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Yandex (YDEX) RUB

Yandex is Russia's leading internet company: search and advertising, ride-hailing and delivery (Yandex Go), e-commerce, media, cloud and self-driving technology.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✓Profit growing (+298% y/y, Q2 2026)✓Margins improving (19%→30%, Q2 2026)✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 4.9 vs avg 10.2)

Sector: Information Technology

RU_YDEX

Price chart

3 813 RUBDay -0.43%

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
3 813 RUB · -0.43%
Market cap
1510.0 bn RUB

Growth

Δ revenue y/y
16.2%
Δ EBITDA y/y
78.8%

Multiples

P/E (LTM)
11.8x
3y avg: 80.5x
P/B (FY)
5.1x
P/E (ann.)
5.9x
EV/EBITDA (LTM)
4.9x
3y avg: 10.2x
EV/EBITDA (ann.)
3.4x

Cash return

Dividend yield
5.0%
FCF yield (LTM)
8.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+59.4%
↓ details

Liquidity

Daily turnover (MOEX)
4.5 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)OK386.3
y/y 16.2%
42.9
y/y 116.3%
25.5
y/y 11.4%
39.1
y/y 78.8%
35.6
y/y 297.5%
112.2-41.21492.5
y/y 30.3%
406.3
y/y 39.3%
65.1%66.5Report (PDF)
2026-03-31Q1 2026 (3M)OK372.7
y/y 21.6%
46.0
y/y 135.3%
29.3
y/y -0.2%
75.3
y/y 54.0%
28.9
y/y —
24.0-21.51398.4
y/y 25.4%
386.0
y/y 29.6%
31.4%87.0Report (PDF)
2025-12-31FY 2025 (12M)OK—
y/y 31.7%
—
y/y 236.9%
—
y/y 28.1%
—
y/y 111.9%
—
y/y 593.9%
——1368.3
y/y 24.5%
351.2
y/y 19.5%
24.8%94.8Report (PDF)
2025-06-30Q2 2025 (3M)OK332.5
y/y —
41.1
y/y —
22.9
y/y —
64.0
y/y —
16.2
y/y —
50.7-25.31145.7
y/y —
291.6
y/y —
22.0%147.5Report (PDF)
2025-03-31Q1 2025 (3M)OK306.5
y/y —
19.5
y/y —
29.3
y/y —
48.9
y/y —
-10.8
y/y —
31.0-25.31115.0
y/y —
297.8
y/y —
-14.6%135.4Report (PDF)
2024-12-31Q4 2024 (3M)OK845.2
y/y 239.5%
66.8
y/y 155.3%
41.9
y/y 186.6%
108.7
y/y 166.5%
43.2
y/y —
119.8-94.71098.7
y/y —
293.8
y/y —
4.0%130.5Report (PDF)
2024-06-30Q2 2024 (3M)OK249.3
y/y —
-15.3
y/y —
35.0
y/y —
19.7
y/y —
-31.8
y/y —
83.4-43.1829.6
y/y —
272.6
y/y —
—111.2Report (PDF)
2023-12-31Q4 2023 (3M)PARTIAL249.0
y/y —
26.2
y/y —
14.6
y/y —
40.8
y/y —
—
y/y —
13.9——
y/y —
—
y/y —
—120.2Evidence
2023-06-30Q2 2023 (3M)PARTIAL—
y/y —
—
y/y —
13.6
y/y —
—
y/y —
—
y/y —
17.3-11.8—
y/y —
—
y/y —
—74.4Evidence

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

Short-term debt (incl. ST leases)94 800
Long-term debt (incl. LT leases)275 200
− Cash & equivalents296 000
Net debt74 000

Net debt / LTM EBITDA: 0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0200 000400 000600 000800 0002023 q22023 q42024 H12024 H22025 q12025 q22026 q12026 q2

Year-over-year change

0%20%40%60%80%2023 q22023 q42024 H12024 H22025 q12025 q22026 q12026 q2

Cash flow

FCF (₽ mln)

-25 000025 00050 00075 000100 0002023 q22023 q42024 H12024 H22025 q12025 q22026 q12026 q2

Net debt / cash (₽ mln)

050 000100 000150 0002023 H12023 FY2024 H12024 FY2025 q12025 q22025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 3.55x of reported net profit; after capex, 1.72x.
year202320242025
cash flow / profit1.00x17.72x3.55x
accruals, % of assets—-17.4%-14.8%
Last twelve months (to - Q2 2025): 2.88x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · capex 1.5x of depreciation · dividends 48% of free cash flow · share count +4.6% a year
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.

