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Poland's dominant oil refiner and fuel retailer (Orlen), also active in petrochemicals, power generation, and energy retail.
Poland's dominant oil refiner and fuel retailer (Orlen), also active in petrochemicals, power generation, and energy retail.
Controlled by the Polish state, which holds roughly half, it has served as the vehicle for national energy policy: it absorbed the refiner Lotos and the gas group PGNiG in 2022, adding gas production and sales beside its fuel business. Refineries in Poland, Lithuania and Czechia supply its fuel stations and petrochemical plants.
In one line: A Polish Marathon Petroleum with a state stake.
Moat: narrow (scale, distribution, regulatory licence). Largest refining and fuel-retail network in Poland/Central Europe, with state-linked strategic status.
Headquarters: Plock, Poland · Founded: 1999 · Employees: 65,889
Size ORLEN Spolka Akcyjna (PKN.WA) is a Poland Energy company (Oil Refining/Marketing) with a market value of $38.5B, the largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 130.14 on 6 Nov 2026.
Performance Over six months the shares fell 10.1%, against +7.1% for the median peer and +14.3% for the Poland market (cap-weighted) — 3rd lowest of 13 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +18.6%); the operating margin is 13.5% (peer median 9.4%).
Valuation It trades at 5.2× forward earnings against a peer median of 6.8× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -33 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.8 points above its cost of capital (11.8% WACC).
Credit ORLEN Spolka Akcyjna has 1 bond outstanding ($1.50B), rated A3 by the agencies and trading like BBB- at a weighted spread of 135 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 285B | PLN 268B | PLN 295B | PLN 372B | PLN 282B |
| Revenue growth | — | -9% | -21% | +32% | — |
| Gross profit | PLN 60.9B | PLN 47.6B | PLN 42.5B | PLN 61.0B | PLN 57.7B |
| EBITDA | PLN 52.6B | PLN 38.6B | PLN 35.4B | PLN 51.8B | PLN 50.3B |
| Net income | PLN 21.0B | PLN 2.53B | PLN 2.83B | PLN 20.9B | PLN 39.7B |
| Free cash flow | PLN 13.1B | PLN 16.5B | PLN 5.20B | PLN 5.36B | PLN 12.2B |
| Capital expenditure | PLN 30.6B | PLN 29.9B | PLN 30.9B | PLN 36.2B | PLN 20.2B |
| Total debt | PLN 40.7B | PLN 37.7B | PLN 29.5B | PLN 25.9B | PLN 28.8B |
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 |
|---|---|---|---|---|---|---|
| ORLEN Spolka Akcyjna PKN.WA | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% |
| Shell SHEL.L | $284B | +18% | +15% | 16% | 7.7× | -10.9% |
| Eni ENI.MI | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% |
| Repsol REP.MC | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% |
| PGE Polska Grupa Energetyczna PGE.WA | $9.02B | +47% | -2% | 12% | 5.5× | n/a |
| TAURON Polska Energia TPE.WA | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% |
| Enea ENA.WA | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% |
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 | PKN.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.3% | -14.0% | 6th lowest of 13 |
| 6-month return | -10.1% | +7.1% | 3rd lowest of 13 |
| Distance from 52-week high | -20.7% | -24.1% | 5th highest of 13 |
| Revenue growth (TTM) | +2.2% | +18.6% | 3rd lowest of 13 |
| Operating margin | 13.5% | 9.4% | 3rd highest of 13 |
| Forward P/E | 5.2× | 6.8× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -7.6% | -7.7% | 6th most demanding of 12 |
| Growth delivered (Del g) | +25.5% | +13.3% | highest of 12 |
| Hurdle (Req g minus delivered) | -33.0 pp | -16.5 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +7.8 pp | +12.1 pp | 6th lowest of 13 |
| EV / EBITDA | 3.1× | 5.7× | 2nd cheapest of 10 |
| Net debt / EBITDA | 0.2× | 0.8× | 4th least indebted of 12 |
| Bond spread | 135 bp | 85 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
| Neste NESTE.HE | Finland | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% | +10.0% |
| Eneos 5020.T | Japan | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% | +9.0% |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
ORLEN Spolka Akcyjna has 1 bond outstanding with $1.50B face value. The agencies rate it A3; its bonds trade like BBB-. Weighted yield 6.14%, a spread of 135 bp over government bonds.