Lukoil (LKOH) stock in 2026: dividends, earnings and outlook
As of Nov 5, 2026, Lukoil (LKOH) trades at RUB 5,941.50 per share, P/E 7.9x, trailing dividend yield 11.4%. Our latest review (Sep 26, 2026): rather attractive. The next dividend is declared: RUB 535.00 per share, ex-date Dec 8, 2026. Below: 1H 2026 results, dividends paid and expected, and valuation. All figures come from the company card on the Frontier portal.
Lukoil: Нефть и газ listed on the Moscow Exchange, covered by the Frontier portal.
What the latest review says
The full review with charts and calculations was published on the portal on Sep 26, 2026, LUKOIL: about RUB 1,000 of dividends for 2026 and +10% to the price. Beyond the next half-year, the forecast i.
Lukoil half-year results
Lukoil, IFRS figures for the period
| Period | Revenue, RUB bn | YoY | EBITDA, RUB bn | YoY | Net profit, RUB bn | YoY |
|---|---|---|---|---|---|---|
| 2H 2023 | 4,321.8 | – | 1,134.5 | – | 594.8 | – |
| 1H 2024 | 4,333.6 | 20.2% | 984.8 | 13.1% | 591.5 | 4.6% |
| 1H 2025 | 1,907.6 | – | 421.9 | – | 90.3 | – |
| 2H 2025 | 1,860.2 | – | 470.2 | – | 6.4 | – |
| 1H 2026 | 2,059.3 | 8.0% | 815.3 | 93.3% | 440.1 | – |
In 1H 2026: revenue RUB 2,059.3 bn (+8.0% YoY), EBITDA RUB 815.3 bn (+93.3% YoY), net profit RUB 440.1 bn. The full period table, balance sheet and cash flow are on the Lukoil card.
Lukoil dividends, paid and expected
Lukoil dividends by ex-dividend year, RUB per share
| Year | RUB per share |
|---|---|
| 2021 | 553.00 |
| 2022 | 793.00 |
| 2023 | 885.00 |
| 2024 | 1,012.00 |
| 2025 | 541.00 |
| 2026 (incl. declared) | 1,210.00 |
Over the last 12 months the company paid RUB 675.00 per share, a 11.4% yield. The portal's dividend-potential model expects RUB 675.00 for the financial year (RUB 535.00 already paid or declared), a 11.3% forward yield at a 14% key rate. This is a model output, not an analyst forecast.
- Declared RUB 535.00 per share, ex-date Dec 8, 2026, payment around Dec 22, 2026
- Paid RUB 278.00 per share, ex-date May 1, 2026
- Paid RUB 397.00 per share, ex-date Jan 9, 2026
Lukoil valuation by multiples
Lukoil (LKOH), multiples as of Nov 5, 2026
| Metric | Value |
|---|---|
| P/E (LTM) | 7.9x |
| P/B | 1.0x |
| EV/EBITDA | 2.5x |
| ROE | 23.5% |
| Dividend yield, LTM | 11.4% |
| Market cap | 3533.5 bn RUB |
LTM revenue RUB 3919.4 bln, net profit RUB 446.4 bln, EBITDA RUB 1285.6 bln. Peer comparison and P/E history are on the company card.
Is Lukoil stock worth buying
As of Sep 26, 2026 our answer is "rather attractive". The review's key theses, by its headings.
- The 2026 dividend is about RUB 1,000, and more than half is already earned
- 1H EBITDA rose 45%, and all of the growth came from refining
- The second half will be weaker than the model: drone strikes halted all three large refineries
- The refining margin is now more than twice its norm, and the 2027 forecast rests on it
- How far to trust the model: the formula works, but it cannot guess prices
The verdict is as of the review date and is revisited after the next report. Any purchase decision depends on the investor's goals and horizon.
FAQ
When is the next Lukoil dividend? Per portal data, a dividend of RUB 535.00 per share is declared, ex-date Dec 8, 2026.
What dividend is expected from Lukoil? The portal model expects RUB 675.00 per share for the financial year, a 11.3% forward yield.
Is Lukoil stock worth buying? Verdict of our latest review (Sep 26, 2026): rather attractive. We estimate the 2026 dividend at about RUB 1,000 per share, a 17-20% yield against a 14% key rate. More than half of this amount has already been earned: the 1H cash flow is sitting in the accounts and will fund the interim payout.
What did the latest Lukoil report show? In 1H 2026: revenue RUB 2,059.3 bn (+8.0% YoY), EBITDA RUB 815.3 bn (+93.3% YoY), net profit RUB 440.1 bn.
Other Нефть и газ companies on the portal: Gazprom (GAZP), Surgutneftegas (SNGS), Transneft (TRNFP), Tatneft (TATN).
Author: Kirill Kuznetsov, investment adviser (Bank of Russia register No. 236 of 29.01.2024)*, Enhanced Investments channel.
- Lukoil card on the Frontier portal
- Review, Sep 26, 2026
- Dividends and prices: Enhanced Investments EI1 database, Moscow Exchange
- Russian stocks: dividends, outlook and earnings 2026
Open the company's financial profile LKOH →
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