The Only Bidder With a Da VinciNarrow moat

Synektik (SNT) — moat facet

Every Polish hospital that wants a da Vinci has to buy it from Synektik, and in nine months 28 did.

Exclusivity turns every hospital that wants a da Vinci into a Synektik customer. Most Polish hospitals buy through public tenders, and 85,5% of group revenue in the year to September 2025 came from contracts won that way1. When a tender is written for the robot most surgeons in the region have trained on, Synektik is the only company that can offer it.

da Vinci systems sold by Synektik27FY202427FY202528Oct 2025-Jun 2026Synektik annual reports and interim report to June 2026; fiscal years end September
Nine months already ahead of either full year.

Volumes show what that means. Synektik sold 27 da Vinci systems in each of the last two fiscal years23 and 28 in the nine months to June 2026, ten of them in the April-June quarter4. Equipment sales, which include the robots, were 401,6 million złoty in those nine months against 216,1 million złoty a year earlier5.

The contracts are large for a company of this size. In the year to September 2022 a tender for the naval hospital in Gdynia was worth 7,8 million złoty6, and the Estonian contract of September 2026, with service and consumables, 41 million złoty7. Synektik's market value, about 3,0 billion złoty8, is roughly seventy such Estonian contracts9.

The list of tenders Synektik won in the year to September 2025 reads like a list of Poland's leading public hospitals: military clinical hospitals in Wrocław, Bydgoszcz and Kraków, the 109th Military Hospital in Szczecin, the Rydygier hospital and the university hospital in Kraków, the Children's Memorial Health Institute in Warsaw, oncology centres in Lublin, Białystok and Wrocław, and hospitals in Łódź, Białystok, Lublin and Czerwona Góra10. In the October-December 2025 quarter it sold eight systems, with two more contracts from that quarter to be delivered later in the fiscal year11.

The limit is that a tender can also be written for any robot. The advantage lasts as long as hospitals and their surgeons keep specifying the da Vinci.

Moat trajectory: Widening

Robot sales in nine months already above either full prior year.

The number that tests this moat
Reported
da Vinci systems sold, nine months to June 2026
28 (27 in each of the two previous full years)

Placements are the seed of the recurring revenue; a fall would slow it a year later.

Source: Synektik interim report, nine months to June 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Tender Can Name Another Robot
Exclusivity keeps other da Vinci sellers out of Poland, not other robots.
References
  1. ReportedMost Polish hospitals buy through public tenders, and 85,5% of group revenue in the year to September 2025 came from contracts won that way.
    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. ReportedSynektik sold 27 da Vinci systems in each of the last two fiscal years and 28 in the nine months to June 2026, ten of them in the April-June quarter.
    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 ↗
  3. ReportedSynektik sold 27 da Vinci systems in each of the last two fiscal years and 28 in the nine months to June 2026, ten of them in the April-June quarter.
    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 ↗
  4. ReportedSynektik sold 27 da Vinci systems in each of the last two fiscal years and 28 in the nine months to June 2026, ten of them in the April-June quarter.
    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 ↗
  5. ReportedEquipment sales, which include the robots, were 401,6 million złoty in those nine months against 216,1 million złoty a year earlier.
    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 ↗
  6. ReportedIn the year to September 2022 a tender for the naval hospital in Gdynia was worth 7,8 million złoty, and the Estonian contract of September 2026, with service and consumables, 41 million złoty.
    Synektik interim report for the fiscal year to 30 September 2022 - revenue, segments, installed base in Poland, Czechia and Slovakia, the first dedicated reimbursement and example tenders. — October 2021 - September 2022 · publ. November 2022 · source ↗
  7. ReportedIn the year to September 2022 a tender for the naval hospital in Gdynia was worth 7,8 million złoty, and the Estonian contract of September 2026, with service and consumables, 41 million złoty.
    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 ↗
  8. ReportedSynektik's market value, about 3,0 billion złoty, is roughly seventy such Estonian contracts.
    Biznesradar, Synektik market-value ratios - market capitalisation 3 007 370 971 złoty at 352,60 złoty. — September 2026 · publ. 24 September 2026 · source ↗
  9. Moat Explorer calcSynektik's market value, about 3,0 billion złoty, is roughly seventy such Estonian contracts.
    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.
  10. ReportedThe list of tenders Synektik won in the year to September 2025 reads like a list of Poland's leading public hospitals: military clinical hospitals in Wrocław, Bydgoszcz and Kraków, the 109th Military Hospital in Szczecin, the Rydygier hospital and the university hospital in Kraków, the Children's Memorial Health Institute in Warsaw, oncology centres in Lublin, Białystok and Wrocław, and hospitals in Łódź, Białystok, Lublin and Czerwona Góra.
    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 ↗
  11. ReportedIn the October-December 2025 quarter it sold eight systems, with two more contracts from that quarter to be delivered later in the fiscal year.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
Sources
Generated September 24, 2026