4MS 4MASS Giełda Papierów Wartościowych w Warszawie · annual · publ. April 27, 2026

FY 2025 report

Spółka z ujemnym długiem netto (ok. −9,6 mln zł) i gotówką 16,2 mln zł, finansująca skup akcji własnych z bieżącego OCF.

Sentiment

Neutral No guidance change

Website

4MS FY 2025 report

Revenue

109.53 m PLN

— YoY

Net income

10.41 m PLN

— YoY

EBITDA

18.26 m PLN

— YoY

Net debt / EBITDA

-0.53x

— YoY

Summary

Investment thesis

Sprzedaż spadła o 11,7%, a zysk netto o 40,5% — silny lewar operacyjny przy rosnących kosztach usług obcych, energii i płac.
Część spadku przychodów to efekt bazy: zmiana stanu produktów dała 11,4 mln zł w 2024 r. wobec 1,2 mln zł w 2025 r.
Wynagrodzenia zarządu (ok. 8,7 mln zł) to ok. 83% zysku netto, a usługi od podmiotów powiązanych to kolejne 6,9 mln zł — główne ryzyko ładu.
Dwaj odbiorcy z grupy Jeronimo Martins stanowią 37% sprzedaży produktów; zapasy 36,7 mln zł to 35% aktywów i kluczowa sprawa badania.

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Financials

BETA

FY 2025

4MS · FY 2025

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

Revenue	109.53	—	—	reported	—	1.00
EBITDA	18.26	—	—	reported	—	0.70
EBIT	14.32	—	—	reported	—	1.00
EBT	12.76	—	—	reported	—	1.00
Net income	10.41	—	—	reported	—	1.00
EPS (basic) (PLN)	0.43	—	—	reported	—	1.00
D&A	3.94	—	—	reported	—	1.00
Interest expense	0.64	—	—	reported	—	1.00
Income tax	2.35	—	—	reported	—	1.00
Shares (basic) (m units)	24.01	—	—	reported	—	1.00

EBITDA margin	16.67%	—	—	derived	—	0.70
EBIT margin	13.08%	—	—	derived	—	0.70
EBT margin	11.65%	—	—	derived	—	0.70
Net margin	9.5%	—	—	derived	—	0.70
D&A margin	3.59%	—	—	derived	—	0.70

Cash	16.21	—	—	reported	—	1.00
Total debt	6.58	—	—	reported	—	0.90
Net debt	-9.63	—	—	reported	—	0.80
Equity	82.43	—	—	reported	—	1.00
Total assets	104.06	—	—	reported	—	1.00
Working capital	50.19	—	—	derived	—	0.70
Current assets	62.03	—	—	reported	—	1.00
Current liabilities	11.84	—	—	reported	—	1.00
Non-current liabilities	5.29	—	—	reported	—	1.00
Inventory	36.73	—	—	reported	—	1.00
Trade receivables	7.13	—	—	reported	—	1.00
Trade payables	4.54	—	—	reported	—	1.00
Goodwill	1.04	—	—	reported	—	1.00
Tangible equity	81.39	—	—	derived	—	0.70

CFO	18.5	—	—	reported	—	1.00
CapEx	2.4	—	—	reported	—	1.00
FCF	16.1	—	—	derived	—	0.70
FCF conversion	88.2%	—	—	derived	—	0.70
CFO conversion	101.3%	—	—	derived	—	0.70
Dividends paid	0	—	—	reported	—	1.00
Buybacks	6.04	—	—	reported	—	1.00

ROE	13.5%	—	—	derived	—	0.70
ROA	10.4%	—	—	derived	—	0.70
ROCE	15.5%	—	—	derived	—	0.70

Current ratio	5.24x	—	—	derived	—	0.70
Quick ratio	2.14x	—	—	derived	—	0.70
Cash ratio	1.37x	—	—	derived	—	0.70
Interest coverage	22.3x	—	—	derived	—	0.70

Net debt / EBITDA	-0.53x	—	—	derived	—	0.70
Debt / equity	0.08x	—	—	derived	—	0.70
Debt / assets	0.06x	—	—	derived	—	0.70
Net debt / equity	-0.12x	—	—	derived	—	0.70

Revenue growth (YoY)	-11.68%	—	—	derived	—	0.70
EBITDA growth (YoY)	-24.38%	—	—	derived	—	0.70
EBIT growth (YoY)	-30.57%	—	—	derived	—	0.70
Net income growth (YoY)	-40.47%	—	—	derived	—	0.70
EPS growth (YoY)	-40.47%	—	—	derived	—	0.60
FCF growth (YoY)	280.5%	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	-2.8 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-3.56 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-4.6 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

109.53 —

FY 2024: —

EBITDA

18.26 —

FY 2024: —

EBIT

14.32 —

FY 2024: —

EBT

12.76 —

FY 2024: —

Net income

10.41 —

FY 2024: —

EPS (basic) (PLN)

0.43 —

FY 2024: —

D&A

3.94 —

FY 2024: —

Interest expense

0.64 —

FY 2024: —

Income tax

2.35 —

FY 2024: —

Shares (basic) (m units)

24.01 —

FY 2024: —

EBITDA margin

16.67% —

FY 2024: —

EBIT margin

13.08% —

FY 2024: —

EBT margin

11.65% —

FY 2024: —

Net margin

9.5% —

FY 2024: —

D&A margin

3.59% —

FY 2024: —

Cash

16.21 —

FY 2024: —

Total debt

6.58 —

FY 2024: —

Net debt

-9.63 —

FY 2024: —

Equity

82.43 —

FY 2024: —

Total assets

104.06 —

FY 2024: —

Working capital

50.19 —

FY 2024: —

Current assets

62.03 —

FY 2024: —

Current liabilities

11.84 —

FY 2024: —

Non-current liabilities

5.29 —

FY 2024: —

Inventory

36.73 —

FY 2024: —

Trade receivables

7.13 —

FY 2024: —

Trade payables

4.54 —

FY 2024: —

Goodwill

1.04 —

FY 2024: —

Tangible equity

81.39 —

FY 2024: —

CFO

18.5 —

FY 2024: —

CapEx

2.4 —

FY 2024: —

FCF

16.1 —

FY 2024: —

FCF conversion

88.2% —

FY 2024: —

CFO conversion

101.3% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

Buybacks

6.04 —

FY 2024: —

ROE

13.5% —

FY 2024: —

ROA

10.4% —

FY 2024: —

ROCE

15.5% —

FY 2024: —

Current ratio

5.24x —

FY 2024: —

Quick ratio

2.14x —

FY 2024: —

Cash ratio

1.37x —

FY 2024: —

Interest coverage

22.3x —

FY 2024: —

Net debt / EBITDA

-0.53x —

FY 2024: —

Debt / equity

0.08x —

FY 2024: —

Debt / assets

0.06x —

FY 2024: —

Net debt / equity

-0.12x —

FY 2024: —

Revenue growth (YoY)

-11.68% —

FY 2024: —

EBITDA growth (YoY)

-24.38% —

FY 2024: —

EBIT growth (YoY)

-30.57% —

FY 2024: —

Net income growth (YoY)

-40.47% —

FY 2024: —

EPS growth (YoY)

-40.47% —

FY 2024: —

FCF growth (YoY)

280.5% —

FY 2024: —

EBITDA margin Δ (YoY)

-2.8 pp —

FY 2024: —

EBIT margin Δ (YoY)

-3.56 pp —

FY 2024: —

Net margin Δ (YoY)

-4.6 pp —

FY 2024: —