Software of Its OwnThin moat

Synektik (SNT) — moat facet

Synektik owns imaging software and bought a software house, but the business is too small to report.

The part of the equipment segment Synektik owns is its software. It develops ArPACS and RIS imaging systems and the Zbadani.pl platform, and in the April-June 2026 quarter continued deploying SynDose, WWO and WDM in imaging departments1. On 9 January 2025 it bought IT4KAN, a medical software house2, for 4,15 million złoty3. With its Czech partner Carebot it is delivering two contracts for Poland's e-Health Centre to deploy AI models that detect lesions in mammography and chest X-rays4.

Average group employees (years to September)153FY2023170FY2024221FY2025Synektik annual management board reports
Up 30% in a year.

Software is where a distributor can own something. It stays installed when a device is replaced and ties imaging departments to Synektik rather than to a manufacturer.

The amounts are small. Synektik does not report software revenue separately, and the IT4KAN price was about 0,14% of its market value5. The group's headcount rose from 170 to 221 in a year6, partly with the acquisition.

The e-Health work is the software business's first public test. In August 2026 Synektik reported a material contract in the e-Health project financed by the National Recovery Plan7, one of the two contracts with Carebot for AI models in mammography and chest X-rays8.

Headcount is what a shareholder can see. Software growth would show in people before it shows in revenue.

Moat trajectory: Widening

An acquisition and two AI contracts in eighteen months.

The number that tests this moat
Reported
Average group employees, year to Sep 2025
221 (170 a year earlier)

Software and service growth shows first in headcount.

