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Poland's largest construction company, building roads, rail and buildings, majority owned by Spain's Ferrovial.
Poland's largest construction company, building roads, rail and buildings, majority owned by Spain's Ferrovial.
Wins construction contracts mostly through public tenders and earns revenue as work is completed, so results follow the size and timing of road, rail and building programmes, many co-funded by the EU. Many contracts are fixed-price, which exposes it to rises in materials and labour costs. Spain's Ferrovial holds a majority.
In one line: Poland's largest construction company (Ferrovial-controlled).
Moat: narrow (scale, brand). Largest scale and track record in Polish public infrastructure tenders, backed by Ferrovial's expertise.
Headquarters: Warsaw, Poland · Founded: 1968 · Employees: 7,742
Size Budimex (BDX.WA) is a Poland Industrials company (Engineering & Construction) with a market value of $4.82B, the 21st largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 739.80 on 6 Nov 2026.
Performance Over six months the shares gained 9.7%, against -10.8% for the median peer and +14.3% for the Poland market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +11.6%); the operating margin is 8.6% (peer median 7.5%).
Valuation It trades at 26.5× forward earnings against a peer median of 17.0× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 10.1B | PLN 9.44B | PLN 9.12B | PLN 9.80B | PLN 8.62B |
| Revenue growth | — | +4% | -7% | +14% | — |
| Gross profit | PLN 1.40B | PLN 1.28B | PLN 1.19B | PLN 1.11B | PLN 856M |
| EBITDA | PLN 1.11B | PLN 1.06B | PLN 855M | PLN 907M | PLN 715M |
| Net income | PLN 739M | PLN 748M | PLN 616M | PLN 738M | PLN 534M |
| Free cash flow | PLN 693M | PLN 274M | PLN 140M | PLN 1.15B | PLN 1.29B |
| Capital expenditure | PLN 261M | PLN 324M | PLN 254M | PLN 142M | PLN 125M |
| Total debt | PLN 480M | PLN 441M | PLN 261M | PLN 237M | PLN 225M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Budimex BDX.WA | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% |
| Mirbud MRB.WA | $319M | +10% | +6% | 4% | 10.3× | n/a |
| Trakcja TRK.WA | $350M | -23% | -2% | 7% | n/a | -6.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BDX.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | -1.5% | 3rd highest of 21 |
| 6-month return | +9.7% | -10.8% | 3rd highest of 21 |
| Distance from 52-week high | -9.1% | -28.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +11.9% | +11.6% | 10th highest of 20 |
| Operating margin | 8.6% | 7.5% | 9th highest of 21 |
| Forward P/E | 26.5× | 17.0× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 4.0% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +4.1% | +8.1% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +11.6 pp | -4.3 pp | most demanding of 14 |
| EV / EBITDA | 15.7× | 11.3× | 3rd most expensive of 15 |
| Net debt / EBITDA | -1.4× | 0.8× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |