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olivLaw · European equity research

Orlen Spółka Akcyjna PKN.WA

Poland · GPW Warszawa · ISIN PLPKN0000018 · Vertical: Listed companies from Poland

130.14PLN−7.52% · 1 dayClose 06 Nov 2026

At the close of 06 Nov 2026, Orlen Spółka Akcyjna (PKN.WA) stock was 130.14 PLN (−7.52% on the day), with market capitalisation 151.1 bn PLN, P/E 7.3 on diluted EPS of 17.81 PLN over the last 12 months, dividend yield 4.23%, beta 0.23, 52-week range 91.57–162.60 PLN.

Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
151.1 bn PLN
shares as of 31 Dec 2023
P/E (TTM)
7.3
Diluted EPS TTM 17.81 · TTM to 31 Dec 2023
E/P (TTM)
13.69%
TTM to 31 Dec 2023
Dividend yield
4.23%
DPS 12m 5.50
Beta (2y)
0.23
Volatility (1y) 35%
52-week range
91.57162.60

Price history

Loading chart…

Technical reading

RSI (14)
24.9
oversold (≤ 30)
Bollinger (20, 2)
136.24 – 163.05
below the lower band · %B -0.23 · band width 17.9%
SMA 50 / 200
151.93 / 138.04
mixed trend
MACD (12, 26, 9)
-3.75 / -1.70
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−13.4%−0.6%−12.7 pp—
3 months−12.7%−4.2%−8.5 pp—
6 months−7.2%+4.3%−11.6 pp—
Year to date+35.4%+7.5%+27.9 pp—
1 year+32.0%+9.9%+22.1 pp+5.9%
3 years+99.9%+49.8%+50.1 pp+1.8%
5 years+47.1%+42.8%+4.3 pp—
Max drawdown (1y)
−20.0%
14 Sept 2026 → 06 Nov 2026
Max drawdown (5y)
−47.4%
09 Nov 2021 → 17 Dec 2024
Compound annual growth (5y)
+8.0%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 1.9, median 2.9, max 3.7; quarters with earnings only).

Fiscal years

Fiscal year202120222023
Revenue131.3 bn282.4 bn372.8 bn
Revenue YoYunavailable+115.0%+32.0%
Net income11.1 bn39.7 bn20.7 bn
Net income YoYunavailable+256.7%−47.9%
Diluted EPS26.0034.1817.81
Diluted EPS YoYunavailable+31.5%−47.9%
net %8.5%14.0%5.5%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2023 · 31 Dec 2023

Cash
13.3 bn PLN
Financial debt
10.7 bn PLN
Net debt
-2.6 bn PLN
Equity
153.2 bn PLN
Total assets
264.2 bn PLN
Debt / equity
0.07x
Current ratio
1.35x
ROE
14.0%
ROA
7.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2021
131.3 bn
2022
282.4 bn
2023
372.8 bn

