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Positive USD

Positive Technologies is a Russian cybersecurity company developing software for vulnerability management, network attack detection, application security and security operations centres.

At a glance: strengths & risks
✓Revenue growing (+39% y/y, Q2 2026)✓Margins improving (-20%→16%, Q2 2026)✓Cheaper than own history (EV/EBITDA 6.0 vs avg 16.7)✗No dividends currently

Sector: Information Technology

RU_POSI

Price chart

1 145.8 RUBDay 0.05%

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
1 145.8 RUB · 0.05%
Market cap
1.0 bn USD

Growth

Δ revenue y/y
48.5%
Δ EBITDA y/y
109.9%

Multiples

P/E (LTM)
7.4x
3y avg: 23.6x
P/B (FY)
3.2x
EV/EBITDA (LTM)
6.0x
3y avg: 16.7x
EV/EBITDA (ann.)
22.1x

Cash return

Dividend yield
—
FCF yield (LTM)
0.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+47.8%
↓ details

Liquidity

Daily turnover (MOEX)
389.2 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
2026-06-30Q2 2026 (3M)OK80.8
y/y 48.5%
1.9
y/y —
11.4
y/y 29.3%
13.3
y/y —
0.3
y/y —
-33.5-23.9653.3
y/y 22.7%
269.8
y/y 77.4%
0.5%167.9Report (PDF)
2026-03-31Q1 2026 (3M)OK43.2
y/y 69.9%
-12.7
y/y —
10.8
y/y 52.3%
-1.9
y/y —
-17.6
y/y —
204.7-23.7663.5
y/y 15.0%
282.3
y/y 66.7%
-23.7%85.8Report (PDF)
2025-12-31Q4 2025 (3M)OK248.7
y/y 60.2%
166.6
y/y 60.3%
10.5
y/y 90.1%
177.1
y/y 61.8%
162.3
y/y 65.9%
-54.0-24.6780.1
y/y 50.4%
311.1
y/y 85.4%
38.8%271.4Report (PDF)
2025-09-30Q3 2025 (3M)OK51.4
y/y 3.7%
-2.6
y/y —
10.0
y/y 69.0%
7.4
y/y 759.4%
-9.2
y/y —
-18.9-18.6509.9
y/y 98.7%
135.1
y/y —
-8.6%261.4Report (PDF)
2025-06-30Q2 2025 (3M)OK54.4
y/y 58.1%
-19.9
y/y —
8.8
y/y 79.2%
-11.1
y/y —
-27.6
y/y —
33.8-24.1532.6
y/y 137.2%
152.1
y/y 487.9%
-68.8%235.7Report (PDF)
2025-03-31Q1 2025 (3M)OK25.4
y/y 5.7%
-24.1
y/y —
7.1
y/y 75.3%
-17.0
y/y —
-30.1
y/y —
105.4-21.1577.1
y/y —
169.4
y/y —
-71.4%147.7Report (PDF)
2024-12-31Q4 2024 (3M)OK149.6
y/y 0.4%
96.5
y/y 98.8%
5.6
y/y 253.7%
102.2
y/y 103.7%
90.6
y/y 85.7%
-28.3-16.7518.5
y/y 63.9%
167.8
y/y 14.0%
53.6%197.9Report (PDF)
2024-09-30Q3 2024 (3M)OK49.6
y/y 27.6%
-5.1
y/y -165.6%
5.9
y/y 5.6%
0.9
y/y -93.5%
-9.4
y/y -263.4%
-16.9-21.0256.6
y/y —
-20.6
y/y —
-477.2%167.6Report (PDF)
2024-06-30Q2 2024 (3M)OK34.4
y/y -11.4%
-32.5
y/y -3924.5%
4.9
y/y 92.0%
-27.6
y/y -910.3%
-32.6
y/y -3336.3%
39.8-18.0224.6
y/y 58.4%
25.9
y/y -45.9%
—76.3Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL24.0
y/y —
-16.7
y/y —
4.0
y/y —
-12.6
y/y —
-16.5
y/y —
39.7-14.9—
y/y —
—
y/y —
—-67.3Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
48.6
y/y —
1.6
y/y —
50.2
y/y —
48.8
y/y —
14.7-9.7316.3
y/y —
147.2
y/y —
—44.5Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL38.9
y/y —
7.7
y/y —
5.6
y/y —
13.3
y/y —
5.7
y/y —
1.3-10.0—
y/y —
—
y/y —
—29.6Report (PDF)
2023-06-30Q2 2023 (3M)OK38.8
y/y —
0.9
y/y —
2.6
y/y —
3.4
y/y —
1.0
y/y —
21.1-9.5141.8
y/y —
47.8
y/y —
—30.9Report (PDF)

