122 Ukrainian Companies Report Billion-Hryvnia Revenues With Fewer Than Three Employees, VKURSI Study Finds

A study by analytical service VKURSI has identified 122 private Ukrainian companies that reported revenues exceeding 1 billion hryvnia in at least one year between 2024 and 2025 while maintaining a staff of only one to three employees.

According to the research, the combined revenue of these companies over the two-year period reached nearly 470 billion hryvnia. The figures point to a small but significant group of Ukrainian businesses generating large turnovers with minimal in-house payrolls.

The findings highlight either highly efficient, capital-intensive, or digitally automated operations, or business models that rely heavily on subcontractors and external workforce arrangements. Such structures are not illegal but can complicate assessments of actual economic activity, employment contributions, and tax liabilities.

VKURSI published the analysis through its Pro Business channel, which tracks corporate performance and economic trends in Ukraine. The researchers did not disclose the names of the companies or the sectors in which they operate.