⚠ A Quarter Can Look Like a TrendModerate threat

Synektik (SNT) — threat to the moat

Synektik's record quarter came from robot deliveries that do not recur on a schedule.

The April-June 2026 quarter was a record, and records built on equipment deliveries do not repeat on schedule. Equipment sales were 175,3 million złoty, against 57,4 million złoty a year earlier, up 206%1. Recurring revenue grew 26% to 103,6 million złoty2.

Apr-Jun revenue lines (zł m)57,4Equipment sales 2025175,3Equipment sales 202682,2Recurring 2025103,6Recurring 2026Synektik interim report; 2025 recurring calculated from the +26% growth
Equipment tripled, recurring rose a quarter.

Equipment sales depend on which hospitals finished their tenders and took delivery. In the year to September 2025 they fell 17%3 while the business grew. The backlog of signed contracts was 44,2 million złoty at June 20264, a fraction of one quarter's equipment sales.

So the quarter says little about the next. The shares rose about 40% in 2026 to 24 September, adjusted for the dividend and the Syn2bio spin-off5.

The previous quarters show the same unevenness. The backlog was 114,3 million złoty at March 2026 against 10,8 million złoty a year earlier6, and 44,2 million złoty at June7; much of the record quarter was the March backlog being delivered.

The backlog plus active offers, 205,0 million złoty at June 202689, is the visible pipeline for the next few quarters of equipment sales, and it is smaller than one strong quarter's.

References
  1. ReportedEquipment sales were 175,3 million złoty, against 57,4 million złoty a year earlier, up 206%.
    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. ReportedRecurring revenue grew 26% to 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) - income statement, segment note, cash flow and balance sheet. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  3. ReportedIn the year to September 2025 they fell 17% while the business grew.
    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 backlog of signed contracts was 44,2 million złoty at June 2026, a fraction of one quarter's equipment sales.
    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. ReportedThe shares rose about 40% in 2026 to 24 September, adjusted for the dividend and the Syn2bio spin-off.
    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 ↗
  6. ReportedThe backlog was 114,3 million złoty at March 2026 against 10,8 million złoty a year earlier, and 44,2 million złoty at June; much of the record quarter was the March backlog being delivered.
    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 ↗
  7. ReportedThe backlog was 114,3 million złoty at March 2026 against 10,8 million złoty a year earlier, and 44,2 million złoty at June; much of the record quarter was the March backlog being delivered.
    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 ↗
  8. ReportedThe backlog plus active offers, 205,0 million złoty at June 2026, is the visible pipeline for the next few quarters of equipment sales, and it is smaller than one strong quarter's.
    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. Moat Explorer calcThe backlog plus active offers, 205,0 million złoty at June 2026, is the visible pipeline for the next few quarters of equipment sales, and it is smaller than one strong quarter's.
    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