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

Short-term debt (incl. ST leases)67
Long-term debt (incl. LT leases)197
− Cash & equivalents96
Net debt168

Net debt / LTM EBITDA: 0.9x

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: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-400%-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 0.79x of reported net profit; after capex, 0.20x.
year20212022202320242025
cash flow / profit1.08x0.70x0.56x0.79x0.91x
accruals, % of assets-1.7%10.5%14.9%1.5%1.1%
Last twelve months (to 2026-06-30): 0.71x of profit came back as operating cash flow.
net debt / EBITDA 1.7x · EBIT covers interest 396.0x · capex 2.8x of depreciation · dividends 1833% of free cash flow
● In a typical year operating cash flow covered 79% of reported profit (5 profitable years).
● Dividends were 1833% of the free cash flow earned over the window.
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): 64.2 mlnEV/EBITDA (FY): 8.0xEV/EBITDAC (FY): 18.3x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2026-06-30 Q213−23-10-12%
2026-03-31 Q1-2−23-25-59%
2025-12-31 Q4177−2515261%
2025-12-31 FY147−836417%
2025-09-30 Q37−18-11-21%
2025-09-30 9M-22−58-80-63%

USD mln

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Government orders: 44-FZ contracts

Last 12 months (2025-11 – 2026-10): 377 contracts worth RUB 13 023 mn +13% YoY.

02 0004 0002024-11: 50 contracts 708 RUB mn2024112024-12: 53 contracts 647 RUB mn122025-01: 4 contracts 55 RUB mn2025012025-02: 13 contracts 147 RUB mn022025-03: 27 contracts 159 RUB mn032025-04: 37 contracts 601 RUB mn042025-05: 35 contracts 389 RUB mn052025-06: 45 contracts 219 RUB mn062025-07: 36 contracts 1 454 RUB mn072025-08: 33 contracts 1 457 RUB mn082025-09: 43 contracts 4 509 RUB mn092025-10: 55 contracts 1 139 RUB mn102025-11: 41 contracts 1 045 RUB mn112025-12: 53 contracts 1 529 RUB mn122026-01: 9 contracts 84 RUB mn2026012026-02: 10 contracts 43 RUB mn022026-03: 36 contracts 379 RUB mn032026-04: 45 contracts 208 RUB mn042026-05: 37 contracts 2 799 RUB mn052026-06: 38 contracts 2 205 RUB mn062026-07: 39 contracts 4 151 RUB mn072026-08: 32 contracts 212 RUB mn082026-09: 24 contracts 321 RUB mn092026-10: 13 contracts 49 RUB mn10
Half-yearContractsValue, mnRevenue, mnShareYoY
2023H11791 7524 69637%–
2023H22652 88417 51716%–
2024H11533 9485 28675%+125%
2024H22473 55819 17119%+23%
2025H11611 5706 75723%-60%
2025H226111 13224 12446%+213%
2026H11755 7179 54160%+264%
2026H2 *1084 732–––

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 Positive Technologies products in the subject; supplier is an integrator, so contract sums include third-party items. 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: +47.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (13 − 9) × 14.75
64
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 006 + 168) ÷ 196
6.0x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (6.0 + 6.5) ÷ 2
6.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 68 + 13 + 0 − 0
81
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.0% × 1 006
−0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (64 × 6.2 + 81 − 0) ÷ 1 006
+47.8%

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

Caveats:

  • base 2025-06-30 normalized for growth: margin -20.4% << typical 16.4% -> base EBITDA -11->9 (vs normal-margin base, not the trough)
  • share-count dilution 0.0%/yr (valued at market: -0)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +26% vs +10% the year before — a +16.2 pp move. 3-year CAGR +31%.
revenue growth by year: 2023 +61% · 2024 +10% · 2025 +26%
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 6.0x · 3-year 75th pct 24.4x

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 companyRussia1.06.0x6.0x

Group median 27.8x as traded, 4.9x adjusted; this company 6.0x — a 22% premium.

Group average 27.4x as traded, 4.8x adjusted; against the average this company is at a 24% premium.

