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General information

Leading steel producer integrated with 100% self-sufficiency in iron ore, 60% in scrap, 0% in coal. Operates plants both in Russia and US (lately unprofitable due to tariffs) and generally has quite high export share in revenue (which is on one hand positive - higher share of USD-denominated revenue, on the other hand can drop more dramatically in downturns)
  • Current market environment: negative. Prices of production are 7.8% lower compared to the last 12 months (LTM)
  • Prices of production are at 12.6% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 7.3%
  • Free cash flow yield 7.2% (LTM), projected 10.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 51.3% higher than minimum and 55.3% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.4x vs
    )
  • The company is undervalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 18.0% on the change in financial parameters: EBITDA adjustment is 5 351 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 207 575 mln rub, expected mult is 2.8x, target mult is 2.9x, potential is +0.8%

Key Financials (Download financials)

Ticker: NLMK
Share price, RUB:  (-0.8%)114.48
year average price 130.97  


year start price 151.82 2024-09-16

max close price 165.16 2025-02-24

min close price 105.30 2025-07-11

current price 114.48 2025-09-15
Common stocks: 5 993 230 000
Dividend Yield:  7.3%
FCF Yield LTM / expected: 7.2% / 10.2%
EV / LTM EBITDA:3.4x
EV / EBITDA annualized: 4.0x
Production prices change from LTM: -7.8%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 686 105
Net Debt (m RUB): -78 528
EV (Enterprise Value): 607 577
EBITDA LTM (m RUB): 176 505
Net Income LTM (m RUB): 102 909
EV / LTM EBITDA: 3.4x
Net Debt / LTM EBITDA (if EBITDA > 0): -0.4x
Average daily trading volume for the week, RUB mln: 795
P / E 6.7x
P / E ann-d7.4x
P / B 0.8x
EBITDA margin ann-d 17.5%
Net income margin ann-d 10.6%

