MRC
Mercator Medical
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026
H1 2026 report
Skok wyników w H1 2026 (EBIT 46,0 mln zł wobec straty 14,2 mln zł rok wcześniej) jest w dużej mierze efektem II kwartału, w którym średnie ceny rękawic diagnostycznych wzrosły o 33,6% wobec I kwartału.
Sentiment
●●●●●●
MRC
H1 2026 report
Revenue
337.2 m PLN
— YoY
Net income
58.41 m PLN
— YoY
EBITDA
61.41 m PLN
— YoY
Gross margin
32.1%
— YoY
Summary
Investment thesis
- Bilans jest bardzo mocny: zadłużenie odsetkowe 25,0 mln zł przy 138,4 mln zł gotówki i kapitale własnym 943 mln zł, płynność bieżąca 4,9x.
- Jakość zysku jest słaba: przepływy operacyjne −17,8 mln zł przy zysku netto 57,7 mln zł, bo należności wzrosły o 64 mln zł, a zapasy o 19 mln zł.
- Istotna część kapitału pracuje poza rękawicami: pożyczki dla spółek współkontrolowanych (W2 Core, MC1) to ok. 109 mln zł brutto, a po dniu bilansowym spółki celowe kupują kolejne nieruchomości pod mieszkaniówkę.
- USA stanowią 40,6% przychodów (+29% r/r), więc wynik zależy od polityki celnej i cen surowców ropopochodnych.
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Financials
BETA
MRC · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 191.55 | — | — | 337.2 | — | reported | — | 1.00 |
|
Revenue
produkty (własna produkcja)
|
172.38 | — | — | 172.38 | — | reported | produkty (własna produkcja) | 1.00 |
|
Revenue
towary i materiały (dystrybucja)
|
164.81 | — | — | 164.81 | — | reported | towary i materiały (dystrybucja) | 1.00 |
| Gross profit | 70.21 | — | — | 108.23 | — | reported | — | 1.00 |
|
Gross profit
produkty (własna produkcja)
|
49.74 | — | — | 49.74 | — | reported | produkty (własna produkcja) | 1.00 |
|
Gross profit
towary i materiały (dystrybucja)
|
58.49 | — | — | 58.49 | — | reported | towary i materiały (dystrybucja) | 1.00 |
| EBITDA | 46.03 | — | — | 61.41 | — | adjusted | — | 0.90 |
| EBIT | 38.33 | — | — | 45.96 | — | reported | — | 1.00 |
| EBT | 46.74 | — | — | 57.48 | — | reported | — | 1.00 |
| Net income | 45.24 | — | — | 58.41 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 4.95 | — | — | 6.39 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 6.39 | — | — | 6.39 | — | reported | — | 1.00 |
| D&A | 7.7 | — | — | 15.45 | — | reported | — | 1.00 |
| Interest expense | 0.43 | — | — | 0.43 | — | reported | — | 0.90 |
| Income tax | -0.2 | — | — | -0.2 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 9.14 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 36.65% | — | — | 32.1% | — | derived | — | 0.70 |
| EBITDA margin | 24.03% | — | — | 18.21% | — | derived | — | 0.70 |
| EBIT margin | 20.01% | — | — | 13.63% | — | derived | — | 0.70 |
| EBT margin | 17.05% | — | — | 17.05% | — | derived | — | 0.70 |
| Net margin | 23.62% | — | — | 17.32% | — | derived | — | 0.70 |
| D&A margin | 4.58% | — | — | 4.58% | — | derived | — | 0.70 |
| Cash | 138.44 | — | — | — | — | reported | — | 1.00 |
| Total debt | 24.96 | — | — | — | — | reported | — | 0.90 |
| Net debt | -113.48 | — | — | — | — | adjusted | — | 0.90 |
| Equity | 943.17 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,084.1 | — | — | — | — | reported | — | 1.00 |
| Working capital | 436.07 | — | — | — | — | derived | — | 0.70 |
| Current assets | 548.29 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 112.22 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 28.71 | — | — | — | — | reported | — | 1.00 |
| Inventory | 209.7 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 130.58 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 58.9 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 24.11 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 919.07 | — | — | — | — | derived | — | 0.70 |
| CFO | -17.83 | — | — | -17.83 | — | reported | — | 1.00 |
| CapEx | 19.47 | — | — | 19.47 | — | reported | — | 1.00 |
| FCF | -37.3 | — | — | -37.3 | — | derived | — | 0.70 |
| FCF conversion | -60.74% | — | — | -60.74% | — | derived | — | 0.70 |
| CFO conversion | -29.04% | — | — | -29.04% | — | derived | — | 0.70 |
| Current ratio | 4.89x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 3.02x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 1.23x | — | — | — | — | derived | — | 0.70 |
| Debt / equity | 0.03x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.02x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | -0.12x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 33.68% | — | — | 15.9% | — | derived | — | 0.70 |
| Revenue growth (QoQ) | 31.52% | — | — | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | 423.4% | — | — | 423.4% | — | derived | — | 0.60 |
