ADAPTATION OF COEFFICIENT ANALYSIS TO ASSESS THE EFFECTIVENESS OF CAPITAL-INTENSIVE OIL-PRODUCING COMPANIES

Viktoria Smyk; Evgeniya Lyalkova

doi:10.29039/2409-6024-2026-14-5-124-136

VAK Russia 5.2.3 UDC 332 CSCSTI 06.00 Russian Classification of Professions by Education 38.04.01 Russian Library and Bibliographic Classification 65 Russian Trade and Bibliographic Classification 77 BISAC BUS VAK Russia 5.2.1 VAK Russia 5.2.4 VAK Russia 5.2.5 VAK Russia 5.2.6 VAK Russia 5.2.7

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ADAPTATION OF COEFFICIENT ANALYSIS TO ASSESS THE EFFECTIVENESS OF CAPITAL-INTENSIVE OIL-PRODUCING COMPANIES

Published in Russian Journal of Management · Volume 14, Issue 5 · Pages 124–136 · Rubric: Industry management

DOI: https://doi.org/10.29039/2409-6024-2026-14-5-124-136

Received: 11.06.2026 Accepted: 12.06.2026 Published: 29.06.2026

Authors

Viktoria Smyk

Evgeniya Lyalkova

Viktoria Smyk

Financial University under the Government of the Russian Federation Moscow

Evgeniya Lyalkova

ABSTRACT

The oil and gas sector remains key to the Russian economy, but the high capital intensity of oil companies limits the applicability of standard methods of coefficient analysis in assessing their effectiveness. A significant share of non-current assets, long investment cycles and large-scale capital investments lead to the fact that traditional indicators of profitability and turnover do not fully reflect the real results of the activities of the companies in the industry. The purpose of the study is to adapt the coefficient analysis to the industry specifics of capital-intensive oil companies. The paper proposes the adjustment of traditional indicators of asset turnover and profitability taking into account capital expenditures and investment lag, as well as the use of an integral indicator of financial stability based on the Altman Z-account. The methodology was tested on the data of the largest Russian oil companies for 9 months of 2025. The results show that the adapted approach allows a more objective assessment of the effectiveness of companies in conditions of high capital intensity and changes in the tax burden

KEYWORDS

methodology of economic analysis, coefficient analysis, capital intensity, financial efficiency, oil-producing companies, investment cycle, CAPEX

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This work is licensed under Creative Commons Attribution-NonCommercial 4.0 International

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Chief editor

Aleksandr Suglobov

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Deputy Editor-in-chief

Aleksey S. Mindrin

Publishing editor

Nadezhda Troitskaya

nn2209@mail.ru +7(915)259-03-86

This work is licensed under Creative Commons Attribution-NonCommercial 4.0 International Creative Commons

GOST

Smyk V. M., Lyalkova E. ADAPTATION OF COEFFICIENT ANALYSIS TO ASSESS THE EFFECTIVENESS OF CAPITAL-INTENSIVE OIL-PRODUCING COMPANIES // Russian Journal of Management. 2026. no. 5. pp. 124-136. DOI: https://doi.org/10.29039/2409-6024-2026-14-5-124-136. (Date of access 28.09.2026).

MLA

Viktoria Smyk, Lyalkova E.. "ADAPTATION OF COEFFICIENT ANALYSIS TO ASSESS THE EFFECTIVENESS OF CAPITAL-INTENSIVE OIL-PRODUCING COMPANIES." Russian Journal of Management 14.5 (2026): 124-136. DOI: https://doi.org/10.29039/2409-6024-2026-14-5-124-136.

APA

Smyk V. M., Lyalkova E. (2026). ADAPTATION OF COEFFICIENT ANALYSIS TO ASSESS THE EFFECTIVENESS OF CAPITAL-INTENSIVE OIL-PRODUCING COMPANIES. Russian Journal of Management, 14(5), 124-136. https://doi.org/10.29039/2409-6024-2026-14-5-124-136

Chicago

Viktoria Smyk, Lyalkova E.. "ADAPTATION OF COEFFICIENT ANALYSIS TO ASSESS THE EFFECTIVENESS OF CAPITAL-INTENSIVE OIL-PRODUCING COMPANIES." Russian Journal of Management 14, no. 5 (2026): 124-136. https://doi.org/10.29039/2409-6024-2026-14-5-124-136.

WIKI

{{cite journal | author = Smyk V. M., Lyalkova E. | title = ADAPTATION OF COEFFICIENT ANALYSIS TO ASSESS THE EFFECTIVENESS OF CAPITAL-INTENSIVE OIL-PRODUCING COMPANIES | journal = Russian Journal of Management | year = 2026 | volume = 14 | issue = 5 | pages = 124-136 | doi = 10.29039/2409-6024-2026-14-5-124-136 }}

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