Fix Price: profit down 30%, but 26.7% dividend yield supports the stock

On August 17, 2026, Fix Price reported H1 2026 results: revenue grew 4.8% YoY, EBITDA rose 3.6%, but net profit fell 30.0%. This review examines the margin dynamics, debt changes, and why the dividend yield remains double-digit.

Key takeaways

— Revenue grew 4.8%, but EBITDA margin fell 0.1 pp to 10.9%

— Net profit dropped 30% due to higher interest expenses and taxes

— Net debt rose by 39.1 billion RUB over the half-year, to 26.6 billion RUB

— Dividend yield of 26.7% is supported by a payout of 0.11 RUB per share

— Shares trade at P/E of 4.1 and EV/EBITDA of 1.9 – below the three-year average

— Operating cash flow for 12 months was 41.8 billion RUB, but investments and dividends consume it

Key figures, RUB bn

Revenue grew 4.8%, but EBITDA margin fell 0.1 pp to 10.9%

For H1 2026, Fix Price's revenue reached 320.4 billion RUB, up 4.8% YoY. EBITDA grew 3.6% to 35.5 billion RUB, but the margin contracted from 11.0% to 10.9%.

The 0.1 pp margin decline looks modest, but at this scale it amounts to about 300 million RUB of EBITDA. The revenue growth was likely driven by like-for-like sales and network expansion, though the pace slowed versus last year.

Net profit dropped 30% due to higher interest expenses and taxes

Net profit for H1 was 10.0 billion RUB, down 30.0% YoY. Net margin shrank from 2.6% to 1.8%.

The main drivers were higher interest expenses due to increased debt and, likely, a higher effective tax rate. Operating profit declined less sharply, pointing to pressure from financial items.

Net debt rose by 39.1 billion RUB over the half-year, to 26.6 billion RUB

At the end of H1, net debt stood at 26.6 billion RUB, up 39.1 billion RUB from the previous reporting date. Over the last 12 months, it increased by 29.0 billion RUB.

Net debt to EBITDA for the trailing twelve months is 0.75x. This is a moderate level, but the debt dynamics warrant attention: the company is increasing borrowings, likely to fund dividends and investments.

Dividend yield of 26.7% is supported by a payout of 0.11 RUB per share

Over the last 12 months, Fix Price paid 0.11 RUB per share, providing a yield of 26.7% at the current price. Our model estimates the next dividend also at 0.11 RUB per share, implying a forward yield of 26.7%.

The payout ratio is 1.0 of profit – the company distributes all net profit as dividends. This explains the high yield but leaves little room for debt repayment and investments.

Shares trade at P/E of 4.1 and EV/EBITDA of 1.9 – below the three-year average

Fix Price's market capitalization is 41.1 billion RUB, corresponding to P/E of 4.1 and EV/EBITDA of 1.9 for the trailing twelve months. The three-year average EV/EBITDA is 2.88, so the stock trades at a discount to its own history.

The low valuation reflects weak profit dynamics and rising debt, but the dividend yield of 26.7% remains attractive for income-oriented investors.

Operating cash flow for 12 months was 41.8 billion RUB, but investments and dividends consume it

Operating cash flow for the last 12 months was 41.8 billion RUB. However, the company is actively investing in network expansion and paying dividends, leading to higher net debt.

Free cash flow after capex and dividends is likely negative, explaining the 29.0 billion RUB increase in borrowings over the year. In the next report, watch the dynamics of operating cash flow and capex.

Valuation on the latest reported figures

Bottom line

Fix Price showed moderate revenue and EBITDA growth, but net profit fell 30% due to financial items. The dividend yield of 26.7% remains high, yet it consumes all profit, and debt is rising. The stock trades at a discount to its own history, but this is justified by weak dynamics. The key question for holders is whether the company can stabilize debt and restore profit without cutting dividends.