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Transneft (pref) (TRNFP) RUB

Preferred shares of Transneft, the state pipeline monopoly that transports most of Russia's crude oil and a large share of its petroleum products through its trunk pipeline system and ports.

At a glance: strengths & risks
✓Revenue growing (+6% y/y, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 0.9 vs avg 1.3)✓Dividend yield above fair (19% vs 11%)✗Margins compressing (42%→37%, Q2 2026)

Sector: Oil & Gas

RU_TRNFP

Price chart

1 019.8 RUBDay -2.32%

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
1 019.8 RUB · -2.32%
Market cap
739.4 bn RUB

Growth

Δ revenue y/y
5.8%
Δ EBITDA y/y
-5.7%

Multiples

P/E (LTM)
3.1x
3y avg: 3.5x
P/B (FY)
0.2x
P/E (ann.)
2.3x
EV/EBITDA (LTM)
0.9x
3y avg: 1.3x
EV/EBITDA (ann.)
0.8x

Cash return

Dividend yield
19.6%
FCF yield (LTM)
5.9%

Liquidity

Daily turnover (MOEX)
748.5 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
2026-06-30Q2 2026 (3M)OK378.8
y/y 5.8%
83.6
y/y -6.4%
56.7
y/y -4.6%
140.3
y/y -5.7%
80.2
y/y 3.8%
41.4-81.03762.1
y/y -1.8%
3004.8
y/y 1.7%
10.5%-307.4Report (PDF)
2026-03-31Q1 2026 (3M)OK361.2
y/y -0.1%
96.7
y/y -2.4%
58.2
y/y -2.3%
154.9
y/y -2.4%
77.0
y/y -8.6%
94.6-76.83728.9
y/y -1.2%
3080.3
y/y 2.1%
10.1%-325.8Report (PDF)
2025-12-31Q4 2025 (3M)OK360.5
y/y -0.4%
-21.2
y/y -152.0%
59.4
y/y 3.8%
38.2
y/y -61.1%
-3.4
y/y -109.3%
171.9-113.03702.4
y/y 0.3%
3003.2
y/y 2.6%
8.0%-284.9Report (PDF)
2025-09-30Q3 2025 (3M)OK360.3
y/y 4.5%
82.6
y/y 38.9%
59.0
y/y 2.5%
141.6
y/y 21.0%
83.1
y/y -2.5%
137.9-84.43715.2
y/y —
3035.5
y/y —
3.7%-202.4Report (PDF)
2025-06-30Q2 2025 (3M)OK357.9
y/y 2.8%
89.3
y/y 12.1%
59.5
y/y 1.7%
148.7
y/y 7.7%
77.2
y/y -2.9%
60.7-80.43831.0
y/y 1.6%
2954.4
y/y 5.2%
10.3%-263.6Report (PDF)
2025-03-31Q1 2025 (3M)OK361.6
y/y -2.0%
99.1
y/y -3.1%
59.5
y/y 3.4%
158.6
y/y -0.8%
84.2
y/y -14.3%
68.5-79.03775.6
y/y 1.0%
3016.3
y/y 5.3%
11.3%-233.7Report (PDF)
2024-12-31Q4 2024 (3M)OK362.1
y/y 3.2%
40.9
y/y -26.7%
57.2
y/y -14.6%
98.1
y/y -20.1%
37.0
y/y -38.3%
200.8-129.93691.0
y/y 1.0%
2928.0
y/y 6.5%
—-238.9Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL344.6
y/y 0.4%
59.4
y/y -12.5%
57.5
y/y -14.3%
117.0
y/y -13.4%
85.2
y/y 27.6%
62.8-81.9—
y/y —
—
y/y —
—-221.0Report (PDF)
2024-06-30Q2 2024 (3M)OK348.1
y/y 7.9%
79.7
y/y -12.0%
58.4
y/y 9.2%
138.1
y/y -4.1%
79.6
y/y -17.3%
110.5-76.73769.1
y/y 4.1%
2809.6
y/y 7.3%
11.2%-385.7Report (PDF)
2024-03-31Q1 2024 (3M)OK369.1
y/y 17.5%
102.3
y/y 7.1%
57.6
y/y 5.9%
159.8
y/y 6.7%
98.2
y/y 7.5%
75.2-63.13738.5
y/y 2.3%
2864.6
y/y 4.2%
14.0%-314.2Report (PDF)
2023-12-31Q4 2023 (3M)OK350.8
y/y —
55.8
y/y —
67.0
y/y —
122.8
y/y —
59.9
y/y —
195.4-20.83654.5
y/y —
2748.8
y/y —
11.5%-356.1Report (PDF)
2023-09-30Q3 2023 (3M)OK343.4
y/y —
67.9
y/y —
67.1
y/y —
135.1
y/y —
66.8
y/y —
90.1-56.53588.1
y/y —
2711.4
y/y —
3.3%-160.8Report (PDF)
2023-06-30Q2 2023 (3M)OK322.5
y/y —
90.5
y/y —
53.5
y/y —
144.0
y/y —
96.2
y/y —
68.4-55.03619.5
y/y —
2617.3
y/y —
14.3%-228.8Report (PDF)
2023-03-31Q1 2023 (3M)OK314.2
y/y —
95.4
y/y —
54.4
y/y —
149.8
y/y —
91.4
y/y —
71.2-136.23654.5
y/y —
2748.8
y/y —
—-136.5Report (PDF)