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

MSFO data *The values are shown in mln RUB 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 219 021-18% 67 968-44% 23 525-69% 23 278-38% 5 531+6% -239-10%
2025 q1 219 021-18% 67 968-44% 23 525-69% 23 278-38% 5 531+6% -239-10%
2024 q4 ( 9553 , 11705 ) 235 661+10% 87 8810% 43 685-12% 28 176-44% 3 882+21% -327-75%
2024 q3 235 661+10% 87 8810% 43 685-12% 28 176-44% 3 882+21% -327-75%
2024 q2 267 554+5% 120 700+4% 75 168-5% 37 328-37% 5 210+75% -265-78%
2024 q1 267 554-8% 120 700-3% 75 168-11% 37 328-37% 5 210+70% -265-79%
2023 q4 ( 7976 , 9059 ) 213 878>+200% 87 862 49 436 50 004 3 220 -1 300
2023 q3 213 878 87 862 49 436 50 004 3 220 -1 300
2023 q2 254 377<-100% 116 156-43% 79 541-37% 59 361-35% 2 975-43% -1 210-60%
2023 q1 289 400 124 505 84 204 59 361 3 057 -1 256
2022 q4 34 895-89%          
2022 q2 -23 364<-100% 202 749+22% 126 572-10% 91 752-9% 5 261>+200% -3 054-25%
2021 q4 ( 1650 , 1651 ) 321 154+48% 158 093+72% 111 835+74% 88 720+95% 322-62% -1 337-28%
2021 q3 334 906+104% 187 430>+200% 156 583>+200% 119 567>+200% 1470% -1 322-38%
2021 q2 ( 1653 , 1654 ) 306 860+96% 166 698>+200% 140 499>+200% 101 061>+200% 111-34% -4 060+181%
2021 q1 213 296+29% 98 278+94% 75 587+157% 57 881+198% 74-63% -1 637+16%
2020 q4 ( 1656 , 1657 ) 216 428+47% 91 902+121% 64 090+196% 45 508>+200% 853>+200% -1 851+113%
2020 q3 164 158-1% 55 382+4% 32 183-3% 22 978+3% 147-54% -2 136+74%
2020 q2 ( 1659 , 1660 ) 156 702-13% 54 862-5% 31 691-17% 6 149-77% 167-42% -1 445+14%
2020 q1 164 881-13% 50 598-13% 29 460-20% 19 394-23% 201-24% -1 409+34%
2019 q4 ( 1662 , 1663 ) 147 137-26% 41 530-43% 21 648-54% 12 890-61% 260-9% -870-12%
2019 q3 166 532-19% 53 140-32% 33 099-43% 22 239-48% 323+64% -1 228+17%
2019 q2 ( 1665 , 1666 ) 180 536-6% 57 868-14% 38 194-19% 26 652-26% 286+15% -1 267+4%
2019 q1 188 872+19% 57 998+4% 36 800-1% 25 148-12% 263-54% -1 053-2%
2018 q4 ( 1668 , 1669 ) 199 453+21% 72 757+28% 47 343+31% 33 441+32% 285<-100% -988-9%
2018 q3 205 117+36% 78 583+67% 57 658+95% 42 506+102% 197-63% -1 050-43%
2018 q2 ( 1671 , 1672 ) 192 147+32% 67 497+58% 46 981+85% 35 856+83% 249-77% -1 223+10%
2018 q1 158 857+26% 55 663+26% 37 355+35% 28 656+52% 569+62% -1 080+2%
2017 q4 ( 1674 , 1675 ) 164 538+33% 56 924+34% 36 021+43% 25 280+27% -281<-100% -1 084-8%
2017 q3 150 369+5% 46 979-13% 29 531-18% 21 043-16% 531-9% -1 827+23%
2017 q2 ( 1677 , 1678 ) 145 551+18% 42 681+2% 25 345+11% 19 567+60% 1 087+42% -1 108-61%
2017 q1 126 491+8% 44 119+44% 27 692+96% 18 892>+200% 352-54% -1 056-30%
2016 q4 ( 1680 , 1681 ) 123 951-18% 42 588-1% 25 243+23% 19 858<-100% 509-54% -1 176-77%
2016 q3 143 674+13% 54 305+35% 35 838+55% 24 990-4% 581-37% -1 485+41%
2016 q2 ( 1683 , 1684 ) 123 150+9% 41 884+24% 22 748+35% 12 227+44% 765+13% -2 876+149%
2016 q1 117 595-15% 30 553-38% 14 094-55% 4 206-79% 768+6% -1 514-10%
2015 q4 ( 1686 , 1687 ) 150 330+36% 43 081+9% 20 442-9% -3 451-11% 1 114+130% -5 161>+200%
2015 q3 127 383+35% 40 089+34% 23 145+37% 25 976+112% 916+136% -1 055-23%
2015 q2 112 679+15% 33 747+33% 16 798+26% 8 495+11% 674+123% -1 1560%
2015 q1 139 030+50% 49 276+129% 31 443>+200% 20 148+165% 728>+200% -1 675+49%
2014 q4 ( 1691 , 1692 ) 110 730+28% 39 443+113% 22 383>+200% -3 857+170% 485+79% -1 569+18%
2014 q3 94 528-5% 29 958+71% 16 842>+200% 12 248+166% 388+9% -1 378+73%
2014 q2 97 876+5% 25 330+40% 13 327+128% 7 629>+200% 302-23% -1 154+28%
2014 q1 92 438+6% 21 509+35% 9 425+180% 7 617>+200% 243-20% -1 126+20%
2013 q4 86 435-8% 18 486-18% 5 393-39% -1 429<-100% 270+22% -1 332+151%
2013 q3 99 065+5% 17 491-22% 5 206-41% 4 608-3% 355+60% -796+50%
2013 q2 93 149 18 131 5 840 1 089 390 -902
2013 q1 86 842 15 929 3 370 1 074 305 -936
2012 q4 94 402+3% 22 477-14% 8 797-32% 4 738-52% 222-4% -532>+200%
2012 q3 94 402+3% 22 477-14% 8 797-32% 4 738-52% 222-4% -532
2011 q4 91 512+42% 26 213+16% 12 997-6% 9 840-4% 230-34% -124+1%
2011 q3 91 512+42% 26 213+16% 12 997-6% 9 840-4% 230-34%  
2010 q4 64 281+34% 22 693+45% 13 814+98% 10 248>+200% 347-26% -122-91%
2010 q3 64 281+34% 22 693+45% 13 814+98% 10 248>+200% 347-26% -122-91%
2009 q4 48 137-48% 15 598-63% 6 993-78% 769-96% 468-40% -1 340-21%
2009 q3 48 137 15 598 6 993 769 468 -1 340
2008 q4 91 718 42 265 31 841 17 852 786 -1 703