At the adjusted group median the market cap would be -23% 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

Dividends suspended (~2.5 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)7 bn RUB
Payout ratio64%
Free cash flow (FY, OCF − capex) — not a cap (leverage 1.7x)-1 bn RUB
Recent actual dividend (3-yr median)47.30 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-15.4 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price1161 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Three-year model and IRR withheld

The number is withheld — here is why

Historical check (9 observations): median EBITDA miss 22.1 pp of margin, within ±5 pp in 0% of cases, relative error 53% at bias 0.56x, revenue 19% — poor on both scales, the model's number is withheld

The path below is computed and shown in full, so you can see what the model rests on and where it breaks. Only the headline price and upside are hidden — those are what we do not trust.

base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue33.7 bn43.8 bn52.6 bn60.1 bn
Revenue growth—+30%+20%+14%
EBITDA15.7 bn20.9 bn25.6 bn30.0 bn
EBITDA margin46.5%47.6%48.7%49.8%
less D&A3.4 bn3.9 bn4.4 bn4.8 bn
EBIT12.3 bn16.9 bn21.2 bn25.2 bn
less net interest232.2 bn1.4 bn966
less tax1823.7 bn4.9 bn6.1 bn
Net profit10.9 bn11.1 bn14.8 bn18.2 bn
Capex7.2 bn8.8 bn10.6 bn12.1 bn
Capex to revenue21.4%20.2%20.2%20.2%
Free cash flow8.3 bn3.5 bn4.9 bn6.2 bn
Net debt13.0 bn10.0 bn5.6 bn10
Net debt / EBITDA0.8x0.5x0.2x0.0x
Dividend per share47.30 ₽0.000 ₽0.000 ₽0.000 ₽
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Company guidance (adjusted for its own track record)
guided +26%, applied +22%
Группа Позитив подтвердила прогноз отгрузок на 2026 год 40–45 млрд руб. при факте 2025 года 33,6 млрд — это +19…+34%.		36%+22% · +15% · +11%
Realised pace (acceleration/deceleration)
LTM YoY +30%; acceleration +16.1pp
LTM г/г по отчётности		26%+26% · +17% · +12%
Analyst forecast of financial results (Консенсус, houses: 8)
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		38%+40% · +27% · +18%
Model assumptions
Exit multipleEV/EBITDA 6.09x (4.87x…8.90x)
No re-rating: min(current 6.1x, three-year median 15.2x). Re-rating to 8.9x on a falling rate is the bull case
Second valuation: discounted cash flow842 ₽ (discount 13.1%, terminal growth 4.0%)
81% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy64% of net profit, capped by cash flow
Dividendssuspended — zero in the model
Year-3 EBITDA margin target49.8%
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
Model versus analyst forecasts
Linemodelanalystsgap
2027 Консенсус, houses: 8.0 · blended from 50% 2026 + 50% 2027
Revenue43.8 bn47.1 bn0.93x
EBITDA20.9 bn21.4 bn0.98x
Net profit11.1 bn14.9 bn0.74x
2028 Консенсус, houses: 4.0 · blended from 50% 2027 + 50% 2028
Revenue52.6 bn60.4 bn0.87x
EBITDA25.6 bn28.9 bn0.89x
Net profit14.8 bn21.9 bn0.68x

The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.

Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue919%0.83x56%
EBITDA953%0.56x11%
Net profit772%0.62x14%

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 — 2 730 ₽. Ours on the same horizon — 1 646 ₽

Checks and caveats
  • ✗ Historical check (9 observations): median EBITDA miss 22.1 pp of margin, within ±5 pp in 0% of cases, relative error 53% at bias 0.56x, revenue 19% — poor on both scales, the model's number is withheld
  • ⚠ Year-3 margin 50% is above the best year on record (50%), though inside the +10% tolerance
  • ⚠ The two valuations of the same cash flow differ 3.0x: exit multiple 2,562 vs discounted cash flow 842 — the target rests on the multiple assumption rather than on the flow; in the DCF 81% of value sits in the terminal value
  • ⚠ The miss is one-sided: across 9 measurements the median EBITDA forecast came to 0.56 of actual — the model consistently FAILS TO KEEP UP with this business. So the IRR here is more a floor than a ceiling; erring this way is safer, but the precision cannot be relied on
  • ⚠ The share count is growing: 66m 3.0 years ago against 71m now — 2.5% a year, last change 2026-01-27. If that pace holds, the value of a share in year 3 is 7% below the base figure: the base holds today's count (no issue is announced) and continued dilution sits in the bear case
  • ⚠ The growth is bought, not earned: for every rouble of EBITDA added over three years, net debt grew by 3.7 roubles. The model carries the historical EBITDA pace forward but only funds maintenance capex — acquisitions are not in the outflows. If growth keeps costing the same, free cash flow and dividends here are overstated
  • ⚠ The reporting-period series needed repair: 4 rows discarded as incompatible with the cumulative convention (years 2020, 2023, 2024, 2025). The database carries quarters labelled as halves and nine-month periods; LTM and year-on-year growth computed on those are wrong, so they are dropped
  • ⚠ Less reaches actual cash than the formula implies: over 2 reported years free cash flow came to 0.57 of 'EBITDA less capex, interest and tax'. The gap is lease principal (IFRS 16 keeps it out of EBITDA but it still has to be paid) and working capital. The forecast cash flow is scaled by this factor — otherwise debt repayment and dividends come out of cash the company never has
  • ⚠ One-year value 1,646: nearest independent is eninvs Company_Forecast (0.60x), median 2,730. Compared with: eninvs Company_Forecast
  • ✓ Growth sources: consensus, guidance, momentum
  • ✓ Revenue CAGR +21%
  • ✓ Year-3 net debt/EBITDA 0.0x
  • ✓ IRR +30%
  • ✓ Base is fresh: report 4 months old
  • ✓ Versus the analyst forecast for 2027 (8 houses): revenue 0.93x, EBITDA 0.98x, profit 0.74x
  • ✓ Year 1 within +8% of guidance

