RadiopharmaceuticalsNarrow moat

Synektik (SNT) — moat facet

Synektik's tracer business earns a 30% margin from three cyclotrons, and its profit fell by a third in the latest quarter.

The radiopharmaceutical segment is Synektik's own factory, and a small one. Its revenue, including sales within 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%12. Excluding intragroup sales, revenue was 50,5 million złoty, up 12%3.

Radiopharmaceutical segment EBITDA (zł m, years to September)7,9FY20198,4FY20207,6FY20217,6FY202211,2FY202316,3FY202416,1FY2025Synektik segment notes, 2019-2025
Doubled in three years, then flat.

What is inside it. Synektik Pharma makes tracers for PET scans at plants in Kielce, Warsaw and Mszczonów4, three of Poland's nine cyclotrons5. It holds rights to nine products, from its glucose tracer Glunektik to fluorocholine, sodium fluoride, IASOdopa, IASOglio, Radelumin, Pylclari and FLT6. Sales divide into basic radiopharmaceuticals, 25,8 million złoty in the year to September 2025; special radiopharmaceuticals, nearly 10,0 million złoty; and complementary products, 14,8 million złoty7.

Its history. Synektik installed Poland's first commercial cyclotron for approved radiopharmaceuticals in 20128 and bought Monrol Poland in March 20189. Segment revenue was 23,6 million złoty in the year to September 201910, 28,7 million złoty in 202111, 38,3 million złoty in 202312 and 52,9 million złoty in 202513.

How it is paid. Diagnostic centres and hospitals buy tracers per dose, delivered the same day. The NFZ pays for the scans: it funded 96,1 thousand PET studies in 2024 for 353,7 million złoty14. One customer, Affidea, took 29,0% of the segment's sales15.

Profitability. Margins are high and slipping: 34,9% in the year to September 2024 and 30,3% in 202516. In the April-June 2026 quarter EBITDA was 3,6 million złoty against nearly 5,2 million złoty, with higher logistics costs17.

Growth and outlook. Nine-month revenue was 40,9 million złoty, up 7%18. Special radiopharmaceuticals grew 88% in the latest quarter to a record 4,1 million złoty19, and a licence for Glunektik in Latvia and Estonia is a first step abroad20. Poland's 37 PET-CT scanners, one per million people21, leave room for growth that depends on public and private scanner investment.

The first half of the current fiscal year set records. Revenue excluding intragroup sales rose 17% to 27,5 million złoty in the six months to March 2026, with basic radiopharmaceuticals up 15% to a record 14,5 million złoty, special radiopharmaceuticals up 32% to a record 6,3 million złoty and complementary products up more than 9% to 2,8 million złoty; EBITDA was 8,7 million złoty against 7,7 million złoty22. The April-June quarter then gave some of it back, which is why nine-month growth was 7%23.

The segment's history is steadier than the equipment segment's. Its EBITDA was 7,9 million złoty in the year to September 2019, 7,6 million złoty in 2022, 11,2 million złoty in 2023 and 16,3 million złoty in 2024242526, before 16,1 million złoty in 202527. It carries its own supplier concentration: Eckert & Ziegler Radiopharma provided 25,3% of its purchases28.

Segment EBITDA decides it. A return to 16 million złoty a year with special products growing would confirm a small, durable business; a further fall would show logistics and competition eating the margin.

Moat trajectory: Holding steady

Revenue up 7% in nine months; margin lower.

The number that tests this moat
Reported
Radiopharmaceutical segment revenue, nine months to June 2026
40,9m zł external (+7%)

The owned business, growing slowly.

