⚠ Too Small to SeeLow threat

Synektik (SNT) — threat to the moat

Synektik's own software is too small to show in its accounts.

Synektik's software is a claim a shareholder cannot check. The group reports two revenue segments, equipment and IT together, and radiopharmaceuticals1; software sits inside the first, next to robots and instruments.

Equipment and IT segment revenue, FY2025 (zł m)319,7Equipment sales311,3Instruments, accessories, serviceSynektik annual report; software is not reported separately
Software sits somewhere inside these two.

That makes it impossible to say whether ArPACS, Zbadani.pl and IT4KAN are growing businesses or services attached to equipment sales. The e-Health Centre AI contracts2 are public, but their value is not.

A distributor's own intellectual property is the most durable thing it can have. Here it is small enough that it would not change the moat if it doubled.

Its ambitions are larger than its disclosure. The group's strategy sets different reaches for its businesses: national for distributing diagnostic and therapy equipment, regional for radiopharmaceutical production, and Europe-wide for IT systems and services3. The only visible step towards the European part so far is IT4KAN, bought for 4,15 million złoty4.

Separate disclosure would settle it. Until then, headcount is the only proxy.

References
  1. ReportedThe group reports two revenue segments, equipment and IT together, and radiopharmaceuticals; software sits inside the first, next to robots and instruments.
    Synektik Group audited consolidated financial statements for the fiscal year to 30 September 2025 (ESEF package) - revenue, costs, continuing and discontinued profit, earnings per share, segment note, cash flow. — October 2024 - September 2025 · publ. December 2025 · source ↗
  2. ReportedThe e-Health Centre AI contracts are public, but their value is not.
    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 ↗
  3. ReportedThe group's strategy sets different reaches for its businesses: national for distributing diagnostic and therapy equipment, regional for radiopharmaceutical production, and Europe-wide for IT systems and services.
    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. ReportedThe only visible step towards the European part so far is IT4KAN, bought 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 ↗
Sources
Generated September 24, 2026