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Rosneft RUB

Rosneft is Russia's largest oil company, state-controlled, producing crude oil and gas and refining and marketing petroleum products in Russia and internationally.

At a glance: strengths & risks
✓Revenue growing (+14% y/y, Q2 2026)✓Profit growing (+13% y/y, Q2 2026)✓Margins improving (23%→26%, Q2 2026)

Sector: Oil & Gas

RU_ROSN

Price chart

323.45 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
323.45 RUB · 0.00%
Market cap
3428.0 bn RUB

Growth

Δ revenue y/y
14.0%
Δ EBITDA y/y
27.4%

Multiples

P/E (LTM)
13.8x
3y avg: 8.3x
P/B (FY)
0.4x
P/E (ann.)
10.1x
EV/EBITDA (LTM)
3.0x
3y avg: 3.4x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
4.3%
FCF yield (LTM)
4.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+64.3%
↓ details

Liquidity

Daily turnover (MOEX)
2.4 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 T 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.

DatePeriodStatusRevenueT RUBOperating profitT RUBD&AT RUBEBITDAT RUBNet profitT RUBOperating CFT RUBCapex + M&AT RUBAssetsT RUBEquityT RUBROE (annualized)Net debtT RUBSource
2026-06-30Q2 2026 (3M)OK2.3
y/y 14.0%
0.3
y/y 37.6%
0.3
y/y 17.3%
0.6
y/y 27.4%
0.1
y/y 13.3%
——21.7
y/y 6.7%
9.3
y/y 2.7%
3.7%3.6Report (PDF)
2026-03-31Q1 2026 (3M)OK2.0
y/y -11.0%
0.3
y/y -7.3%
0.4
y/y 72.3%
0.7
y/y 24.0%
0.1
y/y -32.4%
——22.0
y/y 7.4%
9.3
y/y 1.4%
5.0%3.6Report (PDF)
2025-12-31Q4 2025 (3M)OK1.9
y/y -19.8%
0.3
y/y -40.1%
0.3
y/y 10.3%
0.5
y/y -23.1%
0.0
y/y -89.9%
——21.6
y/y 4.2%
9.1
y/y -0.9%
3.2%3.6Report (PDF)
2025-09-30Q3 2025 (3M)OK2.0
y/y -19.5%
0.2
y/y -48.0%
0.3
y/y 19.6%
0.5
y/y -26.1%
0.0
y/y -79.1%
——21.6
y/y 10.1%
9.2
y/y -0.3%
0.5%3.6Report (PDF)
2025-06-30Q2 2025 (3M)OK2.0
y/y -23.9%
0.2
y/y -61.1%
0.2
y/y 11.9%
0.5
y/y -42.3%
0.1
y/y -79.9%
0.6-0.420.3
y/y —
9.0
y/y —
3.3%3.6Report (PDF)
2025-03-31Q1 2025 (3M)OK2.3
y/y -12.0%
0.4
y/y -44.9%
0.2
y/y 15.5%
0.6
y/y -30.6%
0.2
y/y -57.4%
0.4-0.420.5
y/y 6.7%
9.1
y/y 2.0%
7.4%3.6Report (PDF)
2024-12-31Q4 2024 (3M)OK2.4
y/y -7.2%
0.5
y/y -10.4%
0.2
y/y 51.6%
0.7
y/y 3.9%
0.2
y/y -59.4%
0.7-0.420.7
y/y 10.1%
9.2
y/y 8.8%
11.8%3.6Report (PDF)
2024-09-30Q3 2024 (3M)OK2.5
y/y -34.2%
0.4
y/y 0.0%
0.2
y/y 0.0%
0.7
y/y 0.0%
0.2
y/y -22.7%
0.7-0.419.6
y/y 0.0%
9.2
y/y 0.0%
—3.2Report (PDF)
2024-06-30Q2 2024 (3M)PARTIAL2.6
y/y —
0.6
y/y —
0.2
y/y —
0.8
y/y —
0.4
y/y —
0.6-0.4—
y/y —
—
y/y —
—2.9Evidence
2024-03-31Q1 2024 (3M)OK2.6
y/y —
0.6
y/y —
0.2
y/y —
0.8
y/y —
0.4
y/y —
0.4-0.319.2
y/y —
9.0
y/y —
18.4%2.9Report (PDF)
2023-12-31Q4 2023 (3M)OK2.6
y/y —
0.5
y/y —
0.2
y/y —
0.7
y/y —
0.4
y/y —
1.0-0.218.8
y/y —
8.4
y/y —
17.3%2.5Report (PDF)
2023-09-30Q3 2023 (3M)OK3.8
y/y —
0.4
y/y —
0.2
y/y —
0.7
y/y —
0.2
y/y —
0.7-0.419.6
y/y —
9.2
y/y —
2.9%2.4Report (PDF)
2023-06-30Q2 2023 (3M)OK5.2
y/y —
1.2
y/y —
0.4
y/y —
1.7
y/y —
0.9
y/y —
1.1-0.719.2
y/y —
9.0
y/y —
—2.4Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

