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.
Sector: Information Technology
RU_SOFL
Net debt (table and EV/EBITDA): the definition agreed for this issuer rather than the standard formula — the financial table's tooltip spells out the terms. Amounts in millions of the reporting currency.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 19.4 y/y 15.5% | 0.3 y/y -12.1% | 1.1 y/y 11.2% | 1.4 y/y 5.1% | 0.4 y/y — | -5.7 | -1.2 | 103.2 y/y 20.8% | 30.4 y/y 33.7% | — | 37.2 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | PARTIAL | ≈ 18.2 y/y — | 0.6 y/y — | 1.3 y/y — | 1.9 y/y — | 0.1 y/y — | -5.7 | -1.2 | — y/y — | — y/y — | — | 28.9 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 31.0 y/y 34.3% | 1.2 y/y 95.4% | 1.0 y/y 35.9% | 2.3 y/y 62.5% | 0.6 y/y -33.9% | 0.5 | -1.2 | 117.7 y/y 19.1% | 29.5 y/y 32.6% | — | 20.6 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | PARTIAL | 19.9 y/y -15.3% | 2.1 y/y 262.1% | — y/y — | 2.0 y/y 32.4% | -0.9 y/y -143.0% | 2.3 | -1.2 | — y/y — | — y/y — | — | 22.4 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 16.8 y/y -2.0% | 0.4 y/y -28.1% | 1.0 y/y 59.1% | 1.4 y/y 20.7% | 0.0 y/y — | -3.1 | -1.6 | 85.4 y/y 21.9% | 22.7 y/y 102.3% | -0.8% | 24.2 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 23.1 y/y -4.2% | 0.6 y/y 4.9% | 0.8 y/y 66.9% | 1.4 y/y 31.9% | 1.0 y/y 271.1% | 0.9 | -1.3 | 98.9 y/y 32.7% | 22.3 y/y 161.7% | — | 12.8 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | PARTIAL | 23.5 y/y — | 0.6 y/y — | 1.0 y/y — | 1.5 y/y — | 2.1 y/y — | 4.2 | -1.3 | — y/y — | — y/y — | — | 13.4 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 17.1 y/y 36.7% | 0.5 y/y — | 0.6 y/y 94.8% | 1.1 y/y 1414.7% | -0.3 y/y -105.4% | -5.9 | -1.3 | 70.0 y/y 56.4% | 11.2 y/y 14.6% | -10.4% | 13.6 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 24.1 y/y — | 0.6 y/y — | 0.5 y/y — | 1.1 y/y — | -0.6 y/y — | 3.1 | -1.5 | 74.5 y/y — | 8.5 y/y — | 33.6% | -0.6 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 12.5 y/y — | -0.3 y/y — | 0.3 y/y — | 0.1 y/y — | 4.8 y/y — | -1.7 | -2.8 | 44.8 y/y — | 9.8 y/y — | — | -0.8 | Report (PDF) |
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 2.31x | 0.45x | 2.45x | -0.88x | -0.83x |
| accruals, % of assets | -6.6% | 10.5% | -6.0% | 7.0% | 2.9% |
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): 5.3 blnEV/EBITDA (FY): 10.7xEV/EBITDAC (FY): 10.7x
| Period | EBITDA | Capitalised dev. | EBITDAC | EBITDAC % rev. |
|---|---|---|---|---|
| 2024-12-31 FY | 5 333 | −3 | 5 330 | 7% |
| 2023-12-31 FY | 3 243 | −1 | 3 242 | 4% |
RUB mln
Our earnings breakdowns and investment notes on this issuer.
Last 12 months (2025-11 – 2026-10): 163 contracts worth RUB 1 719 mn +73% YoY.
| Half-year | Contracts | Value, mn | Revenue, mn | Share | YoY |
|---|---|---|---|---|---|
| 2023H1 | 117 | 560 | 25 013 | 2% | – |
| 2023H2 | 198 | 1 053 | 48 168 | 2% | – |
| 2024H1 | 153 | 1 405 | 34 197 | 4% | +151% |
| 2024H2 | 193 | 748 | 46 526 | 2% | -29% |
| 2025H1 | 79 | 293 | 33 526 | 1% | -79% |
| 2025H2 | 115 | 1 296 | 61 946 | 2% | +73% |
| 2026H1 | 56 | 315 | 38 724 | 1% | +7% |
| 2026H2 * | 47 | 540 | – | – | – |
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 2026-10. * - incomplete half-year.
