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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%→31%, Q2 2026)✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 4.0 vs avg 10.2)

Sector: Information Technology

RU_YDEX

Price chart

3 452.5 RUBDay 0.00%

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
3 452.5 RUB · 0.00%
Market cap
1370.3 bn RUB

Growth

Δ revenue y/y
16.2%
Δ EBITDA y/y
88.5%

Multiples

P/E (LTM)
8.2x
3y avg: 80.7x
P/B (FY)
4.7x
P/E (ann.)
5.3x
EV/EBITDA (LTM)
4.0x
3y avg: 10.2x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
6.3%
FCF yield (LTM)
13.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+67.2%
↓ details

Liquidity

Daily turnover (MOEX)
3 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%
88.9
y/y 116.3%
29.5
y/y 28.8%
118.4
y/y 85.0%
64.5
y/y 297.8%
68.1-32.61492.5
y/y 30.3%
406.3
y/y 39.3%
68.2%66.5Report (PDF)
2025-12-31Q4 2025 (3M)OK436.0
y/y 28.2%
44.2
y/y 52.7%
25.2
y/y 27.3%
69.4
y/y 42.4%
21.1
y/y 46.6%
145.9-43.41368.3
y/y 24.5%
351.2
y/y 19.5%
24.8%94.8Report (PDF)
2025-06-30Q2 2025 (3M)OK332.5
y/y 33.4%
41.1
y/y —
22.9
y/y 30.8%
64.0
y/y 2772.3%
16.2
y/y —
50.7-25.31145.7
y/y 38.1%
291.6
y/y 7.0%
22.2%147.5Report (PDF)
2024-12-31Q4 2024 (3M)OK340.1
y/y 36.6%
28.9
y/y 10.6%
19.8
y/y 35.4%
48.7
y/y 19.5%
14.4
y/y —
66.5-38.81098.7
y/y —
293.8
y/y —
4.0%130.5Report (PDF)
2024-06-30Q2 2024 (3M)OK249.3
y/y —
-15.3
y/y —
17.5
y/y 28.8%
2.2
y/y —
-31.8
y/y —
52.2-21.6829.6
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)

0100 000200 000300 000400 000500 0002023 q22023 q42024 q22024 q42025 q22025 q42026 q2

Year-over-year change

0%25%50%75%100%2023 q22023 q42024 q22024 q42025 q22025 q42026 q2

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) (₽ mln)

-25 000025 00050 00075 000100 0002023 q22023 q42024 q22024 q42025 q22025 q42026 q2

Net debt / cash (₽ mln)

050 000100 000150 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

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 H1 2026): 2.01x 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): 5.3xEV/(EBITDA−SBC) (FY): 6.3x

PeriodEBITDASBC (incentives)EBITDA − SBCEBITDA − SBC % rev.
2025-12-31 FY272 167−43 846228 32116%
2024-12-31 FY128 434−81 24547 1894%

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 (2026-10-17): +15.2% YoY · flat3-wk smooth: +15.3% vs 8-wk avg +15.5% (-0.3 pp)All categories: +7.2%

+5%+18%+30%+42%+55%Q4'24+41%Q1'25+35%Q2'25+40%Q3'25+42%Q4'25+31%Q1'26+33%Q2'26+29%Q3'26+20%Q4'26+15%+15.2%weekly % YoYquarter average

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

3кв 2025
+41.7%
4кв 2025
+30.7%
1кв 2026
+32.7%
2кв 2026
+28.9%
3кв 2026
+19.6%
4кв 2026 *
+15.3%

Revenue Yandex (Q2 2026): +16.2% YoY · spread to category: +1.0 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 2026-10-21.

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 2026-10-21.

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

2025Q12025Q22025Q32026Q12026Q22026Q3
CPM, RUB197.2214.2233.7177.7243.1274.8
YoY—-18.2%—-9.9%+13.5%+17.6%
2025Q12025Q22025Q32026Q12026Q22026Q3
CPC, RUB14.116.518.012.516.919.5
YoY—-22.6%—-11.3%+2.5%+8.3%

Search

2025Q12025Q22025Q32026Q12026Q22026Q3
CPM, RUB1904.31921.52231.11729.91851.41638.5
YoY—-11.8%—-9.2%-3.6%-26.6%
2025Q12025Q22025Q32026Q12026Q22026Q3
CPC, RUB44.746.751.940.344.247.5
YoY—-0.4%—-9.9%-5.4%-8.4%

Networks

2025Q12025Q22025Q32026Q12026Q22026Q3
CPM, RUB83.588.388.578.9102.6114.3
YoY—-19.1%—-5.5%+16.2%+29.2%
2025Q12025Q22025Q32026Q12026Q22026Q3
CPC, RUB6.98.18.26.48.69.7
YoY—-29.2%—-7.8%+5.8%+19.4%

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 2026-10-21.

