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Rostelecom (RTKM) RUB

At a glance: strengths & risks
✓Revenue growing (+12%)✗Profit falling (-22%)

Sector: Telecommunications

RU_RTKM

Price chart

42.55 RUBDay -3.49%

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
42.55 RUB · -3.49%
Market cap
150.1 bn RUB

Growth

Δ revenue y/y
11.9%
Δ EBITDA y/y
-6.6%

Multiples

P/E (LTM)
5.3x
3y avg: 8.5x
P/B (FY)
0.5x
P/E (ann.)
<0
EV/EBITDA (LTM)
2.8x
3y avg: 3.1x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
5.5%
FCF yield (LTM)
1.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
-82.9%
↓ details

Liquidity

Daily turnover (MOEX)
697.7 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
2026-06-30Q2 2026 (3M)OK—
y/y —
-37.5
y/y —
112.0
y/y 0.0%
74.5
y/y -6.6%
-7.4
y/y —
——1.6
y/y -99.9%
—
y/y —
—≈ 782.1—
2026-03-31Q1 2026 (3M)OK208.9
y/y 9.9%
37.5
y/y 12.7%
45.3
y/y 13.7%
82.7
y/y 13.3%
7.4
y/y 9.5%
18.1-32.91441.4
y/y 4.8%
287.9
y/y 3.1%
10.5%782.1—
2025-12-31Q4 2025 (3M)OK425.4
y/y 81.9%
112.1
y/y 256.6%
-18.1
y/y -138.2%
94.0
y/y 19.3%
22.7
y/y 380.6%
99.6-52.01432.9
y/y 3.8%
280.2
y/y 2.4%
6.7%757.7—
2025-09-30Q3 2025 (3M)OK208.7
y/y 8.2%
36.3
y/y 19.5%
44.1
y/y 2.3%
80.4
y/y 9.4%
5.6
y/y —
21.3-32.81411.6
y/y 6.0%
281.1
y/y 4.2%
2.6%787.6—
2025-06-30Q2 2025 (3M)OK48.6
y/y -72.9%
-32.2
y/y -204.5%
112.0
y/y 174.2%
79.8
y/y 11.3%
-16.4
y/y -220.7%
22.5-30.81402.2
y/y 9.8%
285.4
y/y -3.3%
-23.2%766.3—
2025-03-31Q1 2025 (3M)OK190.1
y/y 9.4%
33.2
y/y 4.5%
39.8
y/y -2.9%
73.0
y/y 0.3%
6.8
y/y -45.7%
19.1-44.11375.3
y/y 10.3%
279.3
y/y -3.1%
9.8%754.6—
2024-12-31Q4 2024 (3M)OK233.9
y/y 10.3%
31.4
y/y 18.5%
47.3
y/y 3.1%
78.7
y/y 8.7%
4.7
y/y 151.7%
77.4-70.01380.9
y/y 11.0%
273.6
y/y -0.2%
8.9%718.7—
2024-09-30Q3 2024 (3M)OK193.0
y/y 11.0%
30.4
y/y -11.4%
43.1
y/y 12.7%
73.5
y/y 1.3%
-6.7
y/y -149.7%
29.7-59.91331.6
y/y 11.1%
269.8
y/y -7.7%
-3.2%683.3—
2024-06-30Q2 2024 (3M)OK179.3
y/y 10.5%
30.8
y/y 24.0%
40.8
y/y 9.9%
71.6
y/y 15.6%
13.6
y/y 42.6%
35.1-37.21277.1
y/y 11.9%
295.0
y/y 6.0%
18.6%624.1—
2024-03-31Q1 2024 (3M)OK173.8
y/y 8.9%
31.8
y/y -5.7%
41.0
y/y 13.3%
72.8
y/y 4.1%
12.5
y/y -28.0%
57.4-51.41246.7
y/y 0.2%
288.1
y/y 5.0%
17.8%618.7—
2023-12-31Q4 2023 (3M)OK212.0
y/y —
26.5
y/y —
45.9
y/y —
72.4
y/y —
1.9
y/y —
27.0-67.31243.8
y/y —
274.3
y/y —
14.9%634.4—
2023-09-30Q3 2023 (3M)OK173.9
y/y —
34.2
y/y —
38.3
y/y —
72.5
y/y —
13.6
y/y —
36.1-37.51198.8
y/y —
292.5
y/y —
6.3%554.4—
2023-06-30Q2 2023 (3M)OK162.3
y/y —
24.8
y/y —
37.1
y/y —
62.0
y/y —
9.5
y/y —
41.0-28.31141.8
y/y —
278.2
y/y —
13.8%535.0—
2023-03-31Q1 2023 (3M)OK159.6
y/y —
33.7
y/y —
36.2
y/y —
69.9
y/y —
17.4
y/y —
67.2-21.61243.8
y/y —
274.3
y/y —
—548.6—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-75%-50%-25%0%25%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-40 000-20 000020 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

0200 000400 000600 000800 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 4.79x of reported net profit; after capex, 0.57x.
year20212022202320242025
cash flow / profit4.79x4.01x4.05x8.29x8.68x
accruals, % of assets-10.9%-9.4%-10.4%-12.7%-10.0%
Last twelve months (to 2025-Q2): 11.33x of profit came back as operating cash flow.
net debt / EBITDA 2.3x · EBIT covers interest 1.2x · capex 0.9x of depreciation
● EBIT covers interest 1.2x.
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.

