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Tatneft RUB

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-10%)✗Profit falling (-51%)✗Margins compressing (23%→18%)

Sector: Oil & Gas

RU_TATN

Price chart

571 RUBDay 1.93%

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
571 RUB · 1.93%
Market cap
1326.3 bn RUB

Growth

Δ revenue y/y
-14.5%
Δ EBITDA y/y
-23.2%

Multiples

P/E (LTM)
8.7x
3y avg: 6.6x
P/B (FY)
1.0x
P/E (ann.)
6.8x
EV/EBITDA (LTM)
3.9x
3y avg: 3.4x
EV/EBITDA (ann.)
3.5x

Cash return

Dividend yield
3.8%
FCF yield (LTM)
10.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+15.2%
↓ details

Liquidity

Daily turnover (MOEX)
1.7 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 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
2025-12-31H2 2025 (6M)OK940.0
y/y -14.5%
143.1
y/y -30.5%
40.0
y/y 23.3%
183.1
y/y -23.2%
97.8
y/y -37.9%
157.1-73.72133.9
y/y -3.2%
1324.7
y/y -0.4%
11.7%-36.9Report (PDF)
2025-06-30H1 2025 (6M)OK878.1
y/y -5.7%
111.2
y/y -43.6%
33.2
y/y 11.5%
144.4
y/y -36.3%
54.2
y/y -64.2%
104.7-67.82087.9
y/y -1.0%
1275.1
y/y -1.2%
8.3%2.3Report (PDF)
2024-12-31H2 2024 (6M)OK1099.3
y/y 13.9%
206.0
y/y 3.4%
32.4
y/y 8.1%
238.5
y/y 4.0%
157.5
y/y 2576.7%
225.9-94.22204.9
y/y 7.8%
1330.2
y/y 11.1%
23.6%-117.7Report (PDF)
2024-06-30H1 2024 (6M)OK931.1
y/y 49.3%
197.0
y/y 25.1%
29.8
y/y -2.7%
226.8
y/y 20.6%
151.4
y/y —
199.2-80.52108.2
y/y 13.8%
1290.2
y/y 8.4%
24.3%-122.0Report (PDF)
2023-12-31H2 2023 (6M)OK965.2
y/y —
199.2
y/y —
30.0
y/y —
229.3
y/y —
-6.4
y/y —
352.8-129.42045.2
y/y —
1197.2
y/y —
-0.9%-78.8Report (PDF)
2023-06-30H1 2023 (6M)OK623.9
y/y —
157.4
y/y —
30.6
y/y —
188.0
y/y —
-4.1
y/y —
-26.2-97.71853.1
y/y —
1190.2
y/y —
—-105.1Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)24 904
Long-term debt (incl. LT leases)30 375
− Cash & equivalents92 130
Net debt-36 851

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0250 000500 000750 0001 000 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-50%-25%0%25%50%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-200 000-100 0000100 000200 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

-125 000-100 000-75 000-50 000-25 00002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.36x of reported net profit; after capex, 0.77x. Loss years (2023) are left out of the ratio.
year20212022202320242025
cash flow / profit1.34x1.26x—1.38x1.72x
accruals, % of assets-4.6%-4.3%-16.5%-5.3%-5.1%
Last twelve months (to 2025-12-31): 1.72x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · EBIT covers interest 11.1x · capex 2.9x of depreciation · dividends 76% 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.

Production & Reserves

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

Oil (Tatarstan; proved reserves end-2022, no audit in 2023)

Proved reserves
847.90 mln t
2022
Reserve life (R/P)
30.5 yrs
reserves ÷ annual output
Annual production
27.83 mln t
2025

Production, mln t

27.80202129.10202228.45202327.30202427.832025

Proved reserves

YearReserves, mln t
2022847.90

Production

YearProduction, mln tper day, mln t
202527.83
+1.9%		0.08
202427.30
−4.0%		0.07
202328.45
−2.2%		0.08
202229.10
+4.7%		0.08
202127.800.08

Татнефть: Integrated Annual Report 2023 (tatneft.ru PDF, p.105): доказанные запасы нефти 847.9 млн т на конец 2022 (аудит в 2023 не проводился); добыча нефти (p.13): 2021/22/23 = 27.8/29.1/28.45 млн т. Газ ~0.9 bcm/год несущественен. Добыча нефти FY2024 = 27.3, FY2025 = 27.83 млн т (+2% YoY; company FY2025 operating results). Caveat: proved 847.9 = last audited (end-2022); disclosed later figures conflate ABC1+C2.

Key-commodity price — Urals

Current 89spot vs LTM +16%

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 83 vs LTM-avg 78 → ×1.05 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): +15% · spot +21% · 3-yr +10%

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

1 · Reported baseline (latest FY)
Revenue1.82 trn RUB
EBITDA327.5 bln RUB
Cash costs (revenue − EBITDA)1.49 trn RUB
2 · Urals oil price ($/bbl)
Spot$89.0
LTM average$76.6
3-yr average$80.4
3 · EBITDA projection (per-barrel, net of tax)
Production, mln bbl/yr · Frontier 2025 (mln t)204
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot69.0 bln RUB
Price effect on EBITDA — 3-yr32.6 bln RUB
= Spot EBITDA (LTM + effect)396.5 bln RUB
= 3-yr-price EBITDA360.1 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2378.3 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))378.3 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)4.2x
Target EV = EV/EBITDA × conservative EBITDA1.57 trn RUB
Net debt-22.7 bln RUB
Target market cap = EV − net debt1.59 trn RUB
Current market cap1.38 trn RUB