Source: Synektik interim report, nine months to June 2026 ↗
References
  1. ReportedIts revenue, including sales within 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 ↗
  2. Moat Explorer calcIts revenue, including sales within 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.
  3. ReportedExcluding intragroup sales, revenue was 50,5 million złoty, up 12%.
    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. ReportedSynektik Pharma makes tracers for PET scans at plants in Kielce, Warsaw and Mszczonów, three of Poland's nine cyclotrons.
    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. ReportedSynektik Pharma makes tracers for PET scans at plants in Kielce, Warsaw and Mszczonów, three of Poland's nine cyclotrons.
    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 ↗
  6. ReportedIt holds rights to nine products, from its glucose tracer Glunektik to fluorocholine, sodium fluoride, IASOdopa, IASOglio, Radelumin, Pylclari and FLT.
    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 ↗
  7. ReportedSales divide into basic radiopharmaceuticals, 25,8 million złoty in the year to September 2025; special radiopharmaceuticals, nearly 10,0 million złoty; and complementary products, 14,8 million złoty.
    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 ↗
  8. ReportedSynektik installed Poland's first commercial cyclotron for approved radiopharmaceuticals in 2012 and bought Monrol Poland in March 2018.
    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 ↗
  9. ReportedSynektik installed Poland's first commercial cyclotron for approved radiopharmaceuticals in 2012 and bought Monrol Poland in March 2018.
    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. ReportedSegment revenue was 23,6 million złoty in the year to September 2019, 28,7 million złoty in 2021, 38,3 million złoty in 2023 and 52,9 million złoty in 2025.
    Synektik condensed consolidated interim report for 1 October 2018 - 30 September 2019, with the 21 months to September 2018 as comparative - revenue, net profit and segments. — October 2018 - September 2019 · publ. November 2019 · source ↗
  11. ReportedSegment revenue was 23,6 million złoty in the year to September 2019, 28,7 million złoty in 2021, 38,3 million złoty in 2023 and 52,9 million złoty in 2025.
    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 ↗
  12. ReportedSegment revenue was 23,6 million złoty in the year to September 2019, 28,7 million złoty in 2021, 38,3 million złoty in 2023 and 52,9 million złoty in 2025.
    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 ↗
  13. ReportedSegment revenue was 23,6 million złoty in the year to September 2019, 28,7 million złoty in 2021, 38,3 million złoty in 2023 and 52,9 million złoty in 2025.
    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 ↗
  14. ReportedThe NFZ pays for the scans: it funded 96,1 thousand PET studies in 2024 for 353,7 million złoty.
    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. ReportedOne customer, Affidea, took 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 ↗
  16. Moat Explorer calcMargins are high and slipping: 34,9% in the year to September 2024 and 30,3% in 2025.
    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.
  17. ReportedIn the April-June 2026 quarter EBITDA was 3,6 million złoty against nearly 5,2 million złoty, with higher logistics costs.
    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 ↗
  18. ReportedNine-month revenue was 40,9 million złoty, up 7%.
    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 ↗
  19. ReportedSpecial radiopharmaceuticals grew 88% in the latest quarter to a record 4,1 million złoty, and a licence for Glunektik in Latvia and Estonia is a first step abroad.
    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 ↗
  20. ReportedSpecial radiopharmaceuticals grew 88% in the latest quarter to a record 4,1 million złoty, and a licence for Glunektik in Latvia and Estonia is a first step abroad.
    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 ↗
  21. ReportedPoland's 37 PET-CT scanners, one per million people, leave room for growth that depends on public and private scanner investment.
    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 ↗
  22. ReportedRevenue excluding intragroup sales rose 17% to 27,5 million złoty in the six months to March 2026, with basic radiopharmaceuticals up 15% to a record 14,5 million złoty, special radiopharmaceuticals up 32% to a record 6,3 million złoty and complementary products up more than 9% to 2,8 million złoty; EBITDA was 8,7 million złoty against 7,7 million złoty.
    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 ↗
  23. ReportedThe April-June quarter then gave some of it back, which is why nine-month growth was 7%.
    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 ↗
  24. ReportedIts EBITDA was 7,9 million złoty in the year to September 2019, 7,6 million złoty in 2022, 11,2 million złoty in 2023 and 16,3 million złoty in 2024, before 16,1 million złoty in 2025.
    Synektik condensed consolidated interim report for 1 October 2018 - 30 September 2019, with the 21 months to September 2018 as comparative - revenue, net profit and segments. — October 2018 - September 2019 · publ. November 2019 · source ↗
  25. ReportedIts EBITDA was 7,9 million złoty in the year to September 2019, 7,6 million złoty in 2022, 11,2 million złoty in 2023 and 16,3 million złoty in 2024, before 16,1 million złoty in 2025.
    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 ↗
  26. ReportedIts EBITDA was 7,9 million złoty in the year to September 2019, 7,6 million złoty in 2022, 11,2 million złoty in 2023 and 16,3 million złoty in 2024, before 16,1 million złoty in 2025.
    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 ↗
  27. ReportedIts EBITDA was 7,9 million złoty in the year to September 2019, 7,6 million złoty in 2022, 11,2 million złoty in 2023 and 16,3 million złoty in 2024, before 16,1 million złoty in 2025.
    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 ↗
  28. ReportedIt carries its own supplier concentration: Eckert & Ziegler Radiopharma provided 25,3% of its purchases.
    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 ↗
Sources
Generated September 24, 2026