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.
Value the company creates per year, as a % of market cap
Value created per year: -62.4%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (1 441 − 1 371) × 5.28 | 92 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (19 760 + 37 204) ÷ 7 605 | 7.5x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (7.5 + 6.5) ÷ 2 | 7.0x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -12 973 + 0 + 0 − 0 | -12 973 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (92 × 7.0 + -12 973) ÷ 19 760 | -62.4% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 7.5x · 3-year 75th pct 19.1x
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.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| MICRON TECHNOLOGY INC | US | 1027.9 | 9.1x | 1.6x |
| ORACLE CORP | US | 390.5 | 15.4x | 2.7x |
| INTERNATIONAL BUSINESS MACHINES CORP | US | 238.6 | 19.5x | 3.4x |
| MICROSOFT CORP | US | 3972.1 | 20.9x | 3.7x |
| NVIDIA CORP | US | 5394.8 | 26.9x | 4.8x |
| CISCO SYSTEMS, INC. | US | 423.2 | 27.3x | 4.8x |
| TEXAS INSTRUMENTS INC | US | 259.9 | 28.4x | 5.0x |
| Apple Inc. | US | 5081.9 | 29.8x | 5.3x |
| Broadcom Inc. | US | 1639.3 | 30.0x | 5.3x |
| APPLIED MATERIALS INC /DE | US | 324.3 | 33.3x | 5.9x |
| LAM RESEARCH CORP | US | 326.3 | 37.6x | 6.7x |
| Arista Networks, Inc. | US | 235.1 | 50.2x | 8.9x |
| Group median | 27.8x | 4.9x | ||
| Group average | 27.4x | 4.8x | ||
| This company | Russia | 0.2 | 7.5x | 7.5x |
Group median 27.8x as traded, 4.9x adjusted; this company 7.5x — a 52% premium.
Group average 27.4x as traded, 4.8x adjusted; against the average this company is at a 55% premium.
At the adjusted group median the market cap would be -56% 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.
Special situation — model not applicable
Forecast dividend yield is abnormally high (>35%), flagging a one-time special, administratively frozen dividends, or a line that doesn't actually pay. The dividend-model upside is not shown for such names.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 2 bn RUB |
| Payout ratio | 73% |
| Free cash flow (FY, OCF − capex) — caps payout | -6 bn RUB |
| Recent actual dividend (3-yr median) | 0.18 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -13.4 pp |
| = Fair dividend yield | 7.0% |
| 3 · Valuation → upside | |
| Current price | 50.88 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | — |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
The number is withheld — here is why
First-year profit (615) differs from the last reported (2,828) by a factor of 0.22. A one-year step of that size means the base and the forecast rest on different assumptions (interest, one-offs), so dividends and IRR built on it are not anchored in fact — the 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 mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 100.7 bn | 118.2 bn | 132.8 bn | 145.6 bn |
| Revenue growth | — | +17% | +12% | +10% |
| EBITDA | 8.3 bn | 10.3 bn | 12.1 bn | 13.9 bn |
| EBITDA margin | 8.3% | 8.7% | 9.1% | 9.5% |
| less D&A | 3.5 bn | 3.9 bn | 4.1 bn | 4.4 bn |
| EBIT | 4.8 bn | 6.4 bn | 7.9 bn | 9.5 bn |
| less net interest | 3.8 bn | 5.6 bn | 5.3 bn | 5.5 bn |
| less tax | 76 for 2025 | 205 | 658 | 1.0 bn |
| Net profit | 2.8 bn | 615 | 2.0 bn | 3.0 bn |
| Capex | 4.5 bn | 4.9 bn | 5.5 bn | 6.0 bn |
| Capex to revenue | 4.5% | 4.2% | 4.2% | 4.2% |
| Free cash flow | -11.4 bn operating cash flow less capex | -427 | 606 | 1.3 bn |
| Net debt | 37.2 bn | 46.5 bn | 56.4 bn | 66.9 bn |
