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Language: EN / RU

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Diasoft USD

Diasoft develops core banking and financial software (the Digital Q platform) for banks, insurers and asset managers, and is expanding into ERP and system software for other industries.

At a glance: strengths & risks
✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 8.4 vs avg 16.7)✓Dividend yield above fair (11% vs 7%)✗Profit falling (-77%)✗Margins compressing (29%→14%)

Sector: Information Technology

RU_DIAS

Price chart

1 189.5 RUBDay 0.42%

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
1 189.5 RUB · 0.42%
Market cap
155 mln USD

Growth

Δ revenue y/y
11.9%
Δ EBITDA y/y
-55.6%

Multiples

P/E (LTM)
22.9x
3y avg: 23.7x
P/B (FY)
2.4x
P/E (ann.)
13.7x
EV/EBITDA (LTM)
8.4x
3y avg: 16.7x
EV/EBITDA (ann.)
5.8x

Cash return

Dividend yield
11.5%
FCF yield (LTM)
28.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
-71.8%
↓ details

Liquidity

Daily turnover (MOEX)
4.7 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
2026-03-31H2 2026 (6M)PARTIAL73.6
y/y 14.8%
6.9
y/y -61.9%
5.1
y/y 63.9%
12.0
y/y -43.6%
5.7
y/y -68.8%
44.42.9104.8
y/y 2.5%
65.4
y/y -17.7%
9.7%≈ -15.1Evidence
2025-09-30H1 2026 (6M)OK47.7
y/y 6.2%
0.3
y/y -95.6%
4.4
y/y 41.4%
4.7
y/y -54.7%
1.1
y/y -85.8%
5.9-8.5102.6
y/y 22.5%
74.4
y/y 14.7%
2.9%-15.1Report (PDF)
2025-03-31H2 2025 (6M)OK63.7
y/y -1.0%
18.0
y/y -24.6%
3.1
y/y -8.8%
21.1
y/y -22.6%
18.0
y/y -25.0%
11.94.7102.2
y/y 9.6%
79.5
y/y 20.8%
36.0%-4.9Report (PDF)
2024-09-30H1 2025 (6M)OK44.9
y/y 15.9%
7.3
y/y -33.7%
3.1
y/y 13.1%
10.3
y/y -24.3%
7.9
y/y -25.3%
5.5-7.483.8
y/y 76.8%
64.9
y/y 117.9%
24.0%-26.9Report (PDF)
2024-03-31H2 2024 (6M)OK62.4
y/y —
23.1
y/y —
3.3
y/y —
26.4
y/y —
23.2
y/y —
17.34.093.3
y/y -16.5%
65.8
y/y -16.5%
72.1%-7.6Report (PDF)
2023-09-30H1 2024 (6M)OK38.7
y/y —
10.9
y/y —
2.7
y/y —
13.7
y/y —
10.5
y/y —
14.4-5.047.4
y/y —
29.8
y/y —
38.7%-4.8Report (PDF)
2023-03-31FY 2023 (12M)OK108.1
y/y —
39.4
y/y —
6.4
y/y —
45.8
y/y —
39.5
y/y —
43.8-0.7111.8
y/y —
78.9
y/y —
—-9.7Report (PDF)

Net debt structure (leases included, IFRS 16) 2024-03-31

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)0
− Cash & equivalents9
Net debt-8

Net debt / LTM EBITDA: -0.5x

Conversion to USD. Balance sheet: rate effective on 2026-03-31, fixing date 2026-03-31. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2025-04-01 — 2026-03-31. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50-2502550751002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Year-over-year change

-100%-50%0%50%2023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Cash flow

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

-20-10010202023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Net debt / cash ($ mln)

-30-20-1002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 1.02x of reported net profit; after capex, 1.00x.
year2023202420252026
cash flow / profit1.11x0.93x0.68x7.42x
accruals, % of assets-3.3%2.4%9.1%-41.0%
Last twelve months (to 2026-03-31): 7.42x of profit came back as operating cash flow.
capex 0.3x of depreciation · dividends 10% of free cash flow
● Capex is 33% of depreciation - the asset base is being consumed faster than replaced.
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 (LTM): -0.4 mlnEV/EBITDA (LTM): 8.4x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2026-03-31 FY17−17-0-0%
2025-09-30 H15−8-4-8%
2025-03-31 FY32−151715%
2024-09-30 H110−748%
2024-03-31 FY41−122928%
2023-09-30 H114−5923%

USD mln

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Government orders: 44-FZ contracts

Last 12 months (2025-10 – 2026-10): 79 contracts worth RUB 278 mn +226% YoY.

