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Gazprom Neft (SIBN) RUB

At a glance: strengths & risks
✗Revenue declining (-12%)✗Profit falling (-49%)✗Margins compressing (28%→25%)

Sector: Oil & Gas

RU_SIBN

Price chart

422.6 RUBDay 1.62%

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
422.6 RUB · 1.62%
Market cap
2003.7 bn RUB

Growth

Δ revenue y/y
-3.7%
Δ EBITDA y/y
19.0%

Multiples

P/E (LTM)
8.0x
3y avg: 7.2x
P/B (FY)
0.6x
P/E (ann.)
5.0x
EV/EBITDA (LTM)
4.0x
3y avg: 4.1x
EV/EBITDA (ann.)
3.6x

Cash return

Dividend yield
9.2%
FCF yield (LTM)
7.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+34.3%
↓ details

Liquidity

Daily turnover (MOEX)
571.8 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
2026-03-31Q1 2026 (3M)OK858.0
y/y -3.7%
153.1
y/y 35.8%
110.4
y/y 1.6%
263.6
y/y 19.0%
100.4
y/y -5.2%
123.0-132.76783.7
y/y 11.9%
3252.0
y/y 1.3%
12.5%1820.9Report (PDF)
2025-12-31Q4 2025 (3M)OK903.6
y/y -14.9%
109.8
y/y -21.9%
141.4
y/y -13.0%
251.3
y/y -17.1%
16.9
y/y -84.4%
166.0-299.46453.9
y/y 5.1%
3149.2
y/y -0.6%
—1657.1Report (PDF)
2025-09-30Q3 2025 (3M)PARTIAL928.4
y/y -8.9%
114.7
y/y -20.8%
116.5
y/y 0.3%
231.2
y/y -11.4%
72.0
y/y 39.2%
200.7-127.9—
y/y —
—
y/y —
—1346.0Report (PDF)
2025-06-30Q2 2025 (3M)OK884.0
y/y -15.1%
92.0
y/y -52.4%
112.1
y/y 12.1%
204.1
y/y -30.4%
61.4
y/y -64.8%
154.3-43.86200.3
y/y 402.8%
3142.2
y/y -2.4%
7.7%1346.0Report (PDF)
2025-03-31Q1 2025 (3M)OK890.9
y/y -8.8%
112.7
y/y -43.7%
108.7
y/y 18.2%
221.5
y/y -24.2%
105.9
y/y -36.4%
100.1-128.26063.5
y/y —
3210.7
y/y —
13.3%1355.0Report (PDF)
2024-12-31Q4 2024 (3M)OK1061.5
y/y —
140.7
y/y —
162.6
y/y —
303.3
y/y —
108.3
y/y —
179.7-143.66140.6
y/y 1.4%
3168.7
y/y 5.8%
—1303.6Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL1019.2
y/y —
144.8
y/y —
116.2
y/y —
261.0
y/y —
51.7
y/y —
219.2-36.8—
y/y —
—
y/y —
—1059.0Report (PDF)
2024-06-30Q2 2024 (3M)OK1041.7
y/y —
193.2
y/y —
100.0
y/y —
293.2
y/y —
174.3
y/y —
252.9-138.81233.2
y/y —
3220.6
y/y —
——Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL977.3
y/y —
200.1
y/y —
92.0
y/y —
292.1
y/y —
166.5
y/y —
172.0-124.9—
y/y —
—
y/y —
—708.2Report (PDF)
2023-12-31FY 2023 (12M)OK3520.0
y/y —
721.0
y/y —
364.6
y/y —
1085.6
y/y —
637.5
y/y —
923.0-522.46053.6
y/y —
2993.7
y/y —
—305.3Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

01 000 0002 000 0003 000 0004 000 0002023 FY2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-40%-20%0%20%2023 FY2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-100 0000100 000200 000300 000400 0002023 FY2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

0500 0001 000 0001 500 0002 000 0002023 FY2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Urals

Current 98spot vs LTM +28%

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 current EV/EBITDA.

Upside (conservative): +34% · spot +58% · 3-yr +10%

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

1 · Reported baseline (latest FY)
Revenue3.61 trn RUB
EBITDA908.1 bln RUB
Cash costs (revenue − EBITDA)2.70 trn RUB
2 · Urals oil price ($/bbl)
Spot$97.8
LTM average$76.6
3-yr average$80.4
3 · EBITDA projection (per-barrel, net of tax)
Production, mln bbl/yr · Oil_Gas_Q_Data LTM (frozen)747
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot308.2 bln RUB
Price effect on EBITDA — 3-yr53.8 bln RUB
= Spot EBITDA (LTM + effect)1.22 trn RUB
= 3-yr-price EBITDA961.9 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/21.09 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))1.09 trn RUB
5 · Valuation → target market cap
EV/EBITDA (current)4.4x
Target EV = EV/EBITDA × conservative EBITDA4.75 trn RUB
Net debt1.66 trn RUB
Target market cap = EV − net debt3.09 trn RUB
Current market cap2.30 trn RUB

