Medical Equipment and ITNarrow moat

Synektik (SNT) — moat facet

Synektik's equipment segment is now half a service business, and the service half grew 61% in the year robot sales fell.

The medical equipment and IT segment is almost all of Synektik. Its revenue was 631,9 million złoty in the year to September 2025, including a little sold within the group, and its EBITDA 187,2 million złoty, a margin of 29,6%12. The company's own figures, excluding intragroup sales, are 631,1 million złoty of revenue, up 9%, and EBITDA up 30%3.

Medical Equipment and IT segment revenue (zł m, years to September)112,1FY201996,9FY2020100,9FY2021139,3FY2022410,8FY2023579,3FY2024631,9FY2025Segment revenue including intersegment sales; Synektik reports 2019-2025
Flat until reimbursement, then five-fold.

What is inside it. The segment sells therapy devices from Intuitive Surgical, Carl Zeiss, Eckert & Ziegler, HistoSonics, Hologic, Insightec, ZAP Surgical and Medical Microinstruments, imaging and radiology systems, contrast injectors and pharmacy automation, plus its own imaging software and service and measurement work4. Intuitive's da Vinci is 48,4% of the segment's revenue5.

How it is paid. There are two streams. Equipment is sold under tender contracts, and a hospital buys a robot rarely; it brought 319,7 million złoty in the year to September 2025, down from 385,1 million złoty6. Instruments, accessories and service are paid per procedure or per contract year; they brought 311,3 million złoty, up 61%7, and 374,7 million złoty in the twelve months to June 20268. The first stream is lumpy and the second compounds.

Its history. The segment had revenue of 112,1 million złoty in the year to September 2019 and 96,9 million złoty in 2020910. It took off after the NFZ began paying a dedicated rate for robotic prostatectomy in April 202211: 139,3 million złoty in 2022, 410,8 million złoty in 2023 and 579,3 million złoty in 2024121314. The Czech and Slovak business Intuitive handed over from February 202215 added a second market at the same time.

Profitability. The EBITDA margin has risen every year from 17,5% in the year to September 2019 to 29,6% in 202516, as recurring revenue grew into a larger share. In the nine months to June 2026 it was 28,5% on revenue up 56%17.

Growth and outlook. Nine-month external revenue was 692,5 million złoty18, already above the whole of the previous year. Orders were 423,0 million złoty, 72% more19, and Ukraine and the Baltic states are new territories2021. The limit is the contract: the da Vinci part of the segment is Synektik's until 31 December 203122.

The latest half-year shows how much of the segment is now public investment. Equipment sales in the six months to March 2026 were 226,3 million złoty against 158,7 million złoty, and the company attributed the 43% rise to a broader product range and to tenders for oncology equipment financed by the National Recovery Plan23. In that half it settled the sale of 18 da Vinci systems, a Symani system, an APOTECAchemo system and several imaging devices24. Orders won were 311,0 million złoty against 147,0 million złoty, and the backlog of contracts still to deliver was 114,3 million złoty at March 2026 against 10,8 million złoty a year earlier25; by June it had been worked down to 44,2 million złoty26. In August 2026 Synektik reported a material contract under the e-Health project financed by the National Recovery Plan27.

The installed base is the other side of the segment. It grew by 18 systems in the half-year to March 202628, to 132, and by ten more to 142 at June29. The lease fleet grew from three systems at December 202330 to seven at December 202531.

Recurring revenue would change the verdict. As long as it grows faster than equipment sales, the segment becomes steadier each year; if it stalls while robots are still being placed, utilisation is falling.

Moat trajectory: Widening

Revenue up 56% and margin near 28-30%.

The number that tests this moat
Reported
Equipment and IT segment revenue, nine months to June 2026
692,5m zł external (+56%)

The segment that is nearly all of the group.

