Z 
31.75
-0.09%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 27.15bn
FY2021FY2025
Net income
PLN 1.10bn
FY2021FY2025
Free cash flow
PLN 2.49bn
FY2021FY2025
Shareholders' equity
PLN 2.49bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | PLN 27.15bn | PLN 23.80bn | PLN 19.81bn | PLN 16.00bn | PLN 12.49bn |
| Gross profit | PLN 5.10bn | PLN 2.69bn | PLN 3.53bn | PLN 2.99bn | PLN 2.37bn |
| Research and development | PLN 335.9m | PLN 285.7m | PLN 230.5m | PLN 178.3m | PLN 124.0m |
| Operating income | PLN 1.98bn | PLN 1.78bn | PLN 1.46bn | PLN 1.24bn | PLN 966.3m |
| Net income | PLN 1.10bn | PLN 624.3m | PLN 353.7m | PLN 382.3m | PLN 487.3m |
| Diluted earnings per share | 1.10 | 0.62 | 0.35 | 0.38 | 0.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | PLN 19.51bn | PLN 17.57bn | PLN 15.57bn | PLN 13.30bn | PLN 11.68bn |
| Cash and short-term investments | PLN 1.09bn | PLN 754.2m | PLN 652.3m | PLN 328.8m | PLN 488.4m |
| Total liabilities | PLN 17.02bn | PLN 16.18bn | PLN 14.67bn | PLN 12.72bn | PLN 11.46bn |
| Debt | — | PLN 9.40bn | PLN 9.23bn | PLN 7.47bn | — |
| Shareholders' equity | PLN 2.49bn | PLN 1.39bn | PLN 898.1m | PLN 575.3m | PLN 216.7m |
| Shares outstanding | 1,003m | 1,000m | 1,000m | 1,003m | 1,003m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | PLN 4.11bn | PLN 3.77bn | PLN 2.18bn | PLN 2.20bn | PLN 2.07bn |
| Capital spending | −PLN 1.62bn | −PLN 1.51bn | −PLN 1.47bn | −PLN 1.32bn | −PLN 1.06bn |
| Free cash flow | PLN 2.49bn | PLN 2.26bn | PLN 706.2m | PLN 874.7m | PLN 1.01bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 8.10bn | PLN 6.57bn | PLN 6.92bn | PLN 7.44bn | PLN 7.12bn | PLN 5.67bn | PLN 6.07bn | PLN 6.58bn |
| Gross profit | PLN 1.54bn | PLN 456.0m | PLN 1.93bn | PLN 1.03bn | PLN 1.33bn | PLN 814.0m | PLN 745.8m | PLN 916.0m |
| Operating income | PLN 641.4m | PLN 230.0m | PLN 592.0m | PLN 744.0m | PLN 533.2m | PLN 106.0m | PLN 430.8m | PLN 663.0m |
| Net income | PLN 347.5m | −PLN 73.0m | PLN 571.6m | PLN 463.0m | PLN 214.2m | −PLN 125.0m | PLN 247.3m | PLN 319.0m |
| Diluted earnings per share | 0.35 | -0.07 | 0.57 | 0.46 | 0.21 | -0.12 | 0.25 | 0.32 |
| Cash from operations | PLN 1.91bn | PLN 361.0m | PLN 827.0m | PLN 1.02bn | PLN 1.69bn | PLN 572.0m | PLN 242.0m | — |
| Capital spending | −PLN 384.0m | −PLN 383.0m | −PLN 387.0m | −PLN 385.0m | −PLN 333.0m | −PLN 517.0m | −PLN 517.0m | — |
| Free cash flow | PLN 1.52bn | −PLN 22.0m | PLN 440.0m | PLN 634.0m | PLN 1.36bn | PLN 55.0m | −PLN 275.0m | — |
| Total assets | PLN 20.50bn | PLN 19.44bn | PLN 19.51bn | PLN 18.70bn | PLN 18.74bn | PLN 17.32bn | PLN 17.57bn | PLN 17.45bn |
| Cash and short-term investments | PLN 1.69bn | PLN 844.0m | PLN 1.09bn | PLN 1.28bn | PLN 1.57bn | PLN 593.0m | PLN 754.2m | PLN 1.57bn |
| Debt | PLN 4.85bn | PLN 5.05bn | PLN 5.00bn | PLN 5.05bn | PLN 5.67bn | PLN 5.48bn | PLN 5.31bn | PLN 1.02bn |
| Shareholders' equity | PLN 2.18bn | PLN 2.45bn | PLN 2.49bn | PLN 1.97bn | PLN 1.54bn | PLN 1.32bn | PLN 1.39bn | PLN 1.13bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 18.8% | 11.3% | 17.8% | 18.7% | 19.0% |
| Operating margin | 7.3% | 7.5% | 7.4% | 7.7% | 7.7% |
| Net margin | 4.1% | 2.6% | 1.8% | 2.4% | 3.9% |
| Return on equity | 44.2% | 44.9% | 39.4% | 66.5% | 224.9% |
| Return on assets | 5.6% | 3.6% | 2.3% | 2.9% | 4.2% |
| Free cash flow yield | 18.2% | 16.8% | 11.6% | — | — |
| Revenue growth | 14.1% | 20.2% | 23.8% | 28.1% | — |
| Earnings growth | 76.5% | 76.5% | -7.5% | -21.5% | — |
| Current ratio | 0.63x | 0.58x | 0.61x | 0.45x | 0.47x |
| Debt to equity | 2.01x | 3.83x | 6.53x | 7.72x | 20.94x |
| Equity ratio | 12.8% | 7.9% | 5.8% | 4.3% | 1.9% |
| Interest coverage | 2.18x | 1.74x | 1.49x | 1.80x | 2.80x |
| R&D as a share of sales | 1.2% | 1.2% | 1.2% | 1.1% | 1.0% |
| Buybacks as a share of market value | -0.3% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.5% | — | — |
| Operating income | 16.9% | — | — |
| Net income | 42.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.3% | 16.5% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | 20.9 | 30.8 |
| Price to sales | 0.9 | 0.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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