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ArenaData USD

Arenadata develops Russian data-management software: analytical and transactional databases, data platforms and tools built on open-source foundations, sold to banks, telecoms, retailers and government.

At a glance: strengths & risks
✓Revenue growing (+86% y/y, H1 2026)✓Margins improving (-88%→-17%, H1 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 5.2 vs avg 11.8)

Sector: Information Technology

RU_DATA

Price chart

93.24 RUBDay 0.04%

Key metrics

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.

Market

Price
93.24 RUB · 0.04%
Market cap
267 mln USD

Growth

Δ revenue y/y
110.7%
Δ EBITDA y/y
76.0%

Multiples

P/E (LTM)
6.1x
3y avg: 12.6x
P/B (FY)
3.7x
P/E (ann.)
<0
EV/EBITDA (LTM)
5.2x
3y avg: 11.8x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
6.8%
FCF yield (LTM)
17.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+30.0%
↓ details

Liquidity

Daily turnover (MOEX)
29.4 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H1 2026 (6M)OK32.9
y/y 110.7%
-7.3
y/y —
1.6
y/y 111.7%
-5.7
y/y —
-4.5
y/y —
10.5-6.979.9
y/y 119.2%
48.8
y/y 343.3%
-14.9%-20.2Report (PDF)
2025-12-31H2 2025 (6M)OK92.5
y/y 137.9%
52.2
y/y 284.6%
1.2
y/y 105.8%
53.4
y/y 277.3%
48.5
y/y 243.4%
36.1-5.2114.5
y/y 162.7%
72.7
y/y 210.1%
84.1%-32.7Report (PDF)
2025-06-30H1 2025 (6M)OK15.6
y/y -39.6%
-14.5
y/y -334.8%
0.7
y/y 40.6%
-13.7
y/y -305.5%
-10.6
y/y -257.0%
4.5-2.236.4
y/y 19.5%
11.0
y/y -3.1%
-123.1%-6.3Report (PDF)
2024-12-31H2 2024 (6M)OK39.2
y/y 15.7%
13.6
y/y -31.9%
0.6
y/y 42.7%
14.2
y/y -30.4%
14.2
y/y -23.2%
13.8-0.443.6
y/y 16.5%
23.5
y/y —
119.9%-12.0Report (PDF)
2024-06-30H1 2024 (6M)OK25.9
y/y 92.3%
6.2
y/y —
0.5
y/y 34.7%
6.7
y/y —
6.8
y/y —
4.3-0.330.5
y/y —
11.4
y/y —
-231.6%0.6Report (PDF)
2023-12-31H2 2023 (6M)OK31.5
y/y —
17.9
y/y —
0.4
y/y —
18.3
y/y —
16.5
y/y —
6.3-1.137.4
y/y —
-23.0
y/y —
—-11.3Report (PDF)
2023-06-30H1 2023 (6M)PARTIAL13.5
y/y —
-0.9
y/y —
0.4
y/y —
-0.5
y/y —
-1.0
y/y —
6.9-0.7—
y/y —
—
y/y —
—-15.3Evidence

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)2
− Cash & equivalents23
Net debt-20

Net debt / LTM EBITDA: -0.4x

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-01-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2502550751002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-400%-200%0%200%400%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

010203040502023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-40-30-20-100102023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is broadly cash-backed
In a typical year of 2022–2025 operating cash flow came to 0.99x of reported net profit; after capex, 0.91x.
year2022202320242025
cash flow / profit1.16x0.77x0.87x1.11x
accruals, % of assets—10.2%5.6%-3.6%
Last twelve months (to 2026-06-30): 1.04x of profit came back as operating cash flow.
net debt / EBITDA -0.8x · capex 1.8x of depreciation · dividends 56% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

EBITDAC (EBITDA less capitalised development)

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): 32.5 mlnEV/EBITDA (FY): 6.7xEV/EBITDAC (FY): 7.6x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2026-06-30 H1-6−0-6-19%
2025-12-31 H253−25155%
2025-12-31 FY37−43331%
2025-06-30 H1-14−2-16-100%
2024-12-31 H214−01436%
2024-12-31 FY21−02032%

USD mln

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Government orders: 44-FZ contracts

Last 12 months (2024-09 – 2026-09): 31 contracts worth RUB 3 350 mn +1232% YoY.

