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Positive RUB

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 5.4 vs avg 15.5)✗No dividends currently

Sector: Information Technology

RU_POSI

Price chart

1 004 RUBDay 1.39%

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
1 004 RUB · 1.39%
Market cap
71.5 bn RUB

Growth

Δ revenue y/y
38.9%
Δ EBITDA y/y
89.7%

Multiples

P/E (LTM)
6.5x
3y avg: 21.4x
P/B (FY)
2.9x
EV/EBITDA (LTM)
5.4x
3y avg: 15.5x
EV/EBITDA (ann.)
21.0x

Cash return

Dividend yield
—
FCF yield (LTM)
7.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+47.1%
↓ details

Liquidity

Daily turnover (MOEX)
347.1 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
2026-06-30Q2 2026 (3M)OK6.1
y/y 38.9%
0.1
y/y —
0.9
y/y 20.9%
1.0
y/y —
0.0
y/y —
—-1.850.8
y/y 21.6%
21.0
y/y 75.7%
0.4%13.1Report (PDF)
2026-03-31Q1 2026 (3M)OK3.4
y/y 45.6%
-1.0
y/y —
0.9
y/y 30.5%
-0.2
y/y —
-1.4
y/y —
16.2-1.953.9
y/y 11.7%
23.0
y/y 61.9%
-23.5%7.0Report (PDF)
2025-12-31Q4 2025 (3M)OK20.0
y/y 35.5%
13.4
y/y 40.6%
0.8
y/y 51.7%
14.2
y/y 41.3%
13.0
y/y 45.9%
1.3-2.061.0
y/y 15.7%
24.3
y/y 42.7%
40.9%21.2Report (PDF)
2025-09-30Q3 2025 (3M)PARTIAL4.1
y/y -6.4%
-0.2
y/y —
0.8
y/y 52.6%
0.6
y/y 677.3%
-0.7
y/y —
—-1.542.3
y/y 77.6%
11.2
y/y —
-8.6%21.7Report (PDF)
2025-06-30Q2 2025 (3M)OK4.4
y/y 42.0%
-1.6
y/y —
0.7
y/y 60.9%
-0.9
y/y —
-2.2
y/y —
2.7-2.041.8
y/y 117.0%
11.9
y/y 438.0%
-68.7%18.5Report (PDF)
2025-03-31Q1 2025 (3M)OK2.3
y/y 7.6%
-2.2
y/y —
0.7
y/y 78.4%
-1.6
y/y —
-2.8
y/y —
9.7-1.948.3
y/y —
14.2
y/y —
-71.0%12.4Report (PDF)
2024-12-31Q4 2024 (3M)OK14.7
y/y -22.6%
9.5
y/y 110.8%
0.6
y/y 275.1%
10.1
y/y 116.0%
8.9
y/y 96.9%
-2.8-1.752.7
y/y 85.9%
17.1
y/y 29.2%
48.4%20.1Report (PDF)
2024-09-30Q3 2024 (3M)OK4.4
y/y 770.2%
-0.5
y/y -162.1%
0.5
y/y 0.0%
0.1
y/y -93.9%
-0.8
y/y -254.7%
-1.5-1.923.8
y/y —
-1.9
y/y —
-732.0%15.5Report (PDF)
2024-06-30Q2 2024 (3M)OK3.1
y/y —
-2.9
y/y —
0.4
y/y —
-2.5
y/y —
-2.9
y/y —
3.6-1.619.3
y/y —
2.2
y/y —
—6.5Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL2.2
y/y —
-1.5
y/y —
0.4
y/y —
-1.1
y/y —
-1.5
y/y —
3.6-1.4—
y/y —
—
y/y —
—-6.2Report (PDF)
2023-12-31Q4 2023 (3M)OK19.1
y/y —
4.5
y/y —
0.1
y/y —
4.7
y/y —
4.5
y/y —
1.4-0.928.4
y/y —
13.2
y/y —
—4.0Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL0.5
y/y —
0.7
y/y —
0.5
y/y —
1.3
y/y —
0.5
y/y —
0.1-0.1—
y/y —
—
y/y —
—2.9Report (PDF)
2023-06-30Q2 2023 (3M)OK3.2
y/y —
0.1
y/y —
0.4
y/y —
0.5
y/y —
0.1
y/y —
3.4-1.612.3
y/y —
4.2
y/y —
—2.7Report (PDF)

