C 
269.00
+0.79%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 867.0m
FY2016FY2025
Net income
PLN 526.8m
FY2016FY2025
Free cash flow
PLN 538.4m
FY2016FY2025
Shareholders' equity
PLN 3.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 867.0m | PLN 985.0m | PLN 1.23bn | PLN 952.6m | PLN 888.2m | PLN 2.14bn | PLN 521.3m | PLN 362.9m | PLN 463.3m | PLN 584.0m |
| Gross profit | PLN 777.3m | PLN 737.9m | PLN 849.6m | PLN 708.6m | PLN 637.9m | PLN 1.65bn | PLN 360.0m | PLN 256.6m | PLN 381.1m | PLN 470.1m |
| Research and development | PLN 38.6m | PLN 78.5m | PLN 20.0m | PLN 103.6m | PLN 87.0m | PLN 254.1m | PLN 29.4m | PLN 11.9m | — | PLN 31.4m |
| Operating income | PLN 462.3m | PLN 366.1m | PLN 469.0m | PLN 377.3m | PLN 232.9m | PLN 1.16bn | PLN 180.3m | PLN 112.4m | PLN 240.9m | PLN 303.6m |
| Net income | PLN 526.8m | PLN 469.9m | PLN 481.1m | PLN 347.1m | PLN 208.9m | PLN 1.15bn | PLN 175.3m | PLN 109.3m | PLN 200.3m | PLN 250.5m |
| Diluted earnings per share | 5.24 | 4.65 | 4.81 | 3.44 | 2.05 | 11.37 | 1.73 | 1.11 | 2.01 | 2.60 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 3.50bn | PLN 3.04bn | PLN 2.61bn | PLN 2.27bn | PLN 2.16bn | PLN 2.89bn | PLN 1.40bn | PLN 1.13bn | PLN 981.5m | PLN 875.0m |
| Cash and short-term investments | PLN 634.9m | PLN 1.19bn | PLN 879.0m | PLN 894.7m | PLN 984.4m | PLN 834.1m | PLN 482.3m | PLN 658.9m | PLN 647.5m | PLN 597.3m |
| Total liabilities | PLN 213.5m | PLN 241.8m | PLN 209.9m | PLN 240.7m | PLN 264.4m | PLN 707.1m | PLN 298.5m | PLN 124.0m | PLN 98.6m | PLN 98.0m |
| Debt | — | PLN 20.1m | PLN 23.4m | PLN 21.0m | PLN 22.7m | PLN 18.9m | PLN 19.9m | PLN 409,000 | PLN 338,000 | PLN 139,000 |
| Shareholders' equity | PLN 3.29bn | PLN 2.80bn | PLN 2.40bn | PLN 2.03bn | PLN 1.89bn | PLN 2.19bn | PLN 1.11bn | PLN 1.00bn | PLN 882.9m | PLN 776.9m |
| Shares outstanding | 101m | 101m | 100m | 101m | 102m | 102m | 101m | 99m | 100m | 96m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 637.9m | PLN 521.3m | PLN 610.9m | PLN 406.0m | PLN 967.8m | PLN 711.7m | PLN 216.7m | PLN 132.6m | PLN 231.7m | PLN 259.5m |
| Capital spending | −PLN 99.5m | −PLN 97.9m | −PLN 330.8m | −PLN 256.1m | −PLN 183.4m | −PLN 221.6m | −PLN 256.5m | −PLN 113.7m | −PLN 90.1m | −PLN 67.6m |
| Free cash flow | PLN 538.4m | PLN 423.4m | PLN 280.1m | PLN 149.9m | PLN 784.5m | PLN 490.1m | −PLN 39.8m | PLN 18.9m | PLN 141.6m | PLN 191.8m |
| Dividends paid | −PLN 99.9m | −PLN 99.9m | −PLN 99.9m | −PLN 100.7m | −PLN 503.7m | −PLN 503.7m | −PLN 100.9m | −PLN 100.9m | −PLN 100.9m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 244.2m | PLN 191.1m | PLN 74.9m | PLN 349.1m | PLN 216.7m | PLN 226.3m | PLN 332.7m | PLN 227.6m |
| Gross profit | PLN 228.7m | PLN 177.3m | PLN 139.1m | PLN 294.5m | PLN 163.9m | PLN 179.8m | PLN 273.8m | PLN 164.0m |
| Operating income | PLN 148.2m | PLN 96.6m | PLN 99.6m | PLN 194.6m | PLN 72.5m | PLN 95.6m | PLN 149.3m | PLN 80.6m |
