⚠ The Supplier Sets the TermsModerate threat

Synektik (SNT) — threat to the moat

Synektik keeps the gap between Intuitive's price and the hospital's, and only one of those prices is its own.

A distributor's margin is the gap between two prices, and Synektik sets only one of them. Intuitive supplied 72,6% of everything the group bought in the year to September 2025, and foreign suppliers as a whole 85,1%1. When the supplier changes its price list, its instrument rules or its support terms, Synektik's margin changes with it.

Purchases, year to Sep 2025 (% of group)72,6Intuitive Surgical6,1Second supplier85,1All foreign suppliersSynektik annual management board report, year to September 2025
One supplier, most of the purchases.

There is one such change already announced. Intuitive's Extended Use Program will raise the number of permitted uses on selected EndoWrist instruments from the first half of 2027, to lower the cost of benign procedures2. Instruments are part of what Synektik calls recurring revenue, which reached 374,7 million złoty in the twelve months to June 20263. More uses per instrument means fewer instruments sold per operation.

Currency is the second channel. Synektik buys abroad, partly in dollars, and sells in złoty to public hospitals: it held forward contracts for $8 285 000 and EUR 150 000 at 30 June 20264, and a letter-of-credit line of $12,5 million5. The hedges are small against purchases of this size.

The terms also cover where Synektik may sell. The Baltic annex gave it responsibilities in Lithuania, Latvia and Estonia analogous to those in Poland, Czechia and Slovakia6, which is to say the territory, the product list and the obligations are all written by the supplier. Synektik's variable-rate debt, 26,95 million złoty at September 20257, is small; its real leverage is to Intuitive's price list.

If the supplier is taking more of the gap, the equipment segment's EBITDA margin will show it first: 29,6% in the year to September 20258, and falling while volumes grow would be the tell.

References
  1. ReportedIntuitive supplied 72,6% of everything the group bought in the year to September 2025, and foreign suppliers as a whole 85,1%.
    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 ↗
  2. ReportedIntuitive's Extended Use Program will raise the number of permitted uses on selected EndoWrist instruments from the first half of 2027, to lower the cost of benign procedures.
    Intuitive Surgical Q2 2026 earnings call coverage - the Extended Use Program raising usage counts on select EndoWrist instruments from the first half of 2027 to lower costs for benign procedures. Same document as Intuitive's own _IS_CALL record. — Q2 2026 · publ. July 16, 2026 · source ↗
  3. ReportedInstruments are part of what Synektik calls recurring revenue, which reached 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 ↗
  4. ReportedSynektik buys abroad, partly in dollars, and sells in złoty to public hospitals: it held forward contracts for $8 285 000 and EUR 150 000 at 30 June 2026, and a letter-of-credit line of $12,5 million.
    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 ↗
  5. ReportedSynektik buys abroad, partly in dollars, and sells in złoty to public hospitals: it held forward contracts for $8 285 000 and EUR 150 000 at 30 June 2026, and a letter-of-credit line of $12,5 million.
    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. ReportedThe Baltic annex gave it responsibilities in Lithuania, Latvia and Estonia analogous to those in Poland, Czechia and Slovakia, which is to say the territory, the product list and the obligations are all written by the supplier.
    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. ReportedSynektik's variable-rate debt, 26,95 million złoty at September 2025, is small; its real leverage is to Intuitive's price list.
    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 ↗
  8. Moat Explorer calcIf the supplier is taking more of the gap, the equipment segment's EBITDA margin will show it first: 29,6% in the year to September 2025, and falling while volumes grow would be the tell.
    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