Polski Koncern Naftowy ORLEN Spólka Akcyjna

PKN.WA

Oil & Gas Integrated · Energy

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 Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

PKN ORLEN is Poland's largest energy company. It refines crude oil into fuels like gasoline, diesel, and jet fuel, and sells those fuels at thousands of gas stations across Central Europe. The company also produces petrochemicals, generates electricity, and sells natural gas to homes and businesses, making it one of the most important integrated energy companies in the region.

ORLEN earns money by refining and selling oil products, running retail fuel stations, and distributing gas and electricity to customers. It operates mainly in Poland, but also has a significant presence in the Czech Republic, Lithuania, Germany, and other Central European countries. After merging with Polish refiner Lotos and gas utility PGNiG in recent years, ORLEN now controls a large share of Poland's entire energy supply chain, which gives it strong pricing power domestically. The main risk it faces is exposure to volatile global crude oil prices, which can squeeze refining margins quickly when costs rise faster than fuel prices.

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

+26.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+390.4% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

49.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

38.3B PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Polski Koncern Naftowy ORLEN Spólka Akcyjna grew revenue 26% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.2%

Thin — 24.2% gross margin

Profit after running costs

Operating Margin

16.3%

Healthy — 16.3% operating margin

Return on the money invested

ROCE

22.1%

Exceptional — 22.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.2%

Nearly flat sales (+2.2% YoY)

Profit growth

EPS YoY

+95.9%

Earnings growing fast (+95.9% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

210%

Turns 210% of profit into real cash

Spare cash per sale

FCF Margin

4.7%

Thin free cash flow (4.7%)

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

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

17.92x

Comfortably covers interest (17.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.5x

no trend

Attractive valuation — P/E 8.5

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

Cheaper or dearer next year

P/E vs Forward

-0.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.22%

no trend

Healthy income — 5.22% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+105.7%

no trend

Dividend growing fast (105.7% YoY)

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