Sfinks Polska S.A. (SFS.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-68.4%

PLN 0.12

vs PLN 0.38 price

Levered DCF

-PLN 1.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-2.58

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.02×	-3.84×	-87.64×	0.63×	-0.73×	-0.17×	-1.04×	-5.4×
P/B	-0.17×	-0.25×	-0.42×	-0.19×	-0.14×	-0.13×	-1.28×	11.51×
P/S	0.3×	0.25×	0.3×	0.14×	0.23×	0.13×	0.11×	0.14×
EV / EBITDA	14.3×	9.43×	8.35×	3.99×	15.57×	-11.41×	7.71×	7.73×
Gross margin	55.2%	33.1%	28.8%	26.4%	22.9%	8.7%	17.6%	14.6%
Operating margin	8.6%	7.1%	4.6%	3.6%	-5.3%	-13.9%	3.3%	0.7%
Net margin	-15.0%	-6.7%	-0.3%	22.2%	-30.6%	-79.4%	-10.6%	-2.6%
Current ratio	0.34×	0.54×	0.56×	0.49×	0.16×	0.14×	0.18×	0.28×
Debt / equity	-1.48×	-2×	-2.52×	-2.23×	-1.66×	-2.24×	-15.04×	32.89×
Interest coverage	0.34×	0.4×	0.33×	0.26×	-0.23×	-0.73×	0.34×	0.21×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	6.7%	0.5%	-29.7%	19.6%	77.5%	123.0%	-215.3%
Return on invested capital	9.1%	6.7%	1.7%	3.6%	-4.1%	-9.1%	2.1%	1.1%
Return on assets	-11.1%	-4.8%	-0.3%	17.8%	-15.1%	-38.7%	-6.6%	-3.3%
Free cash flow yield	63.2%	56.3%	25.6%	54.7%	45.3%	143.7%	218.7%	50.2%
Earnings yield	-50.8%	-26.7%	-1.1%	159.4%	-135.7%	-599.8%	-95.7%	-18.7%
Enterprise value	PLN 136.4M	PLN 169.8M	PLN 206.3M	PLN 171.1M	PLN 173.9M	PLN 186.2M	PLN 231.5M	PLN 80M
Net debt / EBITDA	12.86×	8.38×	7.15×	3.68×	14.28×	-10.78×	7.08×	5.31×
Cash conversion cycle (days)	-68	-30	12	-18	-209	-136	-35	-2