The Revenue LinesNarrow moat

Synektik (SNT) — moat facet

Synektik is a robot distributor with a small tracer factory attached; the factory is a twelfth of the revenue.

Synektik reports two segments that earn revenue, and they are very different in size. In the year to September 2025 the medical equipment and IT segment had revenue of 631,9 million złoty and the radiopharmaceutical segment 52,9 million złoty, both including small sales to each other1. Group revenue after those eliminations was 681,6 million złoty2. These pages follow each segment.

Segment revenue, year to Sep 2025 (zł m)Medical Equipment and IT631,9Radiopharmaceuticals52,9Including intersegment sales; Synektik audited consolidated statements, segment note
One segment is twelve times the other.

Two other segments earn nothing. The research and development centre works on new radiopharmaceuticals and on improving the existing ones, and cost 3,3 million złoty at the operating level in the year to September 20253. The new molecules research centre, which ran the cardiotracer project, lost 28,2 million złoty4 and was demerged into Syn2bio in March 20265; it is shown as discontinued. Unallocated items are mainly the costs of the management board and head office.

The equipment segment is the company. It produced about 93% of segment revenue6 and EBITDA of 187,2 million złoty against 16,1 million złoty for radiopharmaceuticals7. Inside it, the two streams that matter are equipment sales, 319,7 million złoty, and recurring instruments and service, 311,3 million złoty8.

The history is two different growth curves. The equipment segment's revenue was 112,1 million złoty in the year to September 20199 and fell to 96,9 million złoty in 202010, before the reimbursement decision of 2022 multiplied it; the radiopharmaceutical segment grew from 23,6 million złoty to 52,9 million złoty over the same span, almost without a pause1112.

The two segments follow different calendars. Equipment revenue arrives when hospitals take delivery, which is heaviest at the end of the calendar year, and in the half-year to March 2026 the segment was 93,76% of group sales13. Radiopharmaceuticals are sold every working day. The equipment segment also carries almost all the foreign business: its export sales were 150,5 million złoty in the nine months to June 2026, against 0,9 million złoty for radiopharmaceuticals14.

Inside the equipment segment the balance between the two streams moves from quarter to quarter. In the half-year to March 2026 equipment sales were 226,3 million złoty, up 43% with oncology equipment tenders financed by the National Recovery Plan, and recurring revenue 187,4 million złoty, up 29%15. In the April-June 2026 quarter equipment sales were 175,3 million złoty and recurring revenue 103,6 million złoty16.

The segment chart uses segment revenue as filed, including intersegment sales, so the bands add to slightly more than group revenue. The measure that joins the two is group EBITDA from continuing operations, 177,8 million złoty in the year to September 202517 and 189,6 million złoty in the first nine months of the current year18.

Moat trajectory: Widening

Equipment segment revenue up 56% in nine months; radiopharmaceuticals up 7%.

The number that tests this moat
Reported
Continuing EBITDA, nine months to June 2026
189,6m zł (122,5m zł a year earlier)

Both revenue segments together, before the demerged unit.

