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Gazprom Neft (SIBN) RUB

Gazprom Neft is the oil arm of Gazprom: crude production in Western Siberia and the Arctic, refineries in Omsk, Moscow and Yaroslavl and a large retail fuel network.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✓Profit growing (+182% y/y, Q2 2026)✓Margins improving (23%→35%, Q2 2026)

Sector: Oil & Gas

RU_SIBN

Price chart

543.55 RUBDay 0.88%

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
543.55 RUB · 0.88%
Market cap
2577.1 bn RUB

Growth

Δ revenue y/y
15.6%
Δ EBITDA y/y
75.3%

Multiples

P/E (LTM)
6.8x
3y avg: 7.2x
P/B (FY)
0.9x
P/E (ann.)
3.3x
EV/EBITDA (LTM)
4.0x
3y avg: 4.1x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
8.4%
FCF yield (LTM)
2.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+47.4%
↓ details

Liquidity

Daily turnover (MOEX)
981.9 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)OK1022.2
y/y 15.6%
241.9
y/y 163.0%
115.8
y/y 3.3%
357.7
y/y 75.3%
195.1
y/y 182.5%
170.2-109.87278.6
y/y 17.4%
3272.3
y/y 4.1%
23.9%1889.0Report (PDF)
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%
9.3
y/y -91.4%
171.0-249.36453.9
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%
69.1
y/y -60.4%
149.3-93.96200.3
y/y 402.8%
3142.2
y/y -2.4%
8.7%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 -60.7%
140.7
y/y -74.1%
162.6
y/y -22.1%
303.3
y/y -59.7%
108.3
y/y -78.2%
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 —
—892.6Report (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)
2023-12-31Q4 2023 (3M)OK2698.3
y/y —
543.6
y/y —
208.7
y/y —
752.3
y/y —
496.1
y/y —
576.1-266.76053.6
y/y —
2993.7
y/y —
21.1%305.3Report (PDF)
2023-06-30Q2 2023 (3M)OK821.6
y/y —
177.4
y/y —
155.9
y/y —
333.3
y/y —
141.4
y/y —
346.9-255.75174.8
y/y —
3051.9
y/y —
—934.1Report (PDF)

Net debt structure (leases included, IFRS 16) 2023-12-31

Short-term debt (incl. ST leases)198 779
Long-term debt (incl. LT leases)699 124
− Cash & equivalents592 596
Net debt305 307

Net debt / LTM EBITDA: 0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0250 000500 000750 0001 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

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

Net debt / cash (₽ mln)

0500 0001 000 0001 500 0002 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.73x of reported net profit; after capex, 0.69x.
year2021202320242025
cash flow / profit1.81x1.45x1.65x2.42x
accruals, % of assets-8.5%-4.7%-5.3%-5.7%
Last twelve months (to 2026-06-30): 1.76x of profit came back as operating cash flow.
net debt / EBITDA 1.8x · capex 1.3x of depreciation · dividends 22% 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 incl. JV; disclosure frozen at end-2021)

Proved reserves
4 100 mln toe
2021
Reserve life (R/P)
40.4 yrs
reserves ÷ annual output
Annual production
101.44 mln toe
2021

Proved reserves

YearReserves, mln toe
20214 100

Production

YearProduction, mln toeper day, mln toe
2021101.440.28

Газпром нефть: PRMS 2P (с долей СП) 4.1 млрд т н.э. на конец 2021 (аудит D&M, релиз 17.02.2022, gazprom-neft.ru; PRMS 1P = 2.27 млрд т н.э.); добыча 2021 = 101.44 млн т н.э. с долей СП (релиз МСФО FY2021). Новее не раскрывается.

