A 
71.00
0.00%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 1.80bn
FY2016FY2025
Net income
PLN 198.3m
FY2016FY2025
Free cash flow
PLN 235.5m
FY2016FY2025
Shareholders' equity
PLN 1.22bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.80bn | PLN 1.71bn | PLN 1.64bn | PLN 1.57bn | PLN 1.15bn | PLN 1.03bn | PLN 881.3m | PLN 670.4m | PLN 570.9m | PLN 570.6m |
| Gross profit | PLN 523.8m | PLN 448.5m | PLN 431.0m | PLN 393.2m | PLN 316.6m | PLN 262.5m | PLN 214.8m | PLN 161.0m | PLN 143.8m | PLN 136.3m |
| Research and development | PLN 19.1m | PLN 22.4m | PLN 23.5m | PLN 22.6m | PLN 26.9m | PLN 24.5m | PLN 12.3m | PLN 12.8m | — | — |
| Operating income | PLN 250.9m | PLN 229.8m | PLN 230.2m | PLN 215.9m | PLN 182.9m | PLN 145.6m | PLN 111.2m | PLN 74.5m | PLN 65.9m | PLN 56.8m |
| Net income | PLN 198.3m | PLN 199.2m | PLN 200.4m | PLN 187.8m | PLN 149.2m | PLN 116.0m | PLN 90.0m | PLN 64.7m | PLN 54.6m | PLN 51.5m |
| Diluted earnings per share | 3.82 | 3.84 | 3.86 | 3.62 | 2.88 | 2.24 | 1.73 | 1.25 | 1.05 | 0.99 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.26bn | PLN 2.31bn | PLN 2.12bn | PLN 1.87bn | PLN 1.52bn | PLN 1.38bn | PLN 1.25bn | PLN 989.6m | PLN 918.3m | PLN 946.4m |
| Cash and short-term investments | PLN 312.6m | PLN 275.2m | PLN 314.2m | PLN 298.2m | PLN 230.9m | PLN 248.8m | PLN 199.9m | PLN 168.6m | PLN 116.4m | PLN 122.6m |
| Total liabilities | PLN 1.03bn | PLN 1.23bn | PLN 992.5m | PLN 749.8m | PLN 546.2m | PLN 468.0m | PLN 449.6m | PLN 224.5m | PLN 199.0m | PLN 214.0m |
| Debt | PLN 220.7m | PLN 246.0m | PLN 153.4m | PLN 160.2m | PLN 139.9m | PLN 118.1m | PLN 159.4m | PLN 49.9m | PLN 47.5m | PLN 47.5m |
| Shareholders' equity | PLN 1.22bn | PLN 1.08bn | PLN 1.12bn | PLN 1.11bn | PLN 967.5m | PLN 910.6m | PLN 798.2m | PLN 763.4m | PLN 717.7m | PLN 730.2m |
| Shares outstanding | 52m | 52m | 52m | 52m | 52m | 52m | 52m | 52m | 52m | 52m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 308.4m | PLN 203.9m | PLN 309.6m | PLN 240.6m | PLN 234.8m | PLN 204.6m | PLN 158.8m | PLN 120.8m | PLN 94.3m | PLN 87.7m |
| Capital spending | −PLN 72.8m | −PLN 89.2m | −PLN 61.8m | −PLN 59.2m | −PLN 40.0m | −PLN 35.6m | −PLN 55.6m | −PLN 40.5m | −PLN 68.6m | −PLN 35.5m |
| Free cash flow | PLN 235.5m | PLN 114.7m | PLN 247.8m | PLN 181.4m | PLN 194.8m | PLN 169.1m | PLN 103.2m | PLN 80.3m | PLN 25.7m | PLN 52.2m |
| Dividends paid | −PLN 90.8m | −PLN 85.6m | −PLN 75.8m | −PLN 66.4m | −PLN 51.9m | −PLN 38.4m | −PLN 27.0m | −PLN 27.0m | −PLN 24.9m | −PLN 21.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 436.1m | PLN 434.5m | PLN 534.8m | PLN 437.2m | PLN 426.4m | PLN 400.3m | PLN 498.7m | PLN 444.8m |
| Gross profit | PLN 124.8m | PLN 115.1m | PLN 174.9m | PLN 112.4m | PLN 105.8m | PLN 102.8m | PLN 139.0m | PLN 116.1m |
