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General information

Technological leader being #1 search engine in Russia, #1 in taxi business, as well operating classifieds, music, carsharing, food delivery businesses
  • Good financial results growth rate 25.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (47.3%)
  • Dividend yield for the last twelve months 6.4%
  • Free cash flow yield 11.7% (LTM)
  • Share price is 60.3% higher than minimum and 29.0% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.4x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: YDEX
Share price, RUB:  (-5.0%)3459
year average price 4164  


year start price 4341 2025-08-25

max close price 4871 2026-02-16

min close price 3228 2026-07-17

current price 3459 2026-08-24
Common stocks: 396 012 957

Dividend Yield:  6.4%
FCF Yield LTM: 11.7%
EV / LTM EBITDA:[с учетом прогноза: 3.9x]    4.4x
EV / EBITDA annualized: 4.0x
Last revenue growth (y/y):  16.2%
Last growth of EBITDA (y/y):  34.6%
Historical revenue growth:  35.0%
Historical growth of EBITDA:  59.6%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
Fundamental value created in LTM:
[с учетом прогноза фин показателей]
 Mult Upside+128.0%
 FCF Creation+4.7%
 Growth+22.3%
 Growth Corr-25.0%
 
 Sum+130.0%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 1 369 809
Net Debt (m RUB): 66 500
EV (Enterprise Value): 1 436 309
EBITDA LTM (m RUB): 328 093
Net Income LTM (m RUB): 171 314
EV / LTM EBITDA: 4.4x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.2x
Average daily trading volume for the week, RUB mln: 1984
[auto extract] P / E 8.0x
[auto extract] P / E ann-d5.3x
[auto extract] P / B 3.4x
EBITDA margin ann-d 23.0%
Net income margin ann-d 16.7%

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 YDEX-9.26 YDU6 2026-09-18 3514.00 -4.5% 411.3 3464.5 +1.4% +23.0%
Фьючерсный контракт YDEX-12.26 YDZ6 2026-12-18 3531.00 -4.6% 17.5 3464.5 +1.9% +6.2%
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 386 308+16%   88 914+116% 64 539>+200% 2 586-29% -12 782-21%
2026 q1 386 308+16%   88 914+116% 64 539>+200% 2 586-29% -12 782-21%
2025 q4 436 011+28%   44 179+98% 21 118+47% 3 972+30% -15 525+70%
2025 q3 436 011+28%   44 179+98% 21 118+47% 3 972+30% -15 525+70%
2025 q2 332 524+33%   41 105<-100% 16 225<-100% 3 640+64% -16 152+104%
2025 q1 332 524+33%   41 105<-100% 16 225<-100% 3 640+64% -16 152+104%
2024 q4 340 131+37%   22 270 14 407 3 054 -9 128
2024 q3 340 131   22 270 14 407 3 054 -9 128
2024 q2 249 315+37%   -15 265<-100% -31 754<-100% 2 218+50% -7 905+135%
2024 q1 249 315   -15 265 -31 754 2 218 -7 905
2023 q4 248 956          
2023 q2 182 059   19 392 22 465 1 476 -3 360


Balance


Implied interest rate for 2026 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (12 782 - 2 586) * 4 / (389 446 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2026 q2 406 268+39% 1 492 530+30% 389 446+24% 10.5% 0.20x
2026 q1         0.29x
2025 q4         0.34x
2025 q3         0.54x
2025 q2 291 637+7% 1 145 673+38% 313 217+114% 16.0% 0.68x
2025 q1         0.68x
2024 q4 293 797 1 098 688 222 017 10.9% 0.69x
2024 q3         0.75x
2024 q2 272 557 829 598 146 091 15.6% 0.71x
2024 q1         0.82x
2023 q4         0.99x
2023 q2         0.86x


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2026 q2 68 087+67% -18 761-30% -25 728+8%
2026 q1 68 087 -18 761 -25 728+8%
2025 q4 80 485>+200% -49 192 -11 662
2025 q3 80 485>+200% -49 192 -11 662
2025 q2 40 876<-100% -26 974+32% -23 921+146%
2025 q1     -23 921
2024 q4 5 769-58%    
2024 q3 5 769    
2024 q2 -5 840<-100% -20 449+73% -9 732+167%
2024 q1      
2023 q4 13 901    
2023 q2 17 335 -11 810 -3 652
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 17 500-64% 17 500-27% 34 977-27% -51 309<-100% 4 465>+200% -4 349>+200%
2026 q1     -23>+200% 299<-100% 4 380 -4 252
2025 q4            
2025 q3 40 000+100% 32 000 39 991<-100% 43 774>+200% 1 566 -1 550
2025 q2 48 000+100% 24 000 47 944<-100% 48 696-92% 870 -862
2025 q1 00%   -3>+200% 60 111<-100%    
2024 q4 00%   -23 245 557 0  
2024 q3 0   -20 7 604    
2024 q2 0   -3 621 448    
2024 q1 0   0 0    
2023 q4 00%          
2023 q3            
2023 q2            
2023 q1            
2022 q4 0          


Balance


Implied interest rate for 2026 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (4 349 - 4 465) * 4 / (159 547 - 0)

Q Total equity Total assets Net debt
 
2026 q2 2 539 386+32% 2 709 094+37% 159 547>+200%
2026 q1 2 629 031+38% 2 742 493+44% 106 010>+200%
2025 q4 2 623 732>+200% 2 730 161+48% 91 950>+200%
2025 q3 1 946 479+26% 2 047 398+30% 65 581+124%
2025 q2 1 930 107+23% 1 971 120+25% 40 377>+200%
2025 q1 1 900 391+108% 1 900 558+108% 150>+200%
2024 q4 840 280>+200% 1 840 437>+200% 151
2024 q3 1 550 828 1 580 146 29 299
2024 q2 1 572 447 1 572 460 12
2024 q1 915 263 915 264 1
2023 q4 152 152  
2023 q3      
2023 q2      
2023 q1      
2022 q4      
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company