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Yandex (YDEX) RUB

At a glance: strengths & risks
✓Revenue growing (+32%)✓Profit growing (+594%)✓Margins improving (12%→19%)✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 5.1 vs avg 10.5)

Sector: Information Technology

RU_YDEX

Price chart

3 665 RUBDay -0.92%

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
3 665 RUB · -0.92%
Market cap
1447.6 bn RUB

Growth

Δ revenue y/y
21.6%
Δ EBITDA y/y
54.0%

Multiples

P/E (LTM)
12.1x
3y avg: 80.3x
P/B (FY)
4.1x
P/E (ann.)
12.5x
EV/EBITDA (LTM)
5.1x
3y avg: 10.5x
EV/EBITDA (ann.)
5.1x

Cash return

Dividend yield
4.7%
FCF yield (LTM)
7.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+43.9%
↓ details

Liquidity

Daily turnover (MOEX)
4.2 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
2026-03-31Q1 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 —
24.0-18.91398.4
y/y —
386.0
y/y —
31.4%87.0Link
2025-12-31Q4 2025 (3M)PARTIAL436.0
y/y 28.2%
44.2
y/y 98.4%
35.0
y/y 203.8%
79.2
y/y 792.1%
21.1
y/y 46.6%
70.6-61.5—
y/y —
351.2
y/y 19.5%
—94.8Report (PDF)
2025-09-30Q3 2025 (3M)PARTIAL366.1
y/y 32.2%
68.8
y/y 254.7%
9.2
y/y -73.8%
78.1
y/y 42.8%
53.0
y/y 506.9%
70.6-43.4—
y/y —
—
y/y —
—130.1Report (PDF)
2025-06-30Q2 2025 (3M)OK332.5
y/y 33.4%
41.1
y/y —
24.9
y/y -60.3%
66.0
y/y 38.7%
16.2
y/y —
—-25.31145.7
y/y 38.1%
291.6
y/y 7.0%
—147.5Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL306.5
y/y 34.2%
19.5
y/y -22.2%
29.3
y/y 135.5%
48.9
y/y 30.0%
-10.8
y/y -153.8%
—-25.3—
y/y —
—
y/y —
—135.4Report (PDF)
2024-12-31Q4 2024 (3M)OK340.1
y/y 36.6%
22.3
y/y -14.9%
-33.7
y/y -376.4%
-11.4
y/y -129.8%
14.4
y/y —
5.8-55.91098.7
y/y —
293.8
y/y —
—222.0Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL276.8
y/y 35.6%
19.4
y/y 83.9%
35.3
y/y 58.0%
54.7
y/y 66.3%
8.7
y/y —
5.8-38.8—
y/y —
—
y/y —
—134.2Report (PDF)
2024-06-30Q2 2024 (3M)OK249.3
y/y 36.9%
-15.3
y/y -178.7%
62.9
y/y 363.0%
47.6
y/y 44.4%
-31.8
y/y -241.3%
-5.8-21.6829.6
y/y —
272.6
y/y —
—111.2Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL228.3
y/y 40.2%
25.1
y/y 223.8%
12.5
y/y 20.0%
37.6
y/y 107.2%
20.1
y/y 64.5%
197.5-21.6—
y/y —
—
y/y —
—114.6Report (PDF)
2023-12-31Q4 2023 (3M)PARTIAL249.0
y/y —
26.2
y/y —
12.2
y/y —
38.4
y/y —
—
y/y —
13.9——
y/y —
—
y/y —
—120.2Link
2023-09-30Q3 2023 (3M)PARTIAL204.2
y/y —
10.6
y/y —
22.3
y/y —
32.9
y/y —
—
y/y —
———
y/y —
—
y/y —
—97.3Link
2023-06-30Q2 2023 (3M)PARTIAL182.1
y/y —
19.4
y/y —
13.6
y/y —
33.0
y/y —
22.5
y/y —
17.3-11.8—
y/y —
—
y/y —
—74.4Link
2023-03-31Q1 2023 (3M)PARTIAL162.9
y/y —
7.8
y/y —
10.4
y/y —
18.1
y/y —
12.2
y/y —
———
y/y —
—
y/y —
—51.5Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0100 000200 000300 000400 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

010 00020 00030 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

050 000100 000150 000200 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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)

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 (2026-07-18): +26.8% YoY · decelerating3-wk smooth: +27.6% vs 8-wk avg +29.7% (-2.1 pp)All categories: +7.5%

+15%+25%+35%+45%+55%Q3'24+45%Q4'24+36%Q1'25+35%Q2'25+40%Q3'25+42%Q4'25+31%Q1'26+33%Q2'26+29%Q3'26+28%+26.8%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 *
+27.6%

Revenue Yandex (Q1 2026): +21.6% YoY · spread to category: -5.2 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 2026-07-23.

