Yandex
YDEX · Constituent of Russia IT Index
Financial summary
Millions of roubles · LTM = last full year + latest half − same half a year earlier| mn RUB | 2023 | 2024 | 2025 | LTM |
|---|---|---|---|---|
| Enterprise value | ||||
| Market capitalisation | 963,813 | 1,491,327 | 1,739,038 | 1,421,654 |
| Growth %, YoY | — | +54.7 | +16.6 | -18.3 |
| + Net debt borrowings and leases, less cash | 120,100 | 130,400 | 110,005 | 73,975 |
| Growth %, YoY | — | +8.6 | -15.6 | -32.8 |
| = Enterprise value | 1,083,913 | 1,621,727 | 1,849,043 | 1,495,629 |
| Growth %, YoY | — | +49.6 | +14.0 | -19.1 |
| Income statement | ||||
| Revenue | 798,100 | 1,094,560 | 1,441,098 | 1,561,086 |
| Growth %, YoY | — | +37.2 | +31.7 | +8.3 |
| Gross profit | — | — | — | — |
| Growth %, YoY | — | — | — | — |
| EBITDA operating profit + D&A | 122,385 | 128,434 | 272,167 | 359,634 |
| Growth %, YoY | — | +4.9 | +111.9 | +32.1 |
| EBITDA margin, % | 15.3 | 11.7 | 18.9 | 23.0 |
| Change, p.p. | — | -3.6 | +7.2 | +4.2 |
| Net income attributable to shareholders | 53,700 | 11,468 | 79,579 | 167,561 |
| Growth %, YoY | — | -78.6 | +593.9 | +110.6 |
| Cash flow | ||||
| Free cash flow operating cash flow − capex, as the issuer classifies interest | 30,020 | 78,561 | 136,462 | 178,028 |
| Growth %, YoY | — | +161.7 | +73.7 | +30.5 |
| — of which fintech funding, removed customer deposits taken, net of lending | — | — | — | — |
| Dividends paid | 0 | 29,223 | 60,492 | 72,384 |
| Growth %, YoY | — | — | +107.0 | +19.7 |
| Multiples | ||||
| EV/EBITDA | 8.9 | 12.6 | 6.8 | 4.2 |
| P/E (basic) | 17.9 | 131.1 | 21.8 | 8.5 |
| P/E (diluted) | 17.9 | 132.6 | 22.9 | 8.9 |
| Net debt/EBITDA | 1.0 | 1.0 | 0.4 | 0.2 |
| P/B equity attributable to owners | 3.7 | 5.1 | 5.0 | 3.5 |
| Yields and returns | ||||
| Dividend yield (paid), % cash paid in the period, not declared | 0.0 | 2.0 | 3.5 | 5.1 |
| Change, p.p. | — | +2.0 | +1.5 | +1.6 |
| Payout ratio, % cash paid, over the profit of the period it was paid in | 0.0 | 254.8 | 76.0 | 43.2 |
| Change, p.p. | — | +254.8 | -178.8 | -32.8 |
| Free cash flow yield, % | 3.1 | 5.3 | 7.8 | 12.5 |
| Change, p.p. | — | +2.2 | +2.6 | +4.7 |
| Return on equity, % average equity attributable to owners | — | 4.1 | 24.7 | 44.2 |
| Change, p.p. | — | — | +20.5 | +19.6 |
| Return on assets, % average assets, profit incl. NCI | — | 1.2 | 6.5 | 11.7 |
| Change, p.p. | — | — | +5.2 | +5.3 |
| Solvency and efficiency | ||||
| Finance cost coverage operating profit ÷ finance costs | 3.9 | 1.5 | 2.8 | 4.4 |
| Effective tax rate, % | 26.7 | 55.7 | 28.4 | 16.3 |
| Change, p.p. | — | +28.9 | -27.3 | -12.1 |
| Memo | ||||
| Adjusted EBITDA (reported) company definition, non-IFRS | 120,800 | 188,600 | 280,800 | — |
| Adjusted net income (reported) non-IFRS | 52,100 | 100,900 | 141,400 | — |
| Turnover (reported) before agency netting | — | — | — | — |
| Net income incl. NCI | 55,600 | 11,500 | 79,600 | — |
| Total assets | 746,400 | 1,098,700 | 1,368,342 | 1,492,530 |
| Profit before tax | 75,900 | 25,870 | 111,092 | 200,189 |
| Finance costs | 16,500 | 35,288 | 62,726 | 55,777 |
| Total equity | 260,600 | 293,800 | 351,216 | 406,268 |
| — attributable to owners | 260,600 | 293,800 | 351,216 | 406,268 |
| — non-controlling interests added to enterprise value | — | — | — | — |
| Cash and equivalents | 86,100 | 211,600 | 250,210 | 296,024 |
| Total debt | 140,800 | 260,000 | 269,672 | 277,302 |
| Lease liabilities included in net debt | 65,400 | 82,000 | 90,543 | 92,697 |
| Short-term investments netted against net debt | — | — | — | — |
| Shares, weighted average basic, mn | 379.5 | 376.4 | 379.5 | 382.1 |
| Shares outstanding, period end, mn | 379.5 | 373.4 | 380.8 | 380.9 |
What these figures commit to.
