Returning Nearly All of ItNarrow moat

Synektik (SNT) — moat facet

Synektik pays out nearly its whole profit and gave shareholders its research unit as well.

Synektik keeps very little of what it earns. It paid dividends of 0,45 złoty a share in February 2021 and 2022, 0,60 złoty in 2023, 3,03 złoty in 2024 and 8,25 złoty in January 2025123, and 10,75 złoty a share in February 2026, a total of 91,7 million złoty45. That last payment was about 99,7% of the parent company's standalone net profit6. It has issued no shares and redeemed none7; the count has been 8 529 129 throughout8.

Dividend per share paid (zł)0,4520210,4520220,6020233,0320248,25202510,752026Synektik reports; stockanalysis dividend history
Twenty-four times in five years.

In March 2026 it also distributed a business. The cardiotracer research unit went to shareholders as Syn2bio shares, one for one, with a fair value of 304,5 million złoty, 35,70 złoty a Synektik share9.

A distributor needs little capital, so paying out profit is the right policy. It also leaves the balance sheet thin: equity was 214,2 million złoty at June 2026, after a 304,5 million złoty charge for the demerger10, and the shares trade at 13,94 times book11.

The dividend history tracks the business closely. Total dividends paid were 3,1 million złoty in the year to September 202012, 3,8 million złoty in each of the two following years1314, 5,1 million złoty and 25,8 million złoty in the next two15, 70,4 million złoty in January 202516 and 91,7 million złoty in February 20261718.

The dividend per share has not fallen since 2021 and has risen in each of the last four years; a cut would be the first sign that the profits were not what they seemed.

Moat trajectory: Widening

Dividend up from 8,25 złoty to 10,75 złoty.

The number that tests this moat
Reported
Dividend per share
10,75 złoty paid Feb 2026 (8,25 złoty)

Paid out of the prior year's profit; rising with earnings.

Source: Synektik interim report, quarter to December 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Payout With No Written Policy
Synektik pays out its whole profit without a written policy, in a seasonal business.
References
  1. ReportedIt paid dividends of 0,45 złoty a share in February 2021 and 2022, 0,60 złoty in 2023, 3,03 złoty in 2024 and 8,25 złoty in January 2025, and 10,75 złoty a share in February 2026, a total of 91,7 million złoty.
    Synektik dividend history - 0,45 złoty (2021), 0,60 złoty (2023), 3,03 złoty (2024), 8,25 złoty (2025). — 2021-2026 · publ. September 2026 · source ↗
  2. ReportedIt paid dividends of 0,45 złoty a share in February 2021 and 2022, 0,60 złoty in 2023, 3,03 złoty in 2024 and 8,25 złoty in January 2025, and 10,75 złoty a share in February 2026, a total of 91,7 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 ↗
  3. ReportedIt paid dividends of 0,45 złoty a share in February 2021 and 2022, 0,60 złoty in 2023, 3,03 złoty in 2024 and 8,25 złoty in January 2025, and 10,75 złoty a share in February 2026, a total of 91,7 million złoty.
    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 ↗
  4. ReportedIt paid dividends of 0,45 złoty a share in February 2021 and 2022, 0,60 złoty in 2023, 3,03 złoty in 2024 and 8,25 złoty in January 2025, and 10,75 złoty a share in February 2026, a total of 91,7 million złoty.
    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 ↗
  5. Moat Explorer calcIt paid dividends of 0,45 złoty a share in February 2021 and 2022, 0,60 złoty in 2023, 3,03 złoty in 2024 and 8,25 złoty in January 2025, and 10,75 złoty a share in February 2026, a total of 91,7 million złoty.
    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. ReportedThat last payment was about 99,7% of the parent company's standalone net profit.
    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 ↗
  7. ReportedIt has issued no shares and redeemed none; the count has been 8 529 129 throughout.
    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 ↗
  8. ReportedIt has issued no shares and redeemed none; the count has been 8 529 129 throughout.
    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 ↗
  9. ReportedThe cardiotracer research unit went to shareholders as Syn2bio shares, one for one, with a fair value of 304,5 million złoty, 35,70 złoty a Synektik share.
    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 ↗
  10. ReportedIt also leaves the balance sheet thin: equity was 214,2 million złoty at June 2026, after a 304,5 million złoty charge for the demerger, and the shares trade at 13,94 times book.
    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 ↗
  11. ReportedIt also leaves the balance sheet thin: equity was 214,2 million złoty at June 2026, after a 304,5 million złoty charge for the demerger, and the shares trade at 13,94 times book.
    Synektik (WSE: SNT) statistics - trailing P/E 6,77, forward P/E 13,56, price-to-book 13,94, EV/EBITDA 12,04, cash and debt. — September 2026 · publ. September 2026 · source ↗
  12. ReportedTotal dividends paid were 3,1 million złoty in the year to September 2020, 3,8 million złoty in each of the two following years, 5,1 million złoty and 25,8 million złoty in the next two, 70,4 million złoty in January 2025 and 91,7 million złoty in February 2026.
    Synektik Group interim report for the fiscal year to 30 September 2020 - revenue, net profit, earnings per share and dividends. — October 2019 - September 2020 · publ. November 2020 · source ↗
  13. ReportedTotal dividends paid were 3,1 million złoty in the year to September 2020, 3,8 million złoty in each of the two following years, 5,1 million złoty and 25,8 million złoty in the next two, 70,4 million złoty in January 2025 and 91,7 million złoty in February 2026.
    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 ↗
  14. ReportedTotal dividends paid were 3,1 million złoty in the year to September 2020, 3,8 million złoty in each of the two following years, 5,1 million złoty and 25,8 million złoty in the next two, 70,4 million złoty in January 2025 and 91,7 million złoty in February 2026.
    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 ↗
  15. ReportedTotal dividends paid were 3,1 million złoty in the year to September 2020, 3,8 million złoty in each of the two following years, 5,1 million złoty and 25,8 million złoty in the next two, 70,4 million złoty in January 2025 and 91,7 million złoty in February 2026.
    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 ↗
  16. ReportedTotal dividends paid were 3,1 million złoty in the year to September 2020, 3,8 million złoty in each of the two following years, 5,1 million złoty and 25,8 million złoty in the next two, 70,4 million złoty in January 2025 and 91,7 million złoty in February 2026.
    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 ↗
  17. ReportedTotal dividends paid were 3,1 million złoty in the year to September 2020, 3,8 million złoty in each of the two following years, 5,1 million złoty and 25,8 million złoty in the next two, 70,4 million złoty in January 2025 and 91,7 million złoty in February 2026.
    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 ↗
  18. Moat Explorer calcTotal dividends paid were 3,1 million złoty in the year to September 2020, 3,8 million złoty in each of the two following years, 5,1 million złoty and 25,8 million złoty in the next two, 70,4 million złoty in January 2025 and 91,7 million złoty in February 2026.
    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.
Sources
Generated September 24, 2026