About the company TMK
Security pageTMK is the largest Russian producer of steel pipes, primarily for the oil and gas industry. Its products are casing and tubing, which are used to complete wells, and large-diameter line pipes. The shares trade on the Moscow Exchange under the ticker TRMK.
What the company does
Demand for pipes comes not from the consumer but from drilling: the more wells oil companies start, the more pipes they need. The company's results are therefore determined by the capital spending programmes of oil and gas companies — a quantity it has no influence over and learns about in advance.
Within the product range there is an important distinction. Plain pipes are almost a commodity, where producers compete on price. Oil country tubular goods with premium threaded connections are a complex product: they operate in wells with complex geometry and an aggressive environment, and there customers pay for quality, not per tonne.
Production cost is determined by the price of steel billet, which the company partly produces itself and partly buys.
Business lines
Oil country tubular goods
Casing and tubing with premium connections for wells.
Large-diameter pipes
Products for trunk oil and gas pipelines.
Industrial pipes
Products for mechanical engineering, power generation and construction.
History
- 2001The company was created, bringing together the country's pipe plants.
- 2000-еModernisation of production and the development of premium threaded connections.
- 2021The purchase of a major competitor noticeably increased its share of the domestic market.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- A leading position in the market for oil country tubular goods.
- High-technology products with premium threaded connections.
Weaknesses
- Demand is derived from drilling activity, which shrinks along with output restrictions.
- Substantial debt after the purchase of a competitor.
- Production cost depends on the price of steel, which the company buys in.
Opportunities
- Developing hard-to-recover reserves requires more complex and more expensive pipes.
- The construction of new pipelines in the eastern direction creates demand for large-diameter pipes.
- Premium connections are sold on quality, not per tonne, and are less sensitive to price competition.
- Import substitution widens the circle of domestic customers.
Threats
- Demand is determined by the capital spending programmes of oil companies: any cut to them hits directly.
- Production cost depends on steel billet prices.
- The debt burden left by a large takeover becomes more expensive when interest rates are high.
- Output restrictions under international agreements reduce drilling.
Frequently asked questions
What does TMK do?
The company produces steel pipes: casing and tubing for oil and gas wells, large-diameter pipes for trunk pipelines, and also industrial pipes.
What are oil country tubular goods?
These are the pipes used to complete a well: casing holds its walls in place, while tubing lifts the oil to the surface. They work under pressure in an aggressive environment, which is why special requirements are imposed on them and the connections are made premium.
What does demand for the company's products depend on?
On the volume of drilling. The more wells oil and gas companies start, the more pipes they buy. A pipe maker's results are therefore determined by the capital spending programmes of its customers, not by consumer demand.
Issuer profile
What the company does
The company is classified under the «Metals & mining» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 27 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7710373095. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 4 securities listed: 1 share class, 3 bond issues. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 3 at level 2, 1 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 12 February 2027 and the farthest on 27 December 2035. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A0JXTY7, with a face value of 1,000.00 ₽ per bond, maturing on 8 June 2027. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2015 and 2024 the issuer made 14 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 9.51 ₽ per security with a record date of 4 June 2024. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 404.40B ₽.
That is 24.0 % less than in 2024, when revenue was 532.20B ₽. The comparison stays within one reporting standard — otherwise the decline could turn out to be a change of accounting rules and nothing more.
2025 closed with a loss of −21.10B ₽.
Equity stands at 32.60B ₽ against total assets of 596.50B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.