| Net income | PLN 142.9m | PLN 106.2m | PLN 178.4m | PLN 193.5m | PLN 69.0m | PLN 86.0m | PLN 221.7m | PLN 78.1m |
| Diluted earnings per share | 1.43 | 1.06 | 1.77 | 1.92 | 0.69 | 0.86 | 2.19 | 0.77 |
| Cash from operations | PLN 93.0m | PLN 163.0m | PLN 113.0m | PLN 237.0m | PLN 98.0m | PLN 151.0m | PLN 153.0m | PLN 117.0m |
| Capital spending | −PLN 16.0m | −PLN 180.0m | −PLN 20.0m | −PLN 18.0m | −PLN 166.0m | −PLN 136.0m | −PLN 34.0m | −PLN 91.0m |
| Free cash flow | PLN 77.0m | −PLN 17.0m | PLN 93.0m | PLN 219.0m | −PLN 68.0m | PLN 15.0m | PLN 119.0m | PLN 26.0m |
| Total assets | PLN 3.79bn | PLN 3.64bn | PLN 3.50bn | PLN 3.30bn | PLN 3.19bn | PLN 3.12bn | PLN 3.04bn | PLN 2.76bn |
| Cash and short-term investments | PLN 441.5m | PLN 576.8m | PLN 634.9m | PLN 556.0m | PLN 1.13bn | PLN 1.17bn | PLN 647.4m | PLN 1.07bn |
| Debt | PLN 19.3m | — | PLN 4.3m | — | — | — | PLN 2.4m | — |
| Shareholders' equity | PLN 3.56bn | PLN 3.41bn | PLN 3.29bn | PLN 3.06bn | PLN 2.88bn | PLN 2.89bn | PLN 2.80bn | PLN 2.57bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 89.7% | 74.9% | 69.1% | 74.4% | 71.8% | 77.0% | — |
| Operating margin | 53.3% | 37.2% | 38.1% | 39.6% | 26.2% | 54.1% | — |
| Net margin | 60.8% | 47.7% | 39.1% | 36.4% | 23.5% | 54.0% | — |
| Return on equity | 16.0% | 16.8% | 20.0% | 17.1% | 11.0% | 52.8% | — |
| Return on assets | 15.0% | 15.4% | 18.4% | 15.3% | 9.7% | 39.9% | — |
| Free cash flow yield | 3.0% | 2.5% | 3.8% | 2.7% | 4.6% | 3.7% | — |
| Revenue growth | -12.0% | -19.9% | 29.1% | 7.3% | -58.5% | 310.3% | — |
| Earnings growth | 12.1% | -2.3% | 38.6% | 66.1% | -81.9% | 558.4% | — |
| Current ratio | 7.40x | 6.70x | 6.79x | 5.64x | 5.49x | 3.94x | — |
| Debt to equity | 0.00x | 0.00x | — | -0.01x | 0.01x | 0.00x | 0.04x |
| Equity ratio | 93.9% | 92.1% | 92.0% | 89.4% | 87.8% | 75.6% | — |
| Interest coverage | 508.00x | 342.46x | 543.50x | 320.87x | 138.14x | 1534.58x | — |
| R&D as a share of sales | 4.5% | 8.0% | 1.6% | 10.9% | 9.8% | 11.9% | — |
| Buybacks as a share of market value | 0.6% | -1.2% | 0.8% | 1.3% | -0.6% | -0.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.1% | -16.5% | 0.8% |
| Operating income | 7.0% | -16.8% | 0.9% |
| Net income | 14.9% | -14.5% | 4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 81.8% | 76.2% | 75.9% | 75.7% |
| Operating margin | 44.7% | 41.5% | 43.4% | 44.2% |
| Net margin | 53.8% | 45.2% | 45.1% | 43.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 46.0 | 41.2 | 23.9 | 37.6 | 94.3 | 24.2 | 161.1 | 131.7 | 48.2 | 20.1 |
| Price to sales | 27.9 | 19.7 | 9.3 | 13.7 | 22.2 | 13.0 | 54.2 | 39.7 | 20.8 | 8.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 27 Jun 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.00 | 1.00 | 1.00 | 5.00 | 5.00 | 1.05 | 1.05 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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