V 
155.40
+2.91%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 583.8m
FY2016FY2025
Net income
PLN 98.5m
FY2016FY2025
Free cash flow
PLN 40.9m
FY2016FY2025
Shareholders' equity
PLN 408.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 583.8m | PLN 507.8m | PLN 424.2m | PLN 414.8m | PLN 442.7m | PLN 327.6m | PLN 211.7m | PLN 170.4m | PLN 152.2m | PLN 120.7m |
| Gross profit | PLN 167.9m | PLN 154.6m | PLN 140.3m | PLN 98.3m | PLN 127.7m | PLN 67.6m | PLN 55.7m | PLN 48.3m | PLN 41.7m | PLN 35.1m |
| Research and development | — | — | — | PLN 13.0m | PLN 1.5m | PLN 1.4m | PLN 1.3m | PLN 1.8m | — | — |
| Operating income | PLN 134.4m | PLN 126.4m | PLN 112.7m | PLN 68.2m | PLN 98.3m | PLN 50.4m | PLN 34.3m | PLN 31.0m | PLN 25.8m | PLN 16.7m |
| Net income | PLN 98.5m | PLN 96.5m | PLN 74.2m | PLN 44.4m | PLN 70.5m | PLN 34.0m | PLN 23.0m | PLN 23.4m | PLN 19.8m | PLN 11.0m |
| Diluted earnings per share | 9.38 | 9.18 | 7.07 | 4.23 | 6.72 | 3.23 | 2.21 | 2.21 | 1.88 | 1.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 706.7m | PLN 639.4m | PLN 529.0m | PLN 467.4m | PLN 495.0m | PLN 438.2m | PLN 337.9m | PLN 282.3m | PLN 239.1m | PLN 223.1m |
| Cash and short-term investments | PLN 13.0m | PLN 52.9m | PLN 70.4m | PLN 39.2m | PLN 54.8m | PLN 18.4m | PLN 23.6m | PLN 21.8m | PLN 19.1m | PLN 4.6m |
| Total liabilities | PLN 291.1m | PLN 272.8m | PLN 233.6m | PLN 223.4m | PLN 264.5m | PLN 257.1m | PLN 182.1m | PLN 139.1m | PLN 108.6m | PLN 106.7m |
| Debt | PLN 185.6m | PLN 126.9m | PLN 127.1m | PLN 138.5m | PLN 166.9m | PLN 146.5m | PLN 113.8m | PLN 63.5m | PLN 44.5m | PLN 33.9m |
| Shareholders' equity | PLN 408.9m | PLN 360.6m | PLN 293.3m | PLN 241.9m | PLN 229.0m | PLN 179.8m | PLN 155.7m | PLN 143.2m | PLN 130.3m | PLN 116.3m |
| Shares outstanding | 11m | 11m | 11m | 11m | 11m | 11m | 10m | 11m | 11m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 116.7m | PLN 122.3m | PLN 118.5m | PLN 96.2m | PLN 106.3m | PLN 59.4m | PLN 49.2m | PLN 30.3m | PLN 35.3m | PLN 22.5m |
| Capital spending | −PLN 75.8m | −PLN 70.6m | −PLN 44.3m | −PLN 31.0m | −PLN 31.7m | −PLN 29.9m | −PLN 26.6m | −PLN 10.3m | −PLN 5.8m | −PLN 9.3m |
| Free cash flow | PLN 40.9m | PLN 51.7m | PLN 74.2m | PLN 65.2m | PLN 74.7m | PLN 29.5m | PLN 22.7m | PLN 20.0m | PLN 29.5m | PLN 13.1m |
| Dividends paid | −PLN 47.7m | −PLN 34.6m | −PLN 15.1m | −PLN 32.2m | −PLN 21.0m | −PLN 9.6m | −PLN 10.4m | −PLN 10.5m | −PLN 5.8m | −PLN 5.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 184.8m | PLN 157.2m | PLN 155.6m | PLN 143.0m | PLN 127.3m | PLN 157.8m | PLN 140.7m | PLN 134.5m |
| Gross profit | PLN 53.1m | PLN 50.2m | PLN 44.9m | PLN 44.1m | PLN 37.5m | PLN 41.5m | PLN 39.7m | PLN 41.4m |
| Operating income | PLN 43.3m | PLN 40.9m | PLN 35.4m | PLN 36.7m | PLN 29.5m | PLN 32.8m | PLN 30.2m | PLN 34.2m |
| Net income | PLN 32.5m | PLN 31.9m | PLN 24.8m | PLN 27.6m | PLN 21.9m | PLN 24.3m | PLN 29.3m | PLN 25.4m |
