The Installed Base That Pays Every QuarterNarrow moat

Synektik (SNT) — moat facet

Synektik's instruments and service now earn more than its robot sales, and they grew six-fold while the robot count rose four-fold.

A robot is sold once; its instruments, service and warranty are sold for as long as surgeons use it. That second stream is now Synektik's larger business. Revenue from instruments, accessories and service in the equipment segment reached 374,7 million złoty in the twelve months to June 2026, up 32% from 284,0 million złoty a year earlier1. At September 2022 the same measure was 59,8 million złoty2.

Recurring revenue, trailing twelve months (zł m)59,8Sep 2022112,9Sep 2023193,9Sep 2024311,3Sep 2025374,7Jun 2026Instruments, accessories and service; Synektik reports 2023-2026
Six times the 2022 level in under four years.

The stream grew faster than the robots that generate it. The installed base under Synektik's care rose from 37 systems at September 20223 to 142 at June 20264, 3,8 times; recurring revenue rose 6,3 times over the same span5. The difference is utilisation. Polish da Vinci procedures went from about 3 thousand in the year to September 20226 to 19,8 thousand in the year to September 2025, when Czech and Slovak procedures reached 12,5 thousand7.

That is the moat inside the moat. Each robot needs instruments that only Intuitive makes and only Synektik may sell in the territory, a service engineer who is certified for it, and surgeons trained on it; the group counted more than 800 certified da Vinci operators at September 20258. In the year to September 2025 equipment sales fell to 319,7 million złoty from 385,1 million złoty while recurring revenue rose 61% to 311,3 million złoty9, and the segment's EBITDA still rose 30%10. Profit grew in a year when robot sales fell.

The stream has grown in every quarter the company has reported it. Trailing recurring revenue was 75,4 million złoty at December 2022, 133,6 million złoty at December 202311, 219,8 million złoty at December 2024 and 334,3 million złoty at December 202512. In the October-December 2023 quarter alone it grew 97%13; in the latest quarter, 26%14. The growth rate is falling as the base grows, which is what compounding looks like from the inside.

The robots are also being used harder. Polish procedures rose 38% in the October-December 2025 quarter to 5,7 thousand15, and 33% in the half-year to March 2026 to 12,1 thousand16. Each of those operations consumes instruments sold by Synektik.

Management wants recurring revenue to be around 60% of the group's total, from 45% in the company's own factsheet split1718. The number that would falsify the thesis is recurring revenue growing slower than the installed base: that would mean the robots were being used less.

Moat trajectory: Widening

Recurring revenue up 32% in a year and the installed base up by 29 systems in nine months.

The number that tests this moat
Reported
Recurring revenue, trailing twelve months
374,7m zł to June 2026 (284,0m zł a year earlier)

Instruments, accessories and service; it should grow at least as fast as the installed base.