01 000 0002 000 0003 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-100 0000100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

01 000 0002 000 0003 000 0004 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2020–2025 operating cash flow came to 2.04x of reported net profit; after capex, 0.95x.
year2020202120232024
cash flow / profit10.51x1.15x1.81x2.27x
accruals, % of assets-10.3%-0.9%-6.6%-6.7%
Last twelve months (to 2026-06-30): 9.25x of profit came back as operating cash flow.
net debt / EBITDA 1.7x · capex 1.2x of depreciation · dividends 9% 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 & gas (PRMS 2P reserves)

Proved reserves
11 500 mln toe
2025
Reserve life (R/P)
46.6 yrs
reserves ÷ annual output
Annual production
246.60 mln toe
2025

Production, mln toe

255.902024246.602025

Proved reserves

YearReserves, mln toe
202511 500

Production

YearProduction, mln toeper day, mln toe
2025246.60
−3.6%		0.68
2024255.900.70

Роснефть: PRMS 2P запасы 11.5 млрд т н.э. (пресс-релиз МСФО FY2025, 31.03.2026, rosneft.ru/press/releases/item/223841/); добыча 2025 = 246.6 млн т н.э. (181.1 млн т жидких + 79.6 bcm газа), тот же релиз. FY2024 production 255.9 mln toe (-3.6% YoY in 2025, OPEC+ quotas; same FY2025 IFRS release).

Quality / corporate governance

Potential discount −37% (factor 0.63)

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): +64% · spot +91% · 3-yr +37%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue8.26 trn RUB
EBITDA2.32 trn RUB
Cash costs (revenue − EBITDA)5.94 trn 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)1,808
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot1.04 trn RUB
Price effect on EBITDA — 3-yr425.0 bln RUB
= Spot EBITDA (LTM + effect)3.36 trn RUB
= 3-yr-price EBITDA2.75 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/23.05 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))3.05 trn RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)3.0x
Target EV = EV/EBITDA × conservative EBITDA9.21 trn RUB
Net debt (as of 2026-06-30) · unchanged since 2024-12-313.57 trn RUB
Target market cap = EV − net debt5.63 trn RUB
Current market cap3.43 trn RUB

Upside = target market cap ÷ current − 1 = +64%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -19% vs +11% the year before — a -29.4 pp move. 3-year CAGR —.
revenue growth by year: 2023 +5% · 2024 +11% · 2025 -19%
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: -57%

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)293 bn RUB
Payout ratio47%
Recent actual dividend (3-yr median)13.83 ₽
= Forecast dividend per share13.83 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-7.7 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price321 ₽
Forecast dividend yield4.3%
Fair price (dividend-based)139 ₽

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

Dividend history

Paid, trailing 12-mo: 13.83 RUB/sh · 4.3%

Pay yearDividend /sh
202613.83 ₽
202551.15 ₽
202459.78 ₽
202338.36 ₽
202223.63 ₽
202124.97 ₽
202018.07 ₽
201926.67 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-082.27 ₽
2026 q12026-01-0911.56 ₽
2025 q32025-07-1714.68 ₽
2025 q12025-01-0936.47 ₽
2024 q32024-07-0829.01 ₽
2024 q12024-01-1030.77 ₽
2023 q32023-07-0717.97 ₽
2023 q12023-01-1020.39 ₽
2022 q32022-07-0723.63 ₽
2021 q42021-10-0718.03 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 47% buy — balanced5d: 50% buy — balanced20d: 48% buy — balanced