01002024-09: 4 contracts 2 RUB mn2024092024-10: 1 contracts 3 RUB mn102024-11: 4 contracts 5 RUB mn112025-01: 2 contracts 5 RUB mn2025012025-02: 3 contracts 17 RUB mn022025-03: 5 contracts 10 RUB mn032025-04: 8 contracts 17 RUB mn042025-05: 3 contracts 2 RUB mn052025-06: 5 contracts 4 RUB mn062025-07: 2 contracts 7 RUB mn072025-08: 6 contracts 12 RUB mn082025-09: 2 contracts 2 RUB mn092025-10: 1 contracts 1 RUB mn102025-11: 4 contracts 9 RUB mn112025-12: 6 contracts 12 RUB mn122026-01: 3 contracts 11 RUB mn2026012026-02: 36 contracts 182 RUB mn022026-03: 5 contracts 10 RUB mn032026-04: 5 contracts 23 RUB mn042026-05: 5 contracts 5 RUB mn052026-06: 3 contracts 8 RUB mn062026-07: 1 contracts 1 RUB mn072026-08: 5 contracts 9 RUB mn082026-10: 5 contracts 7 RUB mn10
Half-yearContractsValue, mnRevenue, mnShareYoY
2023H1847–––
2023H233–––
2024H12270––+47%
2024H21515––+384%
2025H12655––-21%
2025H22143––+179%
2026H157238––+330%
2026H2 *1117–––

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 Diasoft. 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: -71.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (12 − 27) × 1.39
-15
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (155 + -15) ÷ 17
8.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (8.4 + 6.5) ÷ 2
7.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 10 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-15 × 7.4 + 0) ÷ 155
-71.8%

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

Caveats:

  • half-year basis (semi-annual reporter)
  • FCF (LTM) approximated by latest FY
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -3% vs +10% the year before — a -12.8 pp move. 3-year CAGR +11%.
revenue growth by year: 2024 +27% · 2025 +10% · 2026 -3%
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 8.3x · 3-year 75th pct 13.8x

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 INCUS987.28.8x1.6x
ORACLE CORPUS381.515.2x2.7x
INTERNATIONAL BUSINESS MACHINES CORPUS240.518.9x3.4x
MICROSOFT CORPUS3909.220.5x3.7x
TEXAS INSTRUMENTS INCUS259.925.2x4.6x
NVIDIA CORPUS5127.225.6x4.6x
CISCO SYSTEMS, INC.US420.227.1x4.9x
LAM RESEARCH CORPUS287.928.1x5.1x
Broadcom Inc.US1561.128.6x5.2x
Apple Inc.US5137.030.1x5.5x
APPLIED MATERIALS INC /DEUS299.230.7x5.6x
Arista Networks, Inc.US219.946.9x8.5x
Group median26.3x4.8x
Group average25.5x4.6x
This companyRussia0.28.4x8.4x

Group median 26.3x as traded, 4.8x adjusted; this company 8.4x — a 76% premium.

Group average 25.5x as traded, 4.6x adjusted; against the average this company is at a 82% premium.

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 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividend potential

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)1 bn RUB
Payout ratio73%
Free cash flow (FY, OCF − capex)4 bn RUB
Recent actual dividend (3-yr median)136.00 ₽
= Forecast dividend per share136.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-11.4 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price1190 ₽
Forecast dividend yield11.4%
Fair price (dividend-based)2003 ₽

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

Three-year model and IRR with caveats

Expected IRR: +26% (bear -1% … bull +59%)

price in 3 years 1 991 ₽ (+68% к 1 184 ₽); dividends along the way 287 ₽ (+24% цены); base — LTM на 2026-03-31 (FY)

Metric, RUB mlnLTM, actual
12m to 31.03.2026
2027
12m to 31.03
2028
12m to 31.03
2029
12m to 31.03
Revenue9.8 bn11.3 bn12.5 bn13.7 bn
Revenue growth—+15%+11%+9%
EBITDA1.3 bn2.2 bn2.4 bn2.7 bn
EBITDA margin13.7%19.6%19.6%19.6%
less D&A762829884931
EBIT5811.4 bn1.6 bn1.7 bn
less net interest-180
for 2025
-354361
less tax157
for 2025
352380419
Net profit5441.1 bn1.1 bn1.3 bn
Capex452664707745
Capex to revenue4.6%5.9%5.6%5.5%
Free cash flow3.6 bn
operating cash flow less capex
1.2 bn1.3 bn1.4 bn
Net debt-412178308453
Net debt / EBITDA-0.3x0.1x0.1x0.2x
Dividend per share136 ₽120 ₽79.55 ₽87.68 ₽
Yield on current price11.5%10.1%6.7%7.4%

Debt and cash are as of 31.03.2025: the 31.03.2026 report carries the income statement only

Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Company guidance (adjusted for its own track record)
guided +38%, applied +30%
«Диасофт», прогноз на финансовый год 2026 (год заканчивается 31 марта): рост выручки 28–48% до 12,5–14,5 млрд руб., рентабельность по EBITDAC 20–22%, дивиденды 2,0–2,6 млрд руб.		43%+30% · +20% · +14%
Realised pace (acceleration/deceleration)
LTM YoY -3%; acceleration -12.8pp
LTM г/г по отчётности		33%+1% · +3% · +5%
Analyst forecast of financial results (Совкомбанк, houses: 1)
Эксперты Совкомбанка закладывают рост выручки «Диасофта» в 2026 году на уровне +8% г/г и дивиденды с доходностью около 12% — против гайданса самой компании по выручке 28-48% и ожидаемой дивдоходности 17-23%.		24%+8% · +7% · +7%
Model assumptions
Exit multipleEV/EBITDA 8.00x (7.16x…10.00x)
No re-rating: min(current 9.0x, three-year median 10.8x). Re-rating to 10.0x on a falling rate is the bull case
Second valuation: discounted cash flow1 308 ₽ (discount 13.3%, terminal growth 4.0%)
78% of that value sits beyond the three-year horizon
Key rate by year13.9% · 10.5% · 8.3% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy73% of net profit, capped by cash flow
Year-3 EBITDA margin target19.6%
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross 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
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue75%1.03x86%
EBITDA711%1.03x71%
Net profit727%0.81x29%

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 — 9 975 ₽; Frontier див-модель — 2 003 ₽. Ours on the same horizon — 1 661 ₽. Dropped as broken: eninvs DividendPrediction (133.3)

Checks and caveats
  • ⚠ Model year 1 is already 57% over: the base report is 7 months old. We have no reporting for that stretch — the model leans on external series alone
  • ⚠ Year-1 EBITDA is 1.64x the last reported figure on revenue growth of 1.15x — so 1.42x of the jump is MARGIN alone (13.7% actual against 19.5% forecast). That is an assumption, not a measurement
  • ⚠ Net debt grows for reasons beyond a cash shortfall: over 2 years it added 4.5% of revenue a year on top of cash flow and dividends (range +2.2…+6.8%) — new leases, acquisitions, revaluation. That addition is carried in the forecast; without it the model would show deleveraging where debt keeps rising
  • ⚠ Model year 1 differs from guidance by -15%
  • ✓ Growth sources: consensus, guidance, momentum
  • ✓ Revenue CAGR +12%
  • ✓ Year-3 margin 20% inside history 14%–42%
  • ✓ Year-3 net debt/EBITDA 0.2x
  • ✓ Three-year dividends — 24% of the current price
  • ✓ IRR +26%
  • ✓ Base is fresh: report 7 months old
  • ✓ Historical check (7 observations): median EBITDA miss 4.4 pp of margin, within ±5 pp in 57% of cases, relative error 11% at bias 1.03x, revenue 5%
  • ✓ Exit multiple and discounted cash flow agree (1,991 vs 1,308, 1.52x); in the DCF 78% of value sits in the terminal value
  • ✓ One-year value agrees with an independent estimate: Frontier див-модель (0.83x). Compared with: eninvs Company_Forecast, Frontier див-модель
  • Year-1 margin from the company's EBITDA margin guidance: guided 21% vs 14% actual, applied 20% (delivery-record shrink 0.80)

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.

Dividend history

Paid, trailing 12-mo: 136.00 RUB/sh · 11.4%

Pay yearDividend /sh
2026118.00 ₽
2025196.30 ₽
2024149.28 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-09-1816.00 ₽
2026 q12026-03-20102.00 ₽
2025 q42025-12-1918.00 ₽
2025 q32025-07-0780.00 ₽
2025 q12025-03-2098.30 ₽
2024 q32024-09-1973.60 ₽
2024 q12024-03-2075.68 ₽

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. 4 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

11.09.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО 'Диасофт' было принято решение о выплате дивидендов по результатам полугодия 2026 года в размере 168 млн. руб., что составит 16 руб. на акцию. Дата определения лиц, имеющих право на получение дивидендов, назначена на 21 сентября 2026 года.
06.08.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Диасофт' рекомендовал выплатить дивиденды по результатам полугодия 2026 года в размере 16,00 руб. на акцию, общая сумма дивидендов составит 168 млн. руб. Кроме того, было принято решение не проводить обратный выкуп акций в текущем квартале.
14.10.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
13 октября 2026 года в Москве прошла конференция «День ERP», организованная компанией «Диасофт», на которой обсуждались ключевые темы развития российского рынка ERP-систем и применение новых технологий. Участники мероприятия смогли ознакомиться с возможностями ERP-системы Digital Q.ERP. Важно отметить, что на конференции присутствовали более 300 экспертов из различных отраслей, что может положительно сказаться на стоимости акций компании.

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 Diasoft — from primary filings.

Frequently asked questions

What is Diasoft's P/E ratio?
Diasoft trades at a P/E of 22.9x (price to trailing 12-month earnings).
What is Diasoft's EV/EBITDA?
Diasoft trades at 8.4x EV/EBITDA.
What is Diasoft's P/B ratio?
Diasoft trades at a P/B of 2.4x.
What is Diasoft's dividend yield?
Diasoft's trailing 12-month dividend yield is 11.5%.
What is Diasoft's return on equity (ROE)?
Diasoft's ROE is 17.3%.
What is Diasoft's market capitalization?
Diasoft's market cap is 155 mln USD.

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