Fundamental value creation

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

Value created per year: -83.5%

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)
= (74 483 − 79 762) × 4.45
-23 497
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (150 076 + 782 127) ÷ 331 552
2.8x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (2.8 + 6.5) ÷ 2
4.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -15 862 + 0 + 0 − 0
-15 862
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-23 497 × 4.7 + -15 862) ÷ 150 076
-83.5%

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

Caveats:

  • FCF (LTM) approximated by latest FY
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +12% vs +10% the year before — a +1.7 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +13% · 2024 +10% · 2025 +12%
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: +7%

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)19 bn RUB
Payout ratio57%
Free cash flow (FY, OCF − capex) — not a cap (leverage 2.3x)4 bn RUB
Recent actual dividend (3-yr median)2.71 ₽
= Forecast dividend per share3.37 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-10.2 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price45.41 ₽
Forecast dividend yield7.4%
Fair price (dividend-based)48.50 ₽

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

Dividend history

Paid, trailing 12-mo: 5.42 RUB/sh · 11.9%

Pay yearDividend /sh
20262.71 ₽
20252.71 ₽
20246.06 ₽
20235.45 ₽
20224.56 ₽
20215.00 ₽
20205.00 ₽
20195.00 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-172.71 ₽
2025 q32025-08-122.71 ₽
2024 q32024-09-266.06 ₽
2023 q42023-11-305.45 ₽
2022 q32022-07-184.56 ₽
2021 q32021-07-085.00 ₽
2020 q32020-08-195.00 ₽
2019 q32019-07-022.50 ₽
2019 q12019-01-092.50 ₽
2018 q32018-07-045.05 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 5 (1 negative), last 30 days: 5 (1 negative) across tracked channels, broker research and shows. 18 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

15.07.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
Ростелеком присвоил своим биржевым облигациям (серия 001P-28R) кредитный рейтинг на уровне 'AAA.ru' 15 июля 2026 года. Рейтинг был присвоен по национальной шкале для РФ на основе методологии, доступной по ссылке.
01.07.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО 'Ростелеком' объявило дату фиксации лиц, имеющих право на получение дивидендов по акциям, на 20 июля 2026 года. Дивиденды будут начислены по результатам 2025 года. Акции, к которым это относится, включают обыкновенные и привилегированные именные бездокументарные акции.
01.07.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Ростелеком» 30 июня 2026 года было утверждено распределение чистой прибыли за 2025 год в размере 12,0 млрд. руб., из которых 9,5 млрд. руб. пойдут на дивиденды по 2,71 руб. на акцию. Также избраны новые члены совета директоров и ревизионной комиссии, назначен аудитор на 2026-2027 годы.
30.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
29 июля 2026 года совет директоров ПАО 'Ростелеком' принял решения о прекращении полномочий и назначении членов правления. Кворум для заседания имелся, протокол заседания №01 был составлен в тот же день.
10.07.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
10 июля 2026 года истекает срок для направления оферт на заключение предварительных договоров по биржевым облигациям ПАО «Ростелеком». Оферты могут быть поданы с 11:00 до 15:00 по московскому времени в указанный день.

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 Rostelecom (RTKM) — from primary filings.

RTKM (Rostelecom) is a Russian telecommunications and digital services provider, offering fixed-line and mobile telephony, broadband internet, and digital solutions for government and corporate clients.

Frequently asked questions

What is Rostelecom (RTKM)'s P/E ratio?
Rostelecom (RTKM) trades at a P/E of 5.3x (price to trailing 12-month earnings).
What is Rostelecom (RTKM)'s EV/EBITDA?
Rostelecom (RTKM) trades at 2.8x EV/EBITDA.
What is Rostelecom (RTKM)'s P/B ratio?
Rostelecom (RTKM) trades at a P/B of 0.5x.
What is Rostelecom (RTKM)'s dividend yield?
Rostelecom (RTKM)'s trailing 12-month dividend yield is 5.5%.
What is Rostelecom (RTKM)'s return on equity (ROE)?
Rostelecom (RTKM)'s ROE is 10.5%.
What is Rostelecom (RTKM)'s market capitalization?
Rostelecom (RTKM)'s market cap is 150.1 bn RUB.

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