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

Short-term debt (incl. ST leases)5 196
Long-term debt (incl. LT leases)15 309
− Cash & equivalents7 448
Net debt13 057

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-10 000010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

FCF (₽ mln)

-10 000-5 00005 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-10 000010 00020 0002024 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): 1.60x 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 (LTM): 8.6 blnEV/EBITDA (LTM): 5.4xEV/EBITDAC (LTM): 9.8x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2026-06-30 Q21 007−1 754-747-12%
2026-03-31 Q1-153−1 855-2 009-59%
2025-12-31 Q414 223−1 97712 24661%
2025-12-31 FY12 346−6 9555 39117%
2025-09-30 Q3594−1 468-873-21%
2025-06-30 Q2-900−1 799-2 699-61%

RUB mln

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Government orders: 44-FZ contracts

Last 12 months (2025-10 – 2026-09): 398 contracts worth RUB 13 807 mn +31% YoY.

02 0004 0002024-10: 34 contracts 199 RUB mn2024102024-11: 50 contracts 708 RUB mn112024-12: 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: 3 contracts 15 RUB mn09
Half-yearContractsValue, mnRevenue, mnShareYoY
2023H11791 7523 15855%–
2023H22652 88419 05515%–
2024H11533 9485 28675%+125%
2024H22473 55819 17119%+23%
2025H11611 5704 41336%-60%
2025H226111 13226 46842%+213%
2026H11755 7176 12893%+264%
2026H2 *744 378–––

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 2026-09. * - incomplete half-year.

Fundamental value creation

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

Value created per year: +45.5%

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)
= (1 007 − 725) × 15.56
4 385
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (71 499 + 13 057) ÷ 15 671
5.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.4 + 6.5) ÷ 2
5.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 5 449 + 1 000 + 0 − 0
6 449
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.0% × 71 499
−0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 385 × 5.9 + 6 449 − 0) ÷ 71 499
+45.5%

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 -900->725 (vs normal-margin base, not the trough)
  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • 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).

Dividend potential

Dividends suspended (~2.4 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)-14.0 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price990 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
202447.30 ₽
202353.67 ₽
202219.56 ₽
2020150.44 ₽
Payments by period
PeriodEx-date/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: 3 (2 positive, 1 negative) across tracked channels, broker research and shows. 8 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

11.06.26Filing★ ▲ 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.
02.04.26Filing★ ▲ Созыв общего собрания участников (акционеров)
ПАО «Группа Позитив» созывает внеочередное общее собрание акционеров, которое пройдет в форме заочного голосования с окончанием приема бюллетеней 6 мая 2026 года. В повестке дня стоит вопрос о выплате дивидендов по результатам первого квартала 2026 года. Дата определения лиц, имеющих право на участие в собрании, - 11 апреля 2026 года.
25.03.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
25 марта 2026 года кредитное рейтинговое агентство присвоило Публичному акционерному обществу «Группа Позитив» кредитный рейтинг АА-(RU) с позитивным прогнозом, изменив его с предыдущего уровня АА-(RU) с негативным прогнозом.
20.03.26Filing★ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
ПАО «Группа Позитив» объявило о существенной сделке, связанной с дарением акций в объеме 5,1 млн. штук. Общий размер сделок составляет 6,6 млрд. руб., что составляет 15,7% от стоимости активов, равной 42,3 млрд. руб. Сделка была заключена 25.12.2025 и должна быть исполнена до 31.12.2025.
07.08.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
07 августа 2026 года истекает срок для направления оферт от потенциальных приобретателей на заключение предварительных договоров по биржевым облигациям серии 001Р-04. Сбор предложений будет осуществляться андеррайтером с 11:00 до 15:00 по московскому времени в тот же день.
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 6.5x (price to trailing 12-month earnings).
What is Positive's EV/EBITDA?
Positive trades at 5.4x EV/EBITDA.
What is Positive's P/B ratio?
Positive trades at a P/B of 2.9x.
What is Positive's return on equity (ROE)?
Positive's ROE is 0.4%.
What is Positive's market capitalization?
Positive's market cap is 71.5 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
iПозитивР2floatfloat101.02.2M12.2026
iПозитивР1floatfloat100.43.1M07.2027
iПозитивР316.1%18%104.113.4M04.2028
ПозитивР4floatfloat100.07.7M02.2029

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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