Iceberg levels last session: 1 bid / 0 ask; largest — bid 323.9 (filled ×3.1 of displayed, 50 refills).
Robot clips (recurring characteristic order size): 2 bid / 5 ask; largest — ask 929 lots ×966 appearances across 72 price levels. Ping probes (1-2 lots, typical iceberg hunting): ask ×340.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0947%1/02/526,613
03.0948%1/02/238,261
02.0950%1/03/420,407
01.0954%0/04/643,853
31.0851%1/03/336,537

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: 6 (1 positive, 2 negative), last 30 days: 11 (1 positive, 4 negative) across tracked channels, broker research and shows. 3 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

04.09.26Material eventСведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг
ПАО «НК «Роснефть» сообщило о приобретении 0 облигаций серии 004Р-02 на сумму 0 юаней, что произошло из-за непредъявления их владельцами к выкупу. Приобретение облигаций было осуществлено в соответствии с решением Совета директоров от 29 июня 2023 года.
28.08.26BuybackПриобретение (наступление оснований для приобретения) размещенных эмитентом облигаций
ПАО «НК «Роснефть» планирует приобрести свои биржевые облигации серии 002Р-12 по цене 100% от номинальной стоимости с выплатой накопленного купонного дохода. Период предъявления облигаций к приобретению будет с 9 по 15 сентября 2026 года, а срок оплаты – 18 сентября 2026 года.
07.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Роснефть» утвердил Политику Компании № П4-01 П-02 «О внутреннем аудите» версия 2 на заседании 4 августа 2026 года. Кворум заседания был присутствующим, решение по вопросу №5 повестки дня принято.

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, ≈1,3 млрд ₽ combined. Last month: added — 4, entered top-10 — 4.

FundManagerWeight≈PositionΔ weight m/mDisclosure
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ5.93%56 млн ₽—31.07.2026
TRND Т-Капитал Трендовые акции (new)Т-Капитал5.10%25 млн ₽+5.10 pp31.07.2026
EQMX ВИМ - Индекс МосБиржи (new)ВИМ Инвестиции2.94%357 млн ₽+2.94 pp31.07.2026
TMOS Т-Капитал Индекс МосБиржи (new)Т-Капитал2.87%373 млн ₽+2.87 pp31.07.2026
SBMX Первая - Фонд Топ Российских акций (new)Первая2.71%512 млн ₽+2.71 pp31.07.2026

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.

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 Rosneft — from primary filings.

Frequently asked questions

What is Rosneft's P/E ratio?
Rosneft trades at a P/E of 13.8x (price to trailing 12-month earnings).
What is Rosneft's EV/EBITDA?
Rosneft trades at 3.0x EV/EBITDA.
What is Rosneft's P/B ratio?
Rosneft trades at a P/B of 0.4x.
What is Rosneft's dividend yield?
Rosneft's trailing 12-month dividend yield is 4.3%.
What is Rosneft's return on equity (ROE)?
Rosneft's ROE is 3.7%.
What is Rosneft's market capitalization?
Rosneft's market cap is 3428.0 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
Роснфт4P25.8%6.5%105.112Kput 09.2026
Роснфт2P128.2%6.5%99.9864Kput 09.2026
Роснфт1P85.8%8%100.1630Kput 10.2026
Роснфт4P3floatfloat101.52Kput 11.2026
Роснфт3P01—8%101.8626Kput 11.2026
Роснфт3P02—8%101.8626Kput 11.2026
Роснфт1P15.5%8%102.1664K11.2026
Роснфт2P1—8%104.61Kput 11.2026
Роснфт2P2—8%104.6628Kput 11.2026
Роснфт1P28.1%8%100.054K12.2026
Роснфт1P3—9.5%——12.2026
Роснфт2P414.0%8%97.6166Kput 02.2027
Роснфт2P136.7%6.5%99.939Kput 03.2027
Роснфт5P2—8%——put 03.2027
Роснфт4P1—6.5%——put 03.2027

and 12 more issue(s)

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