Mennica Polska S.A.

MNC.WA

Manufacturing - Metal Fabrication · Industrials

Price

41.60 PLN

-0.10 (-0.24%)

Market Cap

2.12B PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Good

Stability

Strong

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Mennica Polska S.A. is a Polish company that makes coins, medals, and precious metal products. It is the official mint of Poland, meaning it produces the country's circulation coins under contract with the National Bank of Poland. It also makes collector coins, bullion bars, and tokens for governments, central banks, and private customers across Europe.

The company earns money by selling minted products and precious metals, with revenue tied closely to the volume of coins ordered and the market price of gold and silver. It operates primarily in Poland but serves clients across Europe, and its status as the national mint gives it a durable, government-backed position that most competitors cannot easily replicate. Its main risks include falling demand for physical coins as digital payments grow, and exposure to volatile precious metal prices, which can squeeze margins even when sales volumes hold steady.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+80.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-30.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

40.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

1.8B PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Mennica Polska S.A. grew revenue 80% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 51.1M (2021) → 51.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

11.9%

Thin — 11.9% gross margin

Profit after running costs

Operating Margin

8.3%

Modest — 8.3% operating margin

Return on the money invested

ROCE

10.0%

Below par — 10.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+47.2%

Fast-growing sales (+47.2% YoY)

Profit growth

EPS YoY

+393.3%

Earnings growing fast (+393.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

63%

Modest — 63% of profit becomes cash

Spare cash per sale

FCF Margin

13.2%

Converts sales into free cash efficiently (13.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.09

Conservative — low debt load (0.09)

Covers its interest

Interest Cover

5.85x

Adequate interest coverage (5.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

4.4x

Attractive valuation — P/E 4.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.61%

Moderate income — 3.61% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+36.2%

Dividend growing fast (36.2% YoY)

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