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

Pay yearDividend /sh
202447.30 ₽
202353.67 ₽
202219.56 ₽
2020150.44 ₽
Payments by period
PeriodLast day to buy/sh
2024 q22024-04-1847.30 ₽
2023 q42023-11-3015.80 ₽
2023 q22023-04-1237.87 ₽
2022 q42022-11-105.16 ₽
2022 q22022-05-0414.40 ₽
2020 q42020-11-26150.44 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1 (1 positive), last 30 days: 4 (3 positive, 1 negative) across tracked channels, broker research and shows. 15 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

23.09.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
АГКРА повысило кредитный рейтинг Positive Technologies до AA(RU) с прогнозом «Стабильный», что связано с улучшением финансовых показателей и снижением долговой нагрузки. Ожидается, что отгрузки компании за 2026 год составят 40-45 млрд. руб. При этом компания активно развивает новые технологии и продукты, что повышает её инвестиционную привлекательность.
23.09.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
Кредитный рейтинг ПАО «Группа Позитив» изменен с АА-(RU) (прогноз «позитивный») на АА(RU) (прогноз «стабильный») 23 сентября 2026 года. Рейтинг присвоен Аналитическим Кредитным Рейтинговым Агентством.
11.06.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
11 июня 2026 года рейтинговое агентство «Эксперт РА» присвоило кредитный рейтинг ruAA облигациям ПАО «Группа Позитив». Облигации относятся к сериям 001Р-01 и 001Р-02, размещенным в рамках Программы биржевых облигаций. Рейтинг подтверждает надежность эмитента и его ценных бумаг.
19.05.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Группа Позитив», состоявшемся 19 мая 2026 года, было принято решение не распределять чистую прибыль за 2025 год и не выплачивать дивиденды. Также утверждены новые размеры вознаграждения для членов Совета директоров, включая 4,6 млн. руб. для независимых директоров и 920 тыс. руб. для председателя Комитета Совета директоров.
11.09.26BuybackПриобретение голосующих акций другого акционерного общества
ПАО «Группа Позитив» приобрело 32,86% голосующих акций АО «Сайбер ОК», увеличив свою долю участия в уставном капитале с 0% до 32,86%. Сделка состоялась 10.09.2026.
20.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Группа Позитив» назначил Дениса Баранова Генеральным директором на новый срок с 30 июля 2026 года. Все решения были приняты единогласно. В 2025 году была положительно оценена работа Службы внутреннего аудита и управления рисками.

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 Positive — from primary filings.

Frequently asked questions

What is Positive's P/E ratio?
Positive trades at a P/E of 7.4x (price to trailing 12-month earnings).
What is Positive's EV/EBITDA?
Positive trades at 6.0x EV/EBITDA.
What is Positive's P/B ratio?
Positive trades at a P/B of 3.2x.
What is Positive's return on equity (ROE)?
Positive's ROE is 0.5%.
What is Positive's market capitalization?
Positive's market cap is 1.0 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
iПозитивР2floatfloat100.46-0.07%2.2M3.1M12.2026
iПозитивР1floatfloat100.25-0.09%2.6M6.6M07.2027
iПозитивР315.6%18%104.54+0.05%15.9M18.3M04.2028
ПозитивР4floatfloat100.33-0.12%432K3.0M02.2029

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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