LKOH (NK Lukoil PAO) vs S&P 500 Comparison

LKOH

S&P 500

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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LKOH

S&P 500

Difference

1Y 3Y 5Y 10Y 15Y 20Y

LKOH

S&P 500

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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S&P 500

LKOH

2222

XOM

CVX

601857

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1Y 3Y 5Y 10Y 15Y 20Y

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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NK Lukoil PAO
Glance View

Market Cap

38.6B USD

Industry

Energy

NK Lukoil PAO, one of Russia's premier oil and gas companies, has carved a niche for itself in the highly competitive energy sector with a unique blend of traditional expertise and forward-thinking strategies. Founded in 1991, Lukoil swiftly established itself as a formidable player in the global energy market. The company's operations span across the entire hydrocarbon value chain, from exploration and extraction to refining and marketing. Lukoil's success hinges on its robust portfolio of onshore and offshore drilling assets, situated in resource-rich regions, which furnishes the company with substantial crude oil and natural gas output. They are not just limited to Russian territories; Lukoil's international ventures extend into Europe, the Middle East, and beyond, enabling it to tap into diverse markets and revenue streams. The business model thrives on a strategic integration of upstream, midstream, and downstream operations. Upstream, Lukoil invests heavily in geological and engineering research to unlock unconventional reserves, while midstream operations focus on transportation and storage, enhancing supply chain efficiency. Downstream, Lukoil capitalizes on its network of refineries and distribution channels, transforming raw hydrocarbons into a variety of refined products—from fuels to lubricants. These products are then sold through its extensive network of retail outlets globally, providing a stable cash flow and brand recognition. By diversifying its product range and embracing technological advancements, Lukoil not only fortifies its market position but also navigates the cyclical nature of energy markets with resilience.

View LKOH Analysis

LKOH Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

SA		Saudi Arabian Oil Co SAU:2222	Add
US		Exxon Mobil Corp NYSE:XOM	Add
US		Chevron Corp NYSE:CVX	Add
CN		PetroChina Co Ltd SSE:601857	Add
UK		Shell PLC LSE:SHEL	Add
NL	R	Royal Dutch Shell PLC OTC:RYDAF	Add
FR		TotalEnergies SE PAR:TTE	Add
CN		China Petroleum & Chemical Corp SSE:600028	Add
UK		BP PLC LSE:BP	Add
BR		Petroleo Brasileiro SA Petrobras BOVESPA:PETR4	Add

SA		Saudi Arabian Oil Co SAU:2222	Select
US		Exxon Mobil Corp NYSE:XOM	Select
US		Chevron Corp NYSE:CVX	Select
CN		PetroChina Co Ltd SSE:601857	Select
UK		Shell PLC LSE:SHEL	Select
NL	R	Royal Dutch Shell PLC OTC:RYDAF	Select
FR		TotalEnergies SE PAR:TTE	Select
CN		China Petroleum & Chemical Corp SSE:600028	Select
UK		BP PLC LSE:BP	Select
BR		Petroleo Brasileiro SA Petrobras BOVESPA:PETR4	Select

SA		Saudi Arabian Oil Co SAU:2222	Add
US		Exxon Mobil Corp NYSE:XOM	Add
US		Chevron Corp NYSE:CVX	Add
CN		PetroChina Co Ltd SSE:601857	Add
UK		Shell PLC LSE:SHEL	Add
NL	R	Royal Dutch Shell PLC OTC:RYDAF	Add
FR		TotalEnergies SE PAR:TTE	Add
CN		China Petroleum & Chemical Corp SSE:600028	Add
UK		BP PLC LSE:BP	Add
BR		Petroleo Brasileiro SA Petrobras BOVESPA:PETR4	Add

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LKOH

vs

S&P 500

Stocks Performance
LKOH vs S&P 500

Performance Gap
LKOH vs S&P 500

Performance By Year
LKOH vs S&P 500

Competitors Performance
NK Lukoil PAO vs Peers

NK Lukoil PAO
Glance View

Company

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LKOH vs S&P 500

Stocks Performance LKOH vs S&P 500

Performance Gap LKOH vs S&P 500

Performance By Year LKOH vs S&P 500

Competitors Performance NK Lukoil PAO vs Peers

NK Lukoil PAO Glance View

Company

Help

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Stocks

LKOH

vs

S&P 500

Stocks Performance
LKOH vs S&P 500

Performance Gap
LKOH vs S&P 500

Performance By Year
LKOH vs S&P 500

Competitors Performance
NK Lukoil PAO vs Peers

NK Lukoil PAO
Glance View