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General information

Ozon Holdings PLC operates as a holding company. The Company, through its subsidiaries, develops an online marketplace connecting buyers and sellers of merchandise in Russia.
  • Good financial results growth rate 51.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (75.1%)
  • Dividend yield for the last twelve months 9.0%
  • Free cash flow yield -1.9% (LTM)
  • Share price is 8.4% higher than minimum and 50.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.3x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: OZON
Share price, RUB:  (+1.6%)2369
year average price 3998  


year start price 4347 2025-09-03

max close price 4811 2026-02-19

min close price 2185 2026-08-28

current price 2369 2026-09-02
Common stocks: 216 413 733

Dividend Yield:  9.0%
FCF Yield LTM: -1.9%
EV / LTM EBITDA:[с учетом прогноза: 3.9x]    4.3x
EV / EBITDA annualized: 3.4x
Last revenue growth (y/y):  46.8%
Last growth of EBITDA (y/y):  56.0%
Historical revenue growth:  53.7%
Historical growth of EBITDA:  96.6%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
Fundamental value created in LTM:
[с учетом прогноза фин показателей]
 Mult Upside+261.5%
 FCF Creation-14.8%
 Growth+28.9%
 Growth Corr-46.2%
 
 Sum+229.5%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 512 684
Net Debt (m RUB): 239 328
EV (Enterprise Value): 752 012
EBITDA LTM (m RUB): 173 482
Net Income LTM (m RUB): -178 309
EV / LTM EBITDA: 4.3x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.4x
Average daily trading volume for the week, RUB mln: 5503
[auto extract] P / B 0.7x
EBITDA margin ann-d 16.5%
Net income margin ann-d -57.2%

Revenue and EBITDA

Quarterly values (m RUB)

Change (y/y)

Cash Flow

FCF (m RUB), before FX effects elimination

Net Debt / Cash and Equivalents (m RUB)

Share price and dividends (Download history)

Share price

Payment RUB per share

Multiple and potential

EV / LTM EBITDA and 50% percentile

Potential dynamics

Daily trade volumes

Millions of RUB

P/B and P/E multipliers

P / B

P / E

Фьючерсы
Название Инструмент Дата экспирации Последняя цена За день Дневной объем млн руб Цена акции Контанго / бэквордация Annualized
Фьючерсный контракт OZON-9.26 ONU6 2026-09-18 2360.00 +1.2% 2 788.0 2369 -0.4% -8.3%
Фьючерсный контракт OZON-12.26 ONZ6 2026-12-18 2439.00 +0.9% 364.3 2369 +3.0% +10.4%
MSFO data *The values are shown in mln. The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2026 q2 ( 16005 , 16006 ) 334 186+47%   -212 762<-100% -191 014<-100% 301>+200% 16 016<-100%
2026 q1 300 926+49% 68 228+45% 26 065+130% 4 541<-100%   -16 478-5%
2025 q4 308 550+44% 65 367+117% 21 856<-100% 5 226-82%   -16 412+44%
2025 q3 258 898+69% 60 110+122% 17 826>+200% 2 938<-100%   -14 184+141%
2025 q2 227 624+87% 57 475>+200% 140 748<-100% 159 994<-100% 25 -17 348+26%
2025 q1 202 115+32% 47 182+74% 11 342+108% -7 894>+200%   -17 384+27%
2024 q4 ( 9387 , 15736 ) 214 740+68% 30 059+106% -7 312+38% 28 468<-100%   -11 362>+200%
2024 q3 153 110+20% 27 127+86% 5 466<-100% -740-80%   -5 885>+200%
2024 q2 121 960+30% 15 572+59% -13 128+52% -27 971+114%   -13 725+172%
2024 q1 153 693+41% 27 127>+200% 5 466<-100% -740-97%   -13 725
2023 q4 ( 9257 , 15735 ) 127 914+37% 14 607 -5 285-65% -3 762-81% 506-29% -121-97%
2023 q3 127 914+37% 14 607 -5 285-65% -3 762-81% 506-29% -121-96%
2023 q2 94 164 9 807 -8 629 -13 087 9 101 -5 053
2023 q1 108 963>+200% 5 421>+200% -13 556<-100% -22 055<-100%    
2022 q4 ( 9256 , 15734 ) 93 626+41%   -15 143+3% -19 396+37% 717+93% -4 210+190%
2022 q3 93 626   -15 143 -19 396 717 -2 965
2022 q1 32 43 1 279 0    
2021 q4 66 298   -14 714 -14 195 371 -1 451


Balance


Implied interest rate for 2026 q1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (16 478 - 0) * 4 / (253 619 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2026 q2 ( 16005 , 16006 ) 735 514<-100% 752 915-29% 10 914-94%   1.38x
2026 q1 -144 453 1 560 523 253 619 26.0% 1.38x
2025 q4 -148 406+12% 1 429 778+61% 215 309<-100% 30.5% 1.44x
2025 q3 -137 362 1 248 585 181 216 31.3% 1.58x
2025 q2 -140 307+36% 1 066 737+96% 179 350+22% 38.6% 2.03x
2025 q1         3.90x
2024 q4 ( 9387 , 15736 ) -132 500+99% 890 006+87% -106 305<-100%   5.71x
2024 q3         15.93x
2024 q2 -103 203 544 394 147 277 37.3%  
2024 q1 -101 444+31% 693 964+35% 93 720-15% 58.6%  
2023 q4 ( 9257 , 15735 ) -66 577>+200% 476 026+67% 120 075+73% -1.3%  
2023 q3          
2023 q2          
2023 q1 -77 715 515 216 110 883    
2022 q4 ( 9256 , 15734 ) -16 647 284 821 69 512 20.1%  
2022 q3          
2022 q1          
2021 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2026 q2 ( 16005 , 16006 ) 7 192<-100% -4 669<-100% -1 560<-100%
2026 q1      
2025 q4 165 332-1% -31 832+22% 6 157<-100%
2025 q3 173 031+130%    
2025 q2 -65<-100% 9<-100% 0+100%
2025 q1      
2024 q4 ( 9387 , 15736 ) 167 642>+200% -25 987+190% -55 386>+200%
2024 q3 75 272+38% -25 987+190% 84 336<-100%
2024 q2 21 685+101% -11 264+60% -53 056<-100%
2024 q1 21 685<-100% -14 297>+200% 64 556>+200%
2023 q4 ( 9257 , 15735 ) 54 461<-100% -8 968+1% -3 897<-100%
2023 q3 54 461<-100% -8 968+124% -3 897<-100%
2023 q2 10 787 -7 038 6 367
2023 q1 -1 752 -4 500 16 033
2022 q4 ( 9256 , 15734 ) -2 532-26% -8 8560% 4 599-66%
2022 q3 -4 688 -4 010 4 631
2022 q1      
2021 q4 -3 407 -8 851 13 473
RSBU data *The values are shown in mln. The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2026 q2 14 790 7 395 14 719 15 050 530 -228
2026 q1 0   -81 -79 22  
2025 q4 65 49 19 6 774 55  
2025 q3 0   -4 9 998 4  
2025 q2            
2025 q1            
2024 q4            
2024 q3            


Balance


Implied interest rate for 2026 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (228 - 530) * 4 / (11 951 - 0)

Q Total equity Total assets Net debt
 
2026 q2 152 968 170 559 11 951
2026 q1 152 907 153 773 -1 370
2025 q4 152 986 158 557 -1 202+1%
2025 q3 182 500 183 227 -31 187
2025 q2      
2025 q1      
2024 q4     -1 185
2024 q3      
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company