Balance


Implied interest rate for 2021 q4:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 337 - 322) * 4 / (202 209 - 2 094)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 865 738+10% 1 113 377+8% -78 528-1%   -0.44x
2025 q1         -0.33x
2024 q4 ( 9553 , 11705 ) 859 9130% 1 130 870+1% -68 814-64%   -0.27x
2024 q3         -0.27x
2024 q2 785 060+6% 1 027 581-1% -79 119>+200%   -0.28x
2024 q1         -0.46x
2023 q4 ( 7976 , 9059 ) 863 849+38% 1 123 752+18% -190 010   -0.70x
2023 q3         -0.35x
2023 q2 739 101 1 041 789 -19 777   -0.02x
2023 q1         0.10x
2022 q4 626 435+30% 950 594+5%     0.19x
2022 q2         0.28x
2021 q4 ( 1650 , 1651 ) 481 741+38% 909 415+25% 202 209+6% 2.0% 0.40x
2021 q3 461 505+38% 860 526+20% 193 626+12% 2.5% 0.42x
2021 q2 ( 1653 , 1654 ) 422 370+19% 818 791+16% 182 198+25% 8.7% 0.41x
2021 q1 407 258+5% 753 351-1% 159 648+16% 3.9% 0.66x
2020 q4 ( 1656 , 1657 ) 350 340-5% 728 696+12% 190 113+54% 2.1% 0.93x
2020 q3 334 206-12% 714 284+6% 172 333+27% 4.6% 0.98x
2020 q2 ( 1659 , 1660 ) 356 340-5% 708 614+2% 145 624+20% 3.5% 0.85x
2020 q1 386 786-11% 760 857+14% 137 196+124% 3.6% 0.87x
2019 q4 ( 1662 , 1663 ) 368 129-9% 648 970-6% 123 289+25% 2.0% 0.64x
2019 q3 378 487-7% 673 169-1% 136 022+89% 2.7% 0.59x
2019 q2 ( 1665 , 1666 ) 375 260-5% 695 915+6% 120 941+53% 3.3% 0.38x
2019 q1 434 652+6% 667 796+4% 61 371+61% 5.2% 0.27x
2018 q4 ( 1668 , 1669 ) 405 235+6% 690 822+9% 98 484+37% 2.9% 0.26x
2018 q3 405 989+6% 676 780+5% 72 023+24% 4.8% 0.27x
2018 q2 ( 1671 , 1672 ) 393 505+2% 657 265+5% 79 090+13% 5.0% 0.33x
2018 q1 410 015+3% 641 738+4% 38 230-23% 5.5% 0.31x
2017 q4 ( 1674 , 1675 ) 382 764-1% 633 345+1% 72 030+66%   0.35x
2017 q3 384 6560% 641 707+2% 57 940+31% 9.1% 0.31x
2017 q2 ( 1677 , 1678 ) 385 756+4% 624 3630% 70 068-7% 0.1% 0.42x
2017 q1 399 183+6% 616 457-2% 49 690-24% 5.8% 0.35x
2016 q4 ( 1680 , 1681 ) 386 678+3% 627 363-3% 43 332-46% 6.3% 0.37x
2016 q3 385 277+2% 626 819+2% 44 171-38% 8.4% 0.42x
2016 q2 ( 1683 , 1684 ) 369 679-1% 626 658-4% 75 535 11.3% 0.71x
2016 q1 377 525 627 555 65 624 4.6% 0.66x
2015 q4 ( 1686 , 1687 ) 374 438+1% 650 063+6% 80 326-16% 20.4% 0.72x
2015 q3 377 425 616 451 70 942 0.8% 0.58x
2015 q2 374 438 650 063     0.55x
2015 q1         0.66x
2014 q4 ( 1691 , 1692 ) 370 604 613 028 95 525 4.6% 1.03x
2014 q3         0.97x
2014 q2         1.16x
2014 q1         1.50x
2013 q4         1.90x
2013 q3         2.61x
2013 q2         5.07x
2013 q1         11.16x
2012 q4          
2012 q3          
2011 q4          
2011 q3          
2010 q4 295 750+100% 424 893+100% 40 753+100% -2.0%  
2010 q3          
2009 q4 0 0 0    
2009 q3          
2008 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 26 102-52% -23 870>+200% -638-99%
2025 q1 26 102-52% -23 870>+200% -638-99%
2024 q4 ( 9553 , 11705 ) 43 768-17% -41 782>+200% -33 359+16%
2024 q3 43 768-17% -41 782>+200% -33 359+16%
2024 q2 54 117+2% -5 337-66% -76 759+145%
2024 q1 54 117+2% -5 337-66% -76 759+145%
2023 q4 ( 7976 , 9059 ) 52 546-15% -3 857-83% -28 812+106%
2023 q3 52 546 -3 857 -28 812
2023 q2 53 297 -15 686 -31 299
2023 q1 53 297 -15 686 -31 299
2022 q4 61 852-26% -22 565+61% -13 976-80%
2022 q2      
2021 q4 ( 1650 , 1651 ) 83 862+91% -14 043<-100% -70 395+53%
2021 q3 100 510+108% -32 165-9% -84 754+99%
2021 q2 ( 1653 , 1654 ) 92 358+133% -17 239-52% -53 901+133%
2021 q1 51 408+24% -30 577+32% -46 572<-100%
2020 q4 ( 1656 , 1657 ) 43 990-5% 7 852<-100% -45 866+77%
2020 q3 48 384+35% -35 234-4% -42 596-5%
2020 q2 ( 1659 , 1660 ) 39 608+24% -35 580>+200% -23 162<-100%
2020 q1 41 405-26% -23 085-47% 34 090<-100%
2019 q4 ( 1662 , 1663 ) 46 209+8% -1 995-89% -25 957-4%
