Multiples of Russian stocks

How the market values a company's earnings, assets and equity. A low multiple does not mean “cheap” — it often means the market expects things to get worse.

Data updated: 10 October 2026 at 03:00

Company valuation

Calculated from the latest available statements and the current share price.

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Company	P/E	P/B	P/S	EV/EBITDA	ROE
FEESRosseti FGC UES	0.85×	0.08×	0.07×	1.31×	9.5 %
RNFTRussNeft	1.11×	0.19×	0.12×	2.97×	16.8 %
ELFVEl5-Ener	1.25×	0.3×	0.16×	1.37×	27.0 %
SLENSakhalinenergo ao	1.32×	0.53×	0.4×	2.7×	51.0 %
VTBRVTB	1.47×	0.27×	—	—	18.0 %
HYDRRusHydro	1.52×	0.25×	0.26×	3.96×	17.9 %
URKZUralskaya kuznica ao	1.63×	0.18×	0.57×	3.92×	11.5 %
UPROUnipro	1.72×	0.3×	0.5×	—	19.3 %
MSRSRosseti Moscow Region	1.92×	0.31×	0.28×	1.57×	17.4 %
IRAOInter RAO	1.94×	0.23×	0.14×	loss	12.2 %
TGKBTGK-2	1.98×	0.34×	0.11×	79.62×	24.7 %
TGKBPTGK-2 pref	1.98×	0.34×	0.11×	79.62×	24.7 %
GAZPGazprom	2.24×	0.13×	0.25×	3.1×	6.2 %
MRKZRosseti North-West	2.44×	0.53×	0.15×	1.2×	24.2 %
MBNKMTS Bank	2.46×	0.28×	—	—	12.1 %
TNSEPAO GK "TNS energo" ao	2.5×	1.21×	0.14×	0.63×	63.8 %
MRKCRosseti Centre	2.52×	0.4×	0.19×	1.82×	16.8 %
MRKPRosseti Centre and Volga Region	2.55×	0.51×	0.36×	1.31×	21.7 %
VGSBVolgograd Energo Sbyt	2.62×	7.27×	0.16×	1.48×	—
VGSBPVolgograd Energo Sbyt (pref)	2.62×	7.27×	0.16×	1.48×	—
UWGNUnited Wagon Company	2.69×	0.79×	0.89×	1.76×	34.7 %
ZAYMZaymer	2.9×	0.87×	—	1.51×	32.1 %
NKNCNizhnekamskneftekhim	2.91×	0.21×	0.31×	5.44×	7.6 %
NKNCPNizhnekamskneftekhim preferred shares	2.91×	0.21×	0.31×	5.44×	7.6 %
KBSBTNS energo Kuban Company	2.92×	1.2×	0.18×	1.11×	51.8 %
BSPBBank Saint Petersburg	2.96×	0.52×	—	—	18.1 %
BSPBPBank Saint Petersburg preferred shares	2.96×	0.52×	—	—	18.1 %
NMTPNCSP	3.33×	0.69×	1.74×	1.71×	22.1 %
WTCMCMT	3.36×	0.3×	1.81×	loss	9.5 %
WTCMPCMT (pref)	3.36×	0.3×	1.81×	loss	9.5 %
MRKVRosseti Volga	3.5×	0.72×	0.31×	1.86×	22.7 %
FIXRFix Price	3.51×	0.64×	0.12×	1.08×	20.1 %
RENIRenaissance Insurance	3.58×	0.7×	0.37×	2.73×	20.1 %
ZILLZIL ao	3.65×	0.3×	1.16×	loss	8.5 %
RAGRRusagro	3.67×	0.28×	0.17×	4.42×	8.0 %
NAUKNPO Nauka ao	3.67×	1.2×	0.85×	2.67×	36.9 %
GLRXPJSC GLORAX	3.74×	1.6×	0.28×	5.17×	65.0 %
SBERSberbank	3.77×	0.77×	—	—	22.0 %
SBERPSberbank preferred shares	3.77×	0.77×	—	—	22.0 %
ALRSALROSA	3.96×	0.35×	0.61×	3.4×	9.3 %
TT-Technologies	4.12×	1.07×	—	—	29.4 %
DOMRFDOM.RF	4.19×	0.79×	—	—	20.9 %
LSNGRosseti LenEnrg	4.21×	0.65×	1.03×	2.03×	16.4 %
LSNGPRosseti LenEnrg (pref)	4.21×	0.65×	1.03×	2.03×	16.4 %
