ZUK Zakłady Urządzeń Kotłowych Stąporków Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Przychody wzrosły o 26,6% do 52,6 mln zł, a EBIT o 161% do 3,9 mln zł dzięki lewarowi operacyjnemu.

Sentiment

Neutral No guidance change

Website

ZUK FY 2025 report

Revenue

52.61 m PLN

— YoY

Net income

2.86 m PLN

— YoY

EBITDA

5.36 m PLN

— YoY

Gross margin

21.91%

— YoY

Summary

Investment thesis

Zysk netto 2,9 mln zł (EPS 0,44 zł) potwierdzony przepływami operacyjnymi 4,5 mln zł.
Dług netto ok. 2,8 mln zł (0,5x EBITDA), odsetki spadły z 504 do 294 tys. zł.
Płynność jest wąskim gardłem: gotówka 225 tys. zł, wskaźnik bieżący 1,4, szybki 0,64.
Zapasy (10,3 mln zł, 27% aktywów) to kluczowa sprawa badania i główne ryzyko wyceny.

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Financials

BETA

FY 2025

ZUK · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	52,608	—	—	reported	—	1.00
Gross profit	11,528	—	—	reported	—	1.00
EBITDA	5,357	—	—	derived	—	0.70
EBIT	3,913	—	—	reported	—	1.00
EBT	3,498	—	—	reported	—	1.00
Net income	2,857	—	—	reported	—	1.00
EPS (basic) (PLN)	0.44	—	—	reported	—	1.00
D&A	1,444	—	—	reported	—	1.00
Interest expense	294	—	—	reported	—	1.00
Income tax	641	—	—	reported	—	1.00
Shares (basic) (m units)	6.5	—	—	reported	—	1.00

Gross margin	21.91%	—	—	derived	—	0.70
EBITDA margin	10.18%	—	—	derived	—	0.70
EBIT margin	7.44%	—	—	derived	—	0.70
Net margin	5.43%	—	—	derived	—	0.70

Cash	225	—	—	reported	—	1.00
Total debt	3,023	—	—	reported	—	0.90
Net debt	2,798	—	—	derived	—	0.70
Equity	21,391	—	—	reported	—	1.00
Total assets	37,594	—	—	reported	—	1.00
Working capital	5,449	—	—	derived	—	0.70
Current assets	18,971	—	—	reported	—	1.00
Current liabilities	13,522	—	—	reported	—	1.00
Non-current liabilities	711	—	—	reported	—	1.00
Inventory	10,273	—	—	reported	—	1.00
Trade receivables	7,725	—	—	reported	—	1.00
Trade payables	6,242	—	—	reported	—	1.00

CFO	4,471	—	—	reported	—	1.00
CapEx	2,472	—	—	reported	—	1.00
FCF	1,999	—	—	derived	—	0.70
FCF conversion	37.32%	—	—	derived	—	0.70
CFO conversion	83.46%	—	—	derived	—	0.70

ROE	14.31%	—	—	derived	—	0.70
ROCE	16.25%	—	—	derived	—	0.70

Current ratio	1.4x	—	—	derived	—	0.70
Quick ratio	0.64x	—	—	derived	—	0.70
Cash ratio	0.02x	—	—	derived	—	0.70
Interest coverage	13.31x	—	—	derived	—	0.70

Net debt / EBITDA	0.52x	—	—	derived	—	0.70
Debt / equity	0.14x	—	—	derived	—	0.70
Debt / assets	0.08x	—	—	derived	—	0.70
Net debt / equity	0.13x	—	—	derived	—	0.70

Revenue growth (YoY)	26.64%	—	—	derived	—	0.70
EBITDA growth (YoY)	85.88%	—	—	derived	—	0.70
EBIT growth (YoY)	161.04%	—	—	derived	—	0.70
Net income growth (YoY)	211.56%	—	—	derived	—	0.70
Gross margin Δ (YoY)	0.94 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	3.83 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	3.22 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

52,608 —

FY 2024: —

Gross profit

11,528 —

FY 2024: —

EBITDA

5,357 —

FY 2024: —

EBIT

3,913 —

FY 2024: —

EBT

3,498 —

FY 2024: —

Net income

2,857 —

FY 2024: —

EPS (basic) (PLN)

0.44 —

FY 2024: —

D&A

1,444 —

FY 2024: —

Interest expense

294 —

FY 2024: —

Income tax

641 —

FY 2024: —

Shares (basic) (m units)

6.5 —

FY 2024: —

Gross margin

21.91% —

FY 2024: —

EBITDA margin

10.18% —

FY 2024: —

EBIT margin

7.44% —

FY 2024: —

Net margin

5.43% —

FY 2024: —

Cash

225 —

FY 2024: —

Total debt

3,023 —

FY 2024: —

Net debt

2,798 —

FY 2024: —

Equity

21,391 —

FY 2024: —

Total assets

37,594 —

FY 2024: —

Working capital

5,449 —

FY 2024: —

Current assets

18,971 —

FY 2024: —

Current liabilities

13,522 —

FY 2024: —

Non-current liabilities

711 —

FY 2024: —

Inventory

10,273 —

FY 2024: —

Trade receivables

7,725 —

FY 2024: —

Trade payables

6,242 —

FY 2024: —

CFO

4,471 —

FY 2024: —

CapEx

2,472 —

FY 2024: —

FCF

1,999 —

FY 2024: —

FCF conversion

37.32% —

FY 2024: —

CFO conversion

83.46% —

FY 2024: —

ROE

14.31% —

FY 2024: —

ROCE

16.25% —

FY 2024: —

Current ratio

1.4x —

FY 2024: —

Quick ratio

0.64x —

FY 2024: —

Cash ratio

0.02x —

FY 2024: —

Interest coverage

13.31x —

FY 2024: —

Net debt / EBITDA

0.52x —

FY 2024: —

Debt / equity

0.14x —

FY 2024: —

Debt / assets

0.08x —

FY 2024: —

Net debt / equity

0.13x —

FY 2024: —

Revenue growth (YoY)

26.64% —

FY 2024: —

EBITDA growth (YoY)

85.88% —

FY 2024: —

EBIT growth (YoY)

161.04% —

FY 2024: —

Net income growth (YoY)

211.56% —

FY 2024: —

Gross margin Δ (YoY)

0.94 pp —

FY 2024: —

EBIT margin Δ (YoY)

3.83 pp —

FY 2024: —

Net margin Δ (YoY)

3.22 pp —

FY 2024: —