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Polish state-linked miner and smelter of copper and silver, with mines in Poland, Chile and the US.
Polish state-linked miner and smelter of copper and silver, with mines in Poland, Chile and the US.
Mines copper ore in southwest Poland, smelts it into cathode, and sells silver recovered from the same ore, so it earns both on copper and on a large silver by-product. A Polish minerals tax tied to copper and silver output weighs on results, and the State Treasury is the largest shareholder.
In one line: A Polish Freeport-McMoRan/Southern Copper.
Moat: narrow (scale, installed base). Large, long-life underground copper deposits in Poland, though a high-cost, mature mining base.
Headquarters: Lubin, Poland · Founded: 1961 · Employees: 34,421
Size KGHM Polska Miedz (KGH.WA) is a Poland Materials company (Other Metals/Minerals) with a market value of $14.1B, the 9th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 276.80 on 6 Nov 2026.
Performance Over six months the shares fell 27.2%, against -26.6% for the median peer and +14.3% for the Poland market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 26.7% over the last twelve months (peer median +28.6%); the operating margin is 19.8% (peer median 14.2%).
Valuation It trades at 6.4× forward earnings against a peer median of 12.7× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (12.1% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 44.4B | PLN 36.3B | PLN 34.7B | PLN 32.8B | PLN 34.0B |
| Revenue growth | — | +4% | +6% | -4% | — |
| Gross profit | PLN 11.1B | PLN 5.99B | PLN 5.16B | PLN 2.54B | PLN 6.50B |
| EBITDA | PLN 11.7B | PLN 6.64B | PLN 5.55B | PLN 3.16B | PLN 7.11B |
| Net income | PLN 8.69B | PLN 3.69B | PLN 2.87B | -PLN 3.70B | PLN 4.77B |
| Free cash flow | PLN 2.35B | -PLN 599M | -PLN 273M | -PLN 1.70B | -PLN 1.25B |
| Capital expenditure | PLN 5.37B | PLN 5.17B | PLN 5.55B | PLN 4.58B | PLN 3.92B |
| Total debt | PLN 5.90B | PLN 7.15B | PLN 8.17B | PLN 8.75B | PLN 6.46B |
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 |
|---|---|---|---|---|---|---|
| KGHM Polska Miedz KGH.WA | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Southern Copper SCCO | $143B | -9% | +39% | 59% | 21.5× | 6.8% |
| Boliden BOL.ST | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% |
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 | KGH.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.7% | -15.6% | 11th highest of 21 |
| 6-month return | -27.2% | -26.6% | 11th highest of 21 |
| Distance from 52-week high | -30.2% | -44.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +26.7% | +28.6% | 10th lowest of 21 |
| Operating margin | 19.8% | 14.2% | 7th highest of 21 |
| Forward P/E | 6.4× | 12.7× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.6% | 11.9% | 4th least demanding of 11 |
| Growth delivered (Del g) | +9.2% | +14.4% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -7.6 pp | +1.3 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +3.9 pp | +0.2 pp | 9th highest of 21 |
| EV / EBITDA | 5.1× | 10.3× | 2nd cheapest of 14 |
| Net debt / EBITDA | 0.4× | 0.9× | 6th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Jiangxi Copper 600362.SS | China | $14.3B | -29% | +14% | 4% | 7.2× | n/a | n/a |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |