M 
95.00
-1.04%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 420.5m
FY2016FY2025
Net income
PLN 459.0m
FY2016FY2025
Free cash flow
PLN 77.9m
FY2016FY2025
Shareholders' equity
PLN 3.20bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 420.5m | PLN 373.8m | PLN 360.8m | PLN 278.3m | PLN 200.6m | PLN 190.7m | PLN 140.0m | PLN 141.5m | PLN 100.3m | PLN 101.0m |
| Gross profit | PLN 261.5m | PLN 228.0m | PLN 224.5m | PLN 225.2m | PLN 162.3m | PLN 157.6m | PLN 112.9m | PLN 119.4m | PLN 85.4m | PLN 88.9m |
| Research and development | — | — | — | PLN 2 | PLN 3 | PLN 1 | PLN 1 | PLN 1 | PLN 1 | PLN 1 |
| Operating income | PLN 363.9m | PLN 543.0m | −PLN 79.7m | PLN 590.2m | PLN 632.3m | PLN 297.8m | PLN 180.0m | PLN 151.1m | PLN 55.2m | PLN 102.4m |
| Net income | PLN 459.0m | PLN 372.2m | −PLN 52.1m | PLN 422.4m | PLN 480.5m | PLN 170.4m | PLN 129.4m | PLN 92.4m | PLN 47.3m | PLN 66.4m |
| Diluted earnings per share | 19.13 | 15.51 | -2.17 | 17.60 | 23.23 | 9.41 | 7.14 | 5.10 | 2.61 | 3.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 6.99bn | PLN 6.47bn | PLN 5.09bn | PLN 4.99bn | PLN 3.79bn | PLN 2.68bn | PLN 2.07bn | PLN 1.66bn | PLN 1.36bn | PLN 1.18bn |
| Cash and short-term investments | PLN 122.3m | PLN 671.7m | PLN 346.0m | PLN 315.2m | PLN 248.6m | PLN 183.0m | PLN 104.8m | PLN 68.4m | PLN 64.8m | PLN 61.7m |
| Total liabilities | PLN 3.79bn | PLN 3.72bn | PLN 2.69bn | PLN 2.49bn | PLN 1.96bn | PLN 1.47bn | PLN 1.14bn | PLN 842.6m | PLN 631.7m | PLN 502.3m |
| Debt | PLN 3.08bn | PLN 3.17bn | PLN 2.17bn | PLN 1.90bn | PLN 1.53bn | PLN 1.20bn | PLN 859.6m | PLN 654.3m | PLN 475.2m | PLN 346.1m |
| Shareholders' equity | PLN 3.20bn | PLN 2.75bn | PLN 2.40bn | PLN 2.50bn | PLN 1.82bn | PLN 1.21bn | PLN 938.6m | PLN 815.4m | PLN 726.7m | PLN 675.7m |
| Shares outstanding | 24m | 24m | 24m | 24m | 21m | 18m | 18m | 18m | 18m | 18m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 78.1m | PLN 92.2m | PLN 176.9m | PLN 164.7m | PLN 164.7m | PLN 92.7m | PLN 86.1m | PLN 36.0m | PLN 55.0m | PLN 21.2m |
| Capital spending | −PLN 229,000 | −PLN 2.5m | −PLN 15.6m | −PLN 581.3m | −PLN 533.3m | −PLN 352.6m | −PLN 218.3m | −PLN 185.8m | −PLN 178.5m | −PLN 65.0m |
| Free cash flow | PLN 77.9m | PLN 89.7m | PLN 161.3m | −PLN 416.7m | −PLN 368.5m | −PLN 259.9m | −PLN 132.2m | −PLN 149.8m | −PLN 123.4m | −PLN 43.9m |
| Dividends paid | — | — | — | — | — | — | −PLN 4.0m | −PLN 3.3m | −PLN 3.3m | −PLN 41.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 124.7m | PLN 131.6m | PLN 113.2m | PLN 100.2m | PLN 97.9m | PLN 109.2m | PLN 94.2m | PLN 90.6m |
| Gross profit | PLN 80.5m | PLN 71.9m | PLN 66.7m | PLN 64.9m | PLN 63.7m | PLN 66.2m | PLN 53.8m | PLN 56.3m |
| Operating income | PLN 65.9m | PLN 58.2m | PLN 50.6m | PLN 72.2m | PLN 215.6m | −PLN 49.8m | PLN 41.9m | PLN 1.5m |