| Operating income | PLN 63.4m | PLN 61.6m | PLN 106.8m | PLN 46.2m | PLN 50.9m | PLN 49.1m | PLN 72.8m | PLN 65.6m |
| Net income | PLN 46.4m | PLN 47.5m | PLN 65.0m | PLN 55.2m | PLN 42.2m | PLN 35.8m | PLN 58.2m | PLN 54.0m |
| Diluted earnings per share | 0.89 | 0.92 | 1.25 | 1.06 | 0.81 | 0.69 | 1.12 | 1.04 |
| Cash from operations | PLN 73.0m | PLN 87.0m | PLN 150.0m | PLN 60.0m | PLN 38.0m | PLN 64.0m | PLN 166.0m | PLN 40.0m |
| Capital spending | −PLN 13.0m | −PLN 16.0m | −PLN 16.0m | −PLN 22.0m | −PLN 20.0m | −PLN 14.0m | −PLN 52.0m | −PLN 14.0m |
| Free cash flow | PLN 60.0m | PLN 71.0m | PLN 134.0m | PLN 38.0m | PLN 18.0m | PLN 50.0m | PLN 114.0m | PLN 26.0m |
| Total assets | PLN 2.15bn | PLN 2.29bn | PLN 2.26bn | PLN 2.18bn | PLN 2.31bn | PLN 2.26bn | PLN 2.31bn | PLN 2.24bn |
| Cash and short-term investments | PLN 264.0m | PLN 352.5m | PLN 312.6m | PLN 227.8m | PLN 293.4m | PLN 308.7m | PLN 275.2m | PLN 205.3m |
| Debt | PLN 155.2m | PLN 161.9m | PLN 197.8m | PLN 96.8m | PLN 190.2m | PLN 188.9m | PLN 198.0m | PLN 211.5m |
| Shareholders' equity | PLN 1.24bn | PLN 1.28bn | PLN 1.22bn | PLN 1.15bn | PLN 1.00bn | PLN 1.07bn | PLN 1.08bn | PLN 1.00bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 29.1% | 26.3% | 26.2% | 25.1% | 27.6% | 25.6% |
| Operating margin | 13.9% | 15.8% | 16.1% | 15.5% | 17.1% | 14.1% |
| Net margin | 10.0% | 11.7% | 12.2% | 12.0% | 13.0% | 11.3% |
| Return on equity | 14.7% | 18.5% | 18.0% | 16.9% | 15.4% | 12.7% |
| Return on assets | 8.0% | 8.6% | 9.5% | 10.1% | 9.8% | 8.4% |
| Free cash flow yield | 9.7% | 7.3% | 9.3% | 7.5% | 6.9% | 6.0% |
| Revenue growth | 5.3% | 4.0% | 4.9% | 36.5% | 11.7% | 16.5% |
| Earnings growth | -9.5% | -0.6% | 6.7% | 25.9% | 28.7% | 28.9% |
| Current ratio | 1.30x | 1.38x | 1.33x | 1.44x | 1.43x | 1.58x |
| Debt to equity | 0.14x | 0.18x | 0.11x | 0.12x | 0.11x | 0.09x |
| Equity ratio | 54.2% | 46.5% | 52.7% | 59.4% | 63.7% | 65.9% |
| Interest coverage | 17.19x | 15.02x | 37.00x | 51.35x | 49.48x | 36.36x |
| R&D as a share of sales | 1.1% | 1.3% | 1.4% | 1.4% | 2.3% | 2.4% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.7% | 11.9% | 14.0% |
| Operating income | 5.1% | 11.5% | 16.8% |
| Net income | 1.8% | 11.3% | 16.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.7% | 26.8% | 26.7% | 26.2% |
| Operating margin | 13.7% | 13.8% | 14.1% | 13.4% |
| Net margin | 11.3% | 11.7% | 11.8% | 11.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.5 | 12.8 | 12.7 | 12.0 | 17.9 | 19.2 | 14.3 | 9.2 | 12.3 | 9.3 |
| Price to sales | 1.8 | 1.5 | 1.6 | 1.4 | 2.3 | 2.2 | 1.5 | 0.9 | 1.2 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 23 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.95 | 1.75 | 1.65 | 1.46 | 1.28 | 1.00 | 0.74 | 0.52 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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