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Poland's leading corporate fitness-benefit provider, running the MultiSport gym-access card and owning fitness clubs.
Poland's leading corporate fitness-benefit provider, running the MultiSport gym-access card and owning fitness clubs.
Collects monthly card fees from employees, usually part-funded by their employer, and pays partner gyms for each visit, so earnings come from the gap between the two and from the number of cards in circulation. Its own fitness clubs add membership income. The card has also been rolled out in several other central European countries and Turkey.
In one line: Poland's leading corporate fitness-benefit provider (MultiSport card).
Moat: wide (network effects, installed base, brand). Dominant MultiSport network effect linking employers, employees and thousands of partner gyms.
Headquarters: Warsaw, Poland · Founded: 2001 · Employees: 4,196
Size Benefit Systems (BFT.WA) is a Poland Communication Services company (Movies/Entertainment) with a market value of $5.18B, the 19th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 6,155 on 6 Nov 2026.
Performance Over six months the shares gained 54.1%, against +10.9% for the median peer and +14.3% for the Poland market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 40.1% over the last twelve months (peer median +4.2%); the operating margin is 18.8% (peer median 9.5%).
Valuation It trades at 23.7× forward earnings against a peer median of 30.3× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.7 points above its cost of capital (9.7% WACC).
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 5.32B | PLN 4.52B | PLN 3.40B | PLN 2.77B | PLN 1.91B |
| Revenue growth | — | +33% | +22% | +45% | — |
| Gross profit | PLN 1.86B | PLN 1.53B | PLN 1.19B | PLN 913M | PLN 500M |
| EBITDA | PLN 1.69B | PLN 1.26B | PLN 980M | PLN 841M | PLN 449M |
| Net income | PLN 823M | PLN 571M | PLN 450M | PLN 440M | PLN 138M |
| Free cash flow | PLN 928M | PLN 572M | PLN 715M | PLN 720M | PLN 354M |
| Capital expenditure | PLN 750M | PLN 663M | PLN 318M | PLN 158M | PLN 123M |
| Total debt | PLN 3.41B | PLN 3.24B | PLN 1.45B | PLN 1.12B | PLN 1.04B |
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 |
|---|---|---|---|---|---|---|
| Benefit Systems BFT.WA | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% |
| Edenred EDEN.PA | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% |
| Sodexo SW.PA | $9.91B | +28% | 0% | 3% | 17.7× | 6.0% |
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 | BFT.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.8% | +9.2% | 4th highest of 20 |
| 6-month return | +54.1% | +10.9% | 2nd highest of 20 |
| Distance from 52-week high | -2.1% | -16.7% | highest of 20 |
| Revenue growth (TTM) | +40.1% | +4.2% | highest of 20 |
| Operating margin | 18.8% | 9.5% | 3rd highest of 21 |
| Forward P/E | 23.7× | 30.3× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 13.4% | 5.8% | 4th most demanding of 17 |
| Growth delivered (Del g) | +34.3% | +16.7% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | -20.9 pp | -14.8 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +5.7 pp | +1.1 pp | 5th highest of 21 |
| EV / EBITDA | 13.6× | 10.5× | 6th most expensive of 13 |
| Net debt / EBITDA | 1.6× | 3.2× | 5th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| CTS Eventim AG & Co. KGaA EVD.DE | Germany | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% | +64.3% |
| Churchill Downs CHDN | United States | $6.71B | +11% | +4% | 26% | 13.6× | 2.3% | +22.7% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| MSG Knickerbockers MSGK | United States | $7.51B | n/a | +11% | 3% | n/a | 61.1% | +22.6% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| Lottery TLC.AX | Australia | $8.47B | +4% | -5% | 16% | 33.3× | 9.9% | +3.8% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| DraftKings DKNG | United States | $9.19B | -27% | +15% | -3% | 55.1× | 9.7% | +58.0% |
| Toho 9602.T | Japan | $9.44B | +22% | +4% | 16% | 28.4× | 7.9% | +13.4% |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
| Liberty Live Holdings, Inc. Registered Series -A- LLYVA | United States | $9.64B | +9% | n/a | -13% | n/a | n/a | n/a |