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Passus S.A.

Passus S.A.

PAS.WA
Passus S.A.PL flagWarsaw Stock Exchange
123.00
PLN
-3.20
- -
235.21MMarket Cap
Passus S.A.
PAS.WA
(Warsaw Stock Exchange)

Recent

price

123.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
14.05
12.81
20.18
22.42
32.89
37.24
42.31
52.37
65.35
77.85
Revenue per Share
1.09
0.14
0.41
1.03
3.12
2.11
0.79
6.47
5.38
6.5
Basic EPS, GAAP
-0.6
-1.1
4.12
-0.87
4.34
10.91
-6.42
1.97
1.46
-4.21
Free Cash Flow per Basic Share
- -
0.11
0.05
0.05
0.07
- -
- -
2.92
1.86
2.01
Dividend per Share
1.15
0.2
0.48
1.17
5.87
7.48
9.27
11.6
13.49
14.96
Book Value per Share
3.62
2.5
4.02
0.76
4.41
4.58
6.87
13.5
13.06
14.82
Tangible Book Value per Share
2
2
2
2
2
2
2
2
2
2
Basic Weighted Avg Shares
27
25
39
43
63
76
87
107
123
136
Sales/Revenue/Turnover
9.89
3.36
5.31
7.99
57.68
54.96
61.38
61.29
67.72
72.51
Operating Margin (%)
1
- -
1
2
3
3
2
2
2
1
Depreciation Expense
2
- -
1
2
6
4
2
13
10
11
Net Income, GAAP
18.07
31.16
49.37
22.13
21.31
14.15
21.55
15.34
12.59
13.26
Effective Tax Rate (%)
7.73
1.07
2.03
4.59
9.49
5.65
1.87
12.35
8.24
8.35
Profit Margin (%)
6
4
9
6
4
5
9
23
21
22
Working Capital
- -
- -
- -
- -
1
1
1
- -
- -
- -
LT Debt
7
7
8
10
15
20
24
30
29
30
Total Equity
- -
6.19
7.28
17.35
183.59
166.61
159.84
187.96
234.25
308.45
Return on Invested Capital (%)
- -
5.81
14.46
30.2
59.89
24.98
4.6
55.02
32.33
35.2
Return on Capital (%)
- -
20.26
120.9
124.97
88.68
32.49
9.43
61.98
41.26
51.62
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
1
4
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2
2
2
Market Capitalization
157
161
224

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
45
76
50
Cash, Cash Equivalents & STI
15
15
7
Accounts Receivable, Net
13
35
28
Inventories
1
2
5
Total Current Liabilities
29
55
28
Payables & Accruals
- -
- -
- -
ST Debt
- -
1
4
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
24.16%
-4.51%
Free Cash Flow
- -
-149.8%
-31.89%
Net Income, GAAP
- -
161.61%
-23.45%
Sales/Revenue/Turnover
- -
24.03%
14.73%
Total Cash Common Dividend
- -
- -
-41.56%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
9
15
25
59
107
2025
11
15
37
61
123
2026
24
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-1.26
-0.62
0.71
- -
6.47
2025
-0.31
-0.1
3.19
- -
5.38
2026
0.32
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
2.92
- -
2.92
2025
- -
- -
2.26
- -
1.86
2026
- -
- -
- -
- -
- -
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Business
Passus S.A. (PAS.WA) provides specialized IT systems integration services focused on cybersecurity, network and application performance monitoring, and public cloud solutions for large enterprises, public institutions, and government entities primarily in Poland. The company offers proprietary products including Sycope for real-time network performance monitoring and infrastructure protection, Passus Ambience for analyzing network data streams, and Passus nDiagram for visualizing network device connections and parameters; it also delivers partner solutions such as Riverbed and NetScout for network optimization, ManageEngine for IT operations management, Splunk Enterprise for big data analysis, Tenable Nessus and SecurityCenter for vulnerability detection and network monitoring, FireEye and Fidelis Cybersecurity for threat defense, Cisco for comprehensive attack protection, Broadcom Symantec for data and infrastructure security, FUDO for remote access monitoring, and technologies from Google Mandiant, Recorded Future, IBM, Gigamon, Digi, and Fortra. Passus S.A. provides end-to-end services encompassing planning, customized implementation, employee training, maintenance, and after-sales support, serving over 400 clients including ministries, uniformed services, top Polish banks, telecommunications operators, energy firms, and international manufacturers, with capabilities for projects involving classified data up to NATO SECRET and EU SECRET levels following renewal of Level III industrial security certificates in 2024 valid until 2031. Founded in 2014 on the basis of a team active since 2000 and headquartered at ul. Goraszewska 19 in Warsaw, Poland, the company operates through segments including IT Integration, Own Products, AWS Services via subsidiary Chaos Gears, and Holding; it debuted on NewConnect in 2018 before transferring to the Warsaw Stock Exchange main market in January 2023. Recent developments encompass multiple significant contracts in 2025, a series BB share subscription completed in September 2025, statute amendments registered in October 2025, major shareholding changes and related party transactions throughout 2025, renewed AWS cloud and generative AI expansion emphasis targeting Premier Partner status by 2026, sustained revenue growth including 34% year-on-year in Q1 2025 amid cybersecurity and cloud demand, and strategic partnerships reinforced as Splunk Elite Partner, Cisco Premier Partner, Tenable Assure Gold Partner, and ManageEngine Gold Partner.