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Element (ELMT) RUB

At a glance: strengths & risks
✓Low leverage (0.2x EBITDA)✗Revenue declining (-12%)✗Profit falling (-127%)✗Loss-making last FY✗Margins compressing (25%→13%)

Sector: Information Technology

RU_ELMT

Price chart

0.1042 RUBDay -2.48%

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
0.1042 RUB · -2.48%
Market cap
49.0 bn RUB

Growth

Δ revenue y/y
-6.8%
Δ EBITDA y/y
-75.4%

Multiples

P/E (LTM)
—
P/B (FY)
1.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
9.5x
EV/EBITDA (ann.)
17.6x

Cash return

Dividend yield
3.4%
FCF yield (LTM)
-20.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-121.4%
↓ details

Liquidity

Daily turnover (MOEX)
4.8 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 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.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2025-12-31H2 2025 (6M)OK22.5
y/y -6.8%
-3.2
y/y -175.2%
4.6
y/y 324.8%
1.3
y/y -75.4%
-4.3
y/y -196.0%
0.9-4.6106.5
y/y -6.7%
38.5
y/y -10.2%
-5.6%-2.4Report (PDF)
2025-06-30H1 2025 (6M)OK16.1
y/y -18.9%
2.4
y/y -48.5%
1.2
y/y 29.0%
3.6
y/y -35.8%
2.0
y/y -47.3%
-1.0-4.6115.7
y/y 9.2%
41.9
y/y 6.2%
9.5%-14.2Report (PDF)
2024-12-31H2 2024 (6M)OK24.2
y/y 18.3%
4.3
y/y 40.5%
1.1
y/y 4.2%
5.4
y/y 31.4%
4.5
y/y 132.7%
0.4-8.1114.1
y/y 23.3%
42.8
y/y 70.6%
20.1%-14.4Report (PDF)
2024-06-30H1 2024 (6M)OK19.8
y/y 29.3%
4.7
y/y 22.9%
0.9
y/y 6.8%
5.6
y/y 19.9%
3.8
y/y 12.5%
-2.3-5.2106.0
y/y 14.5%
39.5
y/y 57.3%
23.6%4.7Report (PDF)
2023-12-31H2 2023 (6M)OK20.4
y/y —
3.1
y/y —
1.0
y/y —
4.1
y/y —
1.9
y/y —
0.4-8.992.6
y/y —
25.1
y/y —
21.1%14.6Report (PDF)
2023-06-30H1 2023 (6M)OK15.4
y/y —
3.8
y/y —
0.9
y/y —
4.7
y/y —
3.4
y/y —
7.9-2.992.6
y/y —
25.1
y/y —
—17.1—

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)3 613
Long-term debt (incl. LT leases)18 521
− Cash & equivalents24 544
Net debt-2 410

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05 00010 00015 00020 00025 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-100%-50%0%50%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-10 000-5 00005 00010 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

-20 000-10 000010 00020 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 0.67x of reported net profit; after capex, -1.24x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit6.35x-0.98x1.57x-0.23x—
accruals, % of assets-5.7%7.4%-3.2%8.9%-2.1%
net debt / EBITDA 0.2x · capex 3.0x of depreciation
● In a typical year operating cash flow covered 67% of reported profit (4 profitable years).
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): 4.9 blnEV/EBITDA (LTM): 9.5xEV/EBITDAC (LTM): 9.5x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2025-12-31 FY4 915−34 91213%
2024-12-31 H25 381−25 37922%
2024-12-31 FY10 974−410 97025%
2024-06-30 H15 595−25 59328%
2023-12-31 FY8 760−48 75624%

RUB mln

Quality / corporate governance

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.

Fundamental value creation

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

Value created per year: -120.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (1 323 − 5 381) × 3.72
-6 059
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (48 969 + -2 410) ÷ 4 915
9.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (9.5 + 6.5) ÷ 2
8.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -12 345 + 1 660 + 199 − 0
-10 486
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-6 059 × 8.0 + -10 486) ÷ 48 969
-120.2%

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)
  • 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 -12% vs +23% the year before — a -35.3 pp move. 3-year CAGR +16%.
revenue growth by year: 2023 +46% · 2024 +23% · 2025 -12%
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).

Dividend potential

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Pay yearDividend /sh
20250.00 ₽
20240.00 ₽
Payments by period
PeriodEx-date/sh
2025 q32025-07-110.00 ₽
2024 q32024-07-100.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 across tracked channels, broker research and shows. 1 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

25.02.26Buyback★ ▲ Поступление эмитенту обязательного предложения о приобретении его эмиссионных ценных бумаг
ПАО 'Элемент' получило обязательное предложение о приобретении его акций по цене 0,1460 руб. за акцию от ООО 'Интегральные Системы', владеющего 42,04% акций. Срок принятия предложения составляет 77 дней с момента его получения.
31.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Элемент' принял решения о согласии на крупную сделку и утвердил новое Положение о предотвращении манипулирования рынком. Кворум заседания составил 6 членов, решение по крупной сделке было принято единогласно с 9 голосами 'за'.
06.07.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Элемент» 30 июня 2026 года было утверждено распределение прибыли, при этом дивиденды за 2025 год не будут выплачены. Общий кворум составил 96,92%. Также избраны новые члены Совета директоров и Ревизионной комиссии, назначен аудитор для обязательного аудита за 2026 год.

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 Element (ELMT) — from primary filings.

Frequently asked questions

What is Element (ELMT)'s EV/EBITDA?
Element (ELMT) trades at 9.5x EV/EBITDA.
What is Element (ELMT)'s P/B ratio?
Element (ELMT) trades at a P/B of 1.3x.
What is Element (ELMT)'s dividend yield?
Element (ELMT)'s trailing 12-month dividend yield is 3.4%.
What is Element (ELMT)'s return on equity (ROE)?
Element (ELMT)'s ROE is -22.3%.
What is Element (ELMT)'s market capitalization?
Element (ELMT)'s market cap is 49.0 bn RUB.

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