May 2026
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Largest Public Companies in Russia
Benchmark revenue and EBITDA valuation multiples for public comps like
Rosneft Oil, Gazprom Neft, Mobile TeleSystems, Severstal and Rusal.
 | Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. The company explores, produces, refines, transports, and sells oil and gas. The majority of revenue is generated from its oil segment, where crude and refined products are sold to international and domestic markets. Upstream, Rosneft's exploration and production is concentrated in Central Russia, with other fields throughout the country. The majority of its crude oil is exported to Europe and Asia. Downstream, the company has several refineries across Russia, which sell refined products to European and Russian markets. This includes many of Rosneft's filling stations, where the company captures additional revenue from gasoline and diesel fuel sales. | $4 | -- | $43B | $80B | 0.7x | 2.8x | ||
| Gazprom Neft PJSC is a vertically integrated oil company. The company along with its subsidiaries is engaged in the exploration, development of crude oil and gas as well as the production and sale of petroleum products. It operates in two segments namely; the exploration, development, and production of crude oil and natural gas, and oilfield services, and key revenue driver segment includes refining and marketing including processing crude into refined products and purchases, sells and transports crude and refined petroleum products. | $15 | -- | $14B | $21B | 0.5x | 1.8x | ||
| Mobile TeleSystems PJSC is a wireless telephone operator in Russia. The company is a large provider of fixed-line broadband and pay-TV services in the country, with a strong fixed-line presence in Moscow. The company's segment includes Telecom; Fintech and others. It generates maximum revenue from the Telecom segment. | $6 | -- | $10B | $18B | 2.5x | 6.0x | ||
| Severstal PAO is a vertically integrated steel and mining company in Russia. The company has two operating divisions: Severstal Resources and Severstal Russian Steel. Its core asset is the Cherepovets steel mill, which is located within easy access of the company's mining operations, the Baltic ports, and Russia's industrial heartland. The company produces iron ore pellets, iron ore concentrates, crushed stones, ferrite strontium powder, coking & steam coal, and coking coal concentrate. These materials are provided to six industry categories: construction and service processing, tube and pipe, oil and gas, machinery, autos, and others. Construction and service processing accounts for a majority of sales. Severstal generates most of its revenue in Russia. | $11 | -- | $9B | $11B | 1.1x | 2.8x | ||
| United Co RUSAL International PJSC produces aluminium and aluminium products. Its products are primary aluminium, aluminium alloys, high-purity aluminium, wire rod, foil and packaging, aluminium powder, bauxite and alumina, silicon, gallium, corundum, and aluminium protectors. The Aluminium segment is a key revenue driver and covers the production and sale of primary aluminium and related products. Alumina segment encompasses the mining and refining of bauxite into alumina and the sale of alumina. The Energy segment comprises mining and sale of coal and generation and transmission of electricity produced from various sources. The mining and metals segment consists of equity investments in Norilsk Nickel. It has four segments Aluminium, Alumina, Energy and Mining, and Metals. | $1 | +7% | $8B | $16B | 1.3x | 9.0x | ||
| Cian PLC is an online real estate classifieds platform in the Russian market. Its networked real estate platform connects users, real estate buyers and renters, to real estate listings of all types - residential and commercial, primary and secondary, urban and suburban, for both sale and rent. The Group has the following operating segments: Core Business; Mortgage Marketplace; Valuation and Analytics; C2C Rental; and End-to-End Offerings. | $3 | -- | $238M | $181M | 1.6x | 12.7x | ||
| JSC VTB Bank and its subsidiaries are providers of banking products and services, domiciled in the Russian Federation. The bank earns the majority of its revenue domestically. Its revenue driver of the bank is the corporate/investment banking segment, which offers services such as commercial lending, currencies, export and import transactions, securities trading, derivatives, broking, dealing, corporate finance, asset management, and financial consulting. | $2 | -- | $3M | $39B | 15.9x | — | ||
| Median | $4 | +7% | $9B | $18B | 1.3x | 4.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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