1. Poland Stocks

  2. •

    Consumer Defensive

  3. •

    Packaged Foods
Makarony Polskie S.A.

Makarony Polskie S.A.

MAK.WA
Makarony Polskie S.A.PL flagWarsaw Stock Exchange
20.90
PLN
-0.05
- -
227.82MMarket Cap
Makarony Polskie S.A.
MAK.WA
(Warsaw Stock Exchange)

Recent

price

20.90

P/E

ratio

- -

div

yld

- -

ROIC.AI

2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TTM
FRC
12.71
16.21
22.78
14.25
14.23
13.38
14.35
13.42
15.66
16.65
17.9
20.23
18.15
29.79
32.14
27.49
27.09
Revenue per Share
0.24
0.24
-0.36
0.13
0.31
0.45
0.53
0.55
0.52
0.63
0.41
0.81
0.68
2.22
2.98
3.05
2.19
Basic EPS, GAAP
-0.49
-0.21
-0.21
1.32
-0.3
0.48
0.55
0.54
0.4
-0.23
-1.34
-0.41
0.65
1.36
4.8
4.41
1.65
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
0.17
0.35
0.25
0.25
0.25
0.25
0.3
0.3
0.6
0.75
- -
Dividend per Share
3.21
3.24
2.73
3.56
3.34
3.51
3.59
3.6
3.58
3.5
3.33
3.75
3.6
5.19
6.97
5.56
4.24
Book Value per Share
5.44
5.59
4.75
4.76
5.09
5.56
5.96
6.2
6.42
6.77
7.21
7.82
9.53
10.38
13.32
15.53
16.23
Tangible Book Value per Share
9
9
9
9
9
9
9
9
9
9
9
9
9
11
11
11
11
Basic Weighted Avg Shares
118
150
211
132
132
124
133
124
145
154
166
187
170
329
355
303
298
Sales/Revenue/Turnover
3.7
2.01
-1.68
0.76
4.33
6.04
5.69
6.38
5.06
5.53
6.14
6.24
5.02
10.65
14.84
13.95
8.9
Operating Margin (%)
5
6
7
5
4
4
4
5
5
6
7
8
8
9
14
15
16
Depreciation Expense
2
2
-3
1
3
4
5
5
5
6
4
8
6
24
33
34
24
Net Income, GAAP
19.6
- -
- -
- -
- -
28.3
25
22.46
21.36
20.56
31.23
21.65
18.09
19.39
21.98
18.92
18.72
Effective Tax Rate (%)
1.87
1.45
-1.59
0.89
2.2
3.35
3.7
4.1
3.31
3.79
2.3
4.02
3.77
7.44
9.27
11.1
8.08
Profit Margin (%)
4
2
-5
-20
- -
3
9
5
5
-1
-8
-5
18
20
49
74
75
Working Capital
20
17
19
3
17
14
15
13
10
12
22
17
25
17
15
11
9
LT Debt
61
63
59
61
63
67
71
73
75
78
80
85
102
123
149
174
180
Total Equity
4.12
- -
- -
- -
- -
5.85
6.07
6.52
5.97
6.63
6.17
7.6
5.31
18.85
24.65
18.41
11.21
Return on Invested Capital (%)
7.19
- -
- -
- -
- -
9.38
10.15
10.41
9.81
11.05
7.06
11.77
9.57
32.1
37.21
39.79
37.67
Return on Capital (%)
7.74
7.29
-12.12
4.02
9.09
13.09
14.97
15.3
14.46
17.8
12.03
22.97
18.69
53.78
49.01
48.68
47.78
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
ST Debt
5
5
5
LT Borrowings
5
5
4
LT Finance Leases
6
5
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
11
11
11
Market Capitalization
214
213
258

Working Capital

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
Total Current Assets
126
128
119
Cash, Cash Equivalents & STI
50
48
41
Accounts Receivable, Net
42
46
43
Inventories
33
34
33
Total Current Liabilities
51
57
43
Payables & Accruals
- -
- -
- -
ST Debt
5
5
5
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.19%
16.9%
16.32%
Free Cash Flow
37.1%
12.14%
-8.11%
Net Income, GAAP
40.56%
80.48%
2.36%
Sales/Revenue/Turnover
12.22%
18.18%
-14.53%
Total Cash Common Dividend
- -
- -
25%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
81
71
74
77
303
2025
76
73
72
74
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.86
0.79
0.74
- -
3.05
2025
0.7
0.41
0.41
0.57
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.75
2025
- -
- -
- -
- -
- -
Similar Companies
Savencia S.A. (BNGRF)
Shenguan Holdings (Group) Limited (SHGXY)
Tianyun International Holdings Limited (6836.HK)
MicroSalt Plc (SALT.L)
Suntar Eco-City Limited (BKZ.SI)
San Miguel Food and Beverage, Inc. (SMPFF)
Business
Makarony Polskie S.A. (WSE:MAK) manufactures and sells a wide range of pasta products using stamped and rolled technologies, along with complementary food items including syrups, jams, salads, dumplings, ready-made meals, meat and vegetable preserves, and vegetable and fruit preserves; core offerings encompass durum wheat pasta, traditional soft wheat pasta, egg and egg-free varieties, health-focused options such as spelt, buckwheat, rye, chickpea, red lentil, and green pea pastas, as well as private-label production for retail chains. The company markets its products under prominent brands like Makarony Polskie, Sorenti, Solare, Stoczek, Męska Rzecz, Tenczynek, Novelle, and So Food, targeting consumers in Poland and export markets including Ukraine and Bulgaria through hypermarkets, sales networks, and international channels. Founded in 2004 and headquartered in Rzeszów, Poland, Makarony Polskie operates production facilities in Rzeszów, Częstochowa, Płock, and Stoczek Łukowski, with approximately 313-408 employees serving the packaged foods sector; subsidiaries include MP Trade Sp. z o.o. Recently, the company invests EUR 9 million in a new premium pasta production line in Szczytno to enhance automation and storage capabilities, actively pursues acquisitions to expand its dry food portfolio into crispbread and grains, adopts a comprehensive ESG Strategy for 2026-2031, participates in major industry events like Anuga 2025 and Kongres Szefów Kuchni 2025 to showcase brands such as Sorenti, enters banking product agreements with BNP Paribas Bank Polska S.A., and registers statute changes to support ongoing growth.