Fundamental value creation

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

Value created per year: +67.2%

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)
= (120 599 − 63 994) × 2.51
142 083
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 370 322 + 66 500) ÷ 302 714
4.7x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (4.7 + 6.5) ÷ 2
5.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 80 969 + 60 943 + 0 − 0
141 912
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 1.5% × 1 370 322
−20 575
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (142 083 × 5.6 + 141 912 − 20 575) ÷ 1 370 322
+67.2%

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: -20575)

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).

EV/EBITDA — daily history

Current 4.5x · 3-year 75th pct 14.1x

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 INCUS1008.19.0x1.7x
ORACLE CORPUS396.515.6x2.9x
INTERNATIONAL BUSINESS MACHINES CORPUS229.518.4x3.5x
MICROSOFT CORPUS3964.020.8x3.9x
NVIDIA CORPUS5261.126.2x4.9x
CISCO SYSTEMS, INC.US421.127.2x5.1x
TEXAS INSTRUMENTS INCUS253.627.7x5.2x
Apple Inc.US5015.529.4x5.5x
Broadcom Inc.US1622.729.7x5.6x
APPLIED MATERIALS INC /DEUS321.132.9x6.2x
LAM RESEARCH CORPUS329.638.0x7.2x
Arista Networks, Inc.US231.149.3x9.3x
Group median27.4x5.2x
Group average27.0x5.1x
This companyRussia16.64.0x4.0x

Group median 27.4x as traded, 5.2x adjusted; this company 4.0x — a 23% discount.

Group average 27.0x as traded, 5.1x adjusted; against the average this company is at a 22% discount.

At the adjusted group median the market cap would be +32% 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 20.7x, Russia 3.9x, South Africa 5.1x, Kazakhstan 4.6x, India 18.8x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-21; the company's own is live.

Dividend potential

Dividend-model upside: -2%

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)168 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)220.00 ₽
= Forecast dividend per share234.68 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-12.8 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price3470 ₽
Forecast dividend yield6.8%
Fair price (dividend-based)3415 ₽

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

Three-year model and IRR with caveats

Expected IRR: +23% (bear -4% … bull +53%)

price in 3 years 5 234 ₽ (+51% к 3 464 ₽); dividends along the way 961 ₽ (+28% цены); base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue1.56 trn1.85 trn2.10 trn2.31 trn
Revenue growth—+19%+13%+10%
EBITDA359.6 bn345.8 bn459.2 bn580.9 bn
EBITDA margin23.0%18.7%21.9%25.1%
less D&A111.7 bn123.7 bn133.3 bn141.4 bn
EBIT247.9 bn222.1 bn325.8 bn439.4 bn
less net interest—20.0 bn24.3 bn27.9 bn
less tax31.5 bn
for 2025
50.5 bn75.4 bn102.9 bn
Net profit167.6 bn151.5 bn226.2 bn308.7 bn
Capex158.7 bn190.3 bn215.6 bn237.8 bn
Capex to revenue10.2%10.3%10.3%10.3%
Free cash flow178.0 bn
operating cash flow less capex
84.9 bn143.9 bn212.3 bn
Net debt66.5 bn137.8 bn201.2 bn250.5 bn
Net debt / EBITDA0.2x0.4x0.4x0.4x
Dividend per share220 ₽212 ₽317 ₽432 ₽
Yield on current price6.4%6.1%9.1%12.5%
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Leading consumer spend (SberIndex)
СберИндекс — расходы населения по категориям, % г/г		24%+8% · +7% · +7%
Company guidance (adjusted for its own track record)
guided +20%, applied +20%
Яндекс, релиз результатов 1 квартала 2026 (yandex.ru/company/news/28-04-2026): компания сохраняет прогноз на 2026 год — рост выручки порядка 20% г/г и скорр. EBITDA порядка 350 млрд руб.; капзатраты 10–12% выручки.		30%+20% · +14% · +10%
Realised pace (acceleration/deceleration)
LTM YoY +32%; acceleration -5.5pp
годовая выручка г/г (growth_acceleration)		19%+23% · +15% · +11%
Analyst forecast of financial results (Консенсус, houses: 9)
Терминал «Андромеда» (АО «Эйлер Аналитические Технологии»), модуль FA, источник «Консенсус», выгрузка 15.09.2026. Дата обновления прогноза в терминале — плейсхолдер 01.01.2100, поэтому свежесть консенсуса не подтверждена		27%+24% · +17% · +13%
Model assumptions
Exit multipleEV/EBITDA 4.01x (3.21x…5.86x)
No re-rating: min(current 4.0x, three-year median 13.3x). Re-rating to 5.9x on a falling rate is the bull case
Second valuation: discounted cash flow5 068 ₽ (discount 13.1%, terminal growth 4.0%)
83% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy56% of net profit, capped by cash flow
Year-3 EBITDA margin target25.1%
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Model versus analyst forecasts
Linemodelanalystsgap
2027 Консенсус, houses: 9.0 · blended from 50% 2026 + 50% 2027
Revenue1.85 trn1.93 trn0.96x
EBITDA345.8 bn404.7 bn0.85x
Net profit151.5 bn187.6 bn0.81x
2028 Консенсус, houses: 5.0 · blended from 50% 2027 + 50% 2028
Revenue2.10 trn2.32 trn0.91x
EBITDA459.2 bn545.4 bn0.84x
Net profit226.2 bn267.3 bn0.85x

