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Operator of the Warsaw Stock Exchange, running Poland's equity, derivatives and commodity trading markets.
Operator of the Warsaw Stock Exchange, running Poland's equity, derivatives and commodity trading markets.
Earns fees on trades and from listed companies, and sells market data, with trading activity the swing factor. It also owns the Polish power exchange, TGE. The Polish State Treasury is its largest shareholder.
In one line: Poland's stock exchange operator, like a listed Deutsche Boerse equivalent.
Moat: wide (regulatory licence, network effects). National stock exchange with regulatory licence and liquidity network effects.
Headquarters: Warsaw, Poland · Founded: 1991 · Employees: 602
Size Gielda Papierow Wartosciowych w Warszawie (GPW.WA) is a Poland Financials company (Investment Banks/Brokers) with a market value of $1.04B, the 36th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 97.10 on 6 Nov 2026.
Performance Over six months the shares gained 18.6%, against -12.4% for the median peer and +14.3% for the Poland market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +14.9%); the operating margin is 33.9% (peer median 30.6%).
Valuation It trades at 16.3× forward earnings against a peer median of 12.5× (3rd most expensive of 12).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 619M | PLN 553M | PLN 467M | PLN 448M | PLN 390M |
| Revenue growth | — | +18% | +4% | +15% | — |
| Gross profit | PLN 551M | PLN 485M | PLN 406M | PLN 386M | PLN 328M |
| EBITDA | PLN 244M | PLN 205M | PLN 153M | PLN 157M | PLN 172M |
| Net income | PLN 215M | PLN 195M | PLN 149M | PLN 156M | PLN 145M |
| Free cash flow | PLN 208M | PLN 204M | PLN 153M | PLN 139M | PLN 202M |
| Capital expenditure | PLN 66.0M | PLN 74.7M | PLN 55.2M | PLN 73.5M | PLN 60.2M |
| Total debt | PLN 20.2M | PLN 22.5M | PLN 26.8M | PLN 25.7M | PLN 5.35M |
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 |
|---|---|---|---|---|---|---|
| Gielda Papierow Wartosciowych w Warszawie GPW.WA | $1.04B | +19% | +22% | 34% | 16.3× | n/a |
| Deutsche Boerse DB1.DE | $63.8B | +32% | +7% | 41% | 24.7× | n/a |
| Euronext ENX.PA | $18.8B | +21% | +14% | 52% | 19.7× | n/a |
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 | GPW.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | -6.8% | 4th highest of 21 |
| 6-month return | +18.6% | -12.4% | 2nd highest of 21 |
| Distance from 52-week high | -12.1% | -26.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +22.1% | +14.9% | 9th highest of 21 |
| Operating margin | 33.9% | 30.6% | 10th highest of 21 |
| Forward P/E | 16.3× | 12.5× | 3rd most expensive of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gielda Papierow Wartosciowych w Warszawie GPW.WA | Poland | $1.04B | +19% | +22% | 34% | 16.3× | n/a | n/a |
| Indian Energy Exchange IEX.NS | India | $1.03B | -18% | +13% | 80% | 18.1× | n/a | n/a |
| Japan Securities Finance 8511.T | Japan | $1.02B | -6% | +73% | 82% | n/a | n/a | n/a |
| Yuanta Futures 6023.TWO | Taiwan | $1.07B | -9% | +10% | -22% | n/a | n/a | n/a |
| Canaccord Genuity CF.TO | Canada | $1.08B | +17% | +32% | 12% | 11.0× | n/a | n/a |
| Gold.com GOLD | United States | $1.09B | -17% | +132% | 1% | 13.8× | n/a | n/a |
| Oppenheimer OPY | United States | $963M | -5% | +14% | 12% | n/a | n/a | n/a |
| Flow Traders FLOW.AS | Netherlands | $1.13B | -20% | -4% | 43% | 7.2× | n/a | n/a |
| JM Financial JMFINANCIL.NS | India | $1.13B | -22% | +1% | 32% | 8.0× | n/a | n/a |
| Tokai Tokyo Financial 8616.T | Japan | $1.14B | +2% | +16% | 18% | 12.5× | n/a | n/a |
| IIFL Capital Services IIFLCAPS.NS | India | $1.17B | 0% | +8% | 25% | n/a | n/a | n/a |
| DAOU TECHNOLOGY 023590.KS | South Korea | $919M | -35% | +134% | 6% | n/a | n/a | n/a |
| OSL 0863.HK | Hong Kong | $1.19B | -20% | +12,274% | -2% | n/a | n/a | n/a |
| Ruida Futures 002961.SZ | China | $1.22B | -21% | -51% | 82% | 10.6× | n/a | n/a |
| Daishin Securities 003540.KS | South Korea | $868M | -44% | +44% | 53% | 2.9× | n/a | n/a |
| M&A Capital Partners 6080.T | Japan | $855M | +32% | +12% | 38% | 17.5× | n/a | n/a |
| Edelweiss Financial Services EDELWEISS.NS | India | $1.28B | +6% | +16% | 11% | n/a | n/a | n/a |
| Nihon M&A Center 2127.T | Japan | $1.28B | -7% | +5% | 36% | 14.1× | n/a | n/a |
| Bright Smart Securities & Commodities 1428.HK | Hong Kong | $1.28B | -51% | -2% | 67% | 14.9× | n/a | n/a |
| JSW JSWHL.NS | India | $1.29B | -16% | +55% | 94% | n/a | n/a | n/a |
| Okasan Securities 8609.T | Japan | $1.33B | +5% | +36% | 29% | n/a | n/a | n/a |