| Diluted earnings per share | 3.10 | 3.04 | 2.36 | 2.63 | 2.08 | 2.31 | 2.79 | 2.42 |
| Cash from operations | PLN 78.0m | PLN 32.0m | PLN 30.0m | PLN 44.0m | PLN 32.0m | PLN 8.0m | PLN 72.0m | PLN 20.0m |
| Capital spending | −PLN 15.0m | −PLN 2.0m | −PLN 19.0m | −PLN 10.0m | −PLN 26.0m | −PLN 19.0m | −PLN 23.0m | −PLN 19.0m |
| Free cash flow | PLN 63.0m | PLN 30.0m | PLN 11.0m | PLN 34.0m | PLN 6.0m | −PLN 11.0m | PLN 49.0m | PLN 1.0m |
| Total assets | PLN 758.7m | PLN 746.1m | PLN 706.7m | PLN 676.2m | PLN 623.8m | PLN 626.6m | PLN 639.4m | PLN 593.4m |
| Cash and short-term investments | PLN 34.9m | PLN 16.9m | PLN 13.0m | PLN 22.6m | PLN 12.0m | PLN 32.4m | PLN 52.9m | PLN 49.6m |
| Debt | PLN 64.7m | PLN 101.3m | PLN 86.2m | PLN 30.8m | PLN 41.6m | PLN 61.6m | PLN 76.7m | PLN 59.3m |
| Shareholders' equity | PLN 440.0m | PLN 440.8m | PLN 408.9m | PLN 384.1m | PLN 356.5m | PLN 384.8m | PLN 360.6m | PLN 331.3m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 28.8% | 30.4% | 33.1% | 23.7% | 28.8% | 20.6% | — | — | — |
| Operating margin | 23.0% | 25.4% | 26.6% | 19.5% | 21.5% | 15.3% | — | — | — |
| Net margin | 16.9% | 19.0% | 17.5% | 10.7% | 15.9% | 10.4% | — | — | — |
| Return on equity | 24.1% | 26.8% | 25.3% | 18.4% | 30.8% | 18.9% | — | — | — |
| Return on assets | 13.9% | 15.1% | 14.0% | 9.5% | 14.3% | 7.7% | — | — | — |
| Free cash flow yield | 12.4% | 12.4% | 10.5% | 8.2% | 8.9% | 5.7% | — | — | — |
| Revenue growth | 15.0% | 19.7% | 2.3% | -6.3% | 35.1% | 54.8% | — | — | — |
| Earnings growth | 2.2% | 30.0% | 67.0% | -37.0% | 107.7% | 47.8% | — | — | — |
| Current ratio | 1.40x | 1.21x | 1.62x | 1.45x | 1.61x | 0.76x | — | — | — |
| Debt to equity | 0.21x | 0.16x | 0.24x | 0.23x | 0.29x | 0.62x | — | — | — |
| Equity ratio | 57.9% | 56.4% | 55.4% | 51.8% | 46.3% | 41.0% | — | — | — |
| Interest coverage | 13.75x | 13.50x | 10.70x | 7.62x | 11.88x | 9.07x | — | — | — |
| R&D as a share of sales | — | — | — | 3.1% | 0.3% | 0.4% | 0.6% | 1.0% | 0.4% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | -1.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.1% | 12.2% | 16.0% |
| Operating income | 25.4% | 21.7% | 20.8% |
| Net income | 30.4% | 23.7% | 21.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.5% | 29.1% | 28.0% | 27.9% |
| Operating margin | 23.9% | 22.9% | 21.9% | 20.6% |
| Net margin | 17.9% | 16.2% | 15.5% | 14.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.8 | 13.7 | 11.1 | 10.4 | 6.8 | 12.5 | 14.6 | 10.3 | 9.2 | 17.8 |
| Price to sales | 2.2 | 2.6 | 1.9 | 1.1 | 1.1 | 1.3 | 1.6 | 1.4 | 1.2 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 24 Sept 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.78 | 2.78 | 2.17 | 3.00 | 2.00 | 0.91 | 0.99 | 1.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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