The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.

Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue319%0.97x67%
EBITDA324%0.76x33%
Net profit363%0.60x0%

The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.

Independent one-year estimates: eninvs Company_Forecast — 5 109 ₽; eninvs DividendPrediction — 917 ₽; Frontier див-модель — 3 415 ₽. Ours on the same horizon — 3 144 ₽

Checks and caveats
  • ⚠ Year-3 margin 25% is above the best year on record (23%), though inside the +10% tolerance
  • ⚠ Too little history to check (3 observations) — forecast accuracy unmeasured
  • ⚠ The share count is growing: 327m 3.0 years ago against 397m now — 6.6% a year, last change 2026-09-16. If that pace holds, the value of a share in year 3 is 18% below the base figure: the base holds today's count (no issue is announced) and continued dilution sits in the bear case
  • ⚠ Net debt grows for reasons beyond a cash shortfall: over 2 years it added 3.9% of revenue a year on top of cash flow and dividends (range +2.6…+5.1%) — new leases, acquisitions, revaluation. That addition is carried in the forecast; without it the model would show deleveraging where debt keeps rising
  • ⚠ The reporting-period series needed repair: 2 rows discarded as incompatible with the cumulative convention (years 2023, 2024). The database carries quarters labelled as halves and nine-month periods; LTM and year-on-year growth computed on those are wrong, so they are dropped
  • ⚠ Cash conversion is not measured: of 3 reported years only 1 were comparable, and in 1 of them the formula cash flow was negative. The forecast runs on the uncorrected formula — where the correction could be measured it cuts roughly a third
  • ✓ Growth sources: consensus, guidance, market, momentum
  • ✓ Revenue CAGR +14%
  • ✓ Year-3 net debt/EBITDA 0.4x
  • ✓ Three-year dividends — 28% of the current price
  • ✓ IRR +23%
  • ✓ Base is fresh: report 4 months old
  • ✓ Exit multiple and discounted cash flow agree (5,234 vs 5,068, 1.03x); in the DCF 83% of value sits in the terminal value
  • ✓ Versus the analyst forecast for 2027 (9 houses): revenue 0.96x, EBITDA 0.85x, profit 0.81x
  • ✓ One-year value agrees with an independent estimate: Frontier див-модель (0.92x). Compared with: eninvs Company_Forecast, eninvs DividendPrediction, Frontier див-модель
  • ✓ Year 1 within -1% of guidance
  • Year-1 margin from the company's EBITDA guidance: guided 19% vs 23% actual, applied 19% (delivery-record shrink 1.00)

A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.

