TextThin moat

TXT — overall economic moat

Investment snapshot
Thin moat↘ NarrowingConfidenceLowValuationCheap
Strongest advantageA widget installed once, inside 20 years of integrations
Greatest threat4% of customers leave every month
Key metricMonthly recurring revenue, in dollars
Verdict: A company that is measurably better at automated resolution than the best-funded firm in its market, billing by the seat while it automates the seats away. The złoty explains the reported decline; the dollar figures do not - recurring revenue fell 2,7% and the recovery that followed was a price rise on legacy customers. At 9,4x earnings on a 10,4% yield the market is paying nothing for the possibility that the pricing model gets fixed on the 83,7% of revenue that still bills per person.
📈 TXT valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Text sells dollars-denominated software from Wroclaw, reports the result in złoty, and last year the gap between those two facts cost its shareholders a quarter of their earnings.

Revenue by product line, FY2026 (zl m)LiveChat 275,5 — 84%ChatBot 28,7 — 9%HelpDesk 23,5 — 7%KnowledgeBase 1,4 — 0%Twenty years and five products: one of them is still five-sixths of the company
Text sells five products and is paid for one. LiveChat is the only line in decline, at -12,4%.

The business is simple to describe. Text S.A. makes software that lets a company talk to the people visiting its website: LiveChat, the original product and still the bulk of it; ChatBot; HelpDesk; KnowledgeBase; the free OpenWidget; and, since August 2025, a suite-class product called Text that folds the others together1. Customers install a snippet of code, pay by the seat every month, and about 150 countries' worth of them do it2.

In the financial year to 31 March 2026 that produced revenue of 329,1 million złoty and net profit of 116,6 million3. Both figures were down — revenue by 7,1%, profit by 29,1%.

Now the part that explains the company. Almost all of the revenue arrives in dollars, and in dollars it barely moved: 88,2 million against 88,6 million, a decline of 0,5%4. What fell was the exchange rate. The average dollar-złoty rate used to translate the year's sales was 8,0% lower than the year before5, and Text does not hedge6. Roughly all of the revenue is earned in one currency and a large share of the costs is incurred in the other, so a stronger złoty shrinks the top line and leaves the Wroclaw cost base exactly where it was.

That asymmetry is why a 7,1% revenue decline became a 29,1% profit decline. Operating margin fell from 50,1% to 38,6%7.

The products are less diversified than the list suggests. LiveChat alone was 275,5 million złoty of the 329,1 million total — 83,7% — with ChatBot at 28,7 million, HelpDesk at 23,5 million and KnowledgeBase at 1,4 million8. Twenty years and five products later, one product is still five-sixths of the company. HelpDesk nearly doubled and ChatBot grew; LiveChat fell 12,4% and now sits below where it was three years ago.

Two structural facts belong in any first description. About 95% of consolidated revenue is booked through the group's subsidiary in the United States9, and Poland accounts for roughly 1,5% of sales — twelfth place among its own markets10. And the whole enterprise is run by 271 people, none of whom is an employee: Text has no employment contracts at all, only civil-law agreements with independent contractors it calls Partners11. That is 1,21 million złoty of revenue per person, and it is also why the line marked "costs of employee benefits" is 6,5 million złoty while "third party services" is 159,8 million12.

How Text charges is changing under it. LiveChat has always been priced by the seat — 49 dollars a month per person on the Team plan, 79 on Business, billed annually13. The new Text product keeps a seat fee and adds a meter: 19 or 79 dollars per user, with a bundle of artificial-intelligence resolutions included and further ones at 99 cents each14. One model bills for the people answering; the other bills for the answers. Almost all of the revenue still comes from the first.

Text carries no debt, and its customers pay in advance — 67,0 million złoty of the balance sheet is revenue collected and not yet earned15. It has never issued a share beyond the 25 750 000 it listed with, so a shareholder from 2014 has never been diluted, and it pays out nearly everything: 109,7 million złoty of dividends against 116,6 million of profit16. A consortium of the management board, the supervisory board and the company's managers holds 41,27% of the votes17.

