DBC Firma Oponiarska Dębica Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Spółka jest de facto zakładem kontraktowym koncernu Goodyear: 92,6% sprzedaży (2 698,9 mln zł) trafia do podmiotów powiązanych, więc wynik zależy od cen transferowych ustalanych w grupie, a nie od rynku.

Sentiment

Positive No guidance change

Website

DBC FY 2025 report

Revenue

2.91 bn PLN

— YoY

Net income

124.98 m PLN

— YoY

EBITDA

244.3 m PLN

— YoY

Gross margin

5.51%

— YoY

Summary

Investment thesis

Rok 2025 to odbicie po pożarze z 2023 r.: przychody +15,7% do 2 914,8 mln zł, EBIT 128,7 mln zł (wobec 58,3 mln zł), zysk netto 125,0 mln zł (+60,7%), głównie dzięki wyższym cenom w transakcjach z grupą i odtworzeniu mocy.
Jakość zysku gotówkowego jest słabsza niż zysk księgowy: CFO 85,5 mln zł (34,99% EBITDA) wobec 219,7 mln zł rok wcześniej, a po CAPEX 147,1 mln zł wolne przepływy wyniosły −61,6 mln zł.
Bilans jest bardzo bezpieczny (brak kredytów, kapitał własny 1 433,6 mln zł, płynność bieżąca 1,76x), ale 587 mln zł aktywów to pożyczki dla Goodyear S.A. oprocentowane WIBOR 1R + 0,45%, czyli ryzyko koncentracji na jednym dłużniku.
Akcjonariusz większościowy Goodyear S.A. ma 87,25% akcji, więc wolny obrót jest niewielki, a polityka dywidendowa (4,30 zł za 2024 r., 25% zysku do kapitału rezerwowego) zależy od decyzji koncernu.

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Financials

BETA

FY 2025

DBC · FY 2025

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

Revenue	2,914,847	—	—	reported	—	1.00
Gross profit	160,690	—	—	reported	—	1.00
EBITDA	244,299	—	—	derived	—	0.70
EBIT	128,734	—	—	reported	—	1.00
EBT	156,268	—	—	reported	—	1.00
Net income	124,984	—	—	reported	—	1.00
EPS (basic) (PLN)	9.06	—	—	reported	—	1.00
EPS (diluted) (PLN)	9.06	—	—	reported	—	1.00
D&A	115,565	—	—	reported	—	1.00
Interest expense	3,788	—	—	reported	—	1.00
Income tax	31,284	—	—	reported	—	1.00
Shares (basic) (m units)	13.8	—	—	reported	—	1.00

Gross margin	5.51%	—	—	derived	—	0.70
EBITDA margin	8.38%	—	—	derived	—	0.70
EBIT margin	4.42%	—	—	derived	—	0.70
Net margin	4.29%	—	—	derived	—	0.70

Cash	46,508	—	—	reported	—	1.00
Total debt	10,716	—	—	reported	—	0.90
Net debt	-35,792	—	—	reported	—	0.70
Equity	1,433,637	—	—	reported	—	1.00
Total assets	2,316,801	—	—	reported	—	1.00
Working capital	556,767	—	—	derived	—	0.70
Current assets	1,285,276	—	—	reported	—	1.00
Current liabilities	728,509	—	—	reported	—	1.00
Non-current liabilities	6,352	—	—	reported	—	1.00
Inventory	164,450	—	—	reported	—	1.00
Trade receivables	482,861	—	—	reported	—	0.80
Trade payables	645,907	—	—	reported	—	0.90
Goodwill	4,253	—	—	reported	—	0.90

CFO	85,485	—	—	reported	—	1.00
CapEx	147,082	—	—	reported	—	1.00
FCF	-61,597	—	—	derived	—	0.70
CFO conversion	34.99%	—	—	derived	—	0.70
Dividends paid	58,386	—	—	reported	—	1.00

