Detailed financial statements for Kyivstar Group Ltd. Common Shares (KYIV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kyivstar Group Ltd. operates as a parent entity, providing a diverse array of mobile and landline communication services via its various subsidiary companies. Its comprehensive portfolio includes high-speed 4G internet access, advanced big data analysis, secure cloud computing solutions, robust cybersecurity measures, and cutting-edge digital television broadcasting. This enterprise conducts its business activities throughout Ukraine and the United Arab Emirates.
Analysis Summary
Trailing-twelve-month margins: gross margin 61.7%, operating margin 36.9%, net margin 12.7%.
At the current price of $13.83, KYIV trades at a P/E of 19.37 and an ROE of 12.39%. Market capitalisation stands at $3.2B.
Balance sheet quality for KYIV: current ratio of 1.4, net debt of $61.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $225.0M represents 181% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $915.0M | $919.0M | $1.16B |
| Cost of Revenue | 0 | $304.0M | $329.0M | $412.0M |
| Gross Profit | 0 | $611.0M | $590.0M | $745.0M |
| Research & Development | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $19385 | $65.0M | $65.0M | $94.0M |
| Operating Expenses | $19385 | $248.0M | $242.0M | $299.0M |
| Operating Income | -$19385 | $363.0M | $348.0M | $446.0M |
| EBITDA | -$19385 | $604.0M | $592.0M | $486.0M |
| Interest Expense | 0 | $82.0M | $82.0M | $75.0M |
| Pre-tax Income | -$19385 | $346.0M | $347.0M | $198.0M |
| Income Tax | 0 | $65.0M | $64.0M | $74.0M |
| Net Income | -$19385 | $281.0M | $283.0M | $124.0M |
| EPS | $-0.00 | $1.22 | $1.23 | $0.57 |
| EPS (Diluted) | $-0.00 | $1.22 | $1.23 | $0.57 |
| Shares Outstanding (Diluted) | $230.9M | $230.9M | $230.9M | $216.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $297.0M | $321.0M | $323.0M | $339.0M |
| Gross Profit | $267.0M | -$10.0M | $232.0M | $301.0M |
| Operating Income | $117.0M | $117.0M | $114.0M | $124.0M |
| EBITDA | $1.0M | $194.0M | $180.0M | $180.0M |
| Net Income | -$89.0M | $90.0M | $85.0M | $77.0M |
| EPS | $-0.41 | $0.39 | $0.37 | $0.33 |
| EPS (Diluted) | $-0.41 | $0.39 | $0.37 | $0.33 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $100 | $143.0M | $429.0M | $455.0M |
| Short-term Investments | 0 | $151.0M | $38.0M | 0 |
| Receivables | 0 | $55.0M | $403.0M | $91.0M |
| Inventory | 0 | $4.0M | $3.0M | $15.0M |
| Total Current Assets | $100 | $704.0M | $1.21B | $686.0M |
| Property, Plant & Equipment | 0 | $615.0M | $664.0M | $849.0M |
| Goodwill | 0 | $15.0M | $14.0M | $128.0M |
| Intangible Assets | 0 | $257.0M | $283.0M | $363.0M |
| Total Assets | $181962 | $1.98B | $2.21B | $2.12B |
| Accounts Payable | 0 | $120.0M | $132.0M | $141.0M |
| Short-term Debt | $93149 | $83.0M | $669.0M | $229.0M |
| Total Current Liabilities | $223841 | $265.0M | $887.0M | $498.0M |
| Long-term Debt | 0 | $815.0M | $225.0M | $287.0M |
| Total Liabilities | $223841 | $1.10B | $1.13B | $823.0M |
| Retained Earnings | -$66879 | 0 | $1.01B | $965.0M |
| Total Equity | -$41879 | $887.0M | $1.08B | $1.30B |
| Total Debt | $93149 | $898.0M | $894.0M | $516.0M |
| Net Debt | $93049 | $604.0M | $427.0M | $61.0M |
| Working Capital | -$223741 | $439.0M | $321.0M | $188.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $472.0M | $455.0M | $353.0M | $364.0M |
| Total Assets | $2.03B | $2.12B | $2.18B | $2.26B |
| Total Liabilities | $797.0M | $823.0M | $839.0M | $878.0M |
| Total Equity | $1.24B | $1.30B | $1.34B | $1.39B |
| Total Debt | $502.0M | $516.0M | $526.0M | $544.0M |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Net Income | $346.0M | $347.0M | $198.0M |
| Depreciation & Amortization | $177.0M | $166.0M | $213.0M |
| Stock-based Compensation | 0 | 0 | 0 |
| Change in Working Capital | -$4.0M | $26.0M | $46.0M |
| Operating Cash Flow | $413.0M | $430.0M | $558.0M |
| Capital Expenditure | -$143.0M | -$248.0M | -$333.0M |
| Acquisitions | 0 | -$2.0M | -$157.0M |
| Stock Repurchased | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Free Cash Flow | $270.0M | $182.0M | $225.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $141.0M | $152.0M | $161.0M | $170.0M |
| Capital Expenditure | -$101.0M | -$130.0M | -$64.0M | -$56.0M |
| Free Cash Flow | $40.0M | $22.0M | $97.0M | $114.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +0.4% | +25.9% |
| Net Income Growth (YoY) | | +1449674.4% | +0.7% | -56.2% |
| EPS Growth (YoY) | | +1220100.0% | +0.8% | -53.7% |
| Shares Change (YoY) | | +0.0% | +0.0% | -6.4% |
| FCF Growth (YoY) | | -32.6% | +23.6% |
| Gross Margin | | 66.8% | 64.2% | 64.4% |
| Operating Margin | | 39.7% | 37.9% | 38.5% |
| EBITDA Margin | | 66.0% | 64.4% | 42.0% |
| Net Margin | | 30.7% | 30.8% | 10.7% |
| FCF Margin | 29.5% | 19.8% | 19.4% |
| Effective Tax Rate | -0.0% | 18.8% | 18.4% | 37.4% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.17 | $0.79 | $1.04 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $230.9M | $230.9M | $230.9M | $216.1M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 12.39% |
| Return on Invested Capital | 16.15% |
| Return on Assets | 7.20% |
| Gross Margin | 61.72% |
| Operating Margin | 36.88% |
| Net Margin | 12.73% |
Financial Health
| Debt / Equity | 0.39 |
| Current Ratio | 1.26 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -104300.00 | 8.55 | 8.48 | 22.77 |
| P/B | -57496.75 | 2.71 | 2.23 | 2.16 |
| P/S | 0.00 | 2.63 | 2.62 | 2.42 |
| Gross Margin | 0.0% | 66.8% | 64.2% | 64.4% |
| Operating Margin | 0.0% | 39.7% | 37.9% | 38.5% |
| Net Margin | 0.0% | 30.7% | 30.8% | 10.7% |