A 
87.00
+1.87%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 476.8m
FY2016FY2025
Net income
PLN 132.9m
FY2016FY2025
Free cash flow
PLN 184.0m
FY2016FY2025
Shareholders' equity
PLN 425.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 476.8m | PLN 428.8m | PLN 380.5m | PLN 338.5m | PLN 307.4m | PLN 282.1m | PLN 273.9m | PLN 254.7m | PLN 212.8m | PLN 168.8m |
| Gross profit | PLN 211.3m | PLN 183.7m | PLN 155.1m | PLN 139.6m | PLN 132.5m | PLN 125.2m | PLN 120.3m | PLN 108.9m | PLN 94.7m | PLN 72.8m |
| Research and development | — | — | — | PLN 14.1m | PLN 12.8m | PLN 12.4m | PLN 12.0m | — | — | — |
| Operating income | PLN 143.0m | PLN 124.2m | PLN 109.4m | PLN 101.1m | PLN 94.6m | PLN 92.5m | PLN 87.7m | PLN 76.6m | PLN 62.2m | PLN 51.6m |
| Net income | PLN 132.9m | PLN 115.0m | PLN 95.0m | PLN 85.3m | PLN 80.6m | PLN 76.4m | PLN 73.4m | PLN 62.6m | PLN 50.1m | PLN 42.4m |
| Diluted earnings per share | 4.03 | 3.50 | 2.84 | 2.55 | 2.41 | 2.29 | 2.20 | 1.87 | 1.50 | 1.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 564.7m | PLN 514.3m | PLN 493.2m | PLN 477.0m | PLN 456.0m | PLN 440.4m | PLN 422.6m | PLN 362.3m | PLN 358.1m | PLN 301.7m |
| Cash and short-term investments | PLN 80.6m | PLN 40.9m | PLN 53.0m | PLN 48.3m | PLN 42.8m | PLN 46.6m | PLN 30.0m | PLN 12.8m | PLN 8.4m | PLN 70.5m |
| Total liabilities | PLN 137.6m | PLN 129.2m | PLN 114.0m | PLN 115.3m | PLN 109.5m | PLN 108.5m | PLN 106.5m | PLN 63.7m | PLN 78.5m | PLN 26.7m |
| Debt | PLN 42.7m | PLN 49.5m | PLN 49.0m | PLN 51.8m | PLN 64.3m | PLN 52.1m | PLN 55.3m | PLN 19.5m | PLN 32.4m | — |
| Shareholders' equity | PLN 425.9m | PLN 385.1m | PLN 379.3m | PLN 361.6m | PLN 346.5m | PLN 332.0m | PLN 316.1m | PLN 298.5m | PLN 279.7m | PLN 275.0m |
| Shares outstanding | 33m | 33m | 33m | 33m | 33m | 33m | 33m | 33m | 33m | 33m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 188.6m | PLN 163.3m | PLN 129.4m | PLN 127.6m | PLN 96.5m | PLN 113.3m | PLN 105.4m | PLN 80.2m | PLN 64.0m | PLN 49.2m |
| Capital spending | −PLN 4.6m | −PLN 12.8m | −PLN 37.0m | −PLN 35.3m | −PLN 22.8m | −PLN 22.5m | −PLN 15.9m | −PLN 11.6m | −PLN 13.5m | −PLN 12.4m |
| Free cash flow | PLN 184.0m | PLN 150.5m | PLN 92.4m | PLN 92.3m | PLN 73.7m | PLN 90.8m | PLN 89.5m | PLN 68.6m | PLN 50.5m | PLN 36.8m |
| Dividends paid | −PLN 108.9m | −PLN 86.9m | −PLN 76.9m | −PLN 70.8m | −PLN 66.8m | −PLN 60.2m | −PLN 50.1m | −PLN 43.4m | −PLN 42.4m | −PLN 33.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 115.8m | PLN 130.3m | PLN 147.3m | PLN 115.8m | PLN 106.1m | PLN 108.1m | PLN 125.9m | PLN 101.6m |
| Gross profit | PLN 47.8m | PLN 62.5m | PLN 73.9m | PLN 51.5m | PLN 40.7m | PLN 45.5m | PLN 60.6m | PLN 44.0m |
| Operating income | PLN 32.6m | PLN 46.6m | PLN 53.7m | PLN 35.5m | PLN 24.8m | PLN 30.4m | PLN 40.5m | PLN 30.8m |