SAGOSamaraEnergo ao	4.22×	0.81×	0.15×	1.27×	20.1 %
SAGOPSamaraEnergo(pref)	4.22×	0.81×	0.15×	1.27×	20.1 %
CHKZCKPZ	4.32×	1.01×	0.09×	2.0×	25.5 %
MRKURosseti Ural	4.33×	0.7×	0.44×	2.48×	17.5 %
BANEBashneft	4.34×	0.23×	0.21×	—	5.4 %
BANEPBashneft preferred shares	4.34×	0.23×	0.21×	—	5.4 %
PLZLPolyus	4.38×	5.06×	1.93×	4.12×	157.6 %
MGTSMGTS-5	4.54×	0.68×	2.68×	5.1×	16.4 %
MGTSPMGTS-4	4.54×	0.68×	2.68×	5.1×	16.4 %
IVATPJSC IVA	4.58×	1.0×	2.03×	3.49×	24.4 %
SVCBSovcombank	4.59×	0.55×	—	—	12.5 %
LSRGLSR Group	4.82×	0.39×	0.21×	2.79×	7.9 %
LPSBLESK ao	4.99×	2.99×	0.49×	3.36×	85.6 %
JNOSSlavneft-JANOS	5.0×	0.31×	0.67×	—	6.5 %
JNOSPSlavneft-JANOS (pref)	5.0×	0.31×	0.67×	—	6.5 %
HNFGHENDERSON	5.01×	1.15×	0.48×	1.64×	24.3 %
GEMCIPJSC UMG	5.05×	1.51×	1.98×	4.34×	33.5 %
SVAVSollers Avto	5.17×	0.74×	0.19×	2.08×	14.3 %
DVECDEC	5.29×	0.87×	0.16×	2.75×	18.0 %
PIKKPIK	5.29×	0.88×	0.47×	1.94×	17.3 %
ENPGEn+ Group	5.43×	0.27×	0.13×	5.29×	5.1 %
TTLKTattelekom	5.66×	0.79×	0.97×	1.54×	14.6 %
NNSBTNS energo Nizhniy-Novgorod ao	5.85×	24.23×	0.22×	3.61×	—
NNSBPTNS energo Nizhniy Novg. pref	5.85×	24.23×	0.22×	3.61×	—
SFINSFI ao	5.87×	0.42×	4.67×	—	5.8 %
LENTLenta	5.91×	1.15×	0.19×	2.66×	21.2 %
AFLTAeroflot	6.02×	2.05×	0.15×	2.65×	—
RTSBTNS energo Rostov-na-Dony ao	6.1×	3.15×	0.35×	3.92×	70.5 %
RTSBPTNS energo Rostov-na-Dony(prf)	6.1×	3.15×	0.35×	3.92×	70.5 %
MOEXMoscow Exchange	6.11×	1.31×	2.73×	—	21.7 %
HEADHeadHunter	6.31×	34.62×	3.18×	5.66×	—
BELUNovaBev Group	6.44×	1.51×	0.22×	2.47×	21.2 %
ABRDAbrau-Durso ao	6.47×	0.66×	0.6×	4.45×	10.5 %
X5X5 Corporate Center	6.64×	5.69×	0.12×	1.77×	45.2 %
PHORPhosAgro	6.73×	2.89×	1.21×	5.71×	50.9 %
KRSBKrashojarskenergosbyt	6.73×	2.51×	0.31×	4.39×	39.0 %
KRSBPKrashojarskenergosbyt pref.	6.73×	2.51×	0.31×	4.39×	39.0 %
BTBRB2B-RTS	6.75×	5.98×	2.78×	4.37×	92.8 %
BRZLBuryatzoloto ao	6.93×	0.41×	—	—	6.0 %
MISBTNS energo Mariy El ao	7.1×	1.32×	0.66×	5.63×	21.9 %
MISBPTNS energo Mariy El (pref)	7.1×	1.32×	0.66×	5.63×	21.9 %
RZSBJSC "Ryazanenergosbyt"	7.18×	4.0×	0.46×	4.58×	59.0 %
ASTRAstra Group	7.27×	4.09×	2.25×	5.86×	67.5 %
NLMKNLMK	7.32×	0.52×	0.56×	2.96×	7.2 %
AVANBank Avangard	7.34×	3.73×	—	—	52.9 %
VRSBTNS energo Voroneg ao	7.69×	1.53×	0.42×	5.47×	23.4 %
VRSBPTNS energo Voroneg ap	7.69×	1.53×	0.42×	5.47×	23.4 %
GCHECherkizovo	7.71×	1.0×	0.52×	4.22×	14.2 %
DATAArenadata Group	7.74×	3.82×	2.36×	5.73×	68.5 %
NKHPNKHP ao	7.9×	1.45×	3.36×	4.54×	19.3 %
MSNGMosenergo	8.28×	0.14×	0.18×	2.1×	1.7 %
APRI	8.33×	1.94×	0.71×	7.2×	24.2 %
