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Surgutneftegas (SNGS) RUB

At a glance: strengths & risks
✓Profit growing (+312%)✓Net cash balance sheet✗Revenue declining (-7%)✗Margins compressing (38%→35%)

Sector: Oil & Gas

RU_SNGS

Price chart

17.05 RUBDay -0.35%

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
17.05 RUB · -0.35%
Market cap
936.5 bn RUB

Growth

Δ revenue y/y
—
Δ EBITDA y/y
—

Multiples

P/E (LTM)
—
P/B (FY)
0.1x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
1.2x

Cash return

Dividend yield
5.0%
FCF yield (LTM)
3.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+16.4%
↓ details

Liquidity

Daily turnover (MOEX)
685.8 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
2025-12-31FY 2025 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y -127.2%
——9096.8
y/y -4.9%
7942.0
y/y -4.5%
-3.2%≈ -196.5Link
2025-06-30Q2 2025 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——8981.3
y/y 7.8%
7769.8
y/y 3.7%
—≈ -196.5Link
2025-03-31Q1 2025 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
-439.7
y/y -263.7%
——9053.5
y/y 6.7%
7877.8
y/y 1.7%
-21.7%≈ -196.5Link
2024-12-31FY 2024 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
783.4
y/y 63.1%
——9562.0
y/y 18.9%
8314.1
y/y 17.3%
11.7%≈ -196.5Link
2024-06-30Q2 2024 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
-128.7
y/y -83.4%
——8333.2
y/y 12.5%
7490.7
y/y 13.4%
3.7%≈ -196.5Link
2024-03-31Q1 2024 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
268.5
y/y —
——8487.8
y/y —
7742.8
y/y —
14.5%≈ -196.5Link
2023-12-31Q4 2023 (3M)OK1363.4
y/y —
297.9
y/y —
14.3
y/y —
312.2
y/y —
480.2
y/y —
444.8-426.08039.9
y/y —
7086.7
y/y —
19.3%-197.0Report (PDF)
2023-06-30Q2 2023 (3M)OK939.1
y/y —
236.2
y/y —
265.1
y/y —
501.3
y/y —
841.9
y/y —
150.4-126.77409.0
y/y —
6607.0
y/y —
—-68.9Report (PDF)

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

Short-term debt (incl. ST leases)64 273
Long-term debt (incl. LT leases)1 447
− Cash & equivalents262 675
Net debt-196 955

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0500 0001 000 0001 500 0002023 H12023 H22024 q12024 q22024 H22025 q12025 q22025 H2

Cash flow

FCF (₽ mln)

-200 000-100 0000100 0002023 H12023 H22024 q12024 q22024 H22025 q12025 q22025 H2

Net debt / cash (₽ mln)

-200 000-150 000-100 000-50 00002023 H12023 FY2024 q12024 q22024 q42025 q12025 q22025 q4

Profit and cash

Profit runs ahead of cash
In a typical year of 2018–2023 operating cash flow came to 0.45x of reported net profit.
year20182019202020222023
cash flow / profit0.41x3.95x0.17x2.16x0.45x
accruals, % of assets9.7%-5.9%10.4%-5.7%9.0%
net debt / EBITDA -0.2x
● In a typical year operating cash flow covered 45% of reported profit (5 profitable years).
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.

Production & Reserves

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

Oil & Gas (oil)

Annual production
54.70 Mt
2025

Production, Mt

56.40202353.70202454.702025

Production

YearProduction, Mt
202554.70
+1.9%
202453.70
−4.8%
202356.40

Surgutneftegas FY2025 oil production 54.7 Mt (+1.8% YoY, Interfax citing annual report). FY2024 53.7 Mt.

Quality / corporate governance

Potential discount −40% (factor 0.60)

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 — Brent

Current 89spot vs LTM +8%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the 3-year historical (p75) EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 83 vs LTM-avg 78 → ×1.05 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is). Oil & gas upside may be overstated: mineral-extraction tax / export duty rise with price but costs are not re-priced here.

Upside (conservative): +16% · spot +27% · 3-yr +6%

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

1 · Reported baseline (latest FY)
Revenue2.30 trn RUB
EBITDA813.5 bln RUB
Cash costs (revenue − EBITDA)1.49 trn RUB
2 · Revenue projection
Multiplier — spot×1.11 (+11%)
= Spot revenue2.56 trn RUB
Multiplier — 3-yr prices×1.02 (+2%)
= 3-yr-price revenue2.36 trn RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs1.56 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA998.3 bln RUB
= 3-yr-price EBITDA794.7 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2896.5 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))896.5 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)1.0x
Target EV = EV/EBITDA × conservative EBITDA896.5 bln RUB
Net debt-196.5 bln RUB
Target market cap = EV − net debt1.09 trn RUB
Current market cap938.7 bln RUB

Upside = target market cap ÷ current − 1 = +16%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Brent80%89.0582.25+8%+14%+3%

Preferred-share (SNGSP) valuation via the FX cash hoard

SNGSP upside (via the FX hoard): +1%

Per the charter the pref dividend = 10% of RAS net profit divided by 25% of the charter capital (7.09% of profit over 7.702bn prefs), floored at the ordinary dividend. Profit is dominated by FX revaluation of the deposit. Valued at a 12.4% fair dividend yield on the expected dividend (oil&gas + hoard). Deposit/rate constants are refreshed annually (2027 cycle (dividend 2027 by FY2026) — deposits anchored to the audited 31.12.2025 balance sheet, FX sensitivity and tax rate recalibrated on FY2024/FY2025 (2026-08-11)).

