Mercator Medical S.A.

MRC.WA

Medical - Instruments & Supplies · Healthcare

Price

54.30 PLN

-0.50 (-0.91%)

Market Cap

496.6M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Weak

Dividends

Mixed

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Share count falling — buybacks

−8.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 10.1M (2021) → 9.2M (2025)

Winston Score History

The full picture

Mercator Medical S.A. is a Polish company that makes and sells medical gloves and other protective supplies used in hospitals, clinics, and healthcare settings. Its core products are disposable gloves — including nitrile, latex, and vinyl versions — sold to healthcare providers, distributors, and institutions across Europe and beyond. The company is one of the larger glove manufacturers based in Central Europe.

Mercator earns money by selling its products directly and through distribution partners, with revenue tied closely to order volumes from healthcare buyers. It operates manufacturing facilities in Poland and Thailand, giving it production capacity across two continents. The company built up strong sales during the COVID-19 pandemic when glove demand surged, but it now faces a tougher environment — oversupply in the global glove market has pushed prices down sharply, which explains the current near-zero operating margin. The key challenge going forward is whether glove prices stabilize enough for the company to return to consistent profitability.

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

-1.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-55.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

71.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

347M PLN cash & investments at current burn rate

Revenue declining

Mercator Medical S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.1%

Modest — 26.1% gross margin

Profit after running costs

Operating Margin

5.3%

Thin — 5.3% operating margin

Return on the money invested

ROCE

-0.6%

Weak — -0.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+3.2%

Slow sales growth (+3.2% YoY)

Profit growth

EPS YoY

-50.0%

Earnings shrinking (-50.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

771%

Turns 771% of profit into real cash

Spare cash per sale

FCF Margin

6.4%

Modest free cash flow (6.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

41.5x

Pricey — P/E 41.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.09%

Moderate income — 3.09% yield

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

Dividend record

Dividend Growth

N/A

Data not available

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