2019 q3 35 757-43% -36 637>+200% -44 644+19%
2019 q2 ( 1665 , 1666 ) 31 891+25% -9 187<-100% 3 483<-100%
2019 q1 56 023+34% -43 713<-100% -40 553+44%
2018 q4 ( 1668 , 1669 ) 42 626+56% -18 276+120% -27 129-27%
2018 q3 62 377+54% -6 162-85% -37 430>+200%
2018 q2 ( 1671 , 1672 ) 25 599+1% 30 075>+200% -38 788+98%
2018 q1 41 903+130% 10 518>+200% -28 144+41%
2017 q4 ( 1674 , 1675 ) 27 4070% -8 307<-100% -37 105+53%
2017 q3 40 397+8% -41 976>+200% -8 860-57%
2017 q2 ( 1677 , 1678 ) 25 295+46% 4 786<-100% -19 587+41%
2017 q1 18 187-42% 821<-100% -19 948+16%
2016 q4 ( 1680 , 1681 ) 27 444+35% 5 668<-100% -24 308<-100%
2016 q3 37 400-2% -4 277-86% -20 416+13%
2016 q2 ( 1683 , 1684 ) 17 272-13% -19 654>+200% -13 856+70%
2016 q1 31 403+2% -671-96% -17 256+113%
2015 q4 ( 1686 , 1687 ) 20 398-11% -40 034>+200% 9 405<-100%
2015 q3 38 269+115% -30 096>+200% -18 125+86%
2015 q2 19 859 -5 144 -8 150
2015 q1 30 684 -17 281 -8 120
2014 q4 ( 1691 , 1692 ) 22 965+112% -12 530+52% -15 107>+200%
2014 q3 17 767 -7 795 -9 727
2014 q2      
2014 q1      
2013 q4 10 846 -8 262 -1 824
2013 q3      
2013 q2      
2013 q1      
2012 q4      
2012 q3      
2011 q4   -14 581+3% 376<-100%
2011 q3   -14 581+3% 376<-100%
2010 q4   -14 221+2% -609-85%
2010 q3   -14 221+2% -609-85%
2009 q4   -13 888-26% -4 192<-100%
2009 q3   -13 888 -4 192
2008 q4   -18 805 6 262
RSBU data *The values are shown in mln RUB 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 163 090-18% 13 543-70% -11 332<-100% 43 002>+200% 2 237-30% -3 124+34%
2025 q1 163 296-14% 23 234-48% 1 879-91% -1 234<-100% 1 283-56% -2 940+17%
2024 q4 177 400+2% 29 323-40% 1 059-96% 9 974-82% 2 850-19% -3 434+45%
2024 q3 169 598-3% 34 338-38% 10 040-73% 12 107-83% 3 187+21% -3 965+85%
2024 q2 200 024+15% 44 704-24% 17 934-57% 13 106-64% 3 206+31% -2 3290%
2024 q1 190 492 44 701 21 468 17 179 2 915 -2 504
2023 q4 174 736+6% 48 730+90% 24 412>+200% 56 071+17% 3 538>+200% -2 375+64%
2023 q3 175 355 55 463 37 636 72 794 2 626 -2 142
2023 q2 174 069 58 796 41 342 36 542 2 442 -2 329
2023 q1            
2022 q4 165 548-24% 25 609-56% 6 907-58% 47 947-50% 403 -1 452
2022 q3            
2022 q2            
2021 q4 217 404+84% 58 547+72% 16 407-19% 95 594>+200%    
2021 q3 203 562+97% 82 004>+200% 67 088>+200% 68 851>+200%    
2021 q2 223 285+101% 99 618>+200% 84 642>+200% 80 370+100% 71-23% -1 417-7%
2021 q1 148 676+43% 57 138+128% 45 103>+200% 33 376<-100%    
2020 q4 118 449+26% 34 108+98% 20 340>+200% 7 257<-100%    
2020 q3 103 378+3% 23 459-8% 10 833-28% 21 480-47%    
2020 q2 111 015+1% 28 609-6% 15 159-23% 40 201+13% 92 -1 519
2020 q1 104 237-12% 25 038-23% 13 104-37% -7 813<-100%    
2019 q4 94 060-25% 17 244-58% 5 189-80% -9 917<-100%    
2019 q3 100 091-23% 25 636-44% 14 959-56% 40 267+62%    
2019 q2 109 578-54% 30 477-60% 19 619-64% 35 564-17%    
2019 q1 118 088>+200% 32 372>+200% 20 876>+200% 17 506>+200%    
2018 q4 124 722<-100% 40 893<-100% 25 778<-100% 50 336<-100%    
2018 q3 130 384+24% 45 558+54% 33 915+76% 24 896+74%    
2018 q2 238 611+136% 75 897>+200% 53 989>+200% 42 610+165%    
2018 q1 112<-100% 34<-100% 23<-100% 17<-100%    
2017 q4 -299 996<-100% -76 160<-100% -45 917<-100% -43 469<-100%    
2017 q3 105 063+11% 29 622-10% 19 244-18% 14 307-24%    
2017 q2 101 178+17% 22 146-14% 11 264-28% 16 078-12%    
2017 q1 94 165+31% 24 502+53% 15 477+106% 13 193+131%    
2016 q4 83 810 24 303 14 216 9 105    
2016 q3 94 260 32 837 23 512 18 939    
2016 q2 86 756 25 769 15 550 18 334    
2016 q1 72 126 15 984 7 521 5 706    
2015 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (3 124 - 2 237) * 4 / (61 346 - 0)

