olivLaw · European equity research
VIGO Photonics S.A. VGO.WA
Poland · GPW Warszawa · ISIN PLVIGOS00015 · Vertical: Listed companies from Poland
VIGO Photonics is a Polish maker of infrared detectors and optoelectronic modules, with intensive research and development and exports as its main engine. In 2023 the company reported a negative return on equity, a result that draws attention to costs and financing.
At the close of 05 Nov 2026, VIGO Photonics S.A. (VGO.WA) stock was 520.00 PLN (−3.70% on the day), with market capitalisation 379.1 m PLN, beta 0.29, 52-week range 442.00–666.00 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.0
- weak (30–45)
- Bollinger (20, 2)
- 518.25 – 581.75
- in the lower half of the band · %B 0.03 · band width 11.5%
- SMA 50 / 200
- 522.62 / 524.04
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.48 / 5.49
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.8% | −0.6% | −8.1 pp | — |
| 3 months | +6.6% | −4.2% | +10.7 pp | — |
| 6 months | −11.3% | +4.3% | −15.6 pp | — |
| Year to date | +15.6% | +7.5% | +8.0 pp | — |
| 1 year | +0.4% | +9.9% | −9.5 pp | +7.1% |
| 3 years | +19.0% | +49.8% | −30.9 pp | +3.3% |
| 5 years | −28.8% | +42.8% | −71.6 pp | — |
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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 71.5 m | 67.9 m | 75.4 m |
| Revenue YoY | unavailable | −5.1% | +11.1% |
| Net income | 30.5 m | 7.2 m | -3.0 m |
| Net income YoY | unavailable | −76.3% | −141.3% |
| Diluted EPS | 41.85 | 9.91 | -4.09 |
| Diluted EPS YoY | unavailable | −76.3% | −141.3% |
| net % | 42.7% | 10.6% | -4.0% |
| Free cash flow | unavailable | -20.2 m | -7.2 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.8 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 198.2 m PLN
- Total assets
- 322.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 2.21x
- ROE
- -1.8%
- ROA
- -1.0%
- FCF margin
- -9.6%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 71.5 m | 67.9 m | 75.4 m | esef· 01 May 2024verified |
| Cost of revenue | 25.7 m | 32.8 m | 38.5 m | esef· 01 May 2024verified |
| Gross profit | 45.8 m | 35.1 m | 36.9 m | esef· 01 May 2024verified |
| Operating income | 22.9 m | 8.8 m | 11.4 m | esef· 01 May 2024verified |
| Interest expense | 868.0 k | 1.6 m | 2.1 m | esef· 01 May 2024verified |
| Pre-tax income | 22.6 m | 7.7 m | 11.3 m | esef· 01 May 2024verified |
| Income tax | -7.9 m | 464.0 k | 14.3 m | esef· 01 May 2024verified |
| Net income | 30.5 m | 7.2 m | -3.0 m | esef· 01 May 2024verified |
| Diluted EPS | 41.85 | 9.91 | -4.09 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.5 m | 2.3 m | 2.8 m | esef· 01 May 2024verified |
| Receivables | 14.4 m | 14.3 m | 15.9 m | esef· 01 May 2024verified |
| Inventories | 6.9 m | 15.3 m | 12.0 m | esef· 01 May 2024verified |
| Current assets | 34.3 m | 35.1 m | 96.9 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 99.2 m | 113.5 m | 111.9 m | esef· 01 May 2024verified |
| Total assets | 218.0 m | 254.0 m | 322.3 m | esef· 01 May 2024verified |
| Accounts payable | 8.1 m | 4.4 m | 2.8 m | esef· 01 May 2024verified |
| Current liabilities | 29.3 m | 33.6 m | 43.9 m | esef· 01 May 2024verified |
| Equity | 131.2 m | 138.4 m | 198.2 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 729.0 k | 728.9 k | 729.1 k | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.7 m | 3.5 m | 15.3 m | esef· 01 May 2024verified |
| Capex | — | 23.7 m | 22.5 m | esef· 01 May 2024verified |
| Free cash flow | — | -20.2 m ≈ | -7.2 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | -30.3 m | -21.9 m | -17.4 m | esef· 01 May 2024verified |
| Financing cash flow | 3.0 m | 14.1 m | 2.6 m | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 379.1 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · 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: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4.0% | 15 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.4x | 60 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
VIGO PHOTONICS SPÓŁKA AKCYJNA (VGO.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 75.4 m PLN in 2023; YoY growth 11.1%; net margin -4.0%; ROE -1.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
What contradicts it
- Net margin: -4.0%
- FCF yield: -1.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| VGO.WAVigo Photonics Spółka Akcyjna | 379.1 m | — | -1.8% | -4.0% | +11.1% | +11% / +7% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for VGO.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.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
VIGO Photonics is a Polish maker of infrared detectors and optoelectronic modules, with intensive research and development and exports as its main engine. In 2023 the company reported a negative return on equity, a result that draws attention to costs and financing.
