⚠ Winning on PriceModerate threat

Synektik (SNT) — threat to the moat

Most of Synektik's revenue is won in auctions designed to push its price down.

A public tender is designed to make suppliers compete on price, and 85,5% of Synektik's revenue in the year to September 2025 came through one, against 87,8% a year earlier12. The company warns that a significant part of its contracts are won in public procurement procedures3, and that given competition in medical equipment and IT it cannot guarantee it will keep winning4.

Revenue from public procurement (% of group)87,8FY202485,5FY2025Synektik annual management board reports
Down a little, still dominant.

Exclusivity limits the damage on the da Vinci, where no other bidder can offer the same robot. It does not on the rest of the catalogue: imaging, mammography, pharmacy automation. Equipment sales other than robots face distributors of every major manufacturer.

The margins do not yet show pressure. The equipment segment's EBITDA margin was 29,6% in the year to September 20255 and 27,3% in the April-June 2026 quarter6.

Public money sets the size of the tenders as well as their rules. The company names public health-sector investment in medical equipment, funded by the European Union's 2021-2027 budget and the National Recovery Plan, as a main driver of its sales7. When those funds are spent, tenders become fewer and the competition for each one stiffer.

The test is that margin through a full year of heavy equipment deliveries. A slide towards 20% would show tenders being won on price.

References
  1. ReportedA public tender is designed to make suppliers compete on price, and 85,5% of Synektik's revenue in the year to September 2025 came through one, against 87,8% a year earlier.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
  2. ReportedA public tender is designed to make suppliers compete on price, and 85,5% of Synektik's revenue in the year to September 2025 came through one, against 87,8% a year earlier.
    Synektik annual management board report for the fiscal year to 30 September 2024 - Intuitive's share of revenue, public procurement share, installed base and procedures. — October 2023 - September 2024 · publ. December 2024 · source ↗
  3. ReportedThe company warns that a significant part of its contracts are won in public procurement procedures, and that given competition in medical equipment and IT it cannot guarantee it will keep winning.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
  4. ReportedThe company warns that a significant part of its contracts are won in public procurement procedures, and that given competition in medical equipment and IT it cannot guarantee it will keep winning.
    Synektik annual management board report for the fiscal year to 30 September 2025 - risk factors, customers and suppliers (Intuitive's share of revenue and purchases, public procurement, Affidea, seasonality). — October 2024 - September 2025 · publ. December 2025 · source ↗
  5. Moat Explorer calcThe equipment segment's EBITDA margin was 29,6% in the year to September 2025 and 27,3% in the April-June 2026 quarter.
    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 equipment segment's EBITDA margin was 29,6% in the year to September 2025 and 27,3% in the April-June 2026 quarter.
    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 ↗
  7. ReportedThe company names public health-sector investment in medical equipment, funded by the European Union's 2021-2027 budget and the National Recovery Plan, as a main driver of its sales.
    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 ↗
Sources
Generated September 24, 2026