
Astra Group develops Astra Linux, Russia's most widely used domestic operating system, along with infrastructure software for virtualization, backup, databases and workplace management, sold mainly to government bodies and large corporates.
Sector: Information Technology
RU_ASTR
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 5.1 y/y 47.0% | 1.8 y/y 283.8% | 0.5 y/y 2.3% | 2.3 y/y 139.8% | 1.9 y/y 288.7% | -0.2 | -1.4 | 22.4 y/y 35.2% | 11.8 y/y 51.8% | 64.3% | 4.0 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | OK | 2.7 y/y -15.4% | -0.7 y/y -415.4% | 0.5 y/y 47.2% | -0.1 y/y -123.1% | -0.8 y/y -509.4% | 2.5 | -0.7 | 19.8 y/y 18.1% | 11.2 y/y 33.8% | -25.9% | 0.4 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 9.9 y/y 15.3% | 5.3 y/y 35.1% | 0.6 y/y -12.3% | 5.9 y/y 28.0% | 5.2 y/y 29.8% | 2.2 | -1.4 | 24.4 y/y 27.5% | 12.0 y/y 46.5% | 60.3% | 2.1 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 3.8 y/y 4.0% | 0.3 y/y -63.8% | 0.5 y/y 65.3% | 0.7 y/y -29.9% | 0.2 y/y -74.0% | 0.9 | -1.2 | 18.2 y/y 37.9% | 8.1 y/y 63.4% | 2.6% | 2.5 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 3.5 y/y 13.4% | 0.5 y/y -46.9% | 0.5 y/y 124.3% | 0.9 y/y -12.9% | 0.5 y/y -60.4% | -0.9 | -0.6 | 16.6 y/y 15.0% | 7.8 y/y 79.1% | 23.6% | 1.4 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 3.1 y/y 69.6% | 0.2 y/y — | 0.4 y/y 159.5% | 0.6 y/y 618.8% | 0.2 y/y -9.1% | 3.4 | -1.2 | 16.8 y/y — | 8.4 y/y — | 8.9% | -0.4 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 8.6 y/y 77.1% | 3.9 y/y 130.2% | 0.7 y/y 2149.6% | 4.6 y/y 166.0% | 4.0 y/y 179.5% | 2.0 | -1.4 | 19.2 y/y 55.2% | 8.2 y/y 71.6% | 92.1% | 1.3 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 3.7 y/y 134.2% | 0.8 y/y 475.8% | 0.3 y/y 294.0% | 1.1 y/y 416.6% | 0.6 y/y 250.6% | 0.5 | -1.3 | 13.2 y/y — | 4.9 y/y — | 17.3% | 1.9 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 3.1 y/y 97.7% | 0.9 y/y 59.6% | 0.2 y/y 309.1% | 1.1 y/y 81.8% | 1.2 y/y 107.0% | 0.7 | -0.7 | 14.4 y/y 121.9% | 4.4 y/y 167.6% | — | -0.8 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | PARTIAL | 1.9 y/y — | -0.1 y/y — | 0.1 y/y — | 0.1 y/y — | 0.2 y/y — | 2.2 | -0.8 | — y/y — | — y/y — | — | 0.7 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 4.9 y/y — | 1.7 y/y — | 0.0 y/y — | 1.7 y/y — | 1.4 y/y — | -0.2 | -0.2 | 12.3 y/y — | 4.8 y/y — | — | 0.1 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | PARTIAL | 1.6 y/y — | 0.1 y/y — | 0.1 y/y — | 0.2 y/y — | 0.2 y/y — | 0.3 | -0.3 | — y/y — | — y/y — | — | 0.3 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 1.6 y/y — | 0.5 y/y — | 0.1 y/y — | 0.6 y/y — | 0.6 y/y — | 1.2 | -0.2 | 6.5 y/y — | 1.6 y/y — | — | -0.6 | Report (PDF) |
| Short-term debt (incl. ST leases) | 1 994 |
| Long-term debt (incl. LT leases) | 129 |
| − Cash & equivalents | 1 740 |
| Net debt | 382 |
|---|
Net debt / LTM EBITDA: 0.0x
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 0.77x | 0.61x | 0.95x | 0.89x | 0.94x |
| accruals, % of assets | — | 19.9% | 1.5% | 3.3% | 1.5% |
Software firms capitalise much of their development spend into intangibles, so EBITDA overstates cash earnings. EBITDAC = EBITDA − capitalised development (the metric Positive Technologies reports itself).