Source: Synektik annual management board report, year to September 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Too Small to See
Synektik's own software is too small to show in its accounts.
References
  1. ReportedIt develops ArPACS and RIS imaging systems and the Zbadani.pl platform, and in the April-June 2026 quarter continued deploying SynDose, WWO and WDM in imaging departments.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - management commentary: orders, backlog, da Vinci systems and procedures, recurring revenue, radiopharmaceutical sales and seasonality. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  2. ReportedOn 9 January 2025 it bought IT4KAN, a medical software house, for 4,15 million złoty.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - income statement, segment note, cash flow and balance sheet. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  3. ReportedOn 9 January 2025 it bought IT4KAN, a medical software house, for 4,15 million złoty.
    Synektik annual management board report for the fiscal year to 30 September 2025 - operating review: da Vinci systems and procedures, orders, recurring revenue, radiopharmaceutical products and the Baltic expansion. — October 2024 - September 2025 · publ. December 2025 · source ↗
  4. ReportedWith its Czech partner Carebot it is delivering two contracts for Poland's e-Health Centre to deploy AI models that detect lesions in mammography and chest X-rays.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
  5. Moat Explorer calcSynektik does not report software revenue separately, and the IT4KAN price was about 0,14% of its market value.
    Moat Explorer calculation from Synektik's reported figures (thousands of złoty unless stated). Market value: 352,60 złoty x 8 529 129 shares = 3 007,4 million złoty (about 3,0 billion złoty); at the NBP rate of 3,8570 = $779,7 million (about $780 million). Trailing revenue to June 2026: 681 598,6 - 482 060,1 + 733 427,1 = 932 965,6 (about 933 million złoty). Trailing continuing net profit: 126 019,2 - 85 705,2 + 137 952,7 = 178 266,7; over 8 529 129 shares = 20,90 złoty; P/E 352,60 / 20,90 = 16,9. Equipment and IT segment EBITDA over segment revenue: 187 190,7 / 631 915,5 = 29,6% (FY2025); 143 577,5 / 579 299,1 = 24,8% (FY2024); 98 943,8 / 410 834,1 = 24,1% (FY2023); 29 865,3 / 139 272,7 = 21,4% (FY2022); 18 636,4 / 100 878,6 = 18,5% (FY2021); 19 605,9 / 112 126,1 = 17,5% (FY2019). Radiopharmaceutical segment EBITDA margin: 16 061,3 / 52 937,4 = 30,3% (FY2025); 16 276,6 / 46 615,7 = 34,9% (FY2024). Recurring revenue, trailing: 374,7 / 59,8 = 6,3 times (September 2022 to June 2026); installed base 142 / 37 = 3,8 times. Recurring revenue per year-end robot: 311,3 / 113 = 2,75 million złoty (FY2025); 193,9 / 86 = 2,25 million złoty (FY2024). Procedures per year-end robot, FY2025: Poland 19 800 / 75 = 264; Czechia and Slovakia 12 500 / 38 = 329. Revenue per average employee: 681,6 / 221 = 3,08 million złoty. Export share: 183,7 / 681,6 = 27,0%. Equipment segment share of revenue excluding intragroup sales: 631,1 / 681,6 = 92,6% (about 93%). Intuitive products: 44,9% x 681,6 = 306,0 million złoty; other equipment, IT and service 681,6 - 306,0 - 50,5 = 325,1 million złoty. Synektik market value over the Estonian contract: 3 007,4 / 41 = 73 (roughly seventy). Dividend paid February 2026: 10,75 x 8 529 129 = 91,7 million złoty; dividend per share 10,75 / 0,45 = 23,9 times since 2021. Free cash flow: FY2025 78,3 - 17,4 = 60,9 million złoty; FY2024 89,6 - 44,9 = 44,7 million złoty. IT4KAN price over market value: 4,15 / 3 007,4 = 0,14%. Recurring revenue, April-June 2025: 103,6 / 1,26 = 82,2 million złoty. Backlog plus active offers at June 2026: 44,2 + 160,8 = 205,0 million złoty. NFZ spending per robotic operation: 59 / 2,1 = 28 thousand złoty (2022); 167 / 5,4 = 31 thousand złoty (2023); 300 / 11 = 27 thousand złoty (2024). NFZ-funded PET studies: 96,1 / 89,3 - 1 = 7,6% (about 8%); per scanner 96 100 / 37 = about 2 600. Affidea: 29,0% x 52,9 = 15,3 million złoty, against segment EBITDA of 16,1 million złoty. Synektik's installed base as a share of Intuitive's: 142 / 11 710 = 1,2%. Czech and Slovak installed base: 42 / 16 = 2,6 times. Equipment segment purchases from others: 100 - 80,2 - 6,8 = 13,0%. Years of exclusivity from September 2026 to 31 December 2031: about 5,3. Year-end P/E and P/S (market value at 30 September over net profit and revenue; continuing profit from FY2024): 122,8 / 9,136 = 13,4 and 122,8 / 134,8 = 0,91 (FY2019); 190,2 / 8,811 = 21,6 and 1,52 (FY2020); 252,5 / 8,384 = 30,1 and 1,96 (FY2021); 237,5 / 10,709 = 22,2 and 1,42 (FY2022); 516,9 / 52,452 = 9,9 and 1,16 (FY2023); 1 635,9 / 98,909 = 16,5 and 2,62 (FY2024); 2 149,3 / 126,019 = 17,1 and 3,15 (FY2025); market values from closing prices of 14,40 złoty, 22,30, 29,60, 27,85, 60,60, 191,80 and 252,00 x 8 529 129. — October 2018 - June 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Synektik's financial statements, management board reports, factsheet and market data; operands shown in the source line.
  6. ReportedThe group's headcount rose from 170 to 221 in a year, partly with the acquisition.
    Synektik annual management board report for the fiscal year to 30 September 2025 - financial review: margins, net debt, return on equity, working capital and deferred income. — October 2024 - September 2025 · publ. December 2025 · source ↗
  7. ReportedIn August 2026 Synektik reported a material contract in the e-Health project financed by the National Recovery Plan, one of the two contracts with Carebot for AI models in mammography and chest X-rays.
    Biznesradar, Synektik quote page - 352,60 złoty on 24 September 2026; change year to date +40,25% against a reference price adjusted for dividends and the spin-off. — 2026 · publ. 24 September 2026 · source ↗
  8. ReportedIn August 2026 Synektik reported a material contract in the e-Health project financed by the National Recovery Plan, one of the two contracts with Carebot for AI models in mammography and chest X-rays.
    Synektik press release, 17 September 2026: 'Synektik signs first contract in Estonia. Another step in the Baltic states expansion' - EUR 9,4 million including nine years of maintenance and ten years of consumables; 142 systems (100 in Poland, 42 in Czechia and Slovakia); the Ukraine plan; targets for foreign and recurring revenue. — September 2026 · publ. 17 September 2026 · source ↗
Sources
Generated September 24, 2026