FY 2025 report
28 marca 2025 r. Zamet S.A. sprzedał 100% udziałów w Zamet Industry sp. z o.o. (dotychczasową działalność produkcyjną) za 54 mln zł, tracąc nad nią kontrolę — spółka przestała być producentem.
Sentiment
Positive
No guidance change
ZMT
FY 2025 report
Revenue
512 k PLN
— YoY
Net income
33.24 m PLN
— YoY
Gross margin
52.15%
— YoY
CFO
-7.17 m PLN
— YoY
Summary
Investment thesis
- Zysk netto 33 244 tys. zł (+660% r/r) w całości pochodzi z jednorazowego zysku ze zbycia jednostki zależnej (33 354 tys. zł) i przychodów finansowych — działalność operacyjna generuje stratę -4 642 tys. zł przy przychodach zaledwie 512 tys. zł.
- 96% sumy bilansowej (100 277 z 104 296 tys. zł) to krótkoterminowe obligacje korporacyjne (PKO Leasing, PKO Bank Hipoteczny) — spółka de facto działa jako wehikuł gotówkowy w oczekiwaniu na decyzję kapitałową.
- Bilans jest praktycznie wolny od zadłużenia (brak kredytów bankowych, 193 tys. zł leasingu) i finansowany w 99% kapitałem własnym — bardzo niskie ryzyko finansowe, ale też brak dźwigni operacyjnej.
- OCF ujemny (-7 170 tys. zł) mimo rekordowego zysku netto — w pełni wyjaśnione strukturą transakcji (zysk ze zbycia klasyfikowany w przepływach inwestycyjnych, wysoki podatek zapłacony gotówkowo), ale wart monitorowania w kolejnych okresach.
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Financials
BETA
ZMT · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 512 | — | — | reported | — | 1.00 |
| Gross profit | 267 | — | — | reported | — | 1.00 |
| EBIT | -4,642 | — | — | reported | — | 1.00 |
| EBT | 33,360 | — | — | reported | — | 1.00 |
| Net income | 33,244 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.31 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.31 | — | — | reported | — | 1.00 |
| D&A | 158 | — | — | reported | — | 1.00 |
| Income tax | 116 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 105.92 | — | — | reported | — | 1.00 |
| Gross margin | 52.15% | — | — | derived | — | 1.00 |
| EBIT margin | -906.64% | — | — | derived | — | 1.00 |
| Net margin | 6493% | — | — | derived | — | 1.00 |
| D&A margin | 30.86% | — | — | derived | — | 0.80 |
| Cash | 3,695 | — | — | reported | — | 1.00 |
| Total debt | 193 | — | — | reported | — | 1.00 |
| Net debt | -3,502 | — | — | derived | — | 1.00 |
| Equity | 103,394 | — | — | reported | — | 1.00 |
| Total assets | 104,296 | — | — | reported | — | 1.00 |
| Working capital | 103,317 | — | — | derived | — | 1.00 |
| Current assets | 104,028 | — | — | reported | — | 1.00 |
| Current liabilities | 711 | — | — | reported | — | 1.00 |
| Non-current liabilities | 191 | — | — | reported | — | 1.00 |
| Trade receivables | 6 | — | — | reported | — | 1.00 |
| Trade payables | 493 | — | — | reported | — | 1.00 |
| CFO | -7,170 | — | — | reported | — | 1.00 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| ROE | 38.33% | — | — | derived | — | 0.70 |
| ROA | 37.61% | — | — | derived | — | 0.70 |
| ROCE | -4.48% | — | — | derived | — | 0.90 |
| Current ratio | 146.31x | — | — | derived | — | 1.00 |
| Cash ratio | 5.2x | — | — | derived | — | 1.00 |
| Debt / equity | 0x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | -84.91% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | -107.28% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | 660.3% | — | — | derived | — | 1.00 |
| EPS growth (YoY) | 660.05% | — | — | derived | — | 1.00 |
FY 2025 · Δ YoY
Revenue
512
—
512
—
- FY 2024
- —
Gross profit
267
—
267
—
- FY 2024
- —
EBIT
-4,642
—
-4,642
—
- FY 2024
- —
EBT
33,360
—
33,360
—
- FY 2024
- —
Net income
33,244
—
33,244
—
- FY 2024
- —
EPS (basic)
(PLN)
0.31
—
0.31
—
- FY 2024
- —
EPS (diluted)
(PLN)
0.31
—
0.31
—
- FY 2024
- —
D&A
158
—
158
—
- FY 2024
- —
Income tax
116
—
116
—
- FY 2024
- —
Shares (basic)
(m units)
105.92
—
105.92
—
- FY 2024
- —
Gross margin
52.15%
—
52.15%
—
- FY 2024
- —
EBIT margin
-906.64%
—
-906.64%
—
- FY 2024
- —
Net margin
6493%
—
6493%
—
- FY 2024
- —
D&A margin
30.86%
—
30.86%
—
- FY 2024
- —
Cash
3,695
—
3,695
—
- FY 2024
- —
Total debt
193
—
193
—
- FY 2024
- —
Net debt
-3,502
—
-3,502
—
- FY 2024
- —
Equity
103,394
—
103,394
—
- FY 2024
- —
Total assets
104,296
—
104,296
—
- FY 2024
- —
Working capital
103,317
—
103,317
—
- FY 2024
- —
Current assets
104,028
—
104,028
—
- FY 2024
- —
Current liabilities
711
—
711
—
- FY 2024
- —
Non-current liabilities
191
—
191
—
- FY 2024
- —
Trade receivables
6
—
6
—
- FY 2024
- —
Trade payables
493
—
493
—
- FY 2024
- —
CFO
-7,170
—
-7,170
—
- FY 2024
- —
Dividends paid
0
—
0
—
- FY 2024
- —
ROE
38.33%
—
38.33%
—
- FY 2024
- —
ROA
37.61%
—
37.61%
—
- FY 2024
- —
ROCE
-4.48%
—
-4.48%
—
- FY 2024
- —
Current ratio
146.31x
—
146.31x
—
- FY 2024
- —
Cash ratio
5.2x
—
5.2x
—
- FY 2024
- —
Debt / equity
0x
—
0x
—
- FY 2024
- —
Revenue growth (YoY)
-84.91%
—
-84.91%
—
- FY 2024
- —
EBIT growth (YoY)
-107.28%
—
-107.28%
—
- FY 2024
- —
Net income growth (YoY)
660.3%
—
660.3%
—
- FY 2024
- —
EPS growth (YoY)
660.05%
—
660.05%
—
- FY 2024
- —