EBITDAC (FY 2025): 5.3 blnEV/EBITDA (FY): 6.1xEV/EBITDAC (FY): 9.4x
| Period | EBITDA | Capitalised dev. | EBITDAC | EBITDAC % rev. |
|---|---|---|---|---|
| 2026-03-31 Q1 | -132 | −680 | -812 | -31% |
| 2025-12-31 FY | 8 171 | −2 891 | 5 279 | 26% |
| 2025-09-30 9M | 2 267 | −1 679 | 588 | 6% |
| 2025-03-31 Q1 | 575 | −549 | 26 | 1% |
| 2024-12-31 FY | 6 843 | −2 000 | 4 843 | 28% |
| 2024-09-30 9M | 2 232 | −1 267 | 965 | 11% |
RUB mln
Our earnings breakdowns and investment notes on this issuer.
Last 12 months (2025-11 – 2026-10): 1 274 contracts worth RUB 12 400 mn -14% YoY.
| Half-year | Contracts | Value, mn | Revenue, mn | Share | YoY |
|---|---|---|---|---|---|
| 2023H1 | 571 | 911 | 3 110 | 29% | – |
| 2023H2 | 471 | 1 334 | 6 430 | 21% | – |
| 2024H1 | 454 | 1 802 | 4 927 | 37% | +98% |
| 2024H2 | 499 | 1 998 | 12 280 | 16% | +50% |
| 2025H1 | 622 | 3 021 | 6 625 | 46% | +68% |
| 2025H2 | 685 | 12 929 | 13 744 | 94% | +547% |
| 2026H1 | 637 | 2 728 | 7 779 | 35% | -10% |
| 2026H2 * | 356 | 7 015 | – | – | – |
Largest customers, 12 months
Source: EIS contract registry (zakupki.gov.ru), 44-FZ, by contract signing date; 223-FZ hides suppliers and is excluded. Contract value is the customer price incl. VAT and distributor margin, not the producer's revenue, and leads shipments. Contracts naming Astra Linux, ALD Pro or RuBackup; mostly licences bundled with hardware, so contract count matters more than value. Data through 2026-10. * - incomplete half-year.
Potential discount −10% (factor 0.90)
This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.
Value the company creates per year, as a % of market cap
Value created per year: +68.6%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (2 270 − 947) × 3.87 | 5 123 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (45 738 + 3 968) ÷ 8 788 | 5.7x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (5.7 + 6.5) ÷ 2 | 6.1x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -1 366 + 1 617 + 0 − 0 | 251 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (5 123 × 6.1 + 251) ÷ 45 738 | +68.6% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Current 5.7x · 3-year 75th pct 28.5x
Group: Information Technology. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| MICRON TECHNOLOGY INC | US | 1027.9 | 9.1x | 1.6x |
| ORACLE CORP | US | 390.5 | 15.4x | 2.7x |
| INTERNATIONAL BUSINESS MACHINES CORP | US | 238.6 | 19.5x | 3.4x |
| MICROSOFT CORP | US | 3972.1 | 20.9x | 3.7x |
| NVIDIA CORP | US | 5394.8 | 26.9x | 4.8x |
| CISCO SYSTEMS, INC. | US | 423.2 | 27.3x | 4.8x |
| TEXAS INSTRUMENTS INC | US | 259.9 | 28.4x | 5.0x |
| Apple Inc. | US | 5081.9 | 29.8x | 5.3x |
| Broadcom Inc. | US | 1639.3 | 30.0x | 5.3x |
| APPLIED MATERIALS INC /DE | US | 324.3 | 33.3x | 5.9x |
| LAM RESEARCH CORP | US | 326.3 | 37.6x | 6.7x |
| Arista Networks, Inc. | US | 235.1 | 50.2x | 8.9x |
| Group median | 27.8x | 4.9x | ||
| Group average | 27.4x | 4.8x | ||
| This company | Russia | 0.6 | 5.7x | 5.7x |
Group median 27.8x as traded, 4.9x adjusted; this company 5.7x — a 15% premium.
