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Polish online fashion and footwear retailer operating the MODIVO and eobuwie.pl platforms across Central and Eastern Europe.
Polish online fashion and footwear retailer operating the MODIVO and eobuwie.pl platforms across Central and Eastern Europe.
Buys branded shoes and clothing from suppliers and resells it online at a mark-up, with its own labels and a marketplace for outside sellers widening the offer. Delivery and return costs are a main swing factor, and shipping from Poland to many countries is central to the model.
In one line: Poland's Zalando - online fashion and footwear retailer.
Moat: narrow (scale, distribution, brand). Leading CEE online fashion platform with logistics scale and multi-brand assortment.
Headquarters: Zory, Poland · Founded: 2001 · Employees: 17,528
Size Modivo (MDV.WA) is a Poland Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $2.01B, the 31st largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 102.30 on 6 Nov 2026.
Performance Over six months the shares gained 29.1%, against -6.0% for the median peer and +14.3% for the Poland market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +7.0%); the operating margin is 2.0% (peer median 8.5%).
Valuation It trades at 34.1× forward earnings against a peer median of 14.6× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +7 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.
Capital Return on invested capital runs 7.1 points below its cost of capital (10.0% WACC).
Next results Next results expected around 27 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 11.1B | PLN 10.9B | PLN 10.2B | PLN 9.44B | PLN 9.12B |
| Revenue growth | — | +6% | +8% | +3% | — |
| Gross profit | PLN 4.46B | PLN 4.41B | PLN 4.55B | PLN 3.80B | PLN 3.68B |
| EBITDA | PLN 1.12B | PLN 1.28B | PLN 1.56B | PLN 727M | PLN 576M |
| Net income | -PLN 364M | PLN 21.8M | PLN 925M | -PLN 56.1M | -PLN 370M |
| Free cash flow | PLN 1.12B | PLN 54.1M | PLN 587M | PLN 215M | -PLN 112M |
| Capital expenditure | PLN 429M | PLN 812M | PLN 477M | PLN 325M | PLN 455M |
| Total debt | PLN 4.92B | PLN 4.71B | PLN 3.89B | PLN 3.83B | PLN 4.31B |
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 |
|---|---|---|---|---|---|---|
| Modivo MDV.WA | $2.01B | +29% | +4% | 2% | 34.1× | 23.3% |
| Zalando ZAL.DE | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% |
| ASOS ASC.L | $670M | +88% | -15% | -1% | n/a | 1.2% |
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 | MDV.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.5% | +2.8% | 5th highest of 21 |
| 6-month return | +29.1% | -6.0% | highest of 20 |
| Distance from 52-week high | -34.0% | -28.1% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.3% | +7.0% | 6th lowest of 21 |
| Operating margin | 2.0% | 8.5% | 2nd lowest of 21 |
| Forward P/E | 34.1× | 14.6× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 23.3% | 7.7% | 3rd most demanding of 20 |
| Growth delivered (Del g) | +15.9% | +7.8% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | +7.4 pp | -9.4 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | -7.1 pp | +2.1 pp | 2nd lowest of 20 |
| EV / EBITDA | 10.9× | 7.6× | 7th most expensive of 19 |
| Net debt / EBITDA | 4.0× | 0.6× | 3rd most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Modivo MDV.WA | Poland | $2.01B | +29% | +4% | 2% | 34.1× | 23.3% | +15.9% |
| Capri CPRI | United States | $2.12B | +11% | -14% | 3% | 9.4× | 21.3% | -3.1% |
| Buckle BKE | United States | $2.16B | -20% | +6% | 22% | 10.3× | -5.2% | +7.6% |
| OVS OVS.MI | Italy | $1.74B | +15% | +10% | 7% | 14.8× | 12.8% | +11.4% |
| Metro Brands METROBRAND.NS | India | $2.39B | -20% | +16% | 19% | 49.2× | 34.1% | +29.1% |
| Sailvan Times 301381.SZ | China | $2.39B | +25% | +14% | 4% | 25.4× | 14.9% | +17.6% |
| PAL 2726.T | Japan | $1.58B | -4% | +7% | 11% | 13.6× | -15.4% | +16.7% |
| Premier Investments PMV.AX | Australia | $1.57B | +22% | -3% | 14% | 14.9× | 9.4% | -11.0% |
| American Eagle Outfitters AEO | United States | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% | +8.1% |
| Carter's CRI | United States | $1.17B | -9% | +5% | 10% | 9.9× | -13.2% | -0.8% |
| Reformation REF | United States | $1.07B | n/a | +16% | 6% | 57.7× | n/a | n/a |
| Boot Barn BOOT | United States | $3.92B | -20% | +17% | 14% | 14.6× | 14.3% | +20.3% |
| Aditya Birla Lifestyle Brands ABLBL.NS | India | $995M | -35% | +7% | 7% | 32.4× | 22.2% | n/a |
| Winmark WINA | United States | $944M | -29% | +9% | 60% | 23.9× | 7.7% | +5.4% |
| AOKI 8214.T | Japan | $912M | +10% | 0% | 8% | n/a | -5.3% | +6.3% |
| AND ST HD 2685.T | Japan | $900M | +2% | +3% | 6% | 12.0× | -15.3% | +10.6% |
| Brainbees Solutions FIRSTCRY.NS | India | $883M | -33% | +12% | -2% | 194.4× | 20.1% | +39.8% |
| Topsports International 6110.HK | Hong Kong | $882M | -62% | -3% | 5% | 6.1× | -20.9% | -7.2% |
| Vishal Mega Mart VMM.NS | India | $4.67B | -25% | +18% | 9% | 43.8× | 32.3% | +19.4% |
| SHIMAMURA 8227.T | Japan | $4.69B | +2% | +5% | 9% | 14.3× | -9.9% | +5.2% |
| Nishimatsuya Chain 7545.T | Japan | $725M | -6% | +5% | 5% | 13.8× | -21.2% | +3.9% |