| Net income | PLN 28.9m | PLN 43.0m | PLN 49.0m | PLN 33.1m | PLN 22.7m | PLN 28.6m | PLN 40.2m | PLN 27.7m |
| Diluted earnings per share | 0.88 | 1.31 | 1.48 | 1.00 | 0.69 | 0.87 | 1.23 | 0.84 |
| Cash from operations | PLN 48.0m | PLN 44.0m | PLN 77.0m | PLN 43.0m | PLN 33.0m | PLN 34.0m | PLN 67.0m | PLN 36.0m |
| Capital spending | −PLN 1.0m | −PLN 7.0m | — | −PLN 1.0m | −PLN 7.0m | −PLN 8.0m | −PLN 3.0m | −PLN 10.0m |
| Free cash flow | PLN 47.0m | PLN 37.0m | — | PLN 42.0m | PLN 26.0m | PLN 26.0m | PLN 64.0m | PLN 26.0m |
| Total assets | PLN 468.8m | PLN 557.5m | PLN 564.7m | PLN 489.8m | PLN 474.0m | PLN 533.7m | PLN 514.3m | PLN 470.1m |
| Cash and short-term investments | PLN 2.8m | PLN 85.6m | PLN 80.6m | PLN 11.1m | PLN 3.3m | PLN 63.9m | PLN 40.9m | PLN 7.3m |
| Debt | PLN 28.9m | PLN 10.1m | PLN 9.3m | PLN 9.3m | PLN 33.2m | PLN 8.7m | PLN 8.6m | PLN 29.0m |
| Shareholders' equity | PLN 331.4m | PLN 439.3m | PLN 425.9m | PLN 371.3m | PLN 334.4m | PLN 417.0m | PLN 385.1m | PLN 337.0m |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 44.3% | 42.8% | 40.7% | 41.3% | 43.1% | 44.4% | — |
| Operating margin | 30.0% | 29.4% | 29.4% | 29.9% | 30.8% | 32.4% | — |
| Net margin | 27.9% | 26.8% | 25.0% | 25.2% | 26.2% | 27.1% | — |
| Return on equity | 31.2% | 29.9% | 25.1% | 23.6% | 23.3% | 23.0% | — |
| Return on assets | 23.5% | 22.4% | 19.3% | 17.9% | 17.7% | 17.3% | — |
| Free cash flow yield | 6.6% | 6.1% | 5.6% | 5.5% | 4.0% | 4.6% | — |
| Revenue growth | 11.2% | 12.7% | 12.4% | 10.1% | 9.0% | 3.0% | — |
| Earnings growth | 15.5% | 21.0% | 11.4% | 5.8% | 5.6% | 4.0% | — |
| Current ratio | 1.78x | 1.44x | 1.58x | 1.47x | 1.69x | 1.49x | — |
| Debt to equity | 0.02x | 0.02x | 0.02x | 0.02x | 0.03x | 0.03x | — |
| Equity ratio | 75.4% | 74.9% | 76.9% | 75.8% | 76.0% | 75.4% | — |
| Interest coverage | 81.83x | 67.14x | 59.07x | 60.67x | 78.44x | 50.13x | — |
| R&D as a share of sales | — | — | — | 4.2% | 4.1% | 4.4% | 4.4% |
| Buybacks as a share of market value | -0.6% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.1% | 11.1% | 12.1% |
| Operating income | 12.3% | 9.1% | 13.5% |
| Net income | 15.9% | 11.7% | 14.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.6% | 42.5% | 42.8% | 42.9% |
| Operating margin | 29.5% | 29.4% | 30.0% | 30.0% |
| Net margin | 27.4% | 26.4% | 26.4% | 25.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.1 | 16.2 | 16.9 | 13.1 | 18.0 | 16.1 | 12.9 | 14.9 | 18.0 | 18.9 |
| Price to sales | 5.9 | 4.3 | 4.2 | 3.3 | 4.7 | 4.4 | 3.5 | 3.7 | 4.2 | 4.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 17 years. Last went ex-dividend on 5 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.75 | 3.30 | 6.26 | 2.30 | 2.12 | 2.00 | 1.80 | 1.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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