esef· 02 May 2024verified

Cost of revenue
2021
110.8 bn
2022
224.8 bn
2023
311.8 bn

esef· 02 May 2024verified

Gross profit
2021
20.6 bn
2022
57.7 bn
2023
60.9 bn

esef· 02 May 2024verified

Operating income
2021
13.9 bn
2022
48.4 bn
2023
28.1 bn

esef· 02 May 2024verified

Interest expense
2021
968.0 m
2022
2.8 bn
2023
2.1 bn

esef· 02 May 2024verified

Pre-tax income
2021
13.7 bn
2022
47.8 bn
2023
30.3 bn

esef· 02 May 2024verified

Income tax
2021
2.5 bn
2022
8.0 bn
2023
9.6 bn

esef· 02 May 2024verified

Net income
2021
11.1 bn
2022
39.7 bn
2023
20.7 bn

esef· 02 May 2024verified

Diluted EPS
2021
26.00
2022
34.18
2023
17.81

esef· 02 May 2024verified

Dividend per share
2021
3.50
2022
3.50
2023
5.50

esef· 02 May 2024verified

Balance sheet · PLN

Cash
2021
2.9 bn
2022
21.0 bn
2023
13.3 bn

esef· 02 May 2024verified

Receivables
2021
15.0 bn
2022
37.9 bn
2023
39.7 bn

esef· 02 May 2024verified

Inventories
2021
18.4 bn
2022
44.3 bn
2023
32.8 bn

esef· 02 May 2024verified

Current assets
2021
38.0 bn
2022
138.8 bn
2023
93.4 bn

esef· 02 May 2024verified

Property, plant & equipment, net
2021
55.4 bn
2022
136.4 bn
2023
134.7 bn

esef· 02 May 2024verified

Total assets
2021
106.8 bn
2022
313.2 bn
2023
264.2 bn

esef· 02 May 2024verified

Accounts payable
2021
19.8 bn
2022
40.2 bn
2023
41.5 bn

esef· 02 May 2024verified

Long-term debt
2021
13.7 bn
2022
12.0 bn
2023
10.7 bn

esef· 02 May 2024verified

Current liabilities
2021
30.3 bn
2022
122.8 bn
2023
69.4 bn

esef· 02 May 2024verified

Total liabilities
2021
54.2 bn
2022
170.1 bn
2023
111.0 bn

esef· 02 May 2024verified

Equity
2021
52.6 bn
2022
143.1 bn
2023
153.2 bn

esef· 02 May 2024verified

Shares outstanding at year end
2021
427.8 m
2022
1.2 bn
2023
1.2 bn

esef· 02 May 2024derived

Cash flow · PLN

Operating cash flow
2021
15.1 bn
2022
32.6 bn
2023
41.9 bn

esef· 02 May 2024verified

Investing cash flow
2021
-11.5 bn
2022
235.0 m
2023
-36.4 bn

esef· 02 May 2024verified

Financing cash flow
2021
-2.0 bn
2022
-14.6 bn
2023
-12.1 bn

esef· 02 May 2024verified

Dividends paid
2021
1.5 bn
2022
1.5 bn
2023
6.4 bn

esef· 02 May 2024verified

Computed indicators

Growth

Revenue growth (YoY)
32.0%
computed by olivLawFY 2023
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-42.0%
computed by olivLawFY 2023
Net income growth (YoY)
-47.9%
computed by olivLawFY 2023
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-47.9%
computed by olivLawFY 2023
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
16.3%
computed by olivLawFY 2023
EBITDA margin
unavailable
input data missing
EBIT margin
7.5%
computed by olivLawFY 2023
Net margin
5.5%
computed by olivLawFY 2023
FCF margin
unavailable
input data missing

Returns

ROE
14.1%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
7.2%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
13.5%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROCE
14.4%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
30.9%
computed by olivLawFY 2023
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-2.6 bn PLN
computed by olivLawbalance sheet at 31 Dec 2023
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2023
Interest coverage
13.1x
computed by olivLawFY 2023

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
41.9 bn PLN
computed by olivLawFY 2023
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
38 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days inventory outstanding
45 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days payables outstanding
48 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Cash conversion cycle
35 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

Market and valuation

Market capitalisation
151.1 bn PLN
computed by olivLawbalance sheet at 31 Dec 2023
Enterprise value
148.5 bn PLN
computed by olivLawbalance sheet at 31 Dec 2023
Market cap / net income TTM
7.3x
computed by olivLawFY 2023
P/E (TTM)
7.3x
computed by olivLawFY 2023
Earnings yield
13.7%
computed by olivLawFY 2023
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2023
P/S
0.4x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBITDA
unavailable
input data missing
EV/EBIT
5.3x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/Sales
0.4x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
4.2%
computed by olivLawFY 2023
Shareholder yield (distributions)
4.2%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

130.14 PLN

06 Nov 2026Source: olivLaw, closing series

Market cap: 151.1 bn PLN

Key indicators

Market capitalisation
151.1 bn PLN
computed by olivLawbalance sheet at 31 Dec 2023
P/E (TTM)
7.3x
computed by olivLawFY 2023
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2023
EV/EBITDA
unavailable
input data missing
ROE
14.1%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
5.5%
computed by olivLawFY 2023
Revenue growth (YoY)
32.0%
computed by olivLawFY 2023
Dividend yield
4.2%
computed by olivLawFY 2023

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2023
Source: esefpublished 02 May 2024
verified 85derived 4

The data is older than the freshness threshold.

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

    FactorValueScoreWeight used
    ROIC · Quality13.5%40 (vs peers)24%
    Net margin · Quality5.5%56 (vs peers)14%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet13.1x100 (on a fixed band)14%
    Current ratio · Balance sheet1.3x45 (on a fixed band)10%
    P/E (TTM) · Valuation7.3x74 (vs peers)24%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returns4.2%60 (on a fixed band)14%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet78/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality46/100 · 2/3 factors with a value
    • Returns· partial60/100 · 1/2 factors with a value
    • Valuation· partial74/100 · 1/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    ORLEN SPÓŁKA AKCYJNA (PKN.WA). Latest full fiscal year: 2023; data up to 2023-12-31.

