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VK company (VKCO) RUB

VK is a Russian internet company operating the VK social network, Mail.ru email, messengers, VK Video, online education, games, and cloud and business software.

At a glance: strengths & risks
✓Revenue growing (+8%)✓Margins improving (-35%→19%)✗Loss-making last FY

Sector: Information Technology

RU_VKCO

Price chart

146.5 RUBDay 0.14%

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
146.5 RUB · 0.14%
Market cap
85.6 bn RUB

Growth

Δ revenue y/y
8.4%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
—
P/B (FY)
0.6x
P/E (ann.)
<0
EV/EBITDA (LTM)
4.8x
EV/EBITDA (ann.)
5.7x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+9.3%
↓ details

Liquidity

Daily turnover (MOEX)
4.6 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
2026-09-309M 2026 (9M)PARTIAL47.0
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
2.0——
y/y —
—
y/y —
—≈ 68.3Evidence
2026-06-30H1 2026 (6M)OK81.0
y/y 11.7%
-5.7
y/y —
18.7
y/y 16.5%
13.0
y/y 25.1%
-3.8
y/y —
15.4-14.7323.6
y/y -4.3%
129.7
y/y -9.6%
—62.8Report (PDF)
2026-03-31Q1 2026 (3M)PARTIAL37.6
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
———
y/y —
—
y/y —
—≈ 90.4Evidence
2025-12-31H2 2025 (6M)OK87.4
y/y 5.1%
3.1
y/y 104.6%
17.6
y/y 18.1%
20.7
y/y 139.9%
12.2
y/y 3185.4%
8.2-17.4333.3
y/y -0.1%
132.9
y/y 196.5%
-0.3%82.3Report (PDF)
2025-06-30H1 2025 (6M)OK72.6
y/y 12.7%
-5.6
y/y —
16.1
y/y 13.1%
10.4
y/y 1264.9%
-12.7
y/y —
-5.2-7.5338.1
y/y -10.4%
143.4
y/y 24.1%
-26.9%73.3Report (PDF)
2024-12-31H2 2024 (6M)OK83.2
y/y 31.9%
-66.8
y/y -372.5%
14.9
y/y 21.5%
-51.9
y/y -2698.4%
-0.4
y/y -174.2%
-12.4-16.2333.5
y/y -16.8%
44.8
y/y -68.0%
-1.0%194.3Report (PDF)
2024-06-30H1 2024 (6M)OK64.4
y/y 12.5%
-13.4
y/y —
14.2
y/y 24.2%
0.8
y/y —
-0.4
y/y —
1.7-17.4377.3
y/y -9.2%
115.6
y/y -27.2%
-0.6%161.3Report (PDF)
2023-12-31H2 2023 (6M)OK63.0
y/y —
-14.1
y/y —
12.3
y/y —
-1.9
y/y —
0.5
y/y —
1.2-16.2400.7
y/y —
140.2
y/y —
-0.4%139.9Report (PDF)
2023-06-30H1 2023 (6M)OK57.2
y/y —
-12.3
y/y —
11.4
y/y —
-0.9
y/y —
-1.1
y/y —
0.1-22.9415.6
y/y —
158.9
y/y —
—107.1Report (PDF)

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

Short-term debt (incl. ST leases)36 479
Long-term debt (incl. LT leases)75 845
− Cash & equivalents49 571
Net debt62 753

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-100 000-50 000050 000100 0002023 H12023 H22024 H12024 H22025 H12025 H22026 q12026 q22026 q3

Year-over-year change

0%10%20%30%40%2023 H12023 H22024 H12024 H22025 H12025 H22026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) (₽ mln)

-30 000-20 000-10 00002023 H12023 H22024 H12024 H22025 H12025 H22026 q12026 q22026 q3

Net debt / cash (₽ mln)

050 000100 000150 000200 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 7.59x of reported net profit; after capex, 2.10x. Loss years (2022, 2023, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit7.59x————
accruals, % of assets-6.1%-6.4%-0.5%3.0%-1.0%
Last twelve months (to H1 2026): 2.81x of profit came back as operating cash flow.
net debt / EBITDA 2.9x · capex 1.0x 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.

EBITDA − SBC (less share-based compensation)

The company EXPENSES development (capex/capitalisation is clean), but its adjusted EBITDA EXCLUDES share-based compensation. EBITDA − SBC restores that real cost.

PeriodEBITDASBC (incentives)EBITDA − SBCEBITDA − SBC % rev.
2026-06-30 H113 046−97212 07415%
2025-06-30 H110 428−1710 41114%

RUB mln

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +9.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
2 618
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (85 615 + 68 286) ÷ 33 710
4.6x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (4.6 + 6.5) ÷ 2
5.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 8 237 + 0 + 0 − 0
-6 502
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 618 × 5.5 + -6 502) ÷ 85 615
+9.3%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + H12026 - H12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +8% vs +23% the year before — a -14.3 pp move. 3-year CAGR +18%.
revenue growth by year: 2023 +23% · 2024 +23% · 2025 +8%
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).

EV/EBITDA — daily history

Current 4.4x · 3-year 75th pct 8.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Information Technology. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
MICRON TECHNOLOGY INCUS1112.69.9x1.7x
ORACLE CORPUS393.315.5x2.7x
INTERNATIONAL BUSINESS MACHINES CORPUS237.418.7x3.3x
MICROSOFT CORPUS3970.720.8x3.7x
NVIDIA CORPUS5320.926.5x4.7x
TEXAS INSTRUMENTS INCUS279.426.7x4.7x
CISCO SYSTEMS, INC.US437.328.2x4.9x
Apple Inc.US5127.830.0x5.3x
LAM RESEARCH CORPUS309.930.3x5.3x
Broadcom Inc.US1700.331.1x5.5x
APPLIED MATERIALS INC /DEUS321.333.0x5.8x
Arista Networks, Inc.US240.051.2x9.0x
Group median27.4x4.8x
Group average26.8x4.7x
This companyRussia1.14.8x4.8x

Group median 27.4x as traded, 4.8x adjusted; this company 4.8x — a 1% discount.

Group average 26.8x as traded, 4.7x adjusted; against the average this company is at a 1% premium.

At the adjusted group median the market cap would be +1% versus today.

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 21.1x, Russia 3.7x, South Africa 5.3x, Kazakhstan 4.6x, India 16.8x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-28; the company's own is live.

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1, last 30 days: 7 (1 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

28.10.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
МКПАО 'ВК' опубликовало результаты за третий квартал и девять месяцев 2026 года, что может повлиять на стоимость его акций. Акции обыкновенные имеют регистрационный номер 1-01-16753-А и ISIN RU000A106YF0.

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 VK company (VKCO) — from primary filings.

Frequently asked questions

What is VK company (VKCO)'s EV/EBITDA?
VK company (VKCO) trades at 4.8x EV/EBITDA.
What is VK company (VKCO)'s P/B ratio?
VK company (VKCO) trades at a P/B of 0.6x.
What is VK company (VKCO)'s return on equity (ROE)?
VK company (VKCO)'s ROE is -3.3%.
What is VK company (VKCO)'s market capitalization?
VK company (VKCO)'s market cap is 85.6 bn RUB.

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