Group average 27.4x as traded, 4.8x adjusted; against the average this company is at a 17% premium.
At the adjusted group median the market cap would be -13% versus today.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.
Dividend-model upside: -68%
The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 6 bn RUB |
| Payout ratio | 54% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage 0.4x) | 1 bn RUB |
| Recent actual dividend (3-yr median) | 4.68 ₽ |
| = Forecast dividend per share | 4.68 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -15.9 pp |
| = Fair dividend yield | 7.0% |
| 3 · Valuation → upside | |
| Current price | 218 ₽ |
| Forecast dividend yield | 2.1% |
| Fair price (dividend-based) | 69.15 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Expected IRR: +22% (bear -3% … bull +58%)
price in 3 years 352 ₽ (+62% к 217 ₽); dividends along the way 37.91 ₽ (+17% цены); base — LTM на 2026-06-30 (H1)
| Metric, RUB mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 21.5 bn | 26.9 bn | 31.5 bn | 35.6 bn |
| Revenue growth | — | +25% | +17% | +13% |
| EBITDA | 8.5 bn | 10.7 bn | 12.6 bn | 14.3 bn |
| EBITDA margin | 39.6% | 39.8% | 39.9% | 40.1% |
| less D&A | 2.1 bn | 2.4 bn | 2.6 bn | 2.8 bn |
| EBIT | 6.4 bn | 8.3 bn | 10.0 bn | 11.4 bn |
| less net interest | -106 for 2025 | 608 | 596 | 683 |
| less tax | 296 for 2025 | 1.9 bn | 2.3 bn | 2.7 bn |
| Net profit | 6.5 bn | 5.8 bn | 7.0 bn | 8.1 bn |
| Capex | 4.5 bn | 5.0 bn | 5.8 bn | 6.6 bn |
| Capex to revenue | 21.0% | 18.5% | 18.5% | 18.5% |
| Free cash flow | 929 operating cash flow less capex | 3.0 bn | 3.6 bn | 4.0 bn |
| Net debt | 4.0 bn | 4.7 bn | 6.2 bn | 8.9 bn |
| Net debt / EBITDA | 0.5x | 0.4x | 0.5x | 0.6x |
| Dividend per share | 4.68 ₽ | 7.49 ₽ | 11.98 ₽ | 18.44 ₽ |
| Yield on current price | 2.2% | 3.5% | 5.5% | 8.5% |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Realised pace (acceleration/deceleration) LTM YoY +14%; acceleration -52.6pp LTM г/г по отчётности | 41% | +14% · +11% · +9% |
| Analyst forecast of financial results (Консенсус, houses: 7) Терминал «Андромеда» (АО «Эйлер Аналитические Технологии»), модуль FA, источник «Консенсус», выгрузка 15.09.2026. Дата обновления прогноза в терминале — плейсхолдер 01.01.2100, поэтому свежесть консенсуса не подтверждена | 59% | +32% · +22% · +16% |
| Exit multiple | EV/EBITDA 5.81x (4.65x…8.49x) |
| No re-rating: min(current 5.8x, three-year median 12.0x). Re-rating to 8.5x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 190 ₽ (discount 13.1%, terminal growth 4.0%) |
| 80% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 54% of net profit, capped by cash flow |
| Year-3 EBITDA margin target | 40.1% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | quality multiplier 0.90 — flags: dividend_decline; the model's dividend is cut 10% by penalties measured on distributions |
| Line | model | analysts | gap |
|---|---|---|---|
| 2027 Консенсус, houses: 7.0 · blended from 50% 2026 + 50% 2027 | |||
| Revenue | 26.9 bn | 28.5 bn | 0.94x |
| EBITDA | 10.7 bn | 11.3 bn | 0.95x |
| Net profit | 5.8 bn | 7.8 bn | 0.74x |
| 2028 Консенсус, houses: 4.0 · blended from 50% 2027 + 50% 2028 | |||
| Revenue | 31.5 bn | 37.2 bn | 0.85x |
| EBITDA | 12.6 bn | 16.1 bn | 0.78x |
| Net profit | 7.0 bn | 11.4 bn | 0.61x |
The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 9 | 24% | 0.76x | 33% |
| EBITDA | 9 | 9% | 0.94x | 78% |
| Net profit | 9 | 22% | 0.78x | 44% |
The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.
