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PJSC Saratov Oil Refinery

KRKN.ME
35
Oil & Gas Refining & Marketing · Energy
Exchange
Moscow Stock Exchange
Winston Score
35
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Dec 31, 2024
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Weak
Dividends
Good

Winston Score History

The full picture

PJSC Saratov Oil Refinery is a Russian oil refining company based in Saratov, a city on the Volga River. It takes crude oil and processes it into fuels like gasoline, diesel, and heating oil, which are sold mainly to customers across Russia. The company is a subsidiary of Rosneft, one of Russia's largest state-controlled oil producers.

The refinery earns money by buying crude oil, refining it, and selling the finished petroleum products at a markup. It operates entirely within Russia, making it a regional player rather than a global one. Being part of the Rosneft group gives it a stable supply of crude oil, which is a key competitive advantage. However, the company faces significant risk from Western sanctions on Russia's energy sector, which limit access to foreign technology, restrict export markets, and create uncertainty around long-term investment and modernization of its refining infrastructure.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+34.8% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

91.1%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

0 RUB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

PJSC Saratov Oil Refinery is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
24.0%
Thin — 24.0% gross margin
Profit after running costs
Operating Margin
-4.3%
Losing money on operations — -4.3%
Return on the money invested
ROCE
2.5%
Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+13.0%
Fast-growing sales (+13.0% YoY)
Profit growth
EPS YoY
-76.4%
Earnings shrinking (-76.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
5300%
Turns 5300% of profit into real cash
Spare cash per sale
FCF Margin
0.2%
Thin free cash flow (0.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
155.3x
no trend
Expensive — P/E 155.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
11.74%
no trend
Healthy income — 11.74% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
N/A
no trend
Data not available

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