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): +47% · spot +67% · 3-yr +28%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue3.71 trn RUB
EBITDA1.10 trn RUB
Cash costs (revenue − EBITDA)2.61 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 2021 (mln toe)744
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot426.6 bln RUB
Price effect on EBITDA — 3-yr174.8 bln RUB
= Spot EBITDA (LTM + effect)1.53 trn RUB
= 3-yr-price EBITDA1.28 trn RUB
= Avg-scenario EBITDA (spot + 3-yr)/21.40 trn RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))1.40 trn RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)4.0x
Target EV = EV/EBITDA × conservative EBITDA5.65 trn RUB
Net debt (as of 2026-06-30)1.89 trn RUB
Target market cap = EV − net debt3.77 trn RUB
Current market cap2.55 trn RUB

Upside = target market cap ÷ current − 1 = +47%

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: -18%

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 rate14.0%
Historical yield spread to rate (3-yr median)-5.0 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price532 ₽
Forecast dividend yield8.5%
Fair price (dividend-based)434 ₽

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

Dividend history

Paid, trailing 12-mo: 45.41 RUB/sh · 8.5%

Pay yearDividend /sh
202670.62 ₽
202544.51 ₽
202471.45 ₽
202395.10 ₽
202285.78 ₽
202150.00 ₽
202024.82 ₽
201926.09 ₽
Payments by period
PeriodEx-date/sh
2026 q42026-10-1242.51 ₽
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 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 3 (2 positive), last 30 days: 12 (7 positive, 1 negative) across tracked channels, broker research and shows. 12 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

28.08.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Газпром нефть' одобрил выплату дивидендов за первое полугодие 2026 года в размере 42,51 руб. на акцию. Дата определения лиц, имеющих право на получение дивидендов, установлена на 13 октября 2026 года.
14.08.26Filing★ Совершение эмитентом сделки, в совершении которой имеется заинтересованность
ПАО 'Газпром нефть' заключило сделку по поставке газа на сумму до 725,4 млрд. руб. в период с 2026 по 2041 год. Сделка имеет отношение к 10,69% от консолидированной стоимости активов компании, которая составляет 6,8 трлн. руб.
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.
18.08.26BuybackСообщение об итогах приобретения эмитентом облигаций по требованию их владельцев
ПАО 'Газпром нефть' 15.08.2026 приобрело 119,6 тыс. облигаций серии 004Н по требованию владельцев, выплачивая накопленный купонный доход. Облигации имеют ISIN RU000A10DWN9.
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.

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.

Frequently asked questions

What is Gazprom Neft (SIBN)'s P/E ratio?
Gazprom Neft (SIBN) trades at a P/E of 6.8x (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 0.9x.
What is Gazprom Neft (SIBN)'s dividend yield?
Gazprom Neft (SIBN)'s trailing 12-month dividend yield is 8.4%.
What is Gazprom Neft (SIBN)'s return on equity (ROE)?
Gazprom Neft (SIBN)'s ROE is 23.9%.
What is Gazprom Neft (SIBN)'s market capitalization?
Gazprom Neft (SIBN)'s market cap is 2577.1 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
Газпнф3P8Rfloatfloat100.31.6M12.2026
Газпн3P12R8.0%7.75%100.021.0M12.2026
ГПН005Р-08floatfloat100.92Kput 01.2027
Газпн3P10Rfloatfloat100.116.3M02.2027
Газпн3P11Rfloatfloat100.2169K02.2027
Газпн3P14Rfloatfloat101.06.4M04.2027
Газпнф3P7Rfloatfloat99.81.9M11.2027
Газпнф3P9Rfloatfloat100.246K12.2027
Газпн3P13Rfloatfloat100.117.3M02.2028
Газпнф3P6Rfloatfloat99.96.2M04.2028
ГПН005Р-0913.0%7.5%92.768K05.2028
ГПН005Р-10floatfloat100.01.5M06.2028
Газпнф5P3Rfloatfloat100.61.6M11.2028
Газпнф5P4Rfloatfloat100.2653K01.2029
Газпнф5P5Rfloatfloat100.5504K02.2029

and 6 more issue(s)

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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