Dividend history

Paid, trailing 12-mo: 220.00 RUB/sh · 6.3%

Pay yearDividend /sh
2026220.00 ₽
2025160.00 ₽
202480.00 ₽
Payments by period
PeriodLast day to buy/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: 46% buy — balanced5d: 47% buy — balanced20d: 48% buy — balanced

Iceberg levels last session: 1 bid / 2 ask; largest — ask 3450 (filled ×4.7 of displayed, 61 refills).
Robot clips (recurring characteristic order size): 1 bid / 2 ask; largest — ask 87 lots ×186 appearances across 67 price levels. Ping probes (1-2 lots, typical iceberg hunting): ask ×516.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
21.1046%1/21/225,717
20.1051%1/10/016,984
19.1042%2/22/437,238
16.1056%0/24/225,896
15.1042%2/33/731,574

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, last 30 days: 23 (4 positive, 12 negative) across tracked channels, broker research and shows. 21 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

12.10.26Material event★ ▼ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
9 октября 2026 года Яндекс опубликовал письмо о ситуации с дата-центрами, что может повлиять на стоимость его акций и облигаций. Акции имеют регистрационный номер 1-01-16777-A и ISIN RU000A107T19, а облигации представлены несколькими сериями с регистрационными номерами 4B02-01-16777-A-001Р и другими.
29.09.26Filing★ Принятие решения о размещении ценных бумаг
Совет директоров МКПАО «ЯНДЕКС» принял решение о размещении 11 млн дополнительных обыкновенных акций через закрытую подписку для реализации программы долгосрочной мотивации. Программа позволит снизить среднегодовой объём размещения акций с 2% до 1%. Решение было принято единогласно 23.09.2026.
29.09.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров Яндекса единогласно решил увеличить уставный капитал на 11 млн акций через закрытую подписку для реализации программы долгосрочной мотивации. Ожидается, что это упростит администрирование программы и снизит среднегодовой объем размещения акций с 2% до 1%. Дата заседания совета директоров - 23.09.2026.
18.09.26Filing★ ▼ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
Совет директоров Яндекса проведет заседание 23.09.2026 для обсуждения увеличения уставного капитала через размещение дополнительных акций в рамках программы долгосрочной мотивации. Это может повлиять на стоимость акций компании.
15.09.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
14 сентября 2026 года акционеры МКПАО «ЯНДЕКС» будут иметь право на получение дивидендов по обыкновенным акциям, фиксируемым на 21 сентября 2026 года. Протокол о дате был составлен 14 сентября 2026 года.
15.09.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На внеочередном собрании акционеров компании 'ЯНДЕКС' было принято решение о выплате дивидендов в размере 110 руб. на акцию по результатам первого полугодия 2026 года. Дата составления списка 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.

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, ≈4,2 млрд ₽ combined. Last month: trimmed — 4.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AMRE АТОН – Российские акции +Атон-менеджмент8.80%76 млн ₽-0.87 pp31.08.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис8.30%29 млн ₽-0.83 pp31.08.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал7.38%27 млн ₽—31.08.2026
EQMX ВИМ - Индекс МосБиржиВИМ Инвестиции6.55%866 млн ₽—31.08.2026
SBMX Первая - Фонд Топ Российских акцийПервая6.48%1,3 млрд ₽—31.08.2026
TITR Т-Капитал Акции ростаТ-Капитал6.47%20 млн ₽—31.08.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал6.45%952 млн ₽—31.08.2026
SBPS Первая – Фонд Моя цель 2035Первая6.43%8 млн ₽—31.08.2026
TRND Т-Капитал Трендовые акцииТ-Капитал6.17%32 млн ₽—31.08.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал5.86%832 млн ₽-1.21 pp31.08.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал4.06%13 млн ₽-2.41 pp31.08.2026

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 8.2x (price to trailing 12-month earnings).
What is Yandex (YDEX)'s EV/EBITDA?
Yandex (YDEX) trades at 4.0x EV/EBITDA.
What is Yandex (YDEX)'s P/B ratio?
Yandex (YDEX) trades at a P/B of 4.7x.
What is Yandex (YDEX)'s dividend yield?
Yandex (YDEX)'s trailing 12-month dividend yield is 6.3%.
What is Yandex (YDEX)'s return on equity (ROE)?
Yandex (YDEX)'s ROE is 68.2%.
What is Yandex (YDEX)'s market capitalization?
Yandex (YDEX)'s market cap is 1370.3 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
ЯНДЕКС1Р1floatfloat100.42+0.01%44.8M26.9M04.2027
ЯНДЕКС1Р215.0%13.5%99.30-0.01%110.6M12.2M02.2028
ЯНДЕКС1Р514.9%13.4%99.15+0.00%1.1M2.2M06.2028
ЯНДЕКС1Р3floatfloat100.20-0.18%13.5M55.1M11.2028
ЯНДЕКС1Р4floatfloat100.18-0.02%2.2M6.8M06.2029

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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