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 2026-07-23.

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 2026-07-23.

Fundamental value creation

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

Value created per year: +43.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (75 300 − 48 894) × 4.08
107 742
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 447 557 + 87 000) ÷ 307 240
5.0x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.0 + 6.5) ÷ 2
5.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 48 394 + 45 346 + 0 − 0
93 740
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 5.4% × 1 447 557
−78 774
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (107 742 × 5.7 + 93 740 − 78 774) ÷ 1 447 557
+43.8%

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

Caveats:

  • FCF (LTM) approximated by latest FY
  • share-count dilution 5.4%/yr (valued at market: -78774)

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: -23%

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 rate14.2%
Historical yield spread to rate (3-yr median)-14.3 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price3656 ₽
Forecast dividend yield5.2%
Fair price (dividend-based)2809 ₽

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

Dividend history

Paid, trailing 12-mo: 190.00 RUB/sh · 5.2%

Pay yearDividend /sh
2026110.00 ₽
2025160.00 ₽
202480.00 ₽
Payments by period
PeriodEx-date/sh
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: 48% buy — balanced20d: 46% buy — balanced

No iceberg levels detected last session.
Robot clips (recurring characteristic order size): 25 bid / 26 ask; largest — ask 25 lots ×718 appearances across 135 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1271, ask ×1048.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
23.0746%0/025/2629,259
22.0748%1/028/2738,813
21.0749%2/143/4158,521
20.0751%1/135/3748,767
17.0743%0/040/4345,395

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.

Corporate events

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.
16.06.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
16 июня 2026 года истекает срок для направления оферт от потенциальных покупателей на заключение предварительных договоров по биржевым облигациям неконвертируемой серии 001Р-05. Биржевые облигации имеют регистрационный номер 4B02-05-16777-A-001P и международный код ISIN RU000A10FEB7.

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, ≈3,8 млрд ₽ combined. Last month: added — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AMRE АТОН – Российские акции +Атон-менеджмент9.14%56 млн ₽—29.05.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис9.10%26 млн ₽—29.05.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал9.04%1,1 млрд ₽+1.20 pp29.05.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал8.40%26 млн ₽—29.05.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал6.49%19 млн ₽—29.05.2026
SBMX Первая - Фонд Топ Российских акцийПервая6.09%1,0 млрд ₽—29.05.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал6.05%729 млн ₽—29.05.2026
TRND Т-Капитал Трендовые акцииТ-Капитал6.05%30 млн ₽—29.05.2026
EQMX Индекс МосБиржиВИМ Инвестиции6.01%707 млн ₽—29.05.2026
TITR Т-Капитал Акции ростаТ-Капитал5.99%17 млн ₽—29.05.2026
SBPS Первая – Фонд Моя цель 2035Первая5.48%8 млн ₽—29.05.2026

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.

Investment-community mentions

Substantive mentions last 7 days: 2 (1 positive), last 30 days: 6 (4 positive) across tracked channels, broker research and shows. 22 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.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=39059

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.

YDEX is a Russian technology company that operates an internet search engine and provides a wide range of online services, including e-commerce, ride-hailing, and food delivery.

Frequently asked questions

What is Yandex (YDEX)'s P/E ratio?
Yandex (YDEX) trades at a P/E of 12.1x (price to trailing 12-month earnings).
What is Yandex (YDEX)'s EV/EBITDA?
Yandex (YDEX) trades at 5.1x EV/EBITDA.
What is Yandex (YDEX)'s P/B ratio?
Yandex (YDEX) trades at a P/B of 4.1x.
What is Yandex (YDEX)'s dividend yield?
Yandex (YDEX)'s trailing 12-month dividend yield is 4.7%.
What is Yandex (YDEX)'s return on equity (ROE)?
Yandex (YDEX)'s ROE is 31.4%.
What is Yandex (YDEX)'s market capitalization?
Yandex (YDEX)'s market cap is 1447.6 bn RUB.