Q Total equity Total assets Net debt
 
2025 q2 625 520+11% 877 979+4% 61 346+25%
2025 q1 582 517-17% 866 956-12% 104 095<-100%
2024 q4 583 751-15% 894 223-9% 142 842<-100%
2024 q3 573 750-11% 884 419-4% 55 400<-100%
2024 q2 561 644+5% 840 2030% 49 153-48%
2024 q1 700 946+3% 985 935+1% -47 950-4%
2023 q4 683 765+48% 978 507+7% -49 778<-100%
2023 q3 644 324 924 428 -26 111
2023 q2 535 278 843 101 94 098
2023 q1 683 765 978 507 -49 778
2022 q4 462 193 917 192 135 534-35%
2022 q3      
2022 q2      
2021 q4     209 846+51%
2021 q3     201 147+45%
2021 q2 279 826 660 649 123 527-11%
2021 q1     120 132-13%
2020 q4     138 646+39%
2020 q3     138 646+39%
2020 q2     138 646+39%
2020 q1     138 646+39%
2019 q4     99 991+132%
2019 q3     99 991+132%
2019 q2     99 991+132%
2019 q1     99 991>+200%
2018 q4     43 053>+200%
2018 q3     43 053+29%
2018 q2     43 053+29%
2018 q1     43<-100%
2017 q4     33<-100%
2017 q3     33 257+10%
2017 q2     33 257+10%
2017 q1     33 257+10%
2016 q4     -58 232-29%
2016 q3     30 290
2016 q2     30 290
2016 q1     30 290
2015 q4     -81 870
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company