The market has repriced all of this severely. Text was worth 3 687 million złoty at 31 March 2023 and 967 million three years later18, and at 41,76 złoty a share it now trades at about 9,4 times trailing earnings on a 10,4% dividend yield19. That yield is not a promise; the dividend itself fell from 6,06 złoty a share to 4,26 in a single year20.

The number that decides whether any of this is a business worth owning is not the złoty revenue line. It is monthly recurring revenue in dollars, and at 31 March 2026 it was 6,93 million — down 2,7% on the year21.

The number that tests this moat
Reported
Revenue, and where it comes from
329,1m zł - 83,7% LiveChat, and almost all of it earned in US dollars

Revenue by product line was LiveChat 275,5m zł, ChatBot 28,7m zł, HelpDesk 23,5m zł and KnowledgeBase 1,4m zł, and about 95% of consolidated revenue is booked through the group's US subsidiary while Poland is roughly 1,5% of sales. In dollars the same year was $88,2m against $88,6m, down 0,5%. Watch the split: LiveChat fell 12,4% while HelpDesk nearly doubled, and the concentration in one twenty-year-old product is the risk Text itself discloses.

Source: Text Group consolidated financial statements for the year ended 31 March 2026 ↗
Moat scorecardHow ratings work →
Switching costs3/10
Network effects2/10
Pricing power4/10
Hard to replicate3/10
Disruption resistance3/10
Overall durability3/10