SWOT
Strengths
- A portfolio of proprietary technologies recorded as significant intangible assets, including detectors and chips.
- An export orientation that brings foreign-currency revenues and access to external markets.
- Trade receivables largely in foreign currency, with customers generally regarded as creditworthy.
Weaknesses
- Return on equity was negative in 2023, indicating pressure on profitability.
- Interest-bearing debt at floating rates, exposed to rising interest costs.
- Sales concentration on one main customer that brings a significant part of revenues.
Opportunities
- Commercialising capitalised developments could increase revenues if the projects reach the market.
- Investments through VIGO Ventures could open new photonics product lines.
- Expanding commercial presence in North America could diversify the customer base.
Threats
- Fluctuations in the EUR/PLN rate could significantly affect results.
- The expiry of special economic zone tax incentives could limit the use of tax assets.
- Rising interest rates could increase the cost of existing financing.
Risks
- Customer concentrationhigh
A single large customer accounts for a significant share of revenues, and losing it could affect results.
- Currency exposurehigh
Revenues and receivables in euro expose the company to exchange rate moves, with effects on net result.
- Cost of debtmedium
Floating-rate credit could become more expensive if reference rates rise.
- Recognition of deferred taxmedium
Not being able to use tax incentives in full before the special economic zone expires could affect future results.
- Start-up investment risklow
Participation in start-ups through VIGO Ventures carries execution risk, and invested amounts might not be recovered.
Investment thesis
What would need to be true (bull case)
- If capitalised developments reach commercialisation, revenues could grow considerably in the period ahead.
- The export base and foreign-currency receivables could support revenues if external markets remain receptive.
- The structure with trading subsidiaries and the stake in VIGO Ventures could open new growth opportunities.
What would break the thesis
- A negative return on equity in 2023 could signal that the cost structure does not cover current demand.
- Dependence on one main customer could turn the loss of a contract into a major revenue shock.
- Floating-rate loans could reduce margins if financing becomes more expensive.
What to watch
- Trend in return on equity and net result2024
- Share of the largest customer in revenuesnext 10-K
- Use of deferred tax assets before the incentives expire2026
- Results of capitalised development projects and their commercialisation2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the consolidated annual report for 2023, the group is led by VIGO Photonics S.A. and includes trading subsidiaries in Taiwan and North America, as well as VIGO Ventures ASI, a 50% owned company that invests in photonics start-ups 1. Its core activity involves developing and producing detection technologies, with development work capitalised as assets growing considerably in 2023 1. The group operates mainly as an exporter, so revenues are strongly linked to the EUR/PLN exchange rate 1.
The group structure includes trading representative offices set up in 2020 and 2021; the Taiwan entity is in liquidation, while the North American one trades on market terms 1. The 50% stake in VIGO Ventures ASI is governed by a supervisory board that decides only unanimously, meaning joint rather than sole control 1.
The company carries interest-bearing debt on floating-rate bank credit, which exposes results to changes in reference rates 1. The report also notes a slight reduction in the earnings base, in the context of a deferred tax asset being released 1.
Segments
Infrared detectors and modules
The main segment, based on detector and detection module technologies, is where the largest development assets were capitalised in 2023 1.
Semiconductor materials and chips
Semiconductor materials and chip production technologies appear among the group's significant intangible assets, with amortisation periods of up to 180 months 1.
Photonics start-up investments
Through VIGO Ventures ASI the group takes part in developing new photonics initiatives, an exploratory activity with potential to create long-term value 1.
Market context
The market described in the report is that of optoelectronic infrared detectors, where the company makes most of its sales for export and where contracts with large customers concentrate a relevant share of revenues 1. The largest customer brings a significant share of turnover, and concentration risk remains a point to monitor 1.
