Q4 2025 report
Wąska, ale stabilna nisza dystrybucji wysokospecjalistycznych implantów ortopedycznych (Corin, UNITY) z dwucyfrowym wzrostem segmentu RECON mimo kurczącego się rynku publicznego.
Sentiment
Neutral
No guidance change
MSM
Q4 2025 report
Revenue
9.92 m PLN
— YoY
Net income
0.06 m PLN
— YoY
EBITDA
0.65 m PLN
— YoY
Gross margin
47.46%
— YoY
Summary
Investment thesis
- Strukturalnie wysoka rotacja zapasów (DIO ok. 9 miesięcy) i wysokie DSO (86 dni FY2025) wymagają stałego finansowania zewnętrznego — to model kapitałochłonny.
- Net Debt/EBITDA 4,2x i konwersja OCF/Net Income 42% sygnalizują, że bieżąca rentowność jest finansowana długiem; potrzeba szybkiej redukcji zapasów + ściągnięcia należności.
- Projekt URSA (własna platforma robotyczna) — opcjonalna wartość dodatkowa w średnim/długim terminie, kamień milowy: prezentacja prototypu w Q3 2026, aplikacja o dotację Ścieżka SMART.
- Koncentracja akcjonariatu (Marek Młodzianowski 54,1%, Prezes Zarządu jednocześnie) ogranicza nadzór korporacyjny; kadencje organów formalnie wygasły i czekają na zatwierdzenie WZ.
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Financials
BETA
MSM · Q4 2025
| Metric | Q4 2025 | Q4 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 32.22 | — | — | reported | — | 1.00 |
| Gross profit | 13.55 | — | — | derived | — | 0.90 |
| EBITDA | 1.93 | — | — | derived | — | 1.00 |
| EBIT | 1.46 | — | — | reported | — | 1.00 |
| EBT | 0.72 | — | — | reported | — | 1.00 |
| Net income | 0.44 | — | — | reported | — | 1.00 |
| EPS (basic) | 0 | — | — | derived | — | 0.90 |
| D&A | 0.47 | — | — | reported | — | 1.00 |
| Interest expense | 0.59 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.42 | — | — | reported | — | 1.00 |
| Gross margin | 47.46% | — | — | reported | — | 0.90 |
| EBITDA margin | 6.51% | — | — | reported | — | 1.00 |
| EBIT margin | 5.31% | — | — | reported | — | 1.00 |
| Net margin | 0.63% | — | — | reported | — | 1.00 |
| Cash | 0.25 | — | — | reported | — | 1.00 |
| Total debt | 8.4 | — | — | reported | — | 0.90 |
| Net debt | 8.15 | — | — | derived | — | 0.90 |
| Equity | 5.73 | — | — | reported | — | 1.00 |
| Total assets | 25.37 | — | — | reported | — | 1.00 |
| Working capital | 5.31 | — | — | derived | — | 1.00 |
| Current assets | 22.74 | — | — | reported | — | 1.00 |
| Current liabilities | 17.42 | — | — | reported | — | 1.00 |
| CFO | 0.18 | — | — | reported | — | 1.00 |
| CapEx | 0.23 | — | — | reported | — | 1.00 |
| FCF | -0.05 | — | — | derived | — | 0.95 |
| FCF conversion | -2.43% | — | — | reported | — | 0.90 |
| CFO conversion | 9.5% | — | — | reported | — | 1.00 |
| Dividends paid | 0.01 | — | — | reported | — | 1.00 |
| ROE | 7.83% | — | — | reported | — | 0.80 |
| ROA | 1.89% | — | — | reported | — | 0.80 |
| ROIC | 6.36% | — | — | reported | — | 0.75 |
| Current ratio | 1.3x | — | — | reported | — | 1.00 |
| Quick ratio | 0.52x | — | — | reported | — | 1.00 |
| Cash ratio | 0.01x | — | — | reported | — | 1.00 |
| Interest coverage | 2.47x | — | — | reported | — | 1.00 |
| Net debt / EBITDA | 4.22x | — | — | reported | — | 0.90 |
| Debt / equity | 1.47x | — | — | reported | — | 1.00 |
| Debt / assets | 0.33x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 49.02% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 19.4% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 36.44% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -45.4% | — | — | reported | — | 1.00 |
Q4 2025 · Δ YoY
Revenue
32.22
—
32.22
—
- Q4 2024
- —
Gross profit
13.55
—
13.55
—
- Q4 2024
- —
EBITDA
1.93
—
1.93
—
- Q4 2024
- —
EBIT
1.46
—
1.46
—
- Q4 2024
- —
EBT
0.72
—
0.72
—
- Q4 2024
- —
Net income
0.44
—
0.44
—
- Q4 2024
- —
EPS (basic)
0
—
0
—
- Q4 2024
- —
D&A
0.47
—
0.47
—
- Q4 2024
- —
Interest expense
0.59
—
0.59
—
- Q4 2024
- —
Shares (basic)
(m units)
2.42
—
2.42
—
- Q4 2024
- —
Gross margin
47.46%
—
47.46%
—
- Q4 2024
- —
EBITDA margin
6.51%
—
6.51%
—
- Q4 2024
- —
EBIT margin
5.31%
—
5.31%
—
- Q4 2024
- —
Net margin
0.63%
—
0.63%
—
- Q4 2024
- —
Cash
0.25
—
0.25
—
- Q4 2024
- —
Total debt
8.4
—
8.4
—
- Q4 2024
- —
Net debt
8.15
—
8.15
—
- Q4 2024
- —
Equity
5.73
—
5.73
—
- Q4 2024
- —
Total assets
25.37
—
25.37
—
- Q4 2024
- —
Working capital
5.31
—
5.31
—
- Q4 2024
- —
Current assets
22.74
—
22.74
—
- Q4 2024
- —
Current liabilities
17.42
—
17.42
—
- Q4 2024
- —
CFO
0.18
—
0.18
—
- Q4 2024
- —
CapEx
0.23
—
0.23
—
- Q4 2024
- —
FCF
-0.05
—
-0.05
—
- Q4 2024
- —
FCF conversion
-2.43%
—
-2.43%
—
- Q4 2024
- —
CFO conversion
9.5%
—
9.5%
—
- Q4 2024
- —
Dividends paid
0.01
—
0.01
—
- Q4 2024
- —
ROE
7.83%
—
7.83%
—
- Q4 2024
- —
ROA
1.89%
—
1.89%
—
- Q4 2024
- —
ROIC
6.36%
—
6.36%
—
- Q4 2024
- —
Current ratio
1.3x
—
1.3x
—
- Q4 2024
- —
Quick ratio
0.52x
—
0.52x
—
- Q4 2024
- —
Cash ratio
0.01x
—
0.01x
—
- Q4 2024
- —
Interest coverage
2.47x
—
2.47x
—
- Q4 2024
- —
Net debt / EBITDA
4.22x
—
4.22x
—
- Q4 2024
- —
Debt / equity
1.47x
—
1.47x
—
- Q4 2024
- —
Debt / assets
0.33x
—
0.33x
—
- Q4 2024
- —
Revenue growth (YoY)
49.02%
—
49.02%
—
- Q4 2024
- —
EBITDA growth (YoY)
19.4%
—
19.4%
—
- Q4 2024
- —
EBIT growth (YoY)
36.44%
—
36.44%
—
- Q4 2024
- —
Net income growth (YoY)
-45.4%
—
-45.4%
—
- Q4 2024
- —