EBITDA − SBC (FY 2025): 228.3 blnEV/EBITDA (FY): 5.8xEV/(EBITDA−SBC) (FY): 6.9x

PeriodEBITDASBC (incentives)EBITDA − SBCEBITDA − SBC % rev.
2025-12-31 FY272 167−43 846228 32116%
2024-12-31 FY128 434−81 24547 1894%
2024-06-30 H119 721−49 308-29 587-12%

RUB mln

Operating segments

RUB bn; adjusted EBITDA by segment (IFRS)

20242025Q1 2026
Group revenue1 094.61 441.1372.7
Group adj. EBITDA188.6280.873.3
Group EBITDA margin17.2%19.5%19.7%
Городские сервисы — revenue592.6804.5210.5
Городские сервисы — adj. EBITDA17.662.821.5
Поисковые сервисы и ИИ — revenue499.8551.2122.6
Поисковые сервисы и ИИ — adj. EBITDA220.1245.552.9
Персональные сервисы — revenue133.2214.362.4
Персональные сервисы — adj. EBITDA-8.77.00.8
B2B Tech — revenue32.548.213.6
B2B Tech — adj. EBITDA3.99.42.6
Прочие сервисы — revenue11.512.03.1
Прочие сервисы — adj. EBITDA-35.8-26.8-1.8
Автономные технологии — revenue0.10.60.1
Автономные технологии — adj. EBITDA-8.3-15.4-5.4
Межсегментные расчёты — revenue-175.2-189.7-39.6
Межсегментные расчёты — adj. EBITDA-0.2-1.92.7

Issuer IFRS reports (curated)

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Spending: Маркетплейсы (SberIndex) — leading indicator

SberIndex — weekly nominal Russian consumer-spending growth (% YoY) from aggregated Sber-card data. The “Маркетплейсы” category tracks consumer demand in near-real-time and is a leading signal for Yandex. The level is closer to turnover than to revenue, so the spread to the company's own growth is shown below.

Маркетплейсы latest week (2026-08-29): +18.8% YoY · decelerating3-wk smooth: +19.8% vs 8-wk avg +23.2% (-3.4 pp)All categories: +7.4%

+15%+25%+35%+45%+55%Q4'24+34%Q1'25+35%Q2'25+40%Q3'25+42%Q4'25+31%Q1'26+33%Q2'26+29%Q3'26+23%+18.8%weekly % YoYquarter average

Average growth by quarter, % YoY: * квартал ещё не закончен

2кв 2025
+40.4%
3кв 2025
+41.7%
4кв 2025
+30.7%
1кв 2026
+32.7%
2кв 2026
+28.9%
3кв 2026 *
+22.7%

Revenue Yandex (Q2 2026): +16.2% YoY · spread to category: -2.6 pp (consolidated revenue — broader than e-commerce)

A positive spread means the company out-grows the category (share/format/online). A narrowing spread while the category decelerates flags slowing sales.

Source: SberIndex, updated 2026-09-06.

Ride-tech — taxi price, RUB/km (Rosstat)

Rosstat's average consumer taxi price is a demand backdrop for the Yandex ride-tech segment. It is a price, not a volume, and only an indirect signpost, so no spread to company revenue is shown here.

Latest month (2026-06): 50.4 ₽/кмreal: 34.8YoY nominal: +6.6%YoY real: +0.5%

20293846552022202320242025202650.4nominal, RUB/kmreal (Dec-21 defl.)