    Figures computed from the financial statements: revenue 372.8 bn PLN in 2023; YoY growth 32.0%; net margin 5.5%; ROE 14.1%.

    The estimated value range is 79.59–188.27 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 120.84 PLN, the price of 130.14 PLN leaves a potential of -7.1% (value / price − 1) and a margin of safety of -7.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Interest coverage: 13.1x
    • P/E (TTM): 7.3x

    What contradicts it

    • The valuation methods diverge

    Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

    Versus the vertical median

    Listed companies from Poland · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    7.3x
    vertical median 12.1x
    below median (−39.5%)
    EV/EBITDA
    —
    vertical median —
    P/S
    0.4x
    vertical median 1.3x
    below median (−68.2%)
    P/B
    1.0x
    vertical median 1.0x
    at median
    ROE
    14.1%
    vertical median 8.9%
    above median (+57.5%)
    Net margin
    5.5%
    vertical median 2.8%
    above median (+96.7%)
    EBIT margin
    7.5%
    vertical median 6.3%
    above median (+18.8%)
    Revenue YoY
    32.0%
    vertical median 9.9%
    above median (+224.6%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    4.2%
    vertical median 3.6%
    above median (+16.0%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    PKN.WAOrlen Spółka Akcyjna151.1 bn7.314.1%5.5%+32.0%+38% / +120%
    ACP.WAAsseco Poland S.A.19.0 bn37.87.8%2.9%+19.8%+18% / +199%
    BDX.WABudimex Spółka Akcyjna18.9 bn35.341.5%6.2%+8.9%+18% / +33%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn130.720.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.618.1%12.0%+36.5%+6% / +50%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.6 bn—-37.9%-20.8%−45.1%−15% / −26%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +88%
    ACT.WAAction S.A.999.4 m27.28.3%1.5%+6.1%+71% / +171%
    BRS.WABoryszew Spółka Akcyjna874.1 m8.26.3%1.6%+8.4%−25% / −28%
    AGO.WAAgora Spółka Akcyjna588.0 m—-14.2%-9.2%+15.2%+37% / +18%
    AMB.WAAmbra S.A.462.9 m7.516.4%7.0%+12.9%+4% / −33%
    ATC.WAArctic Paper Spółka Akcyjna344.7 m1.416.3%7.0%−27.5%−40% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"298.5 m11.08.9%11.6%−22.0%−11% / +2%
    ART.WAArtifex Mundi S.A.229.7 m17.735.7%33.3%+51.9%+48% / +14%
    APN.WAAPLISENS Spółka Akcyjna192.4 m9.411.4%13.8%+21.8%−2% / −22%
    ALI.WAALTUS Spolka Akcyjna158.1 m17.37.9%16.9%+30.3%+38% / +52%
    BMC.WABumech Spółka Akcyjna156.9 m—-3.4%-3.9%−40.0%−36% / −49%
    BBT.WABoomBit Spółka Akcyjna71.9 m4.520.7%6.4%−16.5%−18% / −56%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.6 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna36.3 m62.01.2%1.3%−67.5%−31% / −46%
    06N.WAMagna Polonia Spółka Akcyjna31.1 m0.5115.4%964.7%+13.0%−29% / −43%
    BCM.WABETACOM Spółka Akcyjna26.3 m17.38.0%0.9%+21.3%+6% / +2%
    AWM.WAAirway Medix Spółka Akcyjna13.8 m—-25.8%-117,400.0%−97.7%−26% / −45%

    1- and 3-year price returns: for PKN.WA from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    1 years
    85.04
    Total return -31% · Per year -31%
    149.66
    Total return 20% · Per year 20%
    224.49
    Total return 78% · Per year 78%
    3 years
    100.87
    Total return -10% · Per year -4%
    197.93
    Total return 69% · Per year 19%
    323.27
    Total return 170% · Per year 39%
    5 years
    119.65
    Total return 14% · Per year 3%
    261.76
    Total return 134% · Per year 19%
    465.51
    Total return 301% · Per year 32%
    What moves the 3-year price the most
    • Exit P/E± 49.48
    • Net margin± 34.64
    • Annual revenue growth± 25.83
    • Annual dilution± 2.91

    AI analysis

    The qualitative analysis has not been written for this company yet.

    Products, market & competition

    The qualitative analysis has not been written for this company yet.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.