Source: Synektik interim report, nine months to June 2026 ↗
Dig deeper
DIG DEEPER 01
Medical Equipment and IT
Synektik's equipment segment is now half a service business, and the service half grew 61% in the year robot sales fell.
DIG DEEPER 02
Radiopharmaceuticals
Synektik's tracer business earns a 30% margin from three cyclotrons, and its profit fell by a third in the latest quarter.
References
  1. ReportedIn the year to September 2025 the medical equipment and IT segment had revenue of 631,9 million złoty and the radiopharmaceutical segment 52,9 million złoty, both including small sales to each other.
    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. ReportedGroup revenue after those eliminations was 681,6 million złoty.
    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 ↗
  3. ReportedThe research and development centre works on new radiopharmaceuticals and on improving the existing ones, and cost 3,3 million złoty at the operating level in the year to September 2025.
    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 ↗
  4. ReportedThe new molecules research centre, which ran the cardiotracer project, lost 28,2 million złoty and was demerged into Syn2bio in March 2026; it is shown as discontinued.
    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 ↗
  5. ReportedThe new molecules research centre, which ran the cardiotracer project, lost 28,2 million złoty and was demerged into Syn2bio in March 2026; it is shown as discontinued.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - the demerger of Syn2bio, shareholders and group structure. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  6. Moat Explorer calcIt produced about 93% of segment revenue and EBITDA of 187,2 million złoty against 16,1 million złoty for radiopharmaceuticals.
    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.
  7. ReportedIt produced about 93% of segment revenue and EBITDA of 187,2 million złoty against 16,1 million złoty for radiopharmaceuticals.
    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 ↗
  8. ReportedInside it, the two streams that matter are equipment sales, 319,7 million złoty, and recurring instruments and service, 311,3 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 ↗
  9. ReportedThe equipment segment's revenue was 112,1 million złoty in the year to September 2019 and fell to 96,9 million złoty in 2020, before the reimbursement decision of 2022 multiplied it; the radiopharmaceutical segment grew from 23,6 million złoty to 52,9 million złoty over the same span, almost without a pause.
    Synektik condensed consolidated interim report for 1 October 2018 - 30 September 2019, with the 21 months to September 2018 as comparative - revenue, net profit and segments. — October 2018 - September 2019 · publ. November 2019 · source ↗
  10. ReportedThe equipment segment's revenue was 112,1 million złoty in the year to September 2019 and fell to 96,9 million złoty in 2020, before the reimbursement decision of 2022 multiplied it; the radiopharmaceutical segment grew from 23,6 million złoty to 52,9 million złoty over the same span, almost without a pause.
    Synektik interim consolidated report for the fiscal year to 30 September 2021 - revenue, segments and dividends, with the year to September 2020 as comparative. — October 2020 - September 2021 · publ. November 2021 · source ↗
  11. ReportedThe equipment segment's revenue was 112,1 million złoty in the year to September 2019 and fell to 96,9 million złoty in 2020, before the reimbursement decision of 2022 multiplied it; the radiopharmaceutical segment grew from 23,6 million złoty to 52,9 million złoty over the same span, almost without a pause.
    Synektik condensed consolidated interim report for 1 October 2018 - 30 September 2019, with the 21 months to September 2018 as comparative - revenue, net profit and segments. — October 2018 - September 2019 · publ. November 2019 · source ↗
  12. ReportedThe equipment segment's revenue was 112,1 million złoty in the year to September 2019 and fell to 96,9 million złoty in 2020, before the reimbursement decision of 2022 multiplied it; the radiopharmaceutical segment grew from 23,6 million złoty to 52,9 million złoty over the same span, almost without a pause.
    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 ↗
  13. ReportedEquipment revenue arrives when hospitals take delivery, which is heaviest at the end of the calendar year, and in the half-year to March 2026 the segment was 93,76% of group sales.
    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 ↗
  14. ReportedThe equipment segment also carries almost all the foreign business: its export sales were 150,5 million złoty in the nine months to June 2026, against 0,9 million złoty for radiopharmaceuticals.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  15. ReportedIn the half-year to March 2026 equipment sales were 226,3 million złoty, up 43% with oncology equipment tenders financed by the National Recovery Plan, and recurring revenue 187,4 million złoty, up 29%.
    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 ↗
  16. ReportedIn the April-June 2026 quarter equipment sales were 175,3 million złoty and recurring revenue 103,6 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) - management commentary: orders, backlog, da Vinci systems and procedures, recurring revenue, radiopharmaceutical sales and seasonality. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  17. ReportedThe measure that joins the two is group EBITDA from continuing operations, 177,8 million złoty in the year to September 2025 and 189,6 million złoty in the first nine months of the current year.
    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 ↗
  18. ReportedThe measure that joins the two is group EBITDA from continuing operations, 177,8 million złoty in the year to September 2025 and 189,6 million złoty in the first nine months of the current year.
    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 ↗
Sources
Generated September 24, 2026