Moscow Exchange MICEX-RTS PJSC (MIC:MOEX) Cyclically Adjusted PS Ratio: 4.98 (As of Jul. 23, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MIC:MOEX Moscow Exchange MICEX-RTS PJSC MIC:MOEX
17 GF Score
Price ₽146.05
View Full Analysis

What is Moscow Exchange MICEX-RTS PJSC Cyclically Adjusted PS Ratio?

Moscow Exchange MICEX-RTS PJSC MIC:MOEX +0.70% 17 Cyclically Adjusted PS Ratio is 4.98 as of Jul. 23, 2026. GuruFocus rates MIC:MOEX with a GF Score™ of 17/100.

As of today (2026-07-23), Moscow Exchange MICEX-RTS PJSC's current share price is ₽146.05. Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted Revenue per Share for the quarter that ended in Sep. 2023 was ₽29.35. Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio for today is 4.98.

The historical rank and industry rank for Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio or its related term are showing as below:

MIC:MOEX's Cyclically Adjusted PS Ratio is not ranked *
in the Capital Markets industry.
Industry Median: 3.325
* Ranked among companies with meaningful Cyclically Adjusted PS Ratio only.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

Moscow Exchange MICEX-RTS PJSC's adjusted revenue per share data for the three months ended in Sep. 2023 was ₽11.278. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is ₽29.35 for the trailing ten years ended in Sep. 2023.

Shiller PE for Stocks: The True Measure of Stock Valuation


Moscow Exchange MICEX-RTS PJSC  (MIC:MOEX) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Moscow Exchange MICEX-RTS PJSC Cyclically Adjusted PS Ratio Related Terms


Moscow Exchange MICEX-RTS PJSC Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Moscow Exchange MICEX-RTS PJSC Cyclically Adjusted PS Ratio Chart

Moscow Exchange MICEX-RTS PJSC Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 7.93 6.89 3.58

Moscow Exchange MICEX-RTS PJSC Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.99 3.58 4.08 4.35 6.10

MIC:MOEX vs SPGI, CME, ICE: Cyclically Adjusted PS Ratio Comparison

For the Financial Data & Stock Exchanges subindustry, Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Moscow Exchange MICEX-RTS PJSC Cyclically Adjusted PS Ratio vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio falls into.


MIC:MOEX
17GF Score
Moscow Exchange MICEX-RTS PJSC MIC:MOEX
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Moscow Exchange MICEX-RTS PJSC Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=146.05/29.35
=4.98

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted Revenue per Share for the quarter that ended in Sep. 2023 is calculated as:

For example, Moscow Exchange MICEX-RTS PJSC's adjusted Revenue per Share data for the three months ended in Sep. 2023 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Sep. 2023 (Change)*Current CPI (Sep. 2023)
=11.278/242.6000*242.6000
=11.278

Current CPI (Sep. 2023) = 242.6000.

Moscow Exchange MICEX-RTS PJSC Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201312 2.901 124.900 5.635
201403 2.922 127.800 5.547
201406 3.072 130.900 5.693
201409 3.273 132.700 5.984
201412 4.395 139.000 7.671
201503 5.255 149.400 8.533
201506 4.536 150.900 7.292
201509 4.988 153.500 7.883
201512 5.646 157.000 8.724
201603 5.214 160.200 7.896
201606 4.788 162.200 7.161
201609 4.766 163.300 7.080
201612 4.533 165.400 6.649
201703 4.194 167.000 6.093
201706 4.352 169.200 6.240
201709 4.278 168.200 6.170
201712 4.255 169.600 6.086
201803 4.374 171.000 6.205
201806 4.461 173.100 6.252
201809 4.357 173.900 6.078
201812 4.396 176.800 6.032
201903 4.461 179.900 6.016
201906 4.926 181.200 6.595
201909 4.732 180.800 6.349
201912 4.961 182.200 6.606
202003 5.316 184.500 6.990
202006 5.332 187.000 6.917
202009 5.007 187.400 6.482
202012 5.855 191.100 7.433
202103 5.678 195.200 7.057
202106 5.814 199.100 7.084
202109 5.920 201.300 7.135
202112 6.793 207.200 7.954
202203 9.550 227.800 10.170
202206 8.763 230.800 9.211
202209 7.993 228.800 8.475
202212 10.439 231.900 10.921
202303 10.220 235.800 10.515
202306 9.210 238.300 9.376
202309 11.278 242.600 11.278

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PS Ratio of 4.98 mean?
Moscow Exchange MICEX-RTS PJSC (MIC:MOEX) has a Cyclically Adjusted PS Ratio of 4.98 as of Jul. 23, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Moscow Exchange MICEX-RTS PJSC and its competitors.
Is Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio too high?
Moscow Exchange MICEX-RTS PJSC's current Cyclically Adjusted PS Ratio is 4.98. The Capital Markets industry median Cyclically Adjusted PS Ratio is 3.33. Moscow Exchange MICEX-RTS PJSC's value of 4.98 is 49.8% above this industry median. Overall, Moscow Exchange MICEX-RTS PJSC has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio compare to SPGI and CME?
Moscow Exchange MICEX-RTS PJSC's Cyclically Adjusted PS Ratio of 4.98 can be compared against companies in the Capital Markets industry. The industry median Cyclically Adjusted PS Ratio is 3.33. Moscow Exchange MICEX-RTS PJSC's value of 4.98 is 49.8% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Capital Markets company?
The median Cyclically Adjusted PS Ratio among Capital Markets companies is 3.33, based on 604 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Moscow Exchange MICEX-RTS PJSC's current Cyclically Adjusted PS Ratio of 4.98 is 49.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Moscow Exchange MICEX-RTS PJSC and its competitors. For the Capital Markets industry, the median Cyclically Adjusted PS Ratio is 3.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Moscow Exchange MICEX-RTS PJSC's current Cyclically Adjusted PS Ratio is 4.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Moscow Exchange MICEX-RTS PJSC stock overvalued right now?
Moscow Exchange MICEX-RTS PJSC (MIC:MOEX) has a current Cyclically Adjusted PS Ratio of 4.98. The current Cyclically Adjusted PS Ratio is 4.98 and 49.8% above the Capital Markets industry median of 3.33. Moscow Exchange MICEX-RTS PJSC's overall GF Score™ is 17/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Moscow Exchange MICEX-RTS PJSC (MIC:MOEX), the current Cyclically Adjusted PS Ratio is 4.98 as of Jul. 23, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Moscow Exchange MICEX-RTS PJSC Business Description

Address 13 Bolshoy Kislovsky per, Moscow, RUS, 125009
Moscow Exchange MICEX-RTS PJSC is an integrated exchange structure that offers financial market participants a full set of competitive trading, clearing, settlement, depository, and information services. The company operates in the foreign currencies exchange market, government securities and money market, market of derivative financial instruments, equities market, corporate and regional bonds market, the commodities market.
17GF Score

Get the complete analysis for MIC:MOEX

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₽146.05
Price