Source: Synektik interim report, nine months to June 2026 ↗
References
  1. ReportedIts revenue was 631,9 million złoty in the year to September 2025, including a little sold within the group, and its EBITDA 187,2 million złoty, a margin of 29,6%.
    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. Moat Explorer calcIts revenue was 631,9 million złoty in the year to September 2025, including a little sold within the group, and its EBITDA 187,2 million złoty, a margin of 29,6%.
    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.
  3. ReportedThe company's own figures, excluding intragroup sales, are 631,1 million złoty of revenue, up 9%, and EBITDA up 30%.
    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 ↗
  4. ReportedThe segment sells therapy devices from Intuitive Surgical, Carl Zeiss, Eckert & Ziegler, HistoSonics, Hologic, Insightec, ZAP Surgical and Medical Microinstruments, imaging and radiology systems, contrast injectors and pharmacy automation, plus its own imaging software and service and measurement work.
    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 ↗
  5. ReportedIntuitive's da Vinci is 48,4% of the segment's revenue.
    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 ↗
  6. ReportedEquipment is sold under tender contracts, and a hospital buys a robot rarely; it brought 319,7 million złoty in the year to September 2025, down from 385,1 million złoty.
    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 ↗
  7. ReportedInstruments, accessories and service are paid per procedure or per contract year; they brought 311,3 million złoty, up 61%, and 374,7 million złoty in the twelve months to June 2026.
    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. ReportedInstruments, accessories and service are paid per procedure or per contract year; they brought 311,3 million złoty, up 61%, and 374,7 million złoty in the twelve months to June 2026.
    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 ↗
  9. ReportedThe segment had revenue of 112,1 million złoty in the year to September 2019 and 96,9 million złoty in 2020.
    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 segment had revenue of 112,1 million złoty in the year to September 2019 and 96,9 million złoty in 2020.
    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. ReportedIt took off after the NFZ began paying a dedicated rate for robotic prostatectomy in April 2022: 139,3 million złoty in 2022, 410,8 million złoty in 2023 and 579,3 million złoty in 2024.
    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 ↗
  12. ReportedIt took off after the NFZ began paying a dedicated rate for robotic prostatectomy in April 2022: 139,3 million złoty in 2022, 410,8 million złoty in 2023 and 579,3 million złoty in 2024.
    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 ↗
  13. ReportedIt took off after the NFZ began paying a dedicated rate for robotic prostatectomy in April 2022: 139,3 million złoty in 2022, 410,8 million złoty in 2023 and 579,3 million złoty in 2024.
    Synektik interim report for the fourth quarter of the fiscal year to 30 September 2024 - revenue, operating profit, net profit, earnings per share, segments and dividends, with the year to September 2023 as comparative. — October 2023 - September 2024 · publ. November 2024 · source ↗
  14. ReportedIt took off after the NFZ began paying a dedicated rate for robotic prostatectomy in April 2022: 139,3 million złoty in 2022, 410,8 million złoty in 2023 and 579,3 million złoty in 2024.
    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 ↗
  15. ReportedThe Czech and Slovak business Intuitive handed over from February 2022 added a second market at the same time.
    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 ↗
  16. Moat Explorer calcThe EBITDA margin has risen every year from 17,5% in the year to September 2019 to 29,6% in 2025, as recurring revenue grew into a larger share.
    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.
  17. ReportedIn the nine months to June 2026 it was 28,5% on revenue up 56%.
    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 ↗
  18. ReportedNine-month external revenue was 692,5 million złoty, already above the whole of the previous 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 ↗
  19. ReportedOrders were 423,0 million złoty, 72% more, and Ukraine and the Baltic states are new territories.
    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 ↗
  20. ReportedOrders were 423,0 million złoty, 72% more, and Ukraine and the Baltic states are new territories.
    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 ↗
  21. ReportedOrders were 423,0 million złoty, 72% more, and Ukraine and the Baltic states are new territories.
    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 ↗
  22. ReportedThe limit is the contract: the da Vinci part of the segment is Synektik's until 31 December 2031.
    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 ↗
  23. ReportedEquipment sales in the six months to March 2026 were 226,3 million złoty against 158,7 million złoty, and the company attributed the 43% rise to a broader product range and to tenders for oncology equipment financed by the National Recovery Plan.
    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 ↗
  24. ReportedIn that half it settled the sale of 18 da Vinci systems, a Symani system, an APOTECAchemo system and several imaging devices.
    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 ↗
  25. ReportedOrders won were 311,0 million złoty against 147,0 million złoty, and the backlog of contracts still to deliver was 114,3 million złoty at March 2026 against 10,8 million złoty a year earlier; by June it had been worked down to 44,2 million złoty.
    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 ↗
  26. ReportedOrders won were 311,0 million złoty against 147,0 million złoty, and the backlog of contracts still to deliver was 114,3 million złoty at March 2026 against 10,8 million złoty a year earlier; by June it had been worked down to 44,2 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 ↗
  27. ReportedIn August 2026 Synektik reported a material contract under the e-Health project financed by the National Recovery Plan.
    Biznesradar, Synektik quote page - 352,60 złoty on 24 September 2026; change year to date +40,25% against a reference price adjusted for dividends and the spin-off. — 2026 · publ. 24 September 2026 · source ↗
  28. ReportedIt grew by 18 systems in the half-year to March 2026, to 132, and by ten more to 142 at June.
    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 ↗
  29. ReportedIt grew by 18 systems in the half-year to March 2026, to 132, and by ten more to 142 at June.
    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 ↗
  30. ReportedThe lease fleet grew from three systems at December 2023 to seven at December 2025.
    Synektik interim report for 1 October - 31 December 2023 - installed base and recurring revenue. — October - December 2023 · publ. February 2024 · source ↗
  31. ReportedThe lease fleet grew from three systems at December 2023 to seven 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 ↗
Sources
Generated September 24, 2026