Source: Synektik interim report, nine months to June 2026 ↗
Aspects of the moat
DIG DEEPER 01
Procedures, Not Placements
Synektik is paid by the operation, and Polish operations rose more than six-fold in three years.
DIG DEEPER 02
Nine Years of Service in One Tender
Synektik now sells a decade of service with each robot, and its recurring share of revenue is 45% against a goal of 60%.
DIG DEEPER 03
Eight Hundred Trained Surgeons
More than 800 surgeons in Synektik's territory have been certified on the da Vinci, and each one is a reason the next tender names it.
DIG DEEPER 04
Seven Robots on Lease
Synektik rents robots to hospitals that cannot afford them, which answers the rivals' financing and ties up its own cash.
⚠ Threats to the moat
⚠ THREAT 01
Three Reimbursed Cancers
Synektik's Polish growth rests on three reimbursed cancers, and the list has not grown since 2023.
⚠ THREAT 02
Fewer Instruments per Operation
Intuitive can cut the instrument revenue per operation that Synektik lives on, and has announced it will for benign procedures from 2027.
References
  1. ReportedRevenue from instruments, accessories and service in the equipment segment reached 374,7 million złoty in the twelve months to June 2026, up 32% from 284,0 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 ↗
  2. ReportedAt September 2022 the same measure was 59,8 million złoty.
    Synektik quarterly report for the fourth quarter of the fiscal year to 30 September 2023 - revenue up 168%, order intake, recurring revenue, installed base and procedures. — October 2022 - September 2023 · publ. November 2023 · source ↗
  3. ReportedThe installed base under Synektik's care rose from 37 systems at September 2022 to 142 at June 2026, 3,8 times; recurring revenue rose 6,3 times over the same span.
    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 ↗
  4. ReportedThe installed base under Synektik's care rose from 37 systems at September 2022 to 142 at June 2026, 3,8 times; recurring revenue rose 6,3 times over the same span.
    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. Moat Explorer calcThe installed base under Synektik's care rose from 37 systems at September 2022 to 142 at June 2026, 3,8 times; recurring revenue rose 6,3 times over the same span.
    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. ReportedPolish da Vinci procedures went from about 3 thousand in the year to September 2022 to 19,8 thousand in the year to September 2025, when Czech and Slovak procedures reached 12,5 thousand.
    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. ReportedPolish da Vinci procedures went from about 3 thousand in the year to September 2022 to 19,8 thousand in the year to September 2025, when Czech and Slovak procedures reached 12,5 thousand.
    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 ↗
  8. ReportedEach robot needs instruments that only Intuitive makes and only Synektik may sell in the territory, a service engineer who is certified for it, and surgeons trained on it; the group counted more than 800 certified da Vinci operators at September 2025.
    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 ↗
  9. ReportedIn the year to September 2025 equipment sales fell to 319,7 million złoty from 385,1 million złoty while recurring revenue rose 61% to 311,3 million złoty, and the segment's EBITDA still rose 30%.
    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 ↗
  10. ReportedIn the year to September 2025 equipment sales fell to 319,7 million złoty from 385,1 million złoty while recurring revenue rose 61% to 311,3 million złoty, and the segment's EBITDA still rose 30%.
    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 ↗
  11. ReportedTrailing recurring revenue was 75,4 million złoty at December 2022, 133,6 million złoty at December 2023, 219,8 million złoty at December 2024 and 334,3 million złoty at December 2025.
    Synektik interim report for 1 October - 31 December 2023 - installed base and recurring revenue. — October - December 2023 · publ. February 2024 · source ↗
  12. ReportedTrailing recurring revenue was 75,4 million złoty at December 2022, 133,6 million złoty at December 2023, 219,8 million złoty at December 2024 and 334,3 million złoty at December 2025.
    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 ↗
  13. ReportedIn the October-December 2023 quarter alone it grew 97%; in the latest quarter, 26%.
    Synektik interim report for 1 October - 31 December 2023 - installed base and recurring revenue. — October - December 2023 · publ. February 2024 · source ↗
  14. ReportedIn the October-December 2023 quarter alone it grew 97%; in the latest quarter, 26%.
    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 ↗
  15. ReportedPolish procedures rose 38% in the October-December 2025 quarter to 5,7 thousand, and 33% in the half-year to March 2026 to 12,1 thousand.
    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 ↗
  16. ReportedPolish procedures rose 38% in the October-December 2025 quarter to 5,7 thousand, and 33% in the half-year to March 2026 to 12,1 thousand.
    Synektik management board report for the half-year 1 October 2025 - 31 March 2026 - including the HistoSonics Edison exclusive distribution agreement and the installed base at March 2026. — October 2025 - March 2026 · publ. June 2026 · source ↗
  17. ReportedManagement wants recurring revenue to be around 60% of the group's total, from 45% in the company's own factsheet split.
    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 ↗
  18. ReportedManagement wants recurring revenue to be around 60% of the group's total, from 45% in the company's own factsheet split.
    Synektik factsheet for the third quarter of the 2025 fiscal year - revenue by quarter, the split between contract equipment sales and recurring revenue, Poland against abroad, market value, P/E and free float at 31 July 2026. — Quarter to June 2026 · publ. August 2026 · source ↗
Sources
Generated September 24, 2026