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Tatneft RUB

Tatneft is a vertically integrated oil company based in Tatarstan, producing crude, refining at the TANECO complex and operating tyre and fuel retail businesses.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, H1 2026)✓Margins improving (19%→29%, H1 2026)✓Net cash balance sheet

Sector: Oil & Gas

RU_TATN

Price chart

589.4 RUBDay -0.94%

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
589.4 RUB · -0.94%
Market cap
1369.3 bn RUB

Growth

Δ revenue y/y
-10.5%
Δ EBITDA y/y
-29.6%

Multiples

P/E (LTM)
9.0x
3y avg: 6.6x
P/B (FY)
1.0x
P/E (ann.)
<0
EV/EBITDA (LTM)
3.7x
3y avg: 3.4x
EV/EBITDA (ann.)
2.3x

Cash return

Dividend yield
5.7%
FCF yield (LTM)
24.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+16.8%
↓ details

Liquidity

Daily turnover (MOEX)
1.3 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
2026-06-30Q2 2026 (3M)OK881.6
y/y —
222.0
y/y —
37.2
y/y —
259.2
y/y —
-4.3
y/y —
-4.1-62.52204.2
y/y —
1410.6
y/y —
-0.6%-154.1Report (PDF)
2025-12-31FY 2025 (12M)OK—
y/y -10.5%
—
y/y -36.9%
—
y/y 17.6%
—
y/y -29.6%
—
y/y -50.8%
——2133.9
y/y -3.2%
1324.7
y/y -0.4%
11.7%-36.9Report (PDF)
2025-06-30Q2 2025 (3M)OK322.1
y/y —
55.7
y/y —
16.6
y/y —
72.3
y/y —
-12.5
y/y —
-7.4-33.92087.9
y/y —
1275.1
y/y —
—2.3Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL439.1
y/y —
55.6
y/y —
16.6
y/y —
72.2
y/y —
27.1
y/y —
52.3-33.9—
y/y —
—
y/y —
—-89.2Report (PDF)
2024-12-31Q4 2024 (3M)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)
2024-06-30Q2 2024 (3M)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)
2023-12-31Q4 2023 (3M)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)
2023-06-30Q2 2023 (3M)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) 2026-06-30

Short-term debt (incl. ST leases)10 120
Long-term debt (incl. LT leases)4 369
− Cash & equivalents168 608
Net debt-154 119

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-500 0000500 0001 000 0001 500 0002023 H12023 H22024 H12024 H22025 q12025 q22025 H22026 H1

Year-over-year change

0%20%40%2023 H12023 H22024 H12024 H22025 q12025 q22025 H22026 H1

Cash flow

FCF (₽ mln)

-200 000-100 0000100 000200 0002023 H12023 H22024 H12024 H22025 q12025 q22025 H22026 H1

Net debt / cash (₽ mln)

-200 000-150 000-100 000-50 00002023 H12023 FY2024 H12024 FY2025 q12025 q22025 q42026 H1

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 H1 2026): 1.58x 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.

Regional industry profit

Rosstat publishes aggregate pre-tax profit monthly. Татарстан, добыча полезных ископаемых.

Regional industry, 6 months 2026
RUB 222 bn
Year ago
RUB 105 bn
Change
+111%

Company has already reported this period.

Estimated pre-tax profit
RUB 190 bn ± 9
Reported
RUB 199 bn
PeriodCumulative, RUB bnYoY
6 months 2026222+111%
5 months 2026191+115%
4 months 2026135+81%
3 months 202666+12%
2 months 202614−74%
1 months 20268−74%
12 months 2025229−42%
11 months 2025214−41%
10 months 2025187−41%
9 months 2025166−39%
8 months 2025149−41%
7 months 2025135−37%
6 months 2025105−42%
5 months 202589−40%
4 months 202575−46%
3 months 202559−41%
2 months 202555−27%
1 months 202532−11%

Correlation 0.93 on YoY changes. Published about 60 days after month end.

Source: Росстат / ЕМИСС, показатель 57732

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 (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 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): +17% · spot +24% · 3-yr +10%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue1.94 trn RUB
EBITDA442.2 bln RUB
Cash costs (revenue − EBITDA)1.50 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 2025 (mln t)204
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot117.0 bln RUB
Price effect on EBITDA — 3-yr48.0 bln RUB
= Spot EBITDA (LTM + effect)559.3 bln RUB
= 3-yr-price EBITDA490.2 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2524.8 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))524.8 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)2.8x
Target EV = EV/EBITDA × conservative EBITDA1.48 trn RUB
Net debt (as of 2026-06-30)-138.3 bln RUB
Target market cap = EV − net debt1.61 trn RUB
Current market cap1.38 trn RUB

Upside = target market cap ÷ current − 1 = +17%

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: -27%

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 share44.49 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-4.1 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price577 ₽
Forecast dividend yield7.7%
Fair price (dividend-based)424 ₽

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

Dividend history

Paid, trailing 12-mo: 34.09 RUB/sh · 5.9%

Pay yearDividend /sh
202652.62 ₽
202574.85 ₽
202498.54 ₽
202362.11 ₽
202258.83 ₽
202128.82 ₽
20209.94 ₽
2019119.11 ₽
Payments by period
PeriodEx-date/sh
2026 q42026-10-1232.88 ₽
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 ₽

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: 49% buy — balanced20d: 51% buy — balanced

No iceberg levels detected last session.
Robot clips (recurring characteristic order size): 0 bid / 1 ask; largest — ask 3 lots ×125 appearances across 38 price levels.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0954%0/00/115,657
03.0950%0/00/016,731
02.0947%0/00/015,924
01.0948%0/01/025,709
31.0848%1/00/129,288

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: 1 (1 positive), last 30 days: 13 (10 positive) across tracked channels, broker research and shows. 25 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

26.06.26AGM / 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.
24.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Татнефть» единогласно утвердил бюджет на сентябрь 2026 года и принял к сведению итоги исполнения бюджета за семь месяцев 2026 года. Также согласованы сделки по внесению имущества в уставный капитал и купле-продаже недвижимого имущества, стоимостью 1,4 млрд. руб. и 7,9 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 10 of 17 funds, ≈3,1 млрд ₽ combined. Last month: added — 3, trimmed — 1, entered top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал7.74%28 млн ₽+1.60 pp31.07.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис6.65%21 млн ₽+1.81 pp31.07.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал6.16%815 млн ₽-0.80 pp31.07.2026
SBPS Первая – Фонд Моя цель 2035Первая5.80%9 млн ₽—31.07.2026
TRND Т-Капитал Трендовые акцииТ-Капитал5.30%26 млн ₽—31.07.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал5.13%667 млн ₽—31.07.2026
SBMX Первая - Фонд Топ Российских акцийПервая4.93%932 млн ₽—31.07.2026
EQMX ВИМ - Индекс МосБиржиВИМ Инвестиции4.93%599 млн ₽—31.07.2026
AMRE АТОН – Российские акции + (new)Атон-менеджмент4.90%38 млн ₽+4.90 pp31.07.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал4.20%13 млн ₽—31.07.2026

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.

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.

Frequently asked questions

What is Tatneft's P/E ratio?
Tatneft trades at a P/E of 9.0x (price to trailing 12-month earnings).
What is Tatneft's EV/EBITDA?
Tatneft trades at 3.7x 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 5.7%.
What is Tatneft's return on equity (ROE)?
Tatneft's ROE is -0.6%.
What is Tatneft's market capitalization?
Tatneft's market cap is 1369.3 bn RUB.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map