Upside = target market cap ÷ current − 1 = +34%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -12% vs +16% the year before — a -28.5 pp move. 3-year CAGR +2%.
revenue growth by year: 2023 +3% · 2024 +16% · 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: +9%

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)256 bn RUB
Payout ratio68%
Free cash flow (FY, OCF − capex) — not a cap (leverage 1.8x)22 bn RUB
Recent actual dividend (3-yr median)45.41 ₽
= Forecast dividend per share45.41 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-4.7 pp
= Fair dividend yield10.8%
3 · Valuation → upside
Current price408 ₽
Forecast dividend yield11.1%
Fair price (dividend-based)445 ₽

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

Dividend history

Paid, trailing 12-mo: 45.41 RUB/sh · 11.1%

Pay yearDividend /sh
202628.11 ₽
202544.51 ₽
202471.45 ₽
202395.10 ₽
202285.78 ₽
202150.00 ₽
202024.82 ₽
201926.09 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-0328.11 ₽
2025 q42025-10-1017.30 ₽
2025 q32025-07-0727.21 ₽
2024 q42024-10-1151.96 ₽
2024 q32024-07-0519.49 ₽
2023 q42023-12-2682.94 ₽
2023 q32023-07-0612.16 ₽
2022 q42022-12-2869.78 ₽
2022 q32022-07-0616.00 ₽
2021 q42021-12-2440.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

29.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом общем собрании акционеров ПАО 'Газпром нефть', состоявшемся 25 июня 2026 года, были утверждены годовой отчет и финансовая отчетность за 2025 год, а также принято решение о выплате дивидендов в размере 45,41 руб. на акцию. Дивиденды будут выплачены не позднее 17 июля 2026 года для профессиональных участников и до 7 августа 2026 года для остальных акционеров.
29.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО 'Газпром нефть' объявило, что дата фиксации лиц, имеющих право на получение дивидендов по акциям за 2025 год, установлена на 6 июля 2026 года. Протокол общего собрания акционеров, на котором было принято это решение, датирован 26 июня 2026 года.
28.05.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
28 мая 2026 года кредитное рейтинговое агентство присвоило эмиссионным облигациям ПАО 'Газпром нефть' кредитный рейтинг ruAAA. Облигации имеют регистрационный номер 4B02-08-00146-А-004Р и международный код ISIN RU000A10F8V7.
20.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Газпром нефть» утвердил План работы на второе полугодие 2026 года. Все 12 членов Совета проголосовали 'ЗА'.
17.07.26BuybackСообщение об итогах приобретения эмитентом облигаций по требованию их владельцев
Эмитент 'Газпром нефть' приобрел 225,9 тыс. облигаций серии 004Н по требованию владельцев. При этом был выплачен накопленный купонный доход. Событие произошло 16.07.2026.
15.06.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
15 июня 2026 года 'Газпром нефть' принял решение о S-надбавке в размере 1,4% к процентной ставке по биржевым облигациям серии 005P-10R. Это событие может оказать существенное влияние на стоимость этих облигаций.

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, ≈13 млн ₽ combined. Last month: added — 1, entered top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
TITR Т-Капитал Акции роста (new)Т-Капитал4.67%13 млн ₽+4.67 pp29.05.2026

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.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 (1 negative) across tracked channels, broker research and shows. 15 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.

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 Gazprom Neft (SIBN) — from primary filings.

SIBN (Surgutneftegas) is a Russian oil and gas company engaged in the exploration, production, refining, and sale of crude oil and petroleum products, primarily operating in Western Siberia.

Frequently asked questions

What is Gazprom Neft (SIBN)'s P/E ratio?
Gazprom Neft (SIBN) trades at a P/E of 8.0x (price to trailing 12-month earnings).
What is Gazprom Neft (SIBN)'s EV/EBITDA?
Gazprom Neft (SIBN) trades at 4.0x EV/EBITDA.
What is Gazprom Neft (SIBN)'s P/B ratio?
Gazprom Neft (SIBN) trades at a P/B of 0.6x.
What is Gazprom Neft (SIBN)'s dividend yield?
Gazprom Neft (SIBN)'s trailing 12-month dividend yield is 9.2%.
What is Gazprom Neft (SIBN)'s return on equity (ROE)?
Gazprom Neft (SIBN)'s ROE is 12.5%.
What is Gazprom Neft (SIBN)'s market capitalization?
Gazprom Neft (SIBN)'s market cap is 2003.7 bn RUB.