TMK is Russia's largest maker of steel pipes for the oil and gas industry, producing seamless and welded pipes, premium threaded connections and pipe services.
Sector: Metals & Steel
RU_TRMK
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | OK | 149.4 y/y -36.9% | -4.2 y/y -115.6% | 13.0 y/y -1.9% | 8.8 y/y -78.0% | -30.1 y/y — | 23.4 | -7.1 | 545.9 y/y -9.1% | 9.5 y/y -82.3% | -286.6% | 316.4 | Report (PDF) |
| 2025-12-31 | H2 2025 (6M) | OK | 167.4 y/y -34.5% | 1.7 y/y -87.4% | 13.4 y/y 2.7% | 15.2 y/y -43.4% | -21.2 y/y 18.1% | 27.7 | -8.6 | 596.5 y/y -13.9% | 32.6 y/y -43.1% | -56.9% | 299.9 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 237.0 y/y -14.4% | 26.9 y/y 18.9% | 13.3 y/y 4.6% | 40.2 y/y 13.8% | -3.2 y/y — | -8.6 | -9.3 | 600.6 y/y -6.2% | 53.3 y/y -35.8% | -11.8% | 301.6 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 255.4 y/y -3.8% | 13.7 y/y -61.3% | 13.1 y/y 20.1% | 26.8 y/y -42.2% | -25.9 y/y -334.1% | 96.6 | -16.2 | 692.9 y/y 18.5% | 57.2 y/y -34.0% | -39.5% | 267.0 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 276.7 y/y -0.8% | 22.6 y/y -61.1% | 12.7 y/y 8.8% | 35.3 y/y -49.4% | -1.8 y/y -106.4% | 23.8 | -13.8 | 640.5 y/y 10.7% | 83.0 y/y -7.4% | -4.3% | 309.2 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 265.4 y/y — | 35.4 y/y — | 10.9 y/y — | 46.3 y/y — | 11.1 y/y — | 33.7 | -29.9 | 584.9 y/y — | 86.7 y/y — | 44.7% | 256.2 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 278.9 y/y — | 58.2 y/y — | 11.7 y/y — | 69.9 y/y — | 28.3 y/y — | 30.9 | -16.6 | 578.7 y/y — | 89.6 y/y — | — | 261.6 | Report (PDF) |
| Short-term debt (incl. ST leases) | 188 849 |
| Long-term debt (incl. LT leases) | 209 027 |
| − Cash & equivalents | 81 458 |
| Net debt | 316 418 |
|---|
Net debt / LTM EBITDA: 13.2x
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 13.27x | 0.84x | 1.64x | — | — |
| accruals, % of assets | -12.7% | 1.1% | -4.3% | -21.4% | -7.3% |
Our earnings breakdowns and investment notes on this issuer.
Current 60 250spot vs LTM +3%
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 company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). For spread names (petrochemicals) the commodity cost base is re-priced too.
USD/RUB: spot 81 vs LTM-avg 79 → ×1.03 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).
Upside (conservative): -90% · spot -90% · 3-yr -90%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (LTM to 2026-06-30) | |
| Revenue | 316.8 bln RUB |
| EBITDA | 24.0 bln RUB |
| Cash costs (revenue − EBITDA) | 292.8 bln RUB |
| 2 · Revenue projection | |
| Multiplier — spot | ×1.01 (+1%) |
| = Spot revenue | 320.7 bln RUB |
| Multiplier — 3-yr prices | ×1.03 (+3%) |
| = 3-yr-price revenue | 324.9 bln RUB |
| 3 · Cost projection (+ RU inflation ~5%) | |
| Cost multiplier | ×1.10 (+10%) |
| = Cash costs | 321.5 bln RUB |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | -805 mln RUB |
| = 3-yr-price EBITDA | -6.2 bln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | -3.5 bln RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | -3.5 bln RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (3y hist. p75) | 8.2x |
| Target EV = EV/EBITDA × conservative EBITDA | -28.6 bln RUB |
| Net debt (as of 2026-06-30) | 318.0 bln RUB |
| Target market cap = EV − net debt | 0 mln RUB |
| Current market cap | 73.1 bln RUB |
Upside = target market cap ÷ current − 1 = -90%
Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.
