Yandex NV - Class A
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+ FollowMarket Cap$5.57B
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Earnings Call Q3 2026
November 12, 2026 - AI Summary
Record quarter + strong commercial momentum (pricing, contract length, upfront cash)
- Q3 revenue: $980.8m (+571% YoY; +68% QoQ); Nebius AI Cloud: $973.8m (~99% of group revenue).
- Adjusted EBITDA: $465.8m with 47.5% margin (vs 40.6% in Q2 2026), and AI Cloud 53.2% margin.
- Management says agreements are stepping up materially: Q3 contract pricing > $25m per MW (vs $20–$25m per MW in Q2), and customers are moving to larger commitments.
- Prepayments are now standard: >90% of Q3 signed contract value had prepayment, and customers prepaid a higher share; this is central to both cash generation and funding flexibility.
Guidance updates: 2026 revenue revised down on timing, but profitability margin guidance unchanged
- 2026 revenue guidance cut: $3.0–$3.2bn (previously $3.0–$3.4bn) due to some third-party capacity shifting into 2H 2027 (timing, not demand).
- EBITDA margin guidance unchanged: ~40% group adjusted EBITDA margin.
- CapEx 2026 increased: ~$27bn (from prior $20–$25bn).
- Power contracted: still 5 GW by year-end (from >4 GW today).
- “Surprising/negative nuance”: management explicitly warns ARR is no longer guided because near-term contract timing/ramp can create “choppiness” (i.e., reported ARR may not track underlying demand smoothly).
2027 outlook: major growth with a clear profitability path
- Pre-tax breakeven expected in Q4 2027 (based on 5-year depreciation of servers/network as own sites ramp through the year).
- Revenue forecast 2027: ~$12–$13bn (~4x growth vs 2026), assuming capacity is delivered on conservative timing.
- CapEx 2027: $40–$45bn for >1 GW new capacity; management expects most of it to come from own sites (stronger margin profile vs colocation).
- Funding plan for 2027 is heavily contract-backed: 75–85% of CapEx expected funded by prepayments and asset-backed financing using investment-grade contracts; customer prepayments in 2027: $17–$20bn.
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$243.27
1184.4% upside
Current Fair Value
1184.4% upsideUndervalued by 1184.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $5.57 Billion |
|---|---|
| Enterprise Value | $15.55 Billion |
| Earnings per Share | $53.58 |
| Beta | 0.88 |
| Outstanding Shares | 293,850,159 |
Return
| Return on Equity | 0.25% |
|---|---|
| Return on Assets | 0.16% |
| Return on Invested Capital | 0.48% |
Valuation & Multiples
| P/E Ratio | 222.85 |
|---|---|
| PEG | -168.08 |
| Price to Sales | 4.74 |
| Price to Book Ratio | 0.46 |
| Enterprise Value to Revenue | 11.47 |
| Enterprise Value to EBIT | 89.03 |
| Enterprise Value to Net Income | 252 |
| Total Debt to Enterprise | 1.12 |
| Debt to Equity | 0.71 |
Revenue Sources
No data
Institutional Sentiment (Put/Call)
No data available for the latest quarter.
Institutional Ownership
No data available for the latest quarter.
About Yandex NV
10,227 employees
CEO: Arkady Volozh
Yandex is a technology company that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-clas...