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Softline (SOFL) USD

Softline is a Russian IT solutions provider combining software and hardware distribution, cloud and IT services and its own software products, growing through acquisitions of developers.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, H1 2026)✓Cheaper than own history (EV/EBITDA 7.0 vs avg 9.7)✗Margins compressing (10%→7%, H1 2026)

Sector: Information Technology

RU_SOFL

Price chart

51.12 RUBDay -1.62%

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
51.12 RUB · -1.62%
Market cap
287 mln USD

Growth

Δ revenue y/y
15.5%
Δ EBITDA y/y
-17.7%

Multiples

P/E (LTM)
7.2x
3y avg: 16.2x
P/B (FY)
0.7x
P/E (ann.)
11.5x
EV/EBITDA (LTM)
7.0x
3y avg: 9.7x
EV/EBITDA (ann.)
9.1x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
-70.5%

Liquidity

Daily turnover (MOEX)
40.1 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 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)OK288.2
y/y 15.5%
0.7
y/y -12.1%
13.4
y/y -19.1%
14.2
y/y -17.7%
11.4
y/y —
-80.4-1189.51446.8
y/y 20.8%
425.8
y/y 33.7%
—445.2Report (PDF)
2026-03-31Q1 2026 (3M)PARTIAL≈ 254.9
y/y —
8.1
y/y —
18.1
y/y —
26.3
y/y —
1.1
y/y —
-80.4-1189.5—
y/y —
—
y/y —
—≈ 228.9Report (PDF)
2025-12-31Q4 2025 (3M)OK589.9
y/y -9.6%
—
y/y 87.0%
—
y/y -18.1%
46.1
y/y -11.1%
39.9
y/y -32.6%
——1651.4
y/y 19.1%
414.3
y/y 32.6%
—228.9Report (PDF)
2025-09-30Q3 2025 (3M)PARTIAL≈ 278.9
y/y —
—
y/y —
—
y/y —
17.8
y/y —
-12.7
y/y —
———
y/y —
—
y/y —
—≈ 313.6Report (PDF)
2025-06-30Q2 2025 (3M)OK470.2
y/y -2.0%
10.1
y/y -28.1%
39.0
y/y 16.7%
49.1
y/y 3.5%
-1.2
y/y —
-85.7-3117.01197.5
y/y 21.9%
318.3
y/y 102.3%
-0.8%313.6Report (PDF)
2024-12-31Q4 2024 (3M)OK652.5
y/y -3.4%
16.1
y/y -43.6%
35.8
y/y 16.0%
51.9
y/y -12.7%
59.2
y/y 165.7%
119.1-1728.01386.7
y/y 32.7%
312.6
y/y 161.7%
22.1%178.9Report (PDF)
2024-06-30Q2 2024 (3M)OK479.6
y/y 36.7%
14.0
y/y —
33.4
y/y 236.6%
47.4
y/y 1550.2%
-7.2
y/y -105.4%
-164.7-2656.0982.0
y/y 56.4%
157.4
y/y 14.6%
-10.4%317.1Report (PDF)
2023-12-31Q4 2023 (3M)OK675.5
y/y —
28.6
y/y —
30.8
y/y —
59.4
y/y —
-90.1
y/y —
154.4-1617.01045.1
y/y —
119.4
y/y —
33.6%113.0Report (PDF)
2023-06-30Q2 2023 (3M)OK350.8
y/y —
-7.1
y/y —
9.9
y/y —
2.9
y/y —
133.2
y/y —
-48.8-5523.0627.9
y/y —
137.4
y/y —
—22.6Report (PDF)

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

Short-term debt (incl. ST leases)351
Long-term debt (incl. LT leases)139
− Cash & equivalents45
Net debt445

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

02004006002023 H12023 H22024 H12024 H22025 H12025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%2023 H12023 H22024 H12024 H22025 H12025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-250-200-150-100-500502023 H12023 H22024 H12024 H22025 H12025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

01002003004002023 H12023 FY2024 H12024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit runs ahead of cash
In a typical year of 2021–2025 operating cash flow came to 0.45x of reported net profit; after capex, 0.22x.
year20212022202320242025
cash flow / profit2.31x0.45x2.45x-0.88x-0.83x
accruals, % of assets-6.6%10.5%-6.0%7.0%2.9%
Last twelve months (to H1 2026): -2.44x of profit came back as operating cash flow.
net debt / EBITDA 2.6x · EBIT covers interest 0.7x · capex 0.9x of depreciation
● In a typical year operating cash flow covered 45% of reported profit (5 profitable years).
● EBIT covers interest 0.7x.
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 2024): 99.3 mlnEV/EBITDA (FY): 7.4xEV/EBITDAC (FY): 7.4x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2026-06-30 H140−0407%
2025-06-30 H149−04910%
2024-12-31 H252−0528%
2024-12-31 FY99−0999%
2024-06-30 H147−04710%
2023-12-31 FY62−0626%

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 – 2026-09): 165 contracts worth RUB 1 771 mn +101% YoY.