| Net income growth (YoY) | 185% | — | — | 185% | — | derived | — | 0.70 |
| EPS growth (YoY) | 189.14% | — | — | 189.14% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 15.42 pp | — | — | 15.42 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 18.46 pp | — | — | 18.46 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 18.51 pp | — | — | 18.51 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 10.28 pp | — | — | 10.28 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
191.55
—
191.55
—
- H1 2025
- —
- YTD 2026
- 337.2
- Δ YoY
- —
Revenue
produkty (własna produkcja)
172.38
—
produkty (własna produkcja)
172.38
—
- H1 2025
- —
- YTD 2026
- 172.38
- Δ YoY
- —
Revenue
towary i materiały (dystrybucja)
164.81
—
towary i materiały (dystrybucja)
164.81
—
- H1 2025
- —
- YTD 2026
- 164.81
- Δ YoY
- —
Gross profit
70.21
—
70.21
—
- H1 2025
- —
- YTD 2026
- 108.23
- Δ YoY
- —
Gross profit
produkty (własna produkcja)
49.74
—
produkty (własna produkcja)
49.74
—
- H1 2025
- —
- YTD 2026
- 49.74
- Δ YoY
- —
Gross profit
towary i materiały (dystrybucja)
58.49
—
towary i materiały (dystrybucja)
58.49
—
- H1 2025
- —
- YTD 2026
- 58.49
- Δ YoY
- —
EBITDA
46.03
—
46.03
—
- H1 2025
- —
- YTD 2026
- 61.41
- Δ YoY
- —
EBIT
38.33
—
38.33
—
- H1 2025
- —
- YTD 2026
- 45.96
- Δ YoY
- —
EBT
46.74
—
46.74
—
- H1 2025
- —
- YTD 2026
- 57.48
- Δ YoY
- —
Net income
45.24
—
45.24
—
- H1 2025
- —
- YTD 2026
- 58.41
- Δ YoY
- —
EPS (basic)
(PLN)
4.95
—
4.95
—
- H1 2025
- —
- YTD 2026
- 6.39
- Δ YoY
- —
EPS (diluted)
(PLN)
6.39
—
6.39
—
- H1 2025
- —
- YTD 2026
- 6.39
- Δ YoY
- —
D&A
7.7
—
7.7
—
- H1 2025
- —
- YTD 2026
- 15.45
- Δ YoY
- —
Interest expense
0.43
—
0.43
—
- H1 2025
- —
- YTD 2026
- 0.43
- Δ YoY
- —
Income tax
-0.2
—
-0.2
—
- H1 2025
- —
- YTD 2026
- -0.2
- Δ YoY
- —
Shares (basic)
(m units)
9.14
—
9.14
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
36.65%
—
36.65%
—
- H1 2025
- —
- YTD 2026
- 32.1%
- Δ YoY
- —
EBITDA margin
24.03%
—
24.03%
—
- H1 2025
- —
- YTD 2026
- 18.21%
- Δ YoY
- —
EBIT margin
20.01%
—
20.01%
—
- H1 2025
- —
- YTD 2026
- 13.63%
- Δ YoY
- —
EBT margin
17.05%
—
17.05%
—
- H1 2025
- —
- YTD 2026
- 17.05%
- Δ YoY
- —
Net margin
23.62%
—
23.62%
—
- H1 2025
- —
- YTD 2026
- 17.32%
- Δ YoY
- —
D&A margin
4.58%
—
4.58%
—
- H1 2025
- —
- YTD 2026
- 4.58%
- Δ YoY
- —
Cash
138.44
—
138.44
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
24.96
—
24.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-113.48
—
-113.48
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
943.17
—
943.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,084.1
—
1,084.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
436.07
—
436.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
548.29
—
548.29
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
112.22
—
112.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
28.71
—
28.71
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
209.7
—
209.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
130.58
—
130.58
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
58.9
—
58.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
24.11
—
24.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
919.07
—
919.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-17.83
—
-17.83
—
- H1 2025
- —
- YTD 2026
- -17.83
- Δ YoY
- —
CapEx
19.47
—
19.47
—
- H1 2025
- —
- YTD 2026
- 19.47
- Δ YoY
- —
FCF
-37.3
—
-37.3
—
- H1 2025
- —
- YTD 2026
- -37.3
- Δ YoY
- —
FCF conversion
-60.74%
—
-60.74%
—
- H1 2025
- —
- YTD 2026
- -60.74%
- Δ YoY
- —
CFO conversion
-29.04%
—
-29.04%
—
- H1 2025
- —
- YTD 2026
- -29.04%
- Δ YoY
- —
Current ratio
4.89x
—
4.89x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
3.02x
—
3.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.23x
—
1.23x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.12x
—
-0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
33.68%
—
33.68%
—
- H1 2025
- —
- YTD 2026
- 15.9%
- Δ YoY
- —
Revenue growth (QoQ)
31.52%
—
31.52%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
423.4%
—
423.4%
—
- H1 2025
- —
- YTD 2026
- 423.4%
- Δ YoY
- —
Net income growth (YoY)
185%
—
185%
—
- H1 2025
- —
- YTD 2026
- 185%
- Δ YoY
- —
EPS growth (YoY)
189.14%
—
189.14%
—
- H1 2025
- —
- YTD 2026
- 189.14%
- Δ YoY
- —
Gross margin Δ (YoY)
15.42 pp
—
15.42 pp
—
- H1 2025
- —
- YTD 2026
- 15.42 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
18.46 pp
—
18.46 pp
—
- H1 2025
- —
- YTD 2026
- 18.46 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
18.51 pp
—
18.51 pp
—
- H1 2025
- —
- YTD 2026
- 18.51 pp
- Δ YoY
- —
Net margin Δ (YoY)
10.28 pp
—
10.28 pp
—
- H1 2025
- —
- YTD 2026
- 10.28 pp
- Δ YoY
- —