ROE	8.93%	—	—	derived	—	0.70
ROA	5.39%	—	—	derived	—	0.70
ROCE	8.11%	—	—	derived	—	0.70

Current ratio	1.76x	—	—	derived	—	0.70
Quick ratio	1.54x	—	—	derived	—	0.70
Cash ratio	0.06x	—	—	derived	—	0.70
Interest coverage	33.98x	—	—	derived	—	0.70

Net debt / EBITDA	-0.15x	—	—	derived	—	0.70
Debt / equity	0.01x	—	—	derived	—	0.70
Debt / assets	0x	—	—	derived	—	0.70
Net debt / equity	-0.03x	—	—	derived	—	0.70

Revenue growth (YoY)	15.72%	—	—	derived	—	0.70
EBITDA growth (YoY)	59.56%	—	—	derived	—	0.70
EBIT growth (YoY)	120.93%	—	—	derived	—	0.70
Net income growth (YoY)	60.74%	—	—	derived	—	0.70
EPS growth (YoY)	60.92%	—	—	derived	—	0.70
EBIT margin Δ (YoY)	2.1 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	1.2 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

2,914,847 —

FY 2024: —

Gross profit

160,690 —

FY 2024: —

EBITDA

244,299 —

FY 2024: —

EBIT

128,734 —

FY 2024: —

EBT

156,268 —

FY 2024: —

Net income

124,984 —

FY 2024: —

EPS (basic) (PLN)

9.06 —

FY 2024: —

EPS (diluted) (PLN)

9.06 —

FY 2024: —

D&A

115,565 —

FY 2024: —

Interest expense

3,788 —

FY 2024: —

Income tax

31,284 —

FY 2024: —

Shares (basic) (m units)

13.8 —

FY 2024: —

Gross margin

5.51% —

FY 2024: —

EBITDA margin

8.38% —

FY 2024: —

EBIT margin

4.42% —

FY 2024: —

Net margin

4.29% —

FY 2024: —

Cash

46,508 —

FY 2024: —

Total debt

10,716 —

FY 2024: —

Net debt

-35,792 —

FY 2024: —

Equity

1,433,637 —

FY 2024: —

Total assets

2,316,801 —

FY 2024: —

Working capital

556,767 —

FY 2024: —

Current assets

1,285,276 —

FY 2024: —

Current liabilities

728,509 —

FY 2024: —

Non-current liabilities

6,352 —

FY 2024: —

Inventory

164,450 —

FY 2024: —

Trade receivables

482,861 —

FY 2024: —

Trade payables

645,907 —

FY 2024: —

Goodwill

4,253 —

FY 2024: —

CFO

85,485 —

FY 2024: —

CapEx

147,082 —

FY 2024: —

FCF

-61,597 —

FY 2024: —

CFO conversion

34.99% —

FY 2024: —

Dividends paid

58,386 —

FY 2024: —

ROE

8.93% —

FY 2024: —

ROA

5.39% —

FY 2024: —

ROCE

8.11% —

FY 2024: —

Current ratio

1.76x —

FY 2024: —

Quick ratio

1.54x —

FY 2024: —

Cash ratio

0.06x —

FY 2024: —

Interest coverage

33.98x —

FY 2024: —

Net debt / EBITDA

-0.15x —

FY 2024: —

Debt / equity

0.01x —

FY 2024: —

Debt / assets

0x —

FY 2024: —

Net debt / equity

-0.03x —

FY 2024: —

Revenue growth (YoY)

15.72% —

FY 2024: —

EBITDA growth (YoY)

59.56% —

FY 2024: —

EBIT growth (YoY)

120.93% —

FY 2024: —

Net income growth (YoY)

60.74% —

FY 2024: —

EPS growth (YoY)

60.92% —

FY 2024: —

EBIT margin Δ (YoY)

2.1 pp —

FY 2024: —

Net margin Δ (YoY)

1.2 pp —

FY 2024: —