01 0002 0002024-06: 1 contracts 227 RUB mn2024062024-07: 2 contracts 25 RUB mn072024-09: 1 contracts 28 RUB mn092024-10: 1 contracts 0 RUB mn102024-11: 1 contracts 290 RUB mn112024-12: 3 contracts 27 RUB mn122025-06: 3 contracts 213 RUB mn062025-07: 3 contracts 2 167 RUB mn072025-11: 3 contracts 43 RUB mn112025-12: 10 contracts 473 RUB mn122026-01: 1 contracts 25 RUB mn2026012026-06: 2 contracts 4 RUB mn062026-07: 2 contracts 78 RUB mn072026-09: 1 contracts 2 RUB mn09
Half-yearContractsValue, mnRevenue, mnShareYoY
2024H112272 32910%–
2024H283703 68610%–
2025H132131 35616%-6%
2025H2162 6837 39736%+625%
2026H13292 5211%-86%
2026H2 *380–––

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 Arenadata. Data through 2026-10. * - incomplete half-year.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +30.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
8
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (267 + -20) ÷ 45
5.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.5 + 6.5) ÷ 2
6.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 14 + 18 + 0 − 0
32
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (8 × 6.0 + 32) ÷ 267
+30.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + H12026 - H12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year
  • cash flow = net-debt reduction + dividends + buybacks (balance method)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +46% vs +52% the year before — a -6.7 pp move. 3-year CAGR +52%.
revenue growth by year: 2023 +58% · 2024 +52% · 2025 +46%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 5.4x · 3-year 75th pct 18.4x

EV/EBITDA3-year 75th pct

Peer comparison

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.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
MICRON TECHNOLOGY INCUS1027.99.1x1.6x
ORACLE CORPUS390.515.4x2.7x
INTERNATIONAL BUSINESS MACHINES CORPUS238.619.5x3.4x
MICROSOFT CORPUS3972.120.9x3.7x
NVIDIA CORPUS5394.826.9x4.8x
CISCO SYSTEMS, INC.US423.227.3x4.8x
TEXAS INSTRUMENTS INCUS259.928.4x5.0x
Apple Inc.US5081.929.8x5.3x
Broadcom Inc.US1639.330.0x5.3x
APPLIED MATERIALS INC /DEUS324.333.3x5.9x
LAM RESEARCH CORPUS326.337.6x6.7x
Arista Networks, Inc.US235.150.2x8.9x
Group median27.8x4.9x
Group average27.4x4.8x
This companyRussia0.35.2x5.2x

Group median 27.8x as traded, 4.9x adjusted; this company 5.2x — a 5% premium.

Group average 27.4x as traded, 4.8x adjusted; against the average this company is at a 7% premium.

At the adjusted group median the market cap would be -4% 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 potential

Dividend-model upside: -2%

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)3 bn RUB
Payout ratio30%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.8x)3 bn RUB
Recent actual dividend (3-yr median)6.43 ₽
= Forecast dividend per share6.43 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-11.9 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price94.16 ₽
Forecast dividend yield6.8%
Fair price (dividend-based)91.86 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividend history

Paid, trailing 12-mo: 6.43 RUB/sh · 6.8%

Pay yearDividend /sh
20266.43 ₽
20253.43 ₽
Payments by period
PeriodLast day to buy/sh
2026 q22026-06-096.43 ₽
2025 q22025-06-053.43 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows. 2 passing mentions (digests, calendars) hidden.

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.

Corporate events

26.06.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Группа Аренадата» увеличивает доли в дочерних организациях до 100%, проведя конвертацию 9 069 767 привилегированных акций. В рамках программы долгосрочной мотивации сотрудников завершена конвертация 5 467 171 привилегированных акций. Общее количество обыкновенных голосующих акций теперь составляет 232,6 млн.
26.06.26Filing★ ▼ Начало размещения ценных бумаг
ПАО «Группа Аренадата» планирует разместить 9,07 млн обыкновенных акций с номинальной стоимостью 0,05 руб. за акцию. Размещение начнется и закончится 25.06.2026.
01.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Группа Аренадата» 28.05.2026 года было принято решение о распределении чистой прибыли за 2025 год в размере 155,2 млн. руб. и о выплате промежуточных дивидендов за 1 квартал 2026 года в размере 1,25 млрд. руб. Также был избран новый Совет директоров и назначены аудиторские организации для проверки отчетности на 2026 год.
27.04.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
07.07.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Сергей Котляренко приобрел косвенное распоряжение 23,4 млн голосов (10,08%) акций ПАО 'Группа Аренадата' после конвертации привилегированных акций. Ранее он распоряжался 8,9 млн голосов (4,08%).
15.05.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Группа Аренадата» объявила операционные результаты за 1 квартал 2026 года и анонсировала ряд значимых продуктовых релизов, включая Arenadata Catalog 1.0. Также запланировано годовое собрание акционеров на 28 мая 2026 года, где будут обсуждаться вопросы по выплате дивидендов.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 1 of 17 funds, ≈9 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
SIPO Первая – Фонд АйПиОПервая9.57%9 млн ₽—31.08.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

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 ArenaData — from primary filings.

Frequently asked questions

What is ArenaData's P/E ratio?
ArenaData trades at a P/E of 6.1x (price to trailing 12-month earnings).
What is ArenaData's EV/EBITDA?
ArenaData trades at 5.2x EV/EBITDA.
What is ArenaData's P/B ratio?
ArenaData trades at a P/B of 3.7x.
What is ArenaData's dividend yield?
ArenaData's trailing 12-month dividend yield is 6.8%.
What is ArenaData's return on equity (ROE)?
ArenaData's ROE is -14.9%.
What is ArenaData's market capitalization?
ArenaData's market cap is 267 mln USD.

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