Frontierby eninvs

Language: EN · RU

← Region

TMK (pipe) (TRMK) USD

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.

At a glance: strengths & risks
✗Revenue declining (-37% y/y, H1 2026)✗Loss-making last FY✗Margins compressing (17%→6%, H1 2026)✗High leverage (5.4x EBITDA)✗No dividends currently

Sector: Metals & Steel

RU_TRMK

Price chart

61.72 RUBDay 1.21%

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
61.72 RUB · 1.21%
Market cap
951 mln USD

Growth

Δ revenue y/y
-36.9%
Δ EBITDA y/y
-78.0%

Multiples

P/E (LTM)
—
P/B (FY)
2.1x
P/E (ann.)
<0
EV/EBITDA (LTM)
16.0x
EV/EBITDA (ann.)
21.8x

Cash return

Dividend yield
—
FCF yield (LTM)
-21.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-90.0%
↓ details

Liquidity

Daily turnover (MOEX)
185.6 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 USD, 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 USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30H1 2026 (6M)OK2.1
y/y -36.9%
-0.1
y/y -115.6%
0.2
y/y -1.9%
0.1
y/y -78.0%
-0.4
y/y —
0.3-7.17.7
y/y -9.1%
0.1
y/y -82.3%
-286.6%4.4Report (PDF)
2025-12-31H2 2025 (6M)OK2.3
y/y -34.5%
0.0
y/y -87.4%
0.2
y/y 2.7%
0.2
y/y -43.4%
-0.3
y/y 18.1%
0.4-8.68.4
y/y -13.9%
0.5
y/y -43.1%
-56.9%4.2Report (PDF)
2025-06-30H1 2025 (6M)OK3.3
y/y -14.4%
0.4
y/y 18.9%
0.2
y/y 4.6%
0.6
y/y 13.8%
0.0
y/y —
-0.1-9.38.4
y/y -6.2%
0.7
y/y -35.8%
-11.8%4.2Report (PDF)
2024-12-31H2 2024 (6M)OK3.6
y/y -3.8%
0.2
y/y -61.3%
0.2
y/y 20.1%
0.4
y/y -42.2%
-0.4
y/y -334.1%
1.4-16.29.7
y/y 18.5%
0.8
y/y -34.0%
-39.5%3.7Report (PDF)
2024-06-30H1 2024 (6M)OK3.9
y/y -0.8%
0.3
y/y -61.1%
0.2
y/y 8.8%
0.5
y/y -49.4%
0.0
y/y -106.4%
0.3-13.89.0
y/y 10.7%
1.2
y/y -7.4%
-4.3%4.3Report (PDF)
2023-12-31H2 2023 (6M)OK3.7
y/y —
0.5
y/y —
0.2
y/y —
0.6
y/y —
0.2
y/y —
0.5-29.98.2
y/y —
1.2
y/y —
44.7%3.6Report (PDF)
2023-06-30H1 2023 (6M)OK3.9
y/y —
0.8
y/y —
0.2
y/y —
1.0
y/y —
0.4
y/y —
0.4-16.68.1
y/y —
1.3
y/y —
—3.7Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)2 649
Long-term debt (incl. LT leases)2 932
− Cash & equivalents1 142
Net debt4 438

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

01 0002 0003 0004 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-100%-75%-50%-25%0%25%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-50005001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

01 0002 0003 0004 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.64x of reported net profit; after capex, 0.59x. Loss years (2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit13.27x0.84x1.64x——
accruals, % of assets-12.7%1.1%-4.3%-21.4%-7.3%
net debt / EBITDA 5.4x · EBIT covers interest 0.3x · capex 1.0x of depreciation · dividends 33% of free cash flow
● Net debt / EBITDA 5.4x at the last full year.
● EBIT covers interest 0.3x.
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 →

Key-commodity price — Welded pipe (RUB)

Current 62 900spot vs LTM +7%

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. For spread names (petrochemicals) the commodity cost base is re-priced too.

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). EV/EBITDA capped at 10x (actual 16.1× distorted by a low-EBITDA year).

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)
Revenue316.8 bln RUB
EBITDA24.0 bln RUB
Cash costs (revenue − EBITDA)292.8 bln RUB
2 · Revenue projection
Multiplier — spot×1.02 (+2%)
= Spot revenue322.7 bln RUB
Multiplier — 3-yr prices×1.03 (+3%)
= 3-yr-price revenue325.2 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.10 (+10%)
= Cash costs323.1 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-395 mln RUB
= 3-yr-price EBITDA-7.6 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2-4.0 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))-4.0 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75, capped 10x)10.0x
Target EV = EV/EBITDA × conservative EBITDA-39.8 bln RUB
Net debt (as of 2026-06-30)318.0 bln RUB
Target market cap = EV − net debt0 mln RUB
Current market cap67.0 bln RUB

Upside = target market cap ÷ current − 1 = -90%

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)
Welded pipe (RUB)12%62 900.0058 777.53+7%+7%+9%
HRC Russia (RUB)10%64 125.0058 100.70+10%+10%+15%
Ferrous scrap RF (RUB) — cost47%21 417.7519 396.52+10%+10%+17%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -24% vs -2% the year before — a -21.8 pp move. 3-year CAGR -14%.
revenue growth by year: 2023 -13% · 2024 -2% · 2025 -24%
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

Dividends suspended (~2.2 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 ratio64%
Free cash flow (FY, OCF − capex)1 bn RUB
Recent actual dividend (3-yr median)9.51 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-10.1 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price60.90 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
20249.51 ₽
202320.23 ₽
202210.50 ₽
202127.38 ₽
20203.00 ₽
20192.55 ₽
20182.28 ₽
20171.96 ₽
Payments by period
PeriodEx-date/sh
2024 q22024-06-039.51 ₽
2023 q32023-09-0113.45 ₽
2023 q12023-01-276.78 ₽
2022 q32022-09-079.68 ₽
2022 q22022-05-250.82 ₽
2021 q32021-09-1517.71 ₽
2021 q22021-04-229.67 ₽
2020 q42020-12-033.00 ₽
2019 q32019-07-162.55 ₽
2018 q22018-06-282.28 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

23.07.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «ТМК» одобрил крупную сделку по дополнительному соглашению к кредитному соглашению, лимит задолженности по которому составляет 10 млрд. руб. Сделка оценивается в более 25%, но менее 50% от балансовой стоимости активов компании.
01.07.26Filing★ ▼ 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.
10.04.26Buyback★ ▲ Приобретение голосующих акций другого акционерного общества
ПАО «Трубная Металлургическая Компания» приобрело 48,9% голосующих акций другого акционерного общества, увеличив свою долю с 0% до 48,9%. Дата зачисления акций на лицевой счет - 25.03.2026.
15.06.26Material eventИнформация 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.
05.06.26AGM / BoardРешения 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.
22.05.26BuybackПриобретение (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.

Frequently asked questions

What is TMK (pipe) (TRMK)'s EV/EBITDA?
TMK (pipe) (TRMK) trades at 16.0x EV/EBITDA.
What is TMK (pipe) (TRMK)'s P/B ratio?
TMK (pipe) (TRMK) trades at a P/B of 2.1x.
What is TMK (pipe) (TRMK)'s return on equity (ROE)?
TMK (pipe) (TRMK)'s ROE is -130.1%.
What is TMK (pipe) (TRMK)'s market capitalization?
TMK (pipe) (TRMK)'s market cap is 951 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ТМК ЗО202714.6%4.3%96.011.3M02.2027
ТМК 2P0118.0%6.6%80.042Kput 02.2029

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

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map