05002024-10: 20 contracts 31 RUB mn2024102024-11: 33 contracts 211 RUB mn112024-12: 40 contracts 57 RUB mn122025-01: 5 contracts 3 RUB mn2025012025-02: 5 contracts 79 RUB mn022025-03: 13 contracts 79 RUB mn032025-04: 18 contracts 56 RUB mn042025-05: 13 contracts 30 RUB mn052025-06: 25 contracts 47 RUB mn062025-07: 15 contracts 204 RUB mn072025-08: 6 contracts 24 RUB mn082025-09: 14 contracts 59 RUB mn092025-10: 20 contracts 145 RUB mn102025-11: 20 contracts 743 RUB mn112025-12: 40 contracts 121 RUB mn122026-01: 4 contracts 2 RUB mn2026012026-02: 8 contracts 12 RUB mn022026-03: 11 contracts 201 RUB mn032026-04: 13 contracts 12 RUB mn042026-05: 8 contracts 15 RUB mn052026-06: 12 contracts 73 RUB mn062026-07: 17 contracts 23 RUB mn072026-08: 10 contracts 422 RUB mn082026-09: 2 contracts 1 RUB mn09
Half-yearContractsValue, mnRevenue, mnShareYoY
2023H111756025 0132%–
2023H21981 05348 1682%–
2024H11531 40534 1974%+151%
2024H219374846 5262%-29%
2025H17929333 5261%-79%
2025H21151 29661 9462%+73%
2026H15631538 7241%+7%
2026H2 *29446–––

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. Softline entities as direct 44-FZ suppliers - 1-4% of group revenue; the 223-FZ registry does not disclose suppliers. Data through 2026-09. * - incomplete half-year.

Quality / corporate governance

Potential discount −20% (factor 0.80)

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: ≤-300.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
-9
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (287 + 445) ÷ 104
7.0x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (7.0 + 6.5) ÷ 2
6.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -132 + 0 + 0 − 0
-4 639
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-9 × 6.8 + -4 639) ÷ 287
≤-300.0%

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

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +18% vs +10% the year before — a +8.0 pp move. 3-year CAGR +19%.
revenue growth by year: 2023 +30% · 2024 +10% · 2025 +18%
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

Dividend-model upside: -100%

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)2 bn RUB
Payout ratio73%
Free cash flow (FY, OCF − capex) — caps payout-6 bn RUB
Recent actual dividend (3-yr median)0.18 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-13.3 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price52.36 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Paid, trailing 12-mo: 0.18 RUB/sh · 0.3%

Pay yearDividend /sh
20260.18 ₽
20252.50 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-080.18 ₽
2025 q32025-07-102.50 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 5 (2 positive) across tracked channels, broker research and shows. 9 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

04.09.26Filing★ ▲ Заключение подконтрольной эмитенту организацией договора, предусматривающего обязанность приобретать эмиссионные ценные бумаги эмитента
Компания 'Софтлайн' заключила договор с ООО 'Инвестпроекты', обязывающий последнего приобрести 15,4 млн акций компании, что составит 3,85% от общего количества. После выполнения обязательств, доля 'Инвестпроекты' составит 17,3 млн акций или 4,32%. Срок для выполнения обязательства - до 09.09.2026.
27.08.26Filing★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
ПАО 'Софтлайн' за 6 месяцев 2026 года увеличило оборот до 53,1 млрд руб. (+15% г/г) и валовую прибыль до 11,6 млрд руб. (+16% г/г). Прогноз на 2026 год включает увеличение оборота до 145-155 млрд руб. и валовой прибыли до 30-35 млрд руб.
15.07.26Filing★ ▼ Отчуждение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
Компания 'Софтлайн' осуществила отчуждение 7,5 млн. голосующих акций (1,88% от общего числа) через подконтрольную организацию 'Инвестпроекты'. После отчуждения компании осталось 2,47 млн. акций (0,618%). Отчуждение произошло 14.07.2026.
14.07.26Filing★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки
ПАО 'Софтлайн' заключило крупную сделку с ООО 'СЛ Софт', в рамках которой Продавец обязуется возместить имущественные потери Покупателя, возникшие из судебных споров. Размер возмещения может превышать 58,9 млн. руб. и составляет более 50% от стоимости активов эмитента, которая на 31.12.2025 составляет 117,7 млрд. руб.
26.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
Компания 'Софтлайн' объявила дату фиксации прав акционеров на получение дивидендов по результатам 2025 года, которая установлена на 9 июля 2026 года. Протокол годового собрания акционеров был составлен 25 июня 2026 года.
28.05.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
ПАО 'Софтлайн' присвоен кредитный рейтинг ruA-, изменившийся с уровня ruBBB+. Рейтинг касается биржевых облигаций серии 002P-02, зарегистрированных 06.02.2026.
28.05.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
Компания 'Софтлайн' получила кредитный рейтинг ruA- с прогнозом 'Стабильный', что является улучшением по сравнению с предыдущим рейтингом ruBBB+. Рейтинг был присвоен 28 мая 2026 года.
18.05.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
Совет директоров ПАО 'Софтлайн' проведет заседание 20.05.2026, на котором будет обсуждаться утверждение годовой отчетности за 2025 год и рекомендации по выплате дивидендов. Также в повестке дня стоит вопрос об одобрении сделки с заинтересованностью.

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 Softline (SOFL) — from primary filings.

Frequently asked questions

What is Softline (SOFL)'s P/E ratio?
Softline (SOFL) trades at a P/E of 7.2x (price to trailing 12-month earnings).
What is Softline (SOFL)'s EV/EBITDA?
Softline (SOFL) trades at 7.0x EV/EBITDA.
What is Softline (SOFL)'s P/B ratio?
Softline (SOFL) trades at a P/B of 0.7x.
What is Softline (SOFL)'s dividend yield?
Softline (SOFL)'s trailing 12-month dividend yield is 0.3%.
What is Softline (SOFL)'s return on equity (ROE)?
Softline (SOFL)'s ROE is 6.0%.
What is Softline (SOFL)'s market capitalization?
Softline (SOFL)'s market cap is 287 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
iСЛ 2P218.6%19.5%104.215.8M12.2028

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

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