Demand in this sector depends on technology procurement programmes and on the development of new photonics applications; the report gives no estimate of market size 1. The source contains no forecast of demand for the coming period.
Trends
- Currency exposuremixed
Receivables in foreign currency make up almost all short-term trade receivables, so any movement in the EUR/PLN rate could materially change financial results 1.
- Interest rates on loansheadwind
Floating-rate credit exposes the group to rate increases, which could reduce margins if financing stays high 1.
- Capitalised technology developmenttailwind
The considerable growth in development work recognised as assets could support the technology position if projects reach commercialisation 1.
- Deferred tax and tax regulationheadwind
The expiry of tax incentives in the special economic zone at the end of 2026 limits the ability to use deferred tax assets in full 1.
Competitive position
The annual report does not explicitly name competitors, so direct comparisons based on the source cannot be made. The competitive market for infrared detectors does however suggest the presence of international manufacturers, an assessment the document does not confirm.
- International infrared detector makers
The source does not name competitors; possible rivals cannot be identified from the document.
- Optoelectronic module suppliers
The source provides no data on these competitors.
- Photonics start-up companies
Relevant to the VIGO Ventures investments, but not named in the report.
- Semiconductor chip suppliers
Relevant to chip technologies, without identification in the source.
News & filings
In the press
- Antrenorul de la Celta Vigo sare în apărarea lui Ionuț Radu: „Poate fi titular la aproape orice echipă din La Liga”SpotMedia.ro · 01 Nov 2026 · RO
- Rațiu, revenire de senzație la Rayo! Fundașul Român a inventat faza meciului și l-a învins pe Ionuț Radu. Umilință pentru Celta VigoAdevărul · 31 Oct 2026 · RO
- Nota primită de Ionuț Radu după ce a contribuit la succesul obținut de Celta Vigo în Europa LeagueSpotMedia.ro · 23 Oct 2026 · RO
- Peinador quiere volver a despegar : Vigo avanza en las negociaciones para volar a Londres y ParísSurge — GDELT DOC · 21 Oct 2026 · RO
- Nota primită de Ionuț Radu după ce a încasat două goluri în Celta Vigo – Juventus, în Europa LeagueSpotMedia.ro · 16 Oct 2026 · RO
- Ionuț Radu, cel mai slab de pe teren în Celta Vigo - Juventus 1-2. Notele românilor în prima etapă din Europa League + Rezultatele serii - Sport.roSurge — Google News · 15 Oct 2026 · RO
- La Cámara de Pontevedra , Vigo y Vilagarcía celebra sus 140 años proclamándose « imprescindible »Surge — GDELT DOC · 23 Sept 2026 · RO
- Ionuț Radu și Florin Tănase au evoluat în meciul Celta Vigo - Omonia NicosiaAdevărul · 17 Sept 2026 · RO
- Fotbal: Omonia Nicosia a învins-o pe Celta Vigo cu 1-0, în Europa League - AgerpresAgerpres · 16 Sept 2026 · RO
- Fotbal: Omonia Nicosia a învins-o pe Celta Vigo cu 1-0, în Europa LeagueAgerpres · 16 Sept 2026 · RO
- Nota fabuloasă primită de Ionuț Radu după ce a „închis poarta” în meciul Real Sociedad – Celta VigoSpotMedia.ro · 04 Sept 2026 · RO
- Ionuț Radu, imperial pentru Celta Vigo! Românul a făcut minuni în poartă la meciul cu Real SociedadAdevărul · 04 Sept 2026 · RO
- VIDEO: Ionuț Radu, omul meciului în remiza dintre Sociedad și Celta VigoG4Media · 04 Sept 2026 · RO
- VIDEO: Ionuț Radu, omul meciului – Celta Vigo pierde însă pe propriul teren cu Athletic BilbaoG4Media · 31 Aug 2026 · RO
- Ionuț Radu are concurență la Celta Vigo. Clubul spaniol transferă un portar de la Manchester UnitedMediafax · 07 Aug 2026 · RO
- Аналитики Vigo: почти 70% роутеров россиян устарелиKommersant (RU) · 10 Jun 2026 · RU
- VIDEO: Sezon excelent pentru Ionuț Radu: desemnat cel mai bun jucător al stagiunii la Celta VigoG4Media · 24 May 2026 · RO
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / VIGO Photonics S.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.