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Powszechny Zaklad Ubezpieczen S.A.

PZU.WA
70
Insurance - Property & Casualty · Financial Services
Exchange
Warsaw Stock Exchange
Winston Score
70
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Exceptional
Stability
Mixed
Valuation
Strong
Dividends
Exceptional
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Winston Score History

The full picture

Powszechny Zakład Ubezpieczeń, known as PZU, is Poland's largest insurance company. It sells car insurance, home insurance, life insurance, and health coverage to millions of individual customers and businesses across Central and Eastern Europe. The Polish government owns a majority stake in PZU, which gives it a unique position in the market.

PZU makes money by collecting premiums from policyholders and investing that money until claims need to be paid. It operates mainly in Poland but also has a presence in the Baltic states, Ukraine, and other nearby countries, making it one of the dominant insurers in the region. Its size and brand recognition in Poland give it a strong competitive advantage, but the company faces risks from rising claims costs due to inflation and increasing competition from both local and foreign insurers entering the Polish market.

Growth Profile

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

Revenue Growth

+17.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-22.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

34.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

74.0B PLN cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Powszechny Zaklad Ubezpieczen S.A. is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
61.2%
Premium pricing power — 61.2% gross margin
Profit after running costs
Operating Margin
23.0%
Excellent — 23.0% operating margin
Return on the money invested
ROCE
22.4%
Exceptional — 22.4% 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
+15.7%
Fast-growing sales (+15.7% YoY)
Profit growth
EPS YoY
+7.7%
Modest earnings growth (+7.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
262%
Turns 262% of profit into real cash
Spare cash per sale
FCF Margin
23.1%
Converts sales into free cash efficiently (23.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
1.08
Elevated debt (1.08)
Covers its interest
Interest Cover
2.46x
Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.8x
no trend
Attractive valuation — P/E 9.8

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

Cheaper or dearer next year
P/E vs Forward
+0.4
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
6.27%
no trend
Healthy income — 6.27% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+49.1%
no trend
Dividend growing fast (49.1% YoY)

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