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Russneft (RNFT) RUB

RussNeft is an independent oil producer with fields in Western Siberia, the Volga-Urals region and Azerbaijan, selling crude to Russian refiners and for export.

At a glance: strengths & risks
✓Profit growing (+35% y/y, H1 2026)✓Margins improving (20%→28%, H1 2026)

Sector: Oil & Gas

RU_RNFT

Price chart

84.05 RUBDay 1.08%

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
84.05 RUB · 1.08%
Market cap
24.7 bn RUB

Growth

Δ revenue y/y
0.7%
Δ EBITDA y/y
37.5%

Multiples

P/E (LTM)
0.9x
3y avg: 2.8x
P/B (FY)
0.2x
P/E (ann.)
0.8x
EV/EBITDA (LTM)
2.7x
3y avg: 2.3x
EV/EBITDA (ann.)
2.0x

Cash return

Dividend yield
—
FCF yield (LTM)
7.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+261.9%
↓ details

Liquidity

Daily turnover (MOEX)
187.5 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
2026-06-30H1 2026 (6M)OK120.5
y/y 0.7%
29.7
y/y 38.4%
3.4
y/y 30.4%
33.1
y/y 37.5%
15.9
y/y 34.7%
27.6-11.3371.9
y/y 12.8%
156.9
y/y 18.4%
21.1%106.5Report (PDF)
2025-12-31H2 2025 (6M)OK98.6
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%
0.1-11.3356.6
y/y 1.3%
144.5
y/y 2.5%
17.2%59.6Report (PDF)
2025-06-30H1 2025 (6M)OK119.6
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%
21.7-14.4329.9
y/y -2.1%
132.5
y/y 12.2%
17.3%62.9Report (PDF)
2024-12-31H2 2024 (6M)OK152.9
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%
31.4-33.8352.1
y/y 9.8%
141.0
y/y 48.3%
40.7%108.7Report (PDF)
2024-06-30H1 2024 (6M)OK147.3
y/y 60.2%
39.5
y/y —
2.4
y/y -69.1%
41.9
y/y 489.9%
37.4
y/y —
26.2-14.2336.9
y/y 8.3%
118.1
y/y 41.0%
70.3%63.9Report (PDF)
2023-12-31H2 2023 (6M)OK146.8
y/y —
25.2
y/y —
8.2
y/y —
33.4
y/y —
10.8
y/y —
43.5-13.7320.7
y/y —
95.0
y/y —
6.5%76.3Report (PDF)
2023-06-30H1 2023 (6M)OK91.9
y/y —
-0.8
y/y —
7.9
y/y —
7.1
y/y —
-4.9
y/y —
17.1-8.3311.1
y/y —
83.7
y/y —
—95.3Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)110
Long-term debt (incl. LT leases)114 694
− Cash & equivalents8 281
Net debt106 523

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-200%0%200%400%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-20 000-10 000010 00020 00030 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

025 00050 00075 000100 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.16x of reported net profit; after capex, 0.61x.
year2021202320242025
cash flow / profit1.22x10.37x1.09x0.92x
accruals, % of assets-2.6%-17.1%-1.4%0.6%
Last twelve months (to 2026-06-30): 0.99x of profit came back as operating cash flow.
net debt / EBITDA 2.2x · capex 2.1x of depreciation · dividends 41% of free cash flow
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil (AB1C1 state-balance reserves as of 01.01.2026)

Proved reserves
573 mln toe
2025
Reserve life (R/P)
72.8 yrs
reserves ÷ annual output
Annual production
7.87 mln toe
2025

Proved reserves

YearReserves, mln toe
2025573

Production

YearProduction, mln toeper day, mln toe
20257.870.02

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.

Quality / corporate governance

Potential discount −52% (factor 0.48)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Key-commodity price — Urals

Current 96spot vs LTM +26%

Commodity price upside

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 → ×1.10 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): +262% · spot +372% · 3-yr +152%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (LTM to 2026-06-30)
Revenue219.1 bln RUB
EBITDA48.2 bln RUB
Cash costs (revenue − EBITDA)170.8 bln RUB
2 · Urals oil price ($/bbl)
Spot$96.3
LTM average$76.6
3-yr average$80.6
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 — spot33.1 bln RUB
Price effect on EBITDA — 3-yr13.6 bln RUB
= Spot EBITDA (LTM + effect)81.3 bln RUB
= 3-yr-price EBITDA61.8 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/271.6 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))71.6 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)2.7x
Target EV = EV/EBITDA × conservative EBITDA196.5 bln RUB
Net debt (as of 2026-06-30)108.0 bln RUB
Target market cap = EV − net debt88.5 bln RUB
Current market cap24.5 bln RUB

Upside = target market cap ÷ current − 1 = +262%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -27% vs +26% the year before — a -53.0 pp move. 3-year CAGR -9%.
revenue growth by year: 2023 -18% · 2024 +26% · 2025 -27%
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: -5%

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)28 bn RUB
Payout ratio17%
Free cash flow (FY, OCF − capex) — not a cap (leverage 2.2x)-4 bn RUB
= Forecast dividend per share8.92 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price80.75 ₽
Forecast dividend yield11.1%
Fair price (dividend-based)76.56 ₽

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

Dividend history

Paid, trailing 12-mo: 13.38 RUB/sh · 17.2%

Pay yearDividend /sh
20264.46 ₽
202513.38 ₽
Payments by period
PeriodEx-date/sh
2026 q12026-03-274.46 ₽
2025 q42025-12-314.46 ₽
2025 q32025-09-304.46 ₽
2025 q22025-06-304.46 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

18.08.26Filing★ Совершение эмитентом существенной сделки
ПАО НК 'РуссНефть' заключило существенную сделку по договору поставки природного газа на сумму 49,5 млрд. руб. (с НДС), что составляет 13,9% от стоимости активов компании. Сделка будет исполняться с 01.01.2027 по 31.12.2056.
30.06.26AGM / 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.
24.04.26Filing★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки
16.07.26AGM / BoardРешения 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.

Frequently asked questions

What is Russneft (RNFT)'s P/E ratio?
Russneft (RNFT) trades at a P/E of 0.9x (price to trailing 12-month earnings).
What is Russneft (RNFT)'s EV/EBITDA?
Russneft (RNFT) trades at 2.7x EV/EBITDA.
What is Russneft (RNFT)'s P/B ratio?
Russneft (RNFT) trades at a P/B of 0.2x.
What is Russneft (RNFT)'s return on equity (ROE)?
Russneft (RNFT)'s ROE is 21.1%.
What is Russneft (RNFT)'s market capitalization?
Russneft (RNFT)'s market cap is 24.7 bn RUB.

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