PMSBPerm' EnergoSbyt	8.58×	5.78×	0.35×	6.16×	62.1 %
PMSBPPerm' EnergoSbyt (pref)	8.58×	5.78×	0.35×	6.16×	62.1 %
OZPHOzon Pharmaceuticals	8.59×	1.6×	1.68×	5.17×	21.1 %
USBNBANK URALSIB ao	8.65×	0.35×	—	—	4.2 %
MRKYRosseti South	8.67×	0.59×	0.5×	5.53×	12.3 %
MTSSMTS	8.8×	—	0.42×	3.75×	—
BAZABasis Group	8.82×	3.53×	3.11×	4.93×	46.7 %
MDMGMD Medical Group	8.91×	2.64×	2.21×	6.86×	32.2 %
VSEHVI.ru	8.94×	6.44×	0.21×	2.13×	105.5 %
YDEXYandex	9.68×	3.9×	0.95×	5.89×	43.8 %
TATNTatneft	9.88×	1.19×	0.86×	4.69×	12.0 %
TATNPTatneft preferred shares	9.88×	1.19×	0.86×	4.69×	12.0 %
RGSSRosgosstrakh ao	10.06×	1.18×	0.88×	—	12.5 %
SOFLSoftline	10.59×	0.89×	0.21×	3.82×	9.5 %
UGLDUGC	10.65×	2.57×	1.49×	6.46×	27.4 %
KAZTKuib.Azot ao	10.74×	0.63×	0.73×	4.29×	6.0 %
KAZTPKuibishevazot ap	10.74×	0.63×	0.73×	4.29×	6.0 %
TGKATGC-1	10.75×	0.13×	0.14×	3.21×	1.2 %
PAZAPavlovo Bus ao	10.76×	0.91×	0.52×	9.16×	8.8 %
POSIPositive Technologies	10.82×	3.24×	2.55×	8.1×	35.2 %
GMKNNornickel	10.9×	2.02×	1.56×	5.49×	20.7 %
KZOSKazanorgsintez	11.39×	0.58×	0.83×	5.54×	5.1 %
KZOSPKazanorgsintez preferred shares	11.39×	0.58×	0.83×	5.54×	5.1 %
SIBNGazprom neft	11.91×	0.95×	0.81×	4.43×	8.0 %
PRMDiPROMOMED	12.08×	3.23×	2.26×	7.08×	30.9 %
RTKMRostelecom	12.4×	0.64×	0.16×	2.1×	5.2 %
RTKMPRostelecom- (pref)	12.4×	0.64×	0.16×	2.1×	5.2 %
AQUAINARCTIKA	13.17×	0.71×	1.14×	—	5.2 %
YAKGYaTEK ao	13.22×	1.5×	2.78×	8.27×	12.0 %
ROSNRosneft	13.83×	0.45×	0.49×	—	3.2 %
CBOMMoscow Credit Bank	14.28×	0.87×	—	—	6.3 %
YRSBTNS energo Yaroslavl' ao	14.41×	8.02×	0.54×	7.41×	86.2 %
YRSBPTNS energo Yaroslavl' (pref)	14.41×	8.02×	0.54×	7.41×	86.2 %
RKKERKK Energia	15.43×	—	0.34×	53.62×	—
AKRNAcron	15.55×	2.86×	2.59×	11.91×	19.0 %
LEASEuroplan	15.71×	1.9×	2.02×	—	11.0 %
KFBAINGRAD	16.81×	0.62×	5.91×	—	3.9 %
CHMFSeverstal	17.99×	1.09×	0.81×	4.44×	6.3 %
NVTKNovatek	18.38×	1.19×	2.33×	8.57×	6.5 %
CNRUCian	19.52×	9.95×	3.42×	14.7×	47.7 %
IRKTYakovlev-3	20.48×	1.89×	—	—	10.3 %
TGKNTGK-14	21.68×	0.8×	0.24×	5.38×	3.5 %
DIASDiasoft	21.94×	2.26×	1.23×	8.27×	9.1 %
OMZZPOMZ (pref)	22.89×	0.64×	>100×	—	2.9 %
GAZSGaz-servis ao	24.67×	0.98×	—	—	4.0 %
GAZCGazkon ao	25.27×	0.99×	—	—	4.0 %
GAZTGAZ-Tek PAO ao	25.45×	1.01×	—	—	4.0 %
UTARUTAir Aviacompany	27.64×	1.54×	0.55×	3.96×	8.4 %
MSTTMostotrest	37.14×	4.04×	2.53×	15.57×	11.5 %
SPBESPB Exchange	38.76×	1.01×	5.3×	—	2.7 %
MRKSRosseti Sibir	40.4×	3.0×	0.34×	5.69×	7.7 %
LKOHLukoil	45.75×	1.26×	1.12×	3.77×	1.8 %
LMBZLambumiz	45.87×	5.22×	3.42×	31.05×	11.8 %
UNACOb.aviastroitelnaya korp.	47.56×	3.3×	0.59×	9.89×	8.9 %