Average price by quarter, RUB/km (nominal / real):

1кв 2025
45.3
33.7
2кв 2025
46.9
34.4
3кв 2025
48.1
35.1
4кв 2025
48.5
35.0
1кв 2026
49.0
34.5
2кв 2026
49.3
34.3

Rosstat average consumer taxi-ride price (observation 31448, code 9219), monthly, ~10-day lag. A weak ride-tech GTV proxy: small sample, ~43% of Такси trips are outside Russia, Rosstat measures RF only. Nominal is rising; in real terms it has been ~flat since 2025.

Source: Rosstat, updated 2026-09-06.

Ad auction — CPM/CPC, RUB (click.ru)

click.ru's estimate of the average Yandex Direct ad-auction price — a price backdrop for the Yandex advertising segment. It is a price, not a volume, so no spread to company revenue is shown here.

Direct total

2024Q22025Q12025Q22026Q12026Q2
CPM, RUB261.6197.2214.2177.7243.1
YoY——-18.2%-9.9%+13.5%
2024Q22025Q12025Q22026Q12026Q2
CPC, RUB21.314.116.512.516.9
YoY——-22.6%-11.3%+2.5%

Search

2024Q22025Q12025Q22026Q12026Q2
CPM, RUB2178.81904.31921.51729.91851.4
YoY——-11.8%-9.2%-3.6%
2024Q22025Q12025Q22026Q12026Q2
CPC, RUB46.944.746.740.344.2
YoY——-0.4%-9.9%-5.4%

Networks

2024Q22025Q12025Q22026Q12026Q2
CPM, RUB109.583.588.378.9102.6
YoY——-19.1%-5.5%+16.2%
2024Q22025Q12025Q22026Q12026Q2
CPC, RUB11.46.98.16.48.6
YoY——-29.2%-7.8%+5.8%

Yandex Direct ad-auction price, click.ru estimate (a reseller's book, SMB-skewed — NOT all of Direct's revenue). Quarterly, 1-3 week lag. NOT reconciled with YDEX revenue: signs diverge in the overlapping quarter. A price measure, not volume; revenue = price × volume. Percentages are recomputed (the source's published ones are sometimes wrong).

Source: click.ru, updated 2026-09-06.

Fundamental value creation

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

Value created per year: +58.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (114 400 − 63 994) × 2.65
133 324
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 509 997 + 66 500) ÷ 302 588
5.2x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.2 + 6.5) ÷ 2
5.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 80 969 + 51 111 + 0 − 0
132 080
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 1.5% × 1 509 997
−22 673
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (133 324 × 5.9 + 132 080 − 22 673) ÷ 1 509 997
+58.9%

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

Caveats:

  • share-count dilution 1.5%/yr (valued at market: -22673)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +32% vs +37% the year before — a -5.5 pp move. 3-year CAGR —.
revenue growth by year: 2024 +37% · 2025 +32%
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: -28%

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)116 bn RUB
Payout ratio56%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.3x)136 bn RUB
Recent actual dividend (3-yr median)190.00 ₽
= Forecast dividend per share190.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-13.5 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price3804 ₽
Forecast dividend yield5.0%
Fair price (dividend-based)2754 ₽

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

Dividend history

Paid, trailing 12-mo: 190.00 RUB/sh · 5.0%

Pay yearDividend /sh
2026220.00 ₽
2025160.00 ₽
202480.00 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-09-18110.00 ₽
2026 q22026-04-24110.00 ₽
2025 q32025-09-2680.00 ₽
2025 q22025-04-2580.00 ₽
2024 q32024-09-1980.00 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 52% buy — balanced5d: 51% buy — balanced20d: 49% buy — balanced

Iceberg levels last session: 1 bid / 0 ask; largest — bid 3845 (filled ×3.7 of displayed, 42 refills).
Robot clips (recurring characteristic order size): 12 bid / 12 ask; largest — bid 13 lots ×939 appearances across 202 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1002, ask ×853.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0952%1/012/1228,310
03.0951%1/24/122,041
02.0953%1/03/412,673
01.0947%3/110/1327,768
31.0852%0/26/620,980

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: 2 (1 positive, 1 negative) across tracked channels, broker research and shows. 24 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