Real switching costs at the level of an individual account - a widget wired into a customer's shop, help centre and 20 years of transcripts - sitting inside a billion-dollar market shared with more than 210 technologies, many of them free. The disclosed 4% monthly churn is what that combination produces, and the pricing model bills per seat for a product whose whole purpose is to need fewer of them.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Four products: the one that is five-sixths of the company shrank 12,4%, and the two small ones grew.
DIG DEEPER 02
The Moat
A genuine moat around a billion-dollar pond shared with 210 competitors, several of whom charge nothing.
DIG DEEPER 03
Competitors
The smallest market of any company here, shared with 210 rivals - and one competitor's newest product line is already larger than all of Text.
DIG DEEPER 04
Major Clients
No customer reaches ten percent of revenue, and Text does not name a single one of them.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
A new suite, a repriced base, a hundred-million-dollar target and a shopfront inside ChatGPT.
⚠ Threats to the moat
⚠ THREAT 01
The Recurring Revenue Went Backwards, and Price Put It Back
MRR fell 2,7% over the year; the 7,6% recovery that followed was a price increase, and you can only stop honouring legacy prices once.
⚠ THREAT 02
The Złoty Decides What Shareholders Receive
Revenue in dollars, costs partly in złoty, no hedging at all - and the dividend is paid in the currency that keeps strengthening.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Nine times earnings for a company that resolves more conversations automatically than the best-funded firm in its market.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q1 2026/27)
The best operating metrics in two years, and the reason they were good is the reason to be careful about them.
References
  1. Reportedmakes software that lets a company talk to the people visiting its website: LiveChat, the original product and still the bulk of it; ChatBot; HelpDesk; KnowledgeBase; the free OpenWidget; and, since August 2025, a suite-class product called Text that folds the others together.
    Text Group Management Board report for 2025/26, strategy, products and market (the Service on Offense goal of turning customer service teams into revenue-generating centres, with the suite monitoring live traffic, recognising visitor intent, identifying returning visitors, enabling proactive outreach and tracking steps to monetisation or a qualified lead; a Go-To-Market period expected to be a long-term process requiring marketing expenditure with effects observed gradually; over 20 years of experience; competing solutions named as Fin, previously Intercom, Zendesk and Freshworks; the live-chat market valued at USD 1,06-1,17bn in 2024 growing 8-11%, the chatbot market at USD 0,7-6,95bn and the helpdesk market at USD 9,82-12,5bn; and Datanyze counting more than 210 different live-chat technologies, a substantial number offered freemium, with monetisation of free users judged difficult and ineffective) — FY2025/26 · publ. June 2026 · source ↗
  2. ReportedCustomers install a snippet of code, pay by the seat every month, and about 150 countries' worth of them do it.
    Text Group Management Board report for 2025/26, clients and customer acquisition (customers in around 150 countries across effectively all sectors, with the USA, Great Britain, Australia, Canada and Indonesia the most important markets and Poland about 1,5% of revenue in twelfth place; customers using more than one product at 38,8% of MRR, up seven percentage points, and accounts above USD 500 a month passing 50% of MRR; and the year's largest new contracts including an increase to seven figures with an American online retail company, a postal service in the British Isles, an Asian industrial automation company, a Kyoto corporation, a Texas dental group, a Scandinavian food company and universities in the United States, New Zealand and Singapore) — FY2025/26 · publ. June 2026 · source ↗
  3. ReportedIn the financial year to 31 March 2026 that produced revenue of 329,1 million złoty and net profit of 116,6 million.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  4. ReportedAlmost all of the revenue arrives in dollars, and in dollars it barely moved: 88,2 million against 88,6 million, a decline of 0,5%.
    Text Group Management Board report for 2025/26, key performance indicators (monthly recurring revenue of USD 6,93m at 31 March 2026, down 2,7% year on year and 0,7% on December, giving annual recurring revenue of USD 83,12m; revenue in US dollars of 88,2m against 88,6m, down 0,5%; payments received of USD 87,9m, down 0,7%; Q4 dollar revenue of 22,56m, the highest since Q2 2024/25; a LiveChat customer churn rate of 4% on a monthly basis with net MRR churn described as significantly lower; LiveChat at 83,7% of group revenue with ChatBot 8,7% and HelpDesk with KnowledgeBase 7,5%; and an average USD/PLN translation rate 8,0% lower than the prior period) — FY2025/26 · publ. June 2026 · source ↗
  5. ReportedThe average dollar-złoty rate used to translate the year's sales was 8,0% lower than the year before, and Text does not hedge.
