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UZEX — Uzbek Commodity Exchange (JSC) UZS

At a glance: strengths & risks
Net cash balance sheetMargins compressing (55%→51%)

Sector: Non-financial

UZ_UZEX

No intraday sparkline from the default exchange feed; Yahoo or day change may still appear below when available.

Price chart

8 300 UZSDay
8 3008 3008 3008 3008 300No historical series from data sources; line shows the last price.min 8 300 · max 8 300

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
8 300 UZS
Market cap
3110.8 bn UZS

Growth

Δ revenue y/y
11.8%
Δ EBITDA y/y
18.3%

Multiples

P/E (LTM)
8.5x
P/B (FY)
5.0x
P/E (ann.)
6.4x
EV/EBITDA (LTM)

Cash return

Dividend yield
15.8%
FCF yield (LTM)
0.0%

Value creation

fundamental value/yr, % of market cap
Value created / year

Liquidity

Daily turnover

Shares: connector/market_inputs

Financial results

Monetary columns are in B UZS, 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 UZSOperating profitB UZSD&AB UZSEBITDAB UZSNet profitB UZSOperating CFB UZSCapex + M&AB UZSAssetsB UZSEquityB UZSROE (annualized)Net debtB UZSSource
2026-03-31Q1 2026 (3M)OK140.4
y/y 11.8%
91.0
y/y 18.7%
1.1
y/y -5.8%
92.2
y/y 18.3%
122.1
y/y 20.5%
6152.9
y/y 12.6%
435.9
y/y 14.7%
92.5%Link
2025-12-31Q4 2025 (3M)OK106.6
y/y -8.5%
52.4
y/y -21.2%
1.1
y/y -6.5%
53.5
y/y -20.9%
89.3
y/y -3.3%
5672.8
y/y 36.9%
620.0
y/y 42.6%
59.7%Link
2025-09-30Q3 2025 (3M)OK100.2
y/y -1.9%
33.8
y/y -26.3%
0.6
y/y -32.2%
34.4
y/y -26.4%
67.3
y/y -7.4%
4967.3
y/y 15.9%
530.7
y/y 50.2%
18.1%Link
2025-06-30Q2 2025 (3M)OK112.1
y/y 9.7%
58.3
y/y 12.7%
1.1
y/y -64.0%
59.4
y/y 8.5%
85.5
y/y 19.1%
5071.5
y/y 9.7%
463.4
y/y 64.8%
81.0%Link
2025-03-31Q1 2025 (3M)OK125.6
y/y
76.7
y/y
1.2
y/y
77.9
y/y
101.3
y/y
5462.1
y/y
380.2
y/y
99.5%Link
2024-12-31Q4 2024 (3M)OK116.5
y/y
66.4
y/y
1.2
y/y
67.7
y/y
92.4
y/y
4143.5
y/y -0.1%
434.8
y/y 31.4%
81.1%Link
2024-09-30Q3 2024 (3M)OK102.2
y/y
45.9
y/y
-2.1
y/y
46.8
y/y
72.7
y/y
4287.2
y/y
353.2
y/y
30.6%Link
2024-06-30Q2 2024 (3M)OK102.2
y/y
51.8
y/y
3.0
y/y
54.8
y/y
71.8
y/y
4621.1
y/y
281.2
y/y
93.8%Link
2023-12-31FY 2023 (12M)OK376.9
y/y
222.1
y/y
2.5
y/y
224.6
y/y
229.2
y/y
4147.0
y/y
331.0
y/y
Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0100 000200 000300 000400 0002023 FY2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-40%-20%0%20%2023 FY2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Fundamental value creation

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

Value created per year: +14.9%

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)
= (92 190 − 77 910) × 2.60
37 099
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (3 110 774 + 0 (n/a)) ÷ 239 510
13.0x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (13.0 + 12) ÷ 2
12.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= —
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (37 099 × 12.5 + 0) ÷ 3 110 774
+14.9%

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

Caveats:

  • FCF unavailable — treated as 0
  • net debt unavailable - balance cash flow incomplete
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +4% vs +13% the year before — a -9.5 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 -4% · 2024 +13% · 2025 +4%
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).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2024-03-202 600 UZSOrdinary: 2 600 UZSPaidstockscope.uz
2023-03-252 300 UZSOrdinary: 2 300 UZSPaidstockscope.uz
2022-03-281 650 UZSOrdinary: 1 650 UZSPaidstockscope.uz
2021-03-251 100 UZSOrdinary: 1 100 UZSPaidstockscope.uz
2020-05-282 490 UZSOrdinary: 2 490 UZSPaidstockscope.uz
2019-06-04550 UZSOrdinary: 550 UZSPaidstockscope.uz
2018-06-01230 UZSOrdinary: 230 UZSPaidstockscope.uz
2017-06-02200 UZSOrdinary: 200 UZSPaidstockscope.uz
2016-06-08160 UZSOrdinary: 160 UZSPaidstockscope.uz

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.uzex.uz/

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 UZEX — Uzbek Commodity Exchange (JSC) — from primary filings.

O'zbekiston Respublika tovar-xomashyo birjasi (UZEX) is Uzbekistan's dominant commodity exchange — electronic auctions for commodities, agricultural products, raw materials and state procurement. Earns trading commissions plus interest income on member settlement balances. Listed on UZSE (ticker URTS).

Frequently asked questions

What is UZEX — Uzbek Commodity Exchange (JSC)'s P/E ratio?
UZEX — Uzbek Commodity Exchange (JSC) trades at a P/E of 8.5x (price to trailing 12-month earnings).
What is UZEX — Uzbek Commodity Exchange (JSC)'s P/B ratio?
UZEX — Uzbek Commodity Exchange (JSC) trades at a P/B of 5.0x.
What is UZEX — Uzbek Commodity Exchange (JSC)'s dividend yield?
UZEX — Uzbek Commodity Exchange (JSC)'s trailing 12-month dividend yield is 15.8%.
What is UZEX — Uzbek Commodity Exchange (JSC)'s return on equity (ROE)?
UZEX — Uzbek Commodity Exchange (JSC)'s ROE is 92.5%.
What is UZEX — Uzbek Commodity Exchange (JSC)'s market capitalization?
UZEX — Uzbek Commodity Exchange (JSC)'s market cap is 3110.8 bn UZS.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map