KROTKrasnyiOctyabr	>100×	0.98×	0.43×	82.02×	0.9 %
KROTPKrasnyiOctabr-1(pr)	>100×	0.98×	0.43×	82.02×	0.9 %
VSYDViborgskii sudostr. Zavod ao	>100×	—	2.37×	20.97×	—
VSYDPViborgskii sudostr. Zavod ap	>100×	—	2.37×	20.97×	—
APTKApteki 36,6	>100×	—	0.45×	4.26×	—
KRKNSaratovskiy NPZ ao	>100×	0.2×	0.68×	—	0.1 %
KRKNPSaratovskiy NPZ ap	>100×	0.2×	0.68×	—	0.1 %
VSMOCorp. VSMPO-AVISMA ao	>100×	0.89×	2.77×	15.14×	0.1 %
AFKSSistema	—	—	0.05×	4.91×	—
BLNGBelon ao	—	2.37×	>100×	—	−103.2 %
CHMKCMK	—	0.24×	0.07×	—	−36.0 %
DELICarsharing Russia	—	3.24×	0.26×	10.42×	−86.3 %
ELMTELEMENT	—	1.33×	1.2×	11.82×	−5.8 %
ETLNEtalon Group	—	0.55×	0.1×	4.88×	−48.2 %
EVRZPJSC EVRAZ	—	—	—	—	217.0 %FY 2021
FESHFESCO	—	1.21×	1.09×	6.41×	−1.5 %
FLOTSovcomflot	—	0.57×	2.28×	5.3×	−12.2 %
GAZAGaz ao	—	—	—	—	—
GAZAPGaz (pref)	—	—	—	—	—
KCHEKamchatskenergo	—	1.9×	1.24×	10.1×	−0.2 %
KCHEPKamchatskenergo (pref)	—	1.9×	1.24×	10.1×	−0.2 %
KGKCKurganskaja Gener.Kompanija	—	0.64×	0.46×	8.84×	−3.5 %
KGKCPKurganskaja Gener.Kompanija ap	—	0.64×	0.46×	8.84×	−3.5 %
KMAZKAMAZ	—	0.53×	0.1×	—	−44.1 %
KOGKKorshunovskii GOK	—	0.12×	0.45×	—	−3.1 %
MAGNMMK	—	0.38×	0.41×	2.06×	−2.1 %
MFGSMegion	—	0.24×	0.18×	—	−3.4 %
MFGSPMegion (pref)	—	0.24×	0.18×	—	−3.4 %
MGNTMagnit	—	1.17×	0.05×	2.23×	−19.5 %
MRKKRosseti Severnyy Kavkaz ao	—	30.38×	0.39×	—	—
MTLRMechel	—	—	0.08×	—	—
MTLRPMechel pref.	—	—	0.08×	—	—
MVIDM.Video	—	—	0.02×	—	—
OGKBOGK-2	—	0.18×	0.17×	8.54×	−1.1 %
OZONOzon	—	—	0.68×	6.62×	—
RASPRaspadskaya	—	0.64×	0.73×	—	−32.5 %
ROLORusolovo PAO ao	—	13.94×	1.24×	—	−87.8 %
RUALRUSAL	—	0.4×	0.3×	14.6×	−6.8 %
RUSIRUSS-INVEST IC ao	—	—	—	—	—
SELGSeligdar	—	3.93×	0.48×	6.28×	−52.9 %
SGZHSegezha	—	>100×	0.61×	—	<−500 %
SMLTSamolet Group	—	0.55×	0.04×	3.75×	−6.2 %
SNGSSurgutneftegas	—	—	—	—	20.5 %FY 2023
SNGSPSurgutneftegas preferred shares	—	—	—	—	20.5 %FY 2023
TRMKTMK ao	—	2.02×	0.16×	6.51×	−47.0 %
TRNFPTransneft preferred shares	—	—	—	—	7.8 %
UKUZUzhnyi Kuzbass	—	—	0.81×	—	—
VJGZVar'eganneftegaz ao	—	0.69×	0.92×	12.04×	−5.1 %
VJGZPVar'eganneftegaz ap	—	0.69×	0.92×	12.04×	−5.1 %
VKCOVK	—	0.54×	0.45×	7.19×	−24.8 %

“Loss” in a column means a negative denominator: P/E is meaningless for a loss-making company. “>100×” means the denominator is close to zero, so the exact number says nothing about the price. Dividend yield is in the dividends section: it is not a valuation multiple but a payout for the period.

Multiples of Russian stocks

Company valuation

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