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

Short-term debt (incl. ST leases)78 141
Long-term debt (incl. LT leases)79 286
− Cash & equivalents464 840
Net debt-307 413

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0100 000200 000300 000400 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-75%-50%-25%0%25%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-100 0000100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-400 000-300 000-200 000-100 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.58x of reported net profit; after capex, 0.42x.
year2022202320242025
cash flow / profit1.66x1.35x1.50x1.82x
accruals, % of assets-4.8%-3.0%-4.0%-5.3%
Last twelve months (to 2026-06-30): 1.88x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · EBIT covers interest 7.4x · capex 1.1x of depreciation
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 →

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +1% vs +7% the year before — a -5.8 pp move. 3-year CAGR +6%.
revenue growth by year: 2023 +10% · 2024 +7% · 2025 +1%
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: +82%

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)241 bn RUB
Payout ratio50%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.4x)82 bn RUB
Recent actual dividend (3-yr median)204.17 ₽
= Forecast dividend per share204.17 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-3.4 pp
= Fair dividend yield10.6%
3 · Valuation → upside
Current price1062 ₽
Forecast dividend yield19.2%
Fair price (dividend-based)1933 ₽

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

Dividend history

Paid, trailing 12-mo: 204.17 RUB/sh · 19.2%

Pay yearDividend /sh
2026204.17 ₽
2025198.25 ₽
2024177.20 ₽
2023166.65 ₽
2022147.18 ₽
2021129.09 ₽
2020105.24 ₽
2019107.06 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-17204.17 ₽
2025 q32025-07-16198.25 ₽
2024 q32024-07-18177.20 ₽
2023 q32023-07-18166.65 ₽
2022 q32022-07-18147.18 ₽
2021 q32021-07-20129.09 ₽
2020 q32020-07-21105.24 ₽
2019 q32019-07-17107.06 ₽
2018 q32018-07-0675.78 ₽
2017 q32017-09-1581.72 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 2, last 30 days: 12 (3 positive, 3 negative) across tracked channels, broker research and shows. 5 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

17.07.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «Транснефть» объявило о дате фиксации прав акционеров на получение дивидендов 20.07.2026. Дивиденды будут выплачены по привилегированным и обыкновенным акциям, зарегистрированным с 1996 по 2018 годы.
17.07.26Filing★ ▲ Решения единственного акционера (участника)
ПАО «Транснефть» утвердило годовой отчет и финансовую отчетность за 2025 год, распределив чистую прибыль в размере 145,2 млрд. руб., из которых 145,2 млрд. руб. направлено на дивиденды. Дивиденды составят 148 млрд. руб., по 204,17 руб. на акцию для обоих типов акций. Также выбраны новые члены совета директоров и ревизионной комиссии.
22.06.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Транснефть» принял решение дать согласие на сделку с заинтересованностью. Кворум для принятия решения имелся. Заседание состоялось 17.06.2026.

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 2 of 17 funds, ≈63 млн ₽ combined. Last month: trimmed — 2, left top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ5.76%55 млн ₽-1.35 pp31.07.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ4.67%8 млн ₽-0.78 pp31.07.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капиталleft top-10 (was 3.58%)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 Transneft (pref) (TRNFP) — from primary filings.

Frequently asked questions

What is Transneft (pref) (TRNFP)'s P/E ratio?
Transneft (pref) (TRNFP) trades at a P/E of 3.1x (price to trailing 12-month earnings).
What is Transneft (pref) (TRNFP)'s EV/EBITDA?
Transneft (pref) (TRNFP) trades at 0.9x EV/EBITDA.
What is Transneft (pref) (TRNFP)'s P/B ratio?
Transneft (pref) (TRNFP) trades at a P/B of 0.2x.
What is Transneft (pref) (TRNFP)'s dividend yield?
Transneft (pref) (TRNFP)'s trailing 12-month dividend yield is 19.6%.
What is Transneft (pref) (TRNFP)'s return on equity (ROE)?
Transneft (pref) (TRNFP)'s ROE is 10.5%.
What is Transneft (pref) (TRNFP)'s market capitalization?
Transneft (pref) (TRNFP)'s market cap is 739.4 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ТрнфБО1P1313.9%6.85%99.11.5M10.2026

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

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