    Text Group Management Board report for 2025/26, risks and key factors (currency risk arising because revenue is generated in US dollars while a significant portion of costs is incurred in Polish złoty, affecting reported results and the dividend, with the company not hedging its open foreign exchange positions; competition risk from more innovative or cost-effective solutions and from rivals allocating far greater funds to development and promotion, and from AI changing how software is developed and marketed in a way that could erode the advantage derived from the company's technology and experience; distribution risk from the loss or reduced effectiveness of channels such as Google, Shopify or BigCommerce, and from traditional search engines being replaced by LLM models or AI assistants in a way that may harm the SEO activities of the company and its affiliate partners; product concentration risk, since Text generates almost all revenue from LiveChat products; and risk from entities using patents to enforce compensation) — FY2025/26 · publ. June 2026 · source ↗
  6. ReportedThe average dollar-złoty rate used to translate the year's sales was 8,0% lower than the year before, and Text does not hedge.
    Text Group Management Board report for 2025/26, risks and key factors (currency risk arising because revenue is generated in US dollars while a significant portion of costs is incurred in Polish złoty, affecting reported results and the dividend, with the company not hedging its open foreign exchange positions; competition risk from more innovative or cost-effective solutions and from rivals allocating far greater funds to development and promotion, and from AI changing how software is developed and marketed in a way that could erode the advantage derived from the company's technology and experience; distribution risk from the loss or reduced effectiveness of channels such as Google, Shopify or BigCommerce, and from traditional search engines being replaced by LLM models or AI assistants in a way that may harm the SEO activities of the company and its affiliate partners; product concentration risk, since Text generates almost all revenue from LiveChat products; and risk from entities using patents to enforce compensation) — FY2025/26 · publ. June 2026 · source ↗
  7. ReportedOperating margin fell from 50,1% to 38,6%.
    Text Group Management Board report for 2025/26, margins, costs and cash (gross profit margin on sales of 67,6%, operating margin 38,6% and net margin 35,4%; cloud infrastructure costs rising, the migration completing in July 2025 after more than a year of duplicated cost, and completion not translating into cost reductions because of price increases regardless of provider and a deliberately expanded scope of purchased services; increased consulting, legal and public relations costs; fourth-quarter costs falling on cloud optimisation; a warning that more intensive use of artificial intelligence may cause further cost increases and that rising AI costs should press hardest on competitors offering free or freemium products; operating cash flow of PLN 161,6m and PLN 62,8m of cash; and a dividend policy of allocating the highest possible part of profit to shareholders) — FY2025/26 · publ. June 2026 · source ↗
  8. ReportedLiveChat alone was 275,5 million złoty of the 329,1 million total - 83,7% - with ChatBot at 28,7 million, HelpDesk at 23,5 million and KnowledgeBase at 1,4 million.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  9. ReportedAbout 95% of consolidated revenue is booked through the group's subsidiary in the United States, and Poland accounts for roughly 1,5% of sales - twelfth place among its own markets.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  10. ReportedAbout 95% of consolidated revenue is booked through the group's subsidiary in the United States, and Poland accounts for roughly 1,5% of sales - twelfth place among its own markets.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  11. ReportedAnd the whole enterprise is run by 271 people, none of whom is an employee: Text has no employment contracts at all, only civil-law agreements with independent contractors it calls Partners.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  12. Moat Explorer calcThat is 1,21 million złoty of revenue per person, and it is also why the line marked "costs of employee benefits" is 6,5 million złoty while "third party services" is 159,8 million.
    Moat Explorer calculation - arithmetic on figures Text reports: monthly churn of 4% compounded over twelve months (1 - 0,96^12 = 38,7% of logos a year); revenue per team member (329 073 thousand złoty over 271 people = 1,21m); third-party services as a share of operating costs (159 821 of 201 291 = 79%) and employee benefits as a share (6 458 of 201 291 = 3,2%); operating cash flow against net profit (161 552 over 116 608 = 1,39); the dividend payout ratio (109,7m over 116,6m = 94%); the gap to the ARR target (100,0 less 89,52 = USD 10,5m); the fall in operating margin (50,1% less 38,6% = 11,5 points); the tax saved under the IP Box (126 680 at 19% less the 10 072 charged = about 14m złoty); the market value in dollars (1,08bn złoty at 0,2688 = USD 0,29bn); Text's share of the live-chat market (89,52 over about 1 100 = a twelfth); the largest new contract against revenue (seven figures over USD 88,2m = about 1%); and 500 dollars a month expressed annually (6 000 dollars); the price-to-earnings multiple at each financial year end (market value over net profit: 3 687 over 155,261 = 23,8 times, and 967 over 116,608 = 8,3); cost of goods sold as a share of revenue (85 588 over 354 178 = 24,2%, and 106 753 over 329 073 = 32,4%); and the effective tax rate (12 323 over 178 876 = 6,89%, and 10 072 over 126 680 = 7,95%) — FY2025/26 · publ. September 2026 · source ↗
  13. ReportedLiveChat has always been priced by the seat - 49 dollars a month per person on the Team plan, 79 on Business, billed annually.