06.08.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров компании 'ЯНДЕКС' рекомендовал выплатить дивиденды в размере 110 руб. на акцию по результатам первого полугодия 2026 года. Дата определения лиц, имеющих право на получение дивидендов, назначена на 21 сентября 2026 года.
19.06.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
Кредитное рейтинговое агентство АКРА присвоило выпуску биржевых облигаций ЯНДЕКС рейтинг AAA(RU) впервые. Дата присвоения рейтинга - 19 июня 2026 года.
19.05.26Filing★ ▼ Начало размещения ценных бумаг
Международная компания 'ЯНДЕКС' начинает размещение 3,8 млн обыкновенных акций по цене 4 100,5 руб. за акцию с 19.05.2026 до 27.05.2026. Преимущественное право на приобретение акций акционерам не предоставляется.
28.04.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
20.04.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
20.04.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
10.04.26Filing★ ▼ Принятие решения о размещении ценных бумаг
Совет директоров МКПАО «ЯНДЕКС» принял решение о размещении до 3,8 млн. дополнительных обыкновенных акций для реализации программы долгосрочной мотивации. Максимальный объём размещения может составить до 0,96% от уставного капитала. Программа предполагает, что среднегодовой объём размещения акций не превысит 2% от базового уровня в 379 млн акций.
16.03.26Filing★ ▼ Государственная регистрация отчета об итогах выпуска (дополнительного выпуска) ценных бумаг
Компания 'Яндекс' зарегистрировала дополнительный выпуск 1 045 041 обыкновенной акции с номинальной стоимостью 0,4 руб. каждая, что составляет 25,49% от общего количества. Размещение акций началось 18.02.2026 и завершилось 20.02.2026.

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 11 of 17 funds, ≈4,1 млрд ₽ combined. Last month: added — 6, trimmed — 2.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AMRE АТОН – Российские акции +Атон-менеджмент9.67%75 млн ₽+0.59 pp31.07.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис9.13%29 млн ₽+0.53 pp31.07.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал7.10%26 млн ₽-0.82 pp31.07.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал7.07%936 млн ₽-1.69 pp31.07.2026
TITR Т-Капитал Акции ростаТ-Капитал6.89%21 млн ₽—31.07.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал6.85%890 млн ₽+0.65 pp31.07.2026
EQMX ВИМ - Индекс МосБиржиВИМ Инвестиции6.83%830 млн ₽+0.80 pp31.07.2026
SBMX Первая - Фонд Топ Российских акцийПервая6.75%1,3 млрд ₽+0.52 pp31.07.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал6.47%19 млн ₽—31.07.2026
TRND Т-Капитал Трендовые акцииТ-Капитал6.33%31 млн ₽—31.07.2026
SBPS Первая – Фонд Моя цель 2035Первая6.04%9 млн ₽+0.54 pp31.07.2026

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 Yandex (YDEX) — from primary filings.

Frequently asked questions

What is Yandex (YDEX)'s P/E ratio?
Yandex (YDEX) trades at a P/E of 11.8x (price to trailing 12-month earnings).
What is Yandex (YDEX)'s EV/EBITDA?
Yandex (YDEX) trades at 4.9x EV/EBITDA.
What is Yandex (YDEX)'s P/B ratio?
Yandex (YDEX) trades at a P/B of 5.1x.
What is Yandex (YDEX)'s dividend yield?
Yandex (YDEX)'s trailing 12-month dividend yield is 5.0%.
What is Yandex (YDEX)'s return on equity (ROE)?
Yandex (YDEX)'s ROE is 65.1%.
What is Yandex (YDEX)'s market capitalization?
Yandex (YDEX)'s market cap is 1510.0 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ЯНДЕКС1Р1floatfloat100.710.5M04.2027
ЯНДЕКС1Р214.9%13.5%99.48.4M02.2028
ЯНДЕКС1Р514.2%13.4%100.0561K06.2028
ЯНДЕКС1Р3floatfloat100.9473K11.2028
ЯНДЕКС1Р4floatfloat100.24.3M06.2029

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

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