| Net income | PLN 124.0m | PLN 32.5m | PLN 369.2m | PLN 10.6m | PLN 121.9m | −PLN 42.7m | PLN 107.1m | −PLN 16.6m |
| Diluted earnings per share | 5.17 | 1.35 | 15.39 | 0.44 | 5.08 | -1.78 | 4.46 | -0.69 |
| Cash from operations | −PLN 38.0m | PLN 72.0m | PLN 137.0m | PLN 78.0m | PLN 46.0m | PLN 71.0m | −PLN 55.0m | PLN 38.0m |
| Capital spending | — | −PLN 175.0m | −PLN 137.0m | — | −PLN 20.0m | −PLN 93.0m | −PLN 1.0m | −PLN 1.0m |
| Free cash flow | — | −PLN 103.0m | PLN 0 | — | PLN 26.0m | −PLN 22.0m | −PLN 56.0m | PLN 37.0m |
| Total assets | PLN 7.78bn | PLN 7.66bn | PLN 6.99bn | PLN 6.42bn | PLN 6.35bn | PLN 6.16bn | PLN 6.47bn | PLN 5.61bn |
| Cash and short-term investments | PLN 170.9m | PLN 557.8m | PLN 122.3m | PLN 136.1m | PLN 285.4m | PLN 431.0m | PLN 671.7m | PLN 167.1m |
| Debt | PLN 3.63bn | PLN 3.63bn | PLN 3.02bn | PLN 2.91bn | PLN 2.87bn | PLN 2.86bn | PLN 3.11bn | PLN 2.23bn |
| Shareholders' equity | PLN 3.36bn | PLN 3.23bn | PLN 3.20bn | PLN 2.83bn | PLN 2.82bn | PLN 2.69bn | PLN 2.75bn | PLN 2.64bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 62.2% | 61.0% | 62.2% | 80.9% | 80.9% | 82.7% | — | — | — |
| Operating margin | 173.2% | 48.1% | 4.0% | 204.6% | -9.2% | -12.3% | — | — | — |
| Net margin | 109.1% | 99.6% | -14.4% | 151.8% | 239.5% | 89.3% | — | — | — |
| Return on equity | 14.4% | 13.6% | -2.2% | 16.9% | 26.3% | 14.1% | — | — | — |
| Return on assets | 6.6% | 5.8% | -1.0% | 8.5% | 12.7% | 6.4% | — | — | — |
| Free cash flow yield | 9.4% | 3.8% | 7.7% | 29.9% | 32.5% | 23.6% | — | — | — |
| Revenue growth | 12.5% | 3.6% | 29.6% | 38.7% | 5.2% | 36.2% | — | — | — |
| Earnings growth | 23.3% | -814.9% | -112.3% | -12.1% | 182.0% | 31.7% | — | — | — |
| Current ratio | 0.65x | 2.25x | 1.23x | 1.52x | 1.38x | 3.01x | — | — | — |
| Debt to equity | 0.95x | 1.13x | 0.88x | 0.74x | 0.82x | 0.96x | — | — | — |
| Equity ratio | 45.7% | 42.4% | 47.1% | 50.1% | 48.2% | 45.2% | — | — | — |
| Interest coverage | 4.49x | 1.26x | 0.19x | 14.15x | -0.59x | -0.26x | — | — | — |
| R&D as a share of sales | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | -16.0% | -14.2% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.8% | 17.1% | 15.2% |
| Operating income | -14.9% | 4.1% | 16.1% |
| Net income | 2.8% | 21.9% | 19.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 61.6% | 65.5% | 69.0% | 72.8% |
| Operating margin | 114.2% | 98.9% | 128.7% | 121.1% |
| Net margin | 104.6% | 83.8% | 101.5% | 93.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 4.8 | 4.4 | -32.7 | 4.3 | 3.4 | 8.8 | 7.5 | 7.9 | 16.9 | 12.3 |
| Price to sales | 5.2 | 4.4 | 4.7 | 6.5 | 8.1 | 7.9 | 6.9 | 5.2 | 8.0 | 8.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Dec 2019.
| FY2019 | FY2018 | FY2016 | |
|---|---|---|---|
| Paid in the year | 0.22 | 0.18 | 2.30 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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