Three of Poland's Nine CyclotronsNarrow moat

Synektik (SNT) — moat facet

Synektik owns three of Poland's nine cyclotrons, a good local business that is a tenth of the group and shrank in the latest quarter.

Synektik's second business is one it makes rather than distributes. Synektik Pharma produces radiopharmaceuticals, the short-lived tracers injected before a PET scan, at plants in Kielce, Warsaw and Mszczonów1. Poland has nine cyclotrons producing them: four bought by public bodies and five private, three of which belong to Synektik2. The group installed the country's first commercial cyclotron for approved radiopharmaceuticals in 20123, and it entered the business at scale by buying Monrol Poland on 29 March 20184, at a price below fair value that produced a bargain-purchase gain of 9,4 million złoty5.

Radiopharmaceutical segment revenue (zł m, years to September)23,6FY201928,7FY202138,3FY202346,6FY202452,9FY2025Segment revenue including intersegment sales; Synektik reports 2019-2025
More than doubled in six years.

The segment is small and profitable. Its revenue, including sales to the rest of the group, was 52,9 million złoty in the year to September 2025 and its EBITDA 16,1 million złoty, a margin of 30,3%67. It has grown every year since the year to September 2021, from 28,7 million złoty8.

Its advantage is local production and a product list. The group holds rights to nine radiopharmaceuticals9, and special radiopharmaceuticals, the newer tracers beyond the basic glucose one, grew 23% to a record of nearly 10,0 million złoty in the year to September 202510.

The segment's strongest period was the most recent half-year. In the six months to March 2026 revenue rose 17% to 27,5 million złoty and EBITDA 13% to 8,7 million złoty, with basic and special radiopharmaceuticals both at records11. The April-June quarter then fell back, on lower complementary sales and higher logistics costs12, so nine-month revenue was up 7% and EBITDA down slightly13. The business is steady, not accelerating.

The limit is the market. Poland has 37 PET-CT scanners, about one per million people14, and the state pays for the scans: NFZ-funded PET studies rose from 4,1 thousand in 2007 to 96,1 thousand in 202415. Synektik's biggest radiopharmaceutical customer, Affidea, bought 29,0% of the segment's sales16. The moat is narrow and the business is a tenth of the group. Its margin, down from 34,9% to 30,3% in a year17, is the number to follow.

Moat trajectory: Holding steady

Revenue up 12% last year, down in the latest quarter; margins lower.

The number that tests this moat
Reported
Radiopharmaceutical segment EBITDA margin, year to Sep 2025
30,3% (34,9% a year earlier)

Local production should earn a steady margin; it fell on costs.

Source: Synektik audited consolidated financial statements, year to September 2025 ↗
Aspects of the moat
DIG DEEPER 01
The Cyclotron Network
Synektik owns three of the five private cyclotrons in Poland, in a business that cannot be imported.
DIG DEEPER 02
Nine Licensed Products
Synektik's newer tracers grew 88% in the latest quarter and now carry the segment's growth.
DIG DEEPER 03
One PET Scanner per Million Poles
Poland has two-thirds of Czechia's PET scanners per person, and the state decides how fast that changes.
DIG DEEPER 04
Glunektik Abroad
Synektik has started licensing its tracer abroad, an asset-light experiment too small yet to measure.
⚠ Threats to the moat
⚠ THREAT 01
Affidea Buys Nearly a Third
One diagnostic chain buys nearly a third of Synektik's radiopharmaceuticals.
⚠ THREAT 02
Margins Fell as Logistics Costs Rose
Synektik's radiopharmaceutical profit fell by a third in the quarter as delivery costs rose.
References
  1. ReportedSynektik Pharma produces radiopharmaceuticals, the short-lived tracers injected before a PET scan, at plants in Kielce, Warsaw and Mszczonów.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  2. ReportedPoland has nine cyclotrons producing them: four bought by public bodies and five private, three of which belong to Synektik.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  3. ReportedThe group installed the country's first commercial cyclotron for approved radiopharmaceuticals in 2012, and it entered the business at scale by buying Monrol Poland on 29 March 2018, at a price below fair value that produced a bargain-purchase gain of 9,4 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 ↗
  4. ReportedThe group installed the country's first commercial cyclotron for approved radiopharmaceuticals in 2012, and it entered the business at scale by buying Monrol Poland on 29 March 2018, at a price below fair value that produced a bargain-purchase gain of 9,4 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) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  5. ReportedThe group installed the country's first commercial cyclotron for approved radiopharmaceuticals in 2012, and it entered the business at scale by buying Monrol Poland on 29 March 2018, at a price below fair value that produced a bargain-purchase gain of 9,4 million złoty.
    Synektik Group audited consolidated financial statements for the 21-month fiscal year 1 January 2017 - 30 September 2018 - including the bargain-purchase gain on Monrol Poland. — January 2017 - September 2018 · publ. 2019 · source ↗
  6. ReportedIts revenue, including sales to the rest of the group, was 52,9 million złoty in the year to September 2025 and its EBITDA 16,1 million złoty, a margin of 30,3%.
    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 ↗
  7. Moat Explorer calcIts revenue, including sales to the rest of the group, was 52,9 million złoty in the year to September 2025 and its EBITDA 16,1 million złoty, a margin of 30,3%.
    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.
  8. ReportedIt has grown every year since the year to September 2021, from 28,7 million złoty.
    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 ↗
  9. ReportedThe group holds rights to nine radiopharmaceuticals, and special radiopharmaceuticals, the newer tracers beyond the basic glucose one, grew 23% to a record of nearly 10,0 million złoty in the year to September 2025.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  10. ReportedThe group holds rights to nine radiopharmaceuticals, and special radiopharmaceuticals, the newer tracers beyond the basic glucose one, grew 23% to a record of nearly 10,0 million złoty in the year to September 2025.
    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 ↗
  11. ReportedIn the six months to March 2026 revenue rose 17% to 27,5 million złoty and EBITDA 13% to 8,7 million złoty, with basic and special radiopharmaceuticals both at records.
    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 ↗
  12. ReportedThe April-June quarter then fell back, on lower complementary sales and higher logistics costs, so nine-month revenue was up 7% and EBITDA down slightly.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  13. ReportedThe April-June quarter then fell back, on lower complementary sales and higher logistics costs, so nine-month revenue was up 7% and EBITDA down slightly.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  14. ReportedPoland has 37 PET-CT scanners, about one per million people, and the state pays for the scans: NFZ-funded PET studies rose from 4,1 thousand in 2007 to 96,1 thousand in 2024.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  15. ReportedPoland has 37 PET-CT scanners, about one per million people, and the state pays for the scans: NFZ-funded PET studies rose from 4,1 thousand in 2007 to 96,1 thousand in 2024.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  16. ReportedSynektik's biggest radiopharmaceutical customer, Affidea, bought 29,0% of the segment's sales.
    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 ↗
  17. Moat Explorer calcIts margin, down from 34,9% to 30,3% in a year, is the number to follow.
    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