% | 0.6% |
Physical operating metrics — supplementary, not part of the financial statements
Oil (AB1C1 state-balance reserves as of 01.01.2026)
| Year | Reserves, mln toe |
|---|---|
| 2025 | 573 |
| Year | Production, mln toe | per day, mln toe |
|---|---|---|
| 2025 | 7.87 | 0.02 |
РуссНефть: запасы AB1C1 (аналог proved) 573 млн т н.э. по госбалансу на 01.01.2026 (AB1C1+B2C2 = 761; нефть+конденсат AB1C1 467 млн т; сайт также цитирует SPE 2P >200 млн т) - russneft.ru/production/oil/; добыча 2025 = 7.872 млн т н.э. (нефть 6.145 млн т), там же.
Potential discount −40% (factor 0.60)
This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.
Current 89spot vs LTM +16%
Oil model: per-barrel, net-of-tax EBITDA projection. Only part of a Urals move reaches EBITDA — the rest is taken by mineral-extraction tax (~75% at the margin). Production × net-of-tax × Δprice → EBITDA → conservative (min spot/avg) → target market cap at the 3-year historical (p75) EV/EBITDA.
USD/RUB: spot 86 vs LTM-avg 78 → ×1.09 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).
Upside (conservative): +148% · spot +190% · 3-yr +107%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (latest FY) | |
| Revenue | 218.2 bln RUB |
| EBITDA | 39.2 bln RUB |
| Cash costs (revenue − EBITDA) | 179.0 bln RUB |
| 2 · Urals oil price ($/bbl) | |
| Spot | $88.5 |
| LTM average | $76.6 |
| 3-yr average | $80.4 |
| 3 · EBITDA projection (per-barrel, net of tax) | |
| Production, mln bbl/yr · Frontier 2025 (mln toe) | 58 |
| Net-of-tax pass-through of Δprice (НДПИ) | 25% |
| Price effect on EBITDA — spot | 23.0 bln RUB |
| Price effect on EBITDA — 3-yr | 13.0 bln RUB |
| = Spot EBITDA (LTM + effect) | 62.2 bln RUB |
| = 3-yr-price EBITDA | 52.2 bln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 57.2 bln RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 57.2 bln RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (3y hist. p75) | 2.3x |
| Target EV = EV/EBITDA × conservative EBITDA | 129.0 bln RUB |
| Net debt | 61.1 bln RUB |
| Target market cap = EV − net debt | 67.9 bln RUB |
| Current market cap | 27.3 bln RUB |
Upside = target market cap ÷ current − 1 = +148%
Dividend-model upside: +71%
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) | 24 bn RUB |
| Payout ratio | 17% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage 1.6x) | -4 bn RUB |
| Recent actual dividend (3-yr median) | 13.38 ₽ |
| = Forecast dividend per share | 13.45 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -4.9 pp |
| = Fair dividend yield | 10.5% |
| 3 · Valuation → upside | |
| Current price | 77.65 ₽ |
| Forecast dividend yield | 17.3% |
| Fair price (dividend-based) | 133 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Paid, trailing 12-mo: 13.38 RUB/sh · 17.2%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 4.46 ₽ | |
| 2025 | 13.38 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2026 q1 | 2026-03-27 | 4.46 ₽ |
| 2025 q4 | 2025-12-31 | 4.46 ₽ |
| 2025 q3 | 2025-09-30 | 4.46 ₽ |
| 2025 q2 | 2025-06-30 | 4.46 ₽ |
No dividend rows found for this issuer.
| 30.06.26 | AGM / Board | ★ ▲ Решения общих собраний участников (акционеров) На годовом собрании акционеров ПАО НК «РуссНефть», состоявшемся 26 июня 2026 года, было принято решение о выплате дивидендов по привилегированным акциям в размере 70 млн. долларов США из чистой прибыли в 7,75 млрд. рублей за 2025 год. Дивиденды по обыкновенным акциям не будут выплачиваться. |
| 22.05.26 | Filing | ★ ▲ Совершение эмитентом существенной сделки ПАО НК 'РуссНефть' заключило существенную сделку по поставке нефти на сумму 56,76 млрд. руб. с 01.07.2026 по 31.12.2026. Сделка составляет 15,92% от совокупной стоимости активов компании, которая на 31.12.2025 оценивается в 356,56 млрд. руб. |
| 24.04.26 | Filing | ★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки |
| 16.07.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО НК 'РуссНефть' одобрил сделки с заинтересованностью на заседании 16.07.2026, на котором присутствовали 11 из 11 членов совета. Все голоса были 'за', без воздержавшихся и против. |
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 Russneft (RNFT) — from primary filings.
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