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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 54.2% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (55.8%)
  • Dividend yield for the last twelve months 3.3%
  • Free cash flow yield 5.0% (LTM)
  • Share price is 160.5% higher than minimum and 1.6% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (7.1x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: YDEX
Share price, RUB:  (-1.6%)4792.5
year average price 4263  


year start price 4550 2025-02-18

min close price 3754 2025-10-03

max close price 4871 2026-02-16

current price 4793 2026-02-17
Common stocks: 393 959 444

Dividend Yield:  3.3%
FCF Yield LTM: 5.0%
EV / LTM EBITDA:[с учетом прогноза: 5.7x]    7.1x
EV / EBITDA annualized: 5.6x
Last revenue growth (y/y):  28.2%
Last growth of EBITDA (y/y):  80.2%
Historical revenue growth:  40.8%
Historical growth of EBITDA:  70.8%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
Fundamental value created in LTM:
[с учетом прогноза фин показателей]
 Mult Upside+86.2%
 FCF Creation-1.2%
 Growth+22.3%
 Growth Corr-33.5%
 
 Sum+73.8%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 1 888 051
Net Debt (m RUB): 94 800
EV (Enterprise Value): 1 982 851
EBITDA LTM (m RUB): 280 834
Net Income LTM (m RUB): 64 900
EV / LTM EBITDA: 7.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.3x
Average daily trading volume for the week, RUB mln: 3268
P / E 30.8x
P / E ann-d29.1x
P / B 6.5x
EBITDA margin ann-d 20.1%
Net income margin ann-d 4.9%

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-3.26 YDH6 2026-03-20 4859.00 +0.6% 281.1 4795.5 +1.3% +16.8%
Фьючерсный контракт YDEX-6.26 YDM6 2026-06-19 4937.00 +0.5% 22.1 4795.5 +3.0% +9.1%
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
 
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 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (16 152 - 3 640) * 4 / (313 217 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
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
 
2025 q2     -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
 
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 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 550 - 1 566) * 4 / (65 581 - 0)

Q Total equity Total assets Net debt
 
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