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    Industrial - Machinery
Seco/Warwick S.A.

Seco/Warwick S.A.

SWG.WA
Seco/Warwick S.A.PL flagWarsaw Stock Exchange
35.40
PLN
- -
- -
257.34MMarket Cap
Seco/Warwick S.A.
SWG.WA
(Warsaw Stock Exchange)

Recent

price

35.40

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
20.24
35.41
47.46
46.34
40.9
43.87
51.61
46.99
53.81
45.8
39.88
52.37
73.29
81.7
82.42
109.17
91.25
Revenue per Share
1.58
1.44
2.74
1.45
-1.46
-4.63
1.86
-4.06
1.96
1.55
1.41
1.91
3.6
4.23
2.81
3.82
3.29
Basic EPS, GAAP
-3.23
1.19
4.68
-0.3
1.52
2.29
-2
-0.29
1
2.63
2.54
-0.08
1.57
7
11.72
-0.64
1.6
Free Cash Flow per Basic Share
0.78
0.1
- -
- -
0.75
- -
0.28
0.48
- -
0.41
- -
0.56
0.3
1.02
1
1.28
- -
Dividend per Share
3.65
5.14
5.76
3.61
1.42
-3.45
1.02
-5.29
-5.32
-5.26
7.68
8.75
11.85
15.24
16.57
17.89
15.84
Book Value per Share
14.16
14.52
16.56
14.52
14.04
10.6
11.92
7.61
8.77
10.7
10.74
12.95
16.93
19.31
20.57
21.58
19.39
Tangible Book Value per Share
10
10
10
11
11
11
11
10
10
10
10
9
8
8
9
7
8
Basic Weighted Avg Shares
195
371
497
488
439
471
550
484
524
452
389
463
623
684
713
746
740
Sales/Revenue/Turnover
0.4
7.9
8.08
3.67
3.49
1.31
6.75
-4.41
7.28
6.22
3.11
5.99
6.77
5.92
4.71
5.85
6.01
Operating Margin (%)
5
6
7
8
8
10
11
10
11
11
13
13
15
16
18
21
21
Depreciation Expense
15
15
29
15
-16
-50
20
-42
19
15
14
17
31
35
24
26
27
Net Income, GAAP
- -
25.01
29.86
28.28
- -
- -
- -
- -
17.62
22.37
17.72
11.03
3.85
- -
10.98
20.54
22.84
Effective Tax Rate (%)
7.79
4.07
5.77
3.12
-3.58
-10.55
3.6
-8.65
3.64
3.39
3.54
3.65
4.92
5.18
3.41
3.5
3.61
Profit Margin (%)
87
101
125
106
85
61
69
27
37
56
72
84
103
109
107
83
88
Working Capital
9
6
3
16
16
36
27
8
7
10
28
27
26
41
63
85
81
LT Debt
208
231
251
251
242
176
200
151
174
190
182
194
224
246
264
230
240
Total Equity
- -
8.68
10.5
4.54
- -
- -
- -
- -
12.63
8.6
4.08
9.64
13.57
- -
7.89
8.66
8.73
Return on Invested Capital (%)
- -
21.8
36.54
23.34
- -
- -
- -
- -
89.01
171.38
23.92
13.06
20.67
- -
12.68
11.71
11.7
Return on Capital (%)
53.03
33.92
50.21
30.95
-58.93
- -
- -
- -
- -
- -
- -
22.2
34.39
31.02
17.97
19.67
19.27
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
89
68
92
LT Borrowings
50
47
45
LT Finance Leases
33
38
36
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
7
7
7
Market Capitalization
241
304
279

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
420
404
460
Cash, Cash Equivalents & STI
47
64
59
Accounts Receivable, Net
104
91
122
Inventories
87
83
85
Total Current Liabilities
331
321
372
Payables & Accruals
- -
- -
- -
ST Debt
89
68
92
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.56%
5.28%
-12.76%
Free Cash Flow
-221.71%
-335.22%
-104.33%
Net Income, GAAP
-53.11%
19.1%
7.34%
Sales/Revenue/Turnover
5.75%
14.41%
4.64%
Total Cash Common Dividend
- -
42.14%
1.38%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
182
180
172
179
713
2025
187
200
182
177
746
2026
181
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.73
0.29
0.42
- -
2.81
2025
0.63
0.44
1.41
- -
3.82
2026
0.84
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1
2025
- -
- -
- -
- -
1.28
2026
- -
- -
- -
- -
- -
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Business
Seco/Warwick S.A. is a Poland-based global manufacturer specializing in heat treatment furnaces and equipment for metals. Its core products include vacuum furnaces; aluminum heat exchanger brazing systems under the Controlled Atmosphere Brazing (CAB) category; aluminum heat treatment systems; atmospheric furnaces; and vacuum metallurgy furnaces under the Retech brand. The company also provides spare parts, repair services, metallurgical equipment for melting and vacuum casting of metals and specialty alloys, automation services, and professional engineering support. Seco/Warwick operates internationally, serving customers in the European Union, Russia, the United States, Asia, and over 70 countries worldwide. Its primary markets include the automotive, aviation, machinery, equipment, and aluminum metallurgy sectors. The company was founded in 1991 and is headquartered in Swiebodzin, Poland, with key subsidiaries and operations in the United States, Germany, China, India, Brazil, and France. In recent major developments, Seco/Warwick has consolidated its two American subsidiaries, SECO/VACUUM Technologies and SECO/WARWICK Corporation, under a single brand to streamline operations, reduce costs, and strengthen its market position in North America. This consolidation aligns with the group's "Made in USA" strategy, supported by a $4 million investment in the Meadville, Pennsylvania plant, enhancing production capabilities for the American market. Additionally, the company's division Retech acquired ReMelt Scientific in late 2024 to expand and complement its vacuum melting and aluminum melting technology portfolio, broadening the range of advanced metallurgy solutions offered globally. SECO/WARWICK India has also recently commenced production of continuous lines for aluminum brazing to meet increasing demand in the region. The company continues to focus on expanding its product offering and strengthening its global footprint through strategic investments and technological innovation. The business is divided into six main segments: vacuum furnaces, aluminum heat exchanger brazing systems, aluminum heat treatment systems, atmospheric furnaces, vacuum metallurgy furnaces (Retech), and other related services. Subsidiaries include Seco/Warwick Europe SA, Seco/Warwick Corporation (USA), OOO Seco/Warwick Group Moscow, Retech Systems LLC, and Seco/Warwick Retech Thermal Equipment Manufacturing Tianjin Co Ltd. The company's history traces back to earlier brands and legacy companies such as Elterma and Retech, which were integrated into the SECO/WARWICK Group to form its comprehensive offering in heat treatment technology. It sells to manufacturers primarily in the automotive, aviation, and metallurgical industries, supporting global industrial heat treatment needs. This combination of diversified product offerings, recent strategic mergers and acquisitions, regional expansions, and continuous investments positions Seco/Warwick S.A. as a leading supplier of heat treatment solutions with a strong global presence and a focus on innovation and operational efficiency.