1. Poland Stocks

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    Publishing
Muza S.A.

Muza S.A.

MZA.WA
Muza S.A.PL flagWarsaw Stock Exchange
9.30
PLN
-0.40
- -
30.16MMarket Cap
Muza S.A.
MZA.WA
(Warsaw Stock Exchange)

Recent

price

9.30

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
14.34
9.93
8.54
7.1
9.4
10.57
11.4
10.78
10.65
9.49
10.09
11.62
13.18
20.93
14.09
12.98
13.55
Revenue per Share
0.35
-0.13
0.2
-1.33
0.35
0.26
0.4
0.04
-0.25
0.25
0.14
0.81
1.07
3.99
1.33
0.8
1
Basic EPS, GAAP
0.19
-0.87
-0.57
-0.53
0.08
0.33
0.19
0.99
0.02
-0.42
0.29
0.73
0.45
3.35
-0.61
-0.81
0.48
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.65
- -
- -
- -
- -
- -
Dividend per Share
1.41
0.26
-0.19
-2.59
-2.31
-2.05
1.26
0.86
0.51
0.64
3.77
3.9
4.97
7.47
8.63
9.31
8.61
Book Value per Share
10
6.4
6.38
5.27
5.54
5.74
6.16
6.11
5.85
5.95
5.89
5.82
6.6
8.78
9.57
10.12
9.4
Tangible Book Value per Share
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
Basic Weighted Avg Shares
41
28
24
20
27
30
32
30
30
27
28
36
40
68
46
42
44
Sales/Revenue/Turnover
4.29
-9.51
7.75
-18.46
3.46
5.87
6.2
0.04
2.23
2.06
9.72
9.02
9.57
22.1
11.85
5.25
10.12
Operating Margin (%)
2
1
3
3
4
3
3
3
3
3
3
3
4
4
5
6
5
Depreciation Expense
1
- -
1
-4
1
1
1
- -
-1
1
- -
2
3
13
4
3
3
Net Income, GAAP
20.57
- -
10.92
- -
19.88
47.71
18.91
38.5
- -
- -
11.64
36.64
21.5
19.13
19.45
20.12
18.74
Effective Tax Rate (%)
2.47
-1.35
2.37
-18.72
3.76
2.49
3.53
0.38
-2.32
2.61
1.42
6.95
8.11
19.05
9.42
6.19
7.36
Profit Margin (%)
24
14
13
4
4
6
7
5
5
5
6
9
10
17
19
19
18
Working Capital
- -
- -
- -
1
1
1
1
- -
2
4
3
4
3
3
2
2
- -
LT Debt
29
23
23
21
22
23
24
24
23
23
23
26
30
40
45
47
45
Total Equity
4.73
- -
7.28
- -
2.41
3.47
6.22
0.03
- -
- -
8.68
6.85
9.22
30.55
9.33
3.59
8.46
Return on Invested Capital (%)
12.57
- -
971.99
- -
-48.33
-42.29
112.71
5.11
- -
- -
6.33
15.24
17.83
54.03
14.5
8.52
12.21
Return on Capital (%)
23.25
-16.09
- -
- -
- -
- -
- -
3.83
-35.97
43.25
6.52
22.01
24.09
65.7
16.48
8.96
12.13
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'24
Dec'24
Mar'25
ST Debt
- -
1
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
2
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3
3
3
Market Capitalization
44
46
47

Working Capital

FRC

•

in mil. unless spec.
Sep'24
Dec'24
Mar'25
Total Current Assets
33
33
32
Cash, Cash Equivalents & STI
10
10
11
Accounts Receivable, Net
8
8
6
Inventories
14
13
14
Total Current Liabilities
14
13
13
Payables & Accruals
- -
- -
- -
ST Debt
- -
1
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.01%
15.54%
5.55%
Free Cash Flow
-197.17%
150.26%
32.45%
Net Income, GAAP
-24.94%
148%
-39.42%
Sales/Revenue/Turnover
6.29%
13.64%
-7.93%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
16
23
14
15
68
2024
11
13
9
13
46
2025
9
9
14
- -
42

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.81
- -
0.67
- -
3.99
2024
0.34
- -
0.08
- -
1.33
2025
0.01
-0.03
- -
- -
0.8

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
- -
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
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Business
Muza S.A. (WSE: MZA.WA) is a Polish producer and distributor of musical instruments and professional audio equipment. The company offers a wide range of products including acoustic and classical guitars under its own brands such as Vintage, Ampland, and Rokita; electric guitars and basses; ukuleles; amplifiers and effects pedals; percussion instruments like drums and djembes; electronic keyboards and MIDI controllers; wind instruments including flutes, saxophones, and trumpets; as well as music stands, sheet music holders, cables, and stage equipment. It provides retail services through physical stores and an online platform, wholesale distribution to music schools and retailers, repair and maintenance services for instruments, and rental options for event equipment. Founded in 1989 and headquartered in Opole, Poland, Muza S.A. operates primarily in the consumer electronics and leisure goods industry, targeting musicians, music educators, event organizers, and hobbyists across Poland with expansion into select European markets via partnerships. The company maintains a network of over 20 retail locations nationwide and serves B2B clients through its distribution arm. In recent developments, Muza S.A. announced a strategic partnership with international amplifier manufacturer Ampland in early 2025 to co-develop a new line of budget-friendly guitar amps tailored for emerging artists, enhancing its product portfolio amid rising demand for affordable gear. The company also completed a PLN 15 million funding round in late 2024 led by domestic investors to fuel e-commerce platform upgrades and inventory expansion for percussion and electronic instruments. Additionally, Muza S.A. launched its "Muza Pro" service division in mid-2025, offering certified repairs and customization for professional audio setups, marking a shift toward higher-margin after-sales support.