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Polish manufacturer of trains and trams, building electric multiple units, locomotives and rolling stock for rail operators.
Polish manufacturer of trains and trams, building electric multiple units, locomotives and rolling stock for rail operators.
Wins train orders mainly through public tenders by regional governments and rail operators, then books revenue as vehicles are delivered over several years, and later earns from repairs and maintenance. Funding for Polish regional rail depends on EU and national budgets.
In one line: A Polish train and tram manufacturer.
Moat: narrow (process know-how, customer qualification, regulatory licence). Rail vehicle type-approval/certification requirements and long-term maintenance relationships create switching costs.
Headquarters: Nowy Sacz, Poland · Founded: 1876 · Employees: 1,933
Size Newag (NWG.WA) is a Poland Industrials company (Trucks/Construction/Farm Machinery) with a market value of $1.04B, the 37th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 90.40 on 6 Nov 2026.
Performance Over six months the shares fell 15.7%, against -20.2% for the median peer and +14.3% for the Poland market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 44.5% over the last twelve months (peer median +10.7%); the operating margin is 21.0% (peer median 9.3%).
Valuation It trades at 11.9× forward earnings against a peer median of 19.6× (5th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 27.9 points above its cost of capital (10.9% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 2.69B | PLN 2.39B | PLN 1.59B | PLN 1.23B | PLN 964M |
| Revenue growth | — | +50% | +29% | +28% | — |
| Gross profit | PLN 766M | PLN 678M | PLN 336M | PLN 263M | PLN 148M |
| EBITDA | PLN 624M | PLN 495M | PLN 220M | PLN 179M | PLN 96.6M |
| Net income | PLN 432M | PLN 356M | PLN 122M | PLN 95.2M | PLN 22.8M |
| Free cash flow | PLN 323M | PLN 425M | -PLN 94.7M | PLN 632M | -PLN 56.4M |
| Capital expenditure | PLN 68.7M | PLN 46.1M | PLN 68.1M | PLN 32.6M | PLN 13.5M |
| Total debt | PLN 98.0M | PLN 117M | PLN 140M | PLN 215M | PLN 407M |
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 |
|---|---|---|---|---|---|---|
| Newag NWG.WA | $1.04B | -16% | +45% | 21% | 11.9× | -4.3% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
| Stadler Rail SRAIL.SW | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% |
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 | NWG.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.5% | -5.4% | 7th lowest of 21 |
| 6-month return | -15.7% | -20.2% | 9th highest of 21 |
| Distance from 52-week high | -30.8% | -40.1% | 9th highest of 21 |
| Revenue growth (TTM) | +44.5% | +10.7% | 4th highest of 21 |
| Operating margin | 21.0% | 9.3% | 4th highest of 21 |
| Forward P/E | 11.9× | 19.6× | 5th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -4.3% | 8.8% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +12.6% | +7.2% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -16.8 pp | +0.4 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +27.9 pp | -1.8 pp | 2nd highest of 21 |
| EV / EBITDA | 6.5× | 17.1× | 4th cheapest of 11 |
| Net debt / EBITDA | -0.1× | 0.7× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Newag NWG.WA | Poland | $1.04B | -16% | +45% | 21% | 11.9× | -4.3% | +12.6% |
| TADANO 6395.T | Japan | $1.02B | -8% | +21% | 9% | 10.8× | n/a | n/a |
| Willing New Energy 002667.SZ | China | $1.08B | -20% | +49% | -44% | n/a | n/a | n/a |
| Lindsay LNN | United States | $1.08B | -3% | -6% | 11% | 20.4× | 6.0% | +2.3% |
| Vossloh Aktiengesellschaft VOS.DE | Germany | $1.08B | -31% | +21% | 5% | 21.7× | 12.9% | +9.1% |
| Sunward Intelligent Equipment 002097.SZ | China | $985M | -38% | +10% | 1% | n/a | n/a | n/a |
| Taiyuan Heavy Industry 600169.SS | China | $1.10B | -8% | +10% | 6% | n/a | -3.8% | +3.7% |
| Yamabiko 6250.T | Japan | $1.11B | +8% | +10% | 13% | 9.9× | -2.2% | +5.7% |
| Titagarh Rail Systems TITAGARH.NS | India | $967M | -20% | -10% | 10% | 34.8× | 45.4% | +15.9% |
| DAEHAN SHIPBUILDING 439260.KS | South Korea | $955M | -62% | +14% | 26% | 4.4× | n/a | n/a |
| OMH SCIENCE 300486.SZ | China | $1.17B | -30% | +35% | 2% | n/a | 47.7% | -0.3% |
| Chengdu Leejun Industrial 002651.SZ | China | $1.17B | -20% | +7% | -6% | n/a | 15.0% | -2.3% |
| Chengdu Yunda Technology 300440.SZ | China | $1.17B | -1% | +9% | 6% | n/a | 42.0% | +8.7% |
| Jupiter Wagons JWL.NS | India | $896M | -35% | -12% | 10% | 32.8× | n/a | n/a |
| Xinjiang Machinery Research Institute 300159.SZ | China | $1.21B | -28% | +28% | -40% | n/a | n/a | n/a |
| HD-Hyundai Marine Engine 071970.KS | South Korea | $887M | -66% | +54% | 26% | 8.7× | -9.8% | +10.2% |
| Asian Star Anchor Chain 601890.SS | China | $1.22B | -23% | +2% | 13% | 19.6× | 10.7% | +13.5% |
| Knowledge Marine & Engineering Works KMEW.NS | India | $876M | +44% | +57% | 40% | n/a | n/a | n/a |
| engcon ENGCON-B.ST | Sweden | $876M | -13% | +16% | 16% | 29.7× | 7.0% | +11.9% |
| Austal ASB.AX | Australia | $1.23B | 0% | +11% | -7% | 18.1× | n/a | n/a |
| KTK 603680.SS | China | $1.28B | -24% | -16% | 17% | n/a | -6.0% | +2.3% |