    Text Group Management Board report for 2025/26, margins, costs and cash (gross profit margin on sales of 67,6%, operating margin 38,6% and net margin 35,4%; cloud infrastructure costs rising, the migration completing in July 2025 after more than a year of duplicated cost, and completion not translating into cost reductions because of price increases regardless of provider and a deliberately expanded scope of purchased services; increased consulting, legal and public relations costs; fourth-quarter costs falling on cloud optimisation; a warning that more intensive use of artificial intelligence may cause further cost increases and that rising AI costs should press hardest on competitors offering free or freemium products; operating cash flow of PLN 161,6m and PLN 62,8m of cash; and a dividend policy of allocating the highest possible part of profit to shareholders) — FY2025/26 · publ. June 2026 · source ↗
  14. ReportedThe new Text product keeps a seat fee and adds a meter: 19 or 79 dollars per user, with a bundle of artificial-intelligence resolutions included and further ones at 99 cents each.
    Text pricing (Essential at USD 19 per user per month billed annually, or 25 monthly, including 10 AI Agent resolutions a month; Growth at USD 79 per user per month, or 99 monthly, including 200 resolutions a month; Enterprise on custom pricing; additional resolutions at USD 49,50 for a package of 50, or 0,99 each; a resolution counted when the AI Agent provides an answer that directly solves at least one customer question; and a 14-day free trial with full platform access and no credit card required) — September 2026 · publ. September 2026 · source ↗
  15. ReportedText carries no debt, and its customers pay in advance - 67,0 million złoty of the balance sheet is revenue collected and not yet earned.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  16. ReportedIt has never issued a share beyond the 25 750 000 it listed with, so a shareholder from 2014 has never been diluted, and it pays out nearly everything: 109,7 million złoty of dividends against 116,6 million of profit.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  17. ReportedA consortium of the management board, the supervisory board and the company's managers holds 41,27% of the votes.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  18. ReportedText was worth 3 687 million złoty at 31 March 2023 and 967 million three years later, and at 41,76 złoty a share it now trades at about 9,4 times trailing earnings on a 10,4% dividend yield.
    Market data for Text S.A. (WSE:TXT), stockanalysis.com, cross-checked against a second source (a share price of 41,76 złoty on 25,75 million shares for a market value of about 1,08 billion złoty, roughly 9,4 times trailing earnings and 3,3 times sales, on trailing twelve-month revenue of 327,47m złoty and net income of 114,70m; a dividend of 4,26 złoty at a 10,36% yield; a 52-week range of 35,50 to 55,00; and fiscal-year-end market capitalisations of 2 637m złoty at 31 March 2022, 3 687m at 2023, 2 318m at 2024, 1 362m at 2025 and 967m at 2026) — September 2026 · publ. September 2026 · source ↗
  19. ReportedText was worth 3 687 million złoty at 31 March 2023 and 967 million three years later, and at 41,76 złoty a share it now trades at about 9,4 times trailing earnings on a 10,4% dividend yield.
    Market data for Text S.A. (WSE:TXT), stockanalysis.com, cross-checked against a second source (a share price of 41,76 złoty on 25,75 million shares for a market value of about 1,08 billion złoty, roughly 9,4 times trailing earnings and 3,3 times sales, on trailing twelve-month revenue of 327,47m złoty and net income of 114,70m; a dividend of 4,26 złoty at a 10,36% yield; a 52-week range of 35,50 to 55,00; and fiscal-year-end market capitalisations of 2 637m złoty at 31 March 2022, 3 687m at 2023, 2 318m at 2024, 1 362m at 2025 and 967m at 2026) — September 2026 · publ. September 2026 · source ↗
  20. ReportedThat yield is not a promise; the dividend itself fell from 6,06 złoty a share to 4,26 in a single year.
    Text Group annual results press release of 26 June 2026 (consolidated revenue of PLN 329,1m and net profit of PLN 116,6m, down 7,1% and 29,1% respectively; revenue in US dollars of 88,2m, down 0,5%; MRR of USD 6,93m at 31 March 2026, down 2,7%, and ARR of USD 83,12m against a strategic goal of USD 100m; operating profit PLN 126,7m down 28,7% and EBITDA PLN 153,3m down 23,9%; margins of 67,6% gross, 38,6% operating, 46,4% EBITDA and 35,4% net; and a recommended dividend of PLN 4,26 per share including two interim payments, the first of PLN 1,15 paid in February 2026) — FY2025/26 · publ. 26 June 2026 · source ↗
  21. ReportedIt is monthly recurring revenue in dollars, and at 31 March 2026 it was 6,93 million - down 2,7% on the year.
    Text Group Management Board report for 2025/26, key performance indicators (monthly recurring revenue of USD 6,93m at 31 March 2026, down 2,7% year on year and 0,7% on December, giving annual recurring revenue of USD 83,12m; revenue in US dollars of 88,2m against 88,6m, down 0,5%; payments received of USD 87,9m, down 0,7%; Q4 dollar revenue of 22,56m, the highest since Q2 2024/25; a LiveChat customer churn rate of 4% on a monthly basis with net MRR churn described as significantly lower; LiveChat at 83,7% of group revenue with ChatBot 8,7% and HelpDesk with KnowledgeBase 7,5%; and an average USD/PLN translation rate 8,0% lower than the prior period) — FY2025/26 · publ. June 2026 · source ↗
Sources
Generated September 24, 2026