EBITDA here is operating profit plus depreciation and amortisation, computed the same way in every column. The company's own adjusted EBITDA appears in the memo block rather than in the multiples: it is a non-IFRS measure whose add-backs the issuer defines, and mixing it into a series that also contains derived years would make the row incomparable with itself.
Net debt is total borrowings less cash and equivalents. Lease liabilities are excluded and shown separately, so this figure will not agree with the issuer's own adjusted net debt, which includes them.
The last column is trailing twelve months, not a forecast: the full year plus the latest half less the same half a year earlier, with balance-sheet items taken at the interim date. There is no consensus data behind this page, so there are no forecast years.
History starts at 2023. Everything before that was reported by Yandex N.V. — a different entity, before the restructuring and including businesses since sold — and is not comparable with what follows. Market capitalisation is priced on the count outstanding at each period end, from the share-movement note in the statements: 379 453 797 at 31.12.2023, 373 391 901 at 31.12.2024, 380 783 546 at 31.12.2025 and 380 885 255 at 30.06.2026. That is net of the shares Yandex holds against its motivation programme — 16 021 827 of the 396 907 079 issued at the last of those dates — and it is not the weighted average the earnings-per-share line divides by, which moves with when in the year shares were issued and bought back rather than with how many exist. P/E keeps the average, because it has to match the denominator the issuer used. The diluted P/E beside the basic one is the curriculum's definition of the ratio. Yandex's dilution has grown from nothing in 2023 to 5.1% of the basic count in the half to 30 June 2026 — 401 723 579 shares against 382 084 149 — which is the incentive programme, and it is why the two columns diverge.
Every figure traces to a filing.
Line items are read directly out of documents the issuer published, collected automatically from its investor-relations pages. Audited IFRS statements take precedence; quarterly press releases fill the gaps where a statement page did not survive conversion.
| Document | Values |
|---|---|
| 2022-Q4__4q2022-rus__696b8639.md | 8 |
| 2024-FY__yandex-ifrs-report-fy2024__2907cc44.md | 10 |
| 2024-Q4__mkpao-q4-2024-press-release-rus__f6c2ad47.md | 34 |
| 2025-FY__yandex-ifrs-report-fy2025__e9206ea9.md | 30 |
| 2025-Q4__4q25-ydex-press-release-rus-77ac__b229aeb1.md | 29 |
| 2026__yandex-ifrs-review-6m2026__797e4083.md | 59 |
Market data
Price and share count from MOEX. Market capitalisation uses the year-end close and the share count reported for that year; the trailing-twelve-month column uses the latest quote and the registered issue size.
- 2023 YNDX 2,540 ₽ · 2023-12-29
- 2024 YDEX 3,994 ₽ · 2024-12-30
- 2025 YDEX 4,567 ₽ · 2025-12-30
Generated 2026-09-07
Figures on this page are extracted automatically from public filings and are not audited, verified, or endorsed by the issuer. They are published for research and educational purposes only. Nothing here constitutes investment advice, a solicitation, or a recommendation to buy or sell any security.