Upside = target market cap ÷ current − 1 = +15%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -10% vs +28% the year before — a -38.2 pp move. 3-year CAGR +8%.
revenue growth by year: 2023 +11% · 2024 +28% · 2025 -10%
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: -40%

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)152 bn RUB
Payout ratio48%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.1x)120 bn RUB
Recent actual dividend (3-yr median)34.09 ₽
= Forecast dividend per share34.09 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-3.9 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price560 ₽
Forecast dividend yield6.1%
Fair price (dividend-based)336 ₽

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

Dividend history

Paid, trailing 12-mo: 34.09 RUB/sh · 6.1%

Pay yearDividend /sh
202619.74 ₽
202574.85 ₽
202498.54 ₽
202362.11 ₽
202258.83 ₽
202128.82 ₽
20209.94 ₽
2019119.11 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-1411.61 ₽
2026 q12026-01-088.13 ₽
2025 q42025-10-1314.35 ₽
2025 q22025-05-3043.11 ₽
2025 q12025-01-0717.39 ₽
2024 q42024-10-0738.20 ₽
2024 q32024-07-0825.17 ₽
2024 q12024-01-0835.17 ₽
2023 q42023-10-1027.54 ₽
2023 q32023-07-0727.71 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 54% 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
11.0854%0/00/021,598
10.0853%1/10/023,076
07.0846%0/00/022,633
06.0852%0/10/022,947
05.0845%2/10/023,247

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: 8 (5 positive, 1 negative) across tracked channels, broker research and shows. 20 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

27.07.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
На заседании совета директоров ПАО «Татнефть» 24.07.2026 был утвержден бюджет на август 2026 года и одобрены существенные сделки, включая договор поручительства на сумму 245,7 млрд. руб., что составляет 16,95% от балансовой стоимости активов компании. Также были изменены денежные оценки долей в уставном капитале, одна из которых составляет 26,7 млрд. руб. и другая — 3,6 млрд. руб.
26.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Татнефть» 25.06.2026 было утверждено распределение прибыли с выплатой дивидендов: 34,09 руб. на акцию (включая 22,48 руб. за 6 и 9 месяцев). Дивиденды будут выплачены по 11,61 руб. на акцию, с датой определения прав на дивиденды 15.07.2026.
27.03.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством на основании договора
ПАО 'Татнефть' присвоен кредитный рейтинг ААА со стабильным прогнозом, что может положительно сказаться на инвестиционной привлекательности компании. Рейтинг был присвоен 26.03.2026.
11.03.26Material event★ ▲ Сведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг
Рейтинг кредитоспособности ПАО «Татнефть» подтвержден на уровне ruAAA с прогнозом стабильным. Это событие произошло 11.03.2026 и может оказать влияние на стоимость ценных бумаг компании.
26.02.26Filing★ ▲ Совершение эмитентом существенной сделки
ПАО 'Татнефть' заключило существенную сделку на поставку с ориентировочной стоимостью 313,7 млрд. руб., что составляет 15,03% от балансовой стоимости активов компании. Контракт вступает в силу с момента подписания 25 декабря 2025 года и будет действовать до 28 февраля 2028 года.
26.02.26Filing★ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
Совет директоров ПАО «Татнефть» принял ряд решений, включая одобрение существенных сделок на сумму до 307,9 млрд. руб. и утверждение бюджета на первый квартал 2026 года. Также были определены денежные оценки для недвижимости и движимого имущества, составляющие 18,6 млрд. руб. и 2,3 млрд. руб. соответственно.
26.06.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
25 июня 2026 года общее собрание акционеров ПАО «Татнефть» утвердило годовой отчет за 2025 год. Годовой отчет будет опубликован на сайте эмитента.

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 9 of 17 funds, ≈3,2 млрд ₽ combined. Last month: trimmed — 5.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал6.96%997 млн ₽-2.08 pp30.06.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал6.14%21 млн ₽-0.56 pp30.06.2026
SBPS Первая – Фонд Моя цель 2035Первая5.44%9 млн ₽-0.50 pp30.06.2026
TRND Т-Капитал Трендовые акцииТ-Капитал5.04%25 млн ₽-0.62 pp30.06.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис4.84%16 млн ₽—30.06.2026
EQMX Индекс МосБиржиВИМ Инвестиции4.75%606 млн ₽—30.06.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал4.64%610 млн ₽—30.06.2026
SBMX Первая - Фонд Топ Российских акцийПервая4.63%902 млн ₽—30.06.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал4.25%13 млн ₽-0.58 pp30.06.2026

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.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=118

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 Tatneft — from primary filings.

TATN (Tatneft) is a Russian vertically integrated oil and gas company engaged in the exploration, production, refining, and sale of crude oil and petroleum products, primarily operating in the Republic of Tatarstan.

Frequently asked questions

What is Tatneft's P/E ratio?
Tatneft trades at a P/E of 8.7x (price to trailing 12-month earnings).
What is Tatneft's EV/EBITDA?
Tatneft trades at 3.9x EV/EBITDA.
What is Tatneft's P/B ratio?
Tatneft trades at a P/B of 1.0x.
What is Tatneft's dividend yield?
Tatneft's trailing 12-month dividend yield is 3.8%.
What is Tatneft's return on equity (ROE)?
Tatneft's ROE is 14.8%.
What is Tatneft's market capitalization?
Tatneft's market cap is 1326.3 bn RUB.

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