| Net debt / EBITDA | 4.5x | 4.5x | 4.7x | 4.8x |
| Dividend per share | 0.180 ₽ | 0.000 ₽ | 1.51 ₽ | 2.42 ₽ |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Company guidance (adjusted for its own track record) guided +14%, applied +14% ПАО «Софтлайн», прогноз на 2026 год: оборот 145–155 млрд руб., валовая прибыль 30–35 млрд, скорр. EBITDA 9–9,5 млрд, чистый долг/EBITDA не более 2,0x. Подтверждён после 1П2026 (скорр. EBITDA 2 кв. +53%, 2,6 млрд). | 62% | +14% · +11% · +9% |
| Realised pace (acceleration/deceleration) LTM YoY +26%; acceleration +28.6pp LTM г/г по отчётности | 38% | +23% · +15% · +11% |
| Exit multiple | EV/EBITDA 6.92x (5.54x…10.00x) |
| No re-rating: min(current 6.9x, three-year median 11.3x). Re-rating to 10.0x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 28.94 ₽ (discount 13.1%, terminal growth 4.0%) |
| 91% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 73% of net profit, capped by cash flow |
| Year-3 EBITDA margin target | 9.5% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross 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 |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | quality multiplier 0.80 — flags: cash_conversion; no discount to the exit multiple — it is the market's own and already prices this risk |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 8 | 40% | 1.05x | 12% |
| EBITDA | 8 | 39% | 0.76x | 25% |
| Net profit | 3 | 88% | 0.12x | 0% |
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 — 241 ₽. Ours on the same horizon — 61.29 ₽. Dropped as broken: eninvs DividendPrediction (1.5)
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.
Paid, trailing 12-mo: 0.18 RUB/sh · 0.4%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 0.18 ₽ | |
| 2025 | 2.50 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2026 q3 | 2026-07-08 | 0.18 ₽ |
| 2025 q3 | 2025-07-10 | 2.50 ₽ |
No dividend rows found for this issuer.
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.
| 16.10.26 | Filing | ★ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора ПАО 'Софтлайн' присвоен кредитный рейтинг ruA- для биржевых облигаций серии 002P-04, размещенных в рамках Программы биржевых облигаций. Рейтинг был присвоен 16 октября 2026 года рейтинговым агентством 'Эксперт РА'. |
| 09.10.26 | Filing | ★ ▲ Заключение подконтрольной эмитенту организацией договора, предусматривающего обязанность приобретать эмиссионные ценные бумаги эмитента Подконтрольная организации 'Инвестпроекты' заключила договор на приобретение 16,6 млн акций эмитента 'Софтлайн', что составляет 4,14% от общего объема. Срок обязательства по приобретению акций истекает 14.10.2026. |
| 27.08.26 | Filing | ★ ▲ 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. |
| 15.07.26 | Filing | ★ ▼ 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. |
| 14.07.26 | Filing | ★ ▼ 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. |
| 26.06.26 | Filing | ★ ▲ 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. |
| 28.05.26 | Filing | ★ ▲ 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. |
| 18.05.26 | Filing | ★ ▲ 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.
| Issue | YTM | Coupon | Price, % | 1D | Volume today, ₽ | Avg vol. 20D, ₽ | Maturity |
|---|---|---|---|---|---|---|---|
| iСЛ 2P2 | 19.6% | 19.5% | 102.64 | +0.14% | 10.3M | 19.5M | 12.2028 |
| iСЛ 2P3 | 20.1% | 18.25% | 99.59 | -0.05% | 34.4M | 125.3M | 12.2029 |
| iСЛ 2P4 | float | float | 99.49 | -0.20% | 14.9M | 30.5M | 12.2029 |
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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