Voxel S.A.

VOX.WA

Medical - Diagnostics & Research · Healthcare

Price

134.80 PLN

+1.20 (+0.90%)

Market Cap

1.42B PLN

Exchange

Warsaw Stock Exchange

Winston Score

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

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Voxel S.A. is a Polish healthcare company that runs a network of medical imaging centers across Poland. Patients visit these centers to get diagnostic scans like MRI, CT, and X-ray images, which doctors then use to diagnose illnesses. It is one of the largest providers of outsourced radiology and diagnostic imaging services in Poland.

Voxel makes money by charging fees for each scan performed, with payments coming from Poland's national health fund (NFZ) as well as private insurers and out-of-pocket patients. The company operates primarily in Poland and has grown by partnering with hospitals that prefer to outsource their imaging departments rather than run them in-house. Its strong operating margin of around 24% reflects the efficiency of this outsourcing model and the high utilization of expensive scanning equipment. The key growth driver is continued expansion of hospital outsourcing contracts, while the main risk is dependence on reimbursement rates set by the Polish national health fund.

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

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+31.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

43.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

21M PLN cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Voxel 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.

Share count broadly stable

0.0% over 4y

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

Diluted shares outstanding: 10.5M (2021) → 10.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.0%

Modest — 32.0% gross margin

Profit after running costs

Operating Margin

26.0%

Excellent — 26.0% operating margin

Return on the money invested

ROCE

27.8%

Exceptional — 27.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

+4.6%

Modest earnings growth (+4.6% YoY)

Single-digit earnings growth — steady but not exciting.

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

132%

Turns 132% of profit into real cash

Spare cash per sale

FCF Margin

14.0%

Converts sales into free cash efficiently (14.0%)

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

0.16

Conservative — low debt load (0.16)

Covers its interest

Interest Cover

15.54x

Comfortably covers interest (15.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

13.3x

Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-0.2

SLOWING

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

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Dividends

Dividend

Dividend Yield

3.64%

Moderate income — 3.64% yield

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

Dividend record

Dividend Growth

+77.2%

Dividend growing fast (77.2% YoY)

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