| Commodity | Revenue share | Spot | LTM avg | $ vs LTM | RUB vs LTM (FX) | RUB 3-yr (FX) |
|---|---|---|---|---|---|---|
| Welded pipe (RUB) | 12% | 60 250.00 | 58 777.53 | +3% | +3% | +9% |
| HRC Russia (RUB) | 10% | 63 500.00 | 58 100.70 | +9% | +9% | +15% |
| Ferrous scrap RF (RUB) — cost | 47% | 21 209.00 | 19 396.52 | +9% | +9% | +16% |
Current 16.4x · 3-year 75th pct 6.9x
Group: Metals & Steel. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| Tata Steel | India | 22.8 | 8.1x | 1.6x |
| JSW Steel | India | 31.7 | 10.8x | 2.1x |
| MMK | Russia | 3.1 | 2.7x | 2.7x |
| Gerdau | global | 10.3 | 7.0x | 3.4x |
| NLMK | Russia | 5.5 | 3.6x | 3.6x |
| POSCO Holdings | Korea | 16.3 | 7.1x | 3.7x |
| Steel Dynamics | global | 36.7 | 12.3x | 5.9x |
| Severstal | Russia | 7.2 | 6.1x | 6.1x |
| Nucor Corporation | global | 60.4 | 15.8x | 7.6x |
| Cleveland-Cliffs | global | 8.0 | 20.3x | 9.7x |
| Rusal | Russia | 4.7 | 10.6x | 10.6x |
| Usiminas | Brazil | 1.6 | 26.3x | 13.2x |
| Group median | 9.3x | 4.8x | ||
| Group average | 10.9x | 5.9x | ||
| This company | Russia | 0.9 | 16.3x | 16.3x |
Group median 9.3x as traded, 4.8x adjusted; this company 16.3x — a 236% premium.
Group average 10.9x as traded, 5.9x adjusted; against the average this company is at a 177% premium.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.3x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.
Dividends suspended (~2.4 yr without a payout)
The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | -51 bn RUB |
| Payout ratio | 64% |
| Free cash flow (FY, OCF − capex) | 1 bn RUB |
| Recent actual dividend (3-yr median) | 9.51 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -10.0 pp |
| = Fair dividend yield | 10.5% |
| 3 · Valuation → upside | |
| Current price | 66.44 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | — |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
| Pay year | Dividend /sh | |
|---|---|---|
| 2024 | 9.51 ₽ | |
| 2023 | 20.23 ₽ | |
| 2022 | 10.50 ₽ | |
| 2021 | 27.38 ₽ | |
| 2020 | 3.00 ₽ | |
| 2019 | 2.55 ₽ | |
| 2018 | 2.28 ₽ | |
| 2017 | 1.96 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2024 q2 | 2024-06-03 | 9.51 ₽ |
| 2023 q3 | 2023-09-01 | 13.45 ₽ |
| 2023 q1 | 2023-01-27 | 6.78 ₽ |
| 2022 q3 | 2022-09-07 | 9.68 ₽ |
| 2022 q2 | 2022-05-25 | 0.82 ₽ |
| 2021 q3 | 2021-09-15 | 17.71 ₽ |
| 2021 q2 | 2021-04-22 | 9.67 ₽ |
| 2020 q4 | 2020-12-03 | 3.00 ₽ |
| 2019 q3 | 2019-07-16 | 2.55 ₽ |
| 2018 q2 | 2018-06-28 | 2.28 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows.
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.
| 01.07.26 | Filing | ★ ▼ Совершение эмитентом существенной сделки ПАО «ТМК» заключило крупную взаимосвязанную сделку, изменив кредитный договор на сумму 142,99 млрд. руб., что составляет 24% от стоимости активов. Срок исполнения обязательств по сделке установлен до 29 декабря 2028 года. |
| 25.09.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО «ТМК» 24 сентября 2026 года принял ряд решений, включая утверждение нового положения о Комитете по назначениям и вознаграждениям, а также изменение условий кредитного договора с переносом даты возврата кредита на 10 февраля 2027 года. Генеральный директор будет назначен на срок до 24 сентября 2027 года, полномочия текущего Генерального директора и членов Правления прекращены с 24 сентября 2026 года. |
| 15.06.26 | Material event | Информация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг 15 июня 2026 года Эмитент исполнил обязательства по приобретению 40 622 биржевых облигаций на сумму 40,7 млн. руб., включая купонный доход 93,4 тыс. руб. Это событие может существенно повлиять на стоимость его ценных бумаг. |
| 05.06.26 | AGM / Board | Решения общих собраний участников (акционеров) На годовом общем собрании акционеров ПАО «ТМК» 04 июня 2026 года было принято решение не распределять чистую прибыль за 2025 год и не выплачивать дивиденды. Также избран новый Совет директоров и назначена аудиторская организация на 2026 год. Приняты решения о согласии на совершение сделок с заинтересованностью. |
| 22.05.26 | Buyback | Приобретение (наступление оснований для приобретения) размещённых эмитентом облигаций ПАО «ТМК» объявило о приобретении своих биржевых облигаций серии 001Р-04 с идентификационным номером 4B02-04-00182-A-001P, размещенных в рамках программы биржевых облигаций. Цена приобретения составляет 100% от непогашенной части номинальной стоимости, с дополнительной выплатой накопленного купонного дохода. Срок оплаты облигаций установлен на 15 июня 2026 года. |
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 TMK (pipe) (TRMK) — from primary filings.
| Issue | YTM | Coupon | Price, % | 1D | Volume today, ₽ | Avg vol. 20D, ₽ | Maturity |
|---|---|---|---|---|---|---|---|
| ТМК ЗО2027 | 23.5% | 4.3% | 94.80 | +0.68% | 26.6M | 25.3M | 02.2027 |
| ТМК 2P01 | 20.9% | 6.6% | 76.92 | -0.19% | 676K | 633K | put 02.2029 |
Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.
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