Independent one-year estimates: eninvs Company_Forecast — 558 ₽; Frontier див-модель — 69.15 ₽. Ours on the same horizon — 273 ₽. Dropped as broken: eninvs DividendPrediction (4.502e-08)
A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.
Paid, trailing 12-mo: 4.68 RUB/sh · 2.1%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 4.68 ₽ | |
| 2025 | 5.79 ₽ | |
| 2024 | 7.89 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2026 q2 | 2026-05-29 | 4.68 ₽ |
| 2025 q3 | 2025-07-09 | 3.15 ₽ |
| 2025 q1 | 2025-01-15 | 2.64 ₽ |
| 2024 q3 | 2024-07-08 | 7.89 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 2 (1 positive, 1 negative) across tracked channels, broker research and shows.
Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.
| 26.08.26 | Filing | ★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические) По итогам II квартала 2026 года выручка «Группы Астра» выросла на 47% до 5,1 млрд руб., а чистая прибыль увеличилась почти вдвое до 1,2 млрд руб. Компания также выплатила дивиденды в размере 982 млн руб. (4,68 руб. на акцию) и объявила о выкупе до 4 млн акций, что составляет около 2% уставного капитала. |
| 06.07.26 | Filing | ★ ▲ Операционные результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические) В II квартале 2026 года отгрузки 'Группы Астра' выросли на 41% по сравнению с аналогичным периодом прошлого года, что обеспечило общий рост на 26% до 7,3 млрд руб. Компания также объявила обратный выкуп 4 млн акций и выплатила дивиденды в размере 982 млн руб. (4,68 руб. на акцию). |
| 02.06.26 | Filing | ★ ▼ Совершение эмитентом существенной сделки ПАО Группа Астра совершило крупную сделку, заключив договор поручительства на сумму 5 млрд. руб. с максимальной процентной ставкой 4% выше ключевой. Размер сделки составляет 9,47 млрд. руб., что составляет 47,76% от стоимости активов компании на 31.03.2026. |
| 29.05.26 | Filing | ★ Совершение подконтрольной эмитенту организацией существенной сделки 29 мая 2026 года компания «РусБИТех-Астра» подписала дополнительное соглашение к договору займа, увеличив сумму займов с 300 млн. руб. до 2 млрд. руб., что составляет 12,41% от стоимости активов эмитента в 19,8 млрд. руб. |
| 15.10.26 | Material event | События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг 15 октября 2026 года ПАО Группа Астра подтвердила кредитный рейтинг AA(RU) от АКРА со стабильным прогнозом, что свидетельствует о высокой кредитоспособности компании. Рейтинг подтверждает сильные рыночные позиции и низкую долговую нагрузку, что может положительно сказаться на стоимости ее акций. |
| 09.09.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО Группа Астра утвердил изменения к внутренним документам, регулирующим программы долгосрочной мотивации сотрудников, с действием с 01.07.2026. Все решения были приняты единогласно на заочном голосовании. |
| 27.07.26 | Buyback | Приобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента Подконтрольная организации ПАО Группа Астра, ООО «Астра Технологии», приобрела 49,2 тыс. голосующих акций эмитента на организованных торгах ПАО Московская Биржа. После приобретения количество акций, принадлежащих организации, увеличилось до 2,43 млн. акций. |
| 16.07.26 | Buyback | Приобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента Лицо приобрело косвенное распоряжение 10 949 927 голосами (5,21%) голосующих акций ПАО Группа Астра, увеличив свои права с 449 927 голосов (0,21%). Дата основания для приобретения права распоряжения - 06.07.2026. |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Astra — from primary filings.
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