1 · The FX cash hoard
FX leg (implied by profit sensitivity to USD/RUB)3881 bn RUB
RUB deposit1843 bn RUB
Total (tied to the 31.12.2025 balance sheet)5724 bn RUB
USD/RUB: now 82.61 vs 31.12.2025 anchor 78.23+5.6%
2 · Hoard profit (this year)
FX revaluation of the deposit217 bn RUB
RUB deposit interest (RUONIA)292 bn RUB
FX-leg interest19 bn RUB
= Pre-tax profit effect529 bn RUB
3 · Expected SNGSP dividend
This-year dividend (oil&gas + hoard)5.94 ₽
Normalised future dividend5.68 ₽
Average expected dividend5.81 ₽
4 · Fair-yield valuation
Fair dividend yield (historical)12.4%
Target price (discounted to record date)43.3 ₽
Current SNGSP price42.84 ₽
5 · Charter-formula check: FY2026 dividend vs the 31 Dec USD/RUB
RAS net profit = 500 + 33.1 x (rate - 78.23), bn RUBcalibrated on FY2024-FY2025
rate 70.002.09 ₽ · 5% (1.17–3.02 ₽)
rate 75.003.62 ₽ · 8% (2.70–4.54 ₽)
rate 78.234.61 ₽ · 11% (3.69–5.53 ₽)
rate 82.61 (now)5.94 ₽ · 14% (5.02–6.86 ₽)
rate 85.006.67 ₽ · 16% (5.75–7.59 ₽)
rate 90.008.20 ₽ · 19% (7.28–9.12 ₽)
rate 100.0011.25 ₽ · 26% (10.33–12.17 ₽)

Upside = target price ÷ current − 1 = +1%

Live inputs: USD/RUB and the SNGSP price. Block 5 is an independent check: same charter formula, but profit comes from a regression on the two most recent audited RAS years (FY2024 +923bn at +11.99 RUB; FY2025 -251bn at -23.45 RUB) rather than from deposit sizes. Brackets show the 400-600bn core-profit band. A gap between blocks 3 and 5 is a disagreement about the non-FX core, not about the formula.

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -7%. 3-year CAGR +29%.
revenue growth by year: 2020 -32% · 2022 +131% · 2023 -7%
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: -52%

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)-251 bn RUB
Payout ratio2%
Recent actual dividend (3-yr median)0.85 ₽
= Forecast dividend per share0.85 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-13.2 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price16.88 ₽
Forecast dividend yield5.0%
Fair price (dividend-based)8.10 ₽

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

Dividend history

Paid, trailing 12-mo: 0.85 RUB/sh · 5.0%

Pay yearDividend /sh
20260.85 ₽
20250.90 ₽
20240.85 ₽
20230.80 ₽
20220.80 ₽
20210.70 ₽
20200.65 ₽
20190.65 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-150.85 ₽
2025 q32025-07-160.90 ₽
2024 q32024-07-170.85 ₽
2023 q32023-07-180.80 ₽
2022 q32022-07-180.80 ₽
2021 q32021-07-160.70 ₽
2020 q32020-07-160.65 ₽
2019 q32019-07-160.65 ₽
2018 q32018-07-170.65 ₽
2017 q32017-07-170.60 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 46% buy — balanced5d: 50% buy — balanced20d: 50% buy — balanced

No iceberg levels detected last session.
No characteristic robot clips detected last session.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
11.0846%0/00/06,938
10.0850%0/00/08,151
07.0848%7/41/125,573
06.0851%0/01/026,174
05.0860%1/00/015,704

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: 0, last 30 days: 3 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

26.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
26 июня 2026 года будет определена дата для владельцев акций ПАО «Сургутнефтегаз», имеющих право на получение дивидендов. Дата, на которую определяются лица, имеющие право на осуществление прав по ценным бумагам, установлена на 16 июля 2026 года.
26.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На общем собрании акционеров ПАО «Сургутнефтегаз», состоявшемся 26 июня 2026 года, было принято решение о выплате дивидендов в размере 0,85 руб. на акцию. Также утверждены годовой отчет и финансовая отчетность за 2025 год, назначена аудиторская компания на 2026 год.
15.05.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Сургутнефтегаз» рекомендовал объявить дивиденды по акциям в размере 0,85 руб. за акцию, направив на это 36,9 млрд. руб. нераспределенной прибыли. Дата определения лиц, имеющих право на получение дивидендов, установлена на 16 июля 2026 года.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=312

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 Surgutneftegas (SNGS) — from primary filings.

SNGS is a Russian oil and gas company primarily engaged in the exploration, production, and sale of crude oil and natural gas, as well as refining and marketing petroleum products.

Frequently asked questions

What is Surgutneftegas (SNGS)'s P/B ratio?
Surgutneftegas (SNGS) trades at a P/B of 0.1x.
What is Surgutneftegas (SNGS)'s dividend yield?
Surgutneftegas (SNGS)'s trailing 12-month dividend yield is 5.0%.
What is Surgutneftegas (SNGS)'s return on equity (ROE)?
Surgutneftegas (SNGS)'s ROE is -3.2%.
What is Surgutneftegas (SNGS)'s market capitalization?
Surgutneftegas (SNGS)'s market cap is 936.5 bn RUB.

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