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Size Voxel (VOX.WA) is a Poland Health Care company (Hospital/Nursing Management) with a market value of $405M, the 66th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 151.00 on 6 Nov 2026.
Performance Over six months the shares gained 50.1%, against -7.2% for the median peer and +14.3% for the Poland market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +10.9%); the operating margin is 24.0% (peer median 8.8%).
Valuation It trades at 13.7× forward earnings against a peer median of 22.5× (3rd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.7 points above its cost of capital (9.8% WACC).
Next results Next results expected around 26 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 641M | PLN 584M | PLN 508M | PLN 424M | PLN 361M |
| Revenue growth | — | +15% | +20% | +18% | — |
| Gross profit | PLN 192M | PLN 169M | PLN 155M | PLN 140M | PLN 107M |
| EBITDA | PLN 212M | PLN 186M | PLN 174M | PLN 149M | PLN 120M |
| Net income | PLN 117M | PLN 98.5M | PLN 96.5M | PLN 74.3M | PLN 44.4M |
| Free cash flow | PLN 93.3M | PLN 32.4M | PLN 42.6M | PLN 74.2M | PLN 54.6M |
| Capital expenditure | PLN 83.3M | PLN 75.8M | PLN 70.6M | PLN 44.3M | PLN 31.0M |
| Total debt | PLN 159M | PLN 186M | PLN 127M | PLN 127M | PLN 138M |
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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 | VOX.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.2% | -3.0% | 5th highest of 20 |
| 6-month return | +50.1% | -7.2% | highest of 20 |
| Distance from 52-week high | -9.6% | -23.5% | 4th highest of 20 |
| Revenue growth (TTM) | +14.3% | +10.9% | 8th highest of 21 |
| Operating margin | 24.0% | 8.8% | highest of 21 |
| Forward P/E | 13.7× | 22.5× | 3rd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 1.1% | 6.2% | 6th least demanding of 15 |
| Growth delivered (Del g) | +12.2% | +15.5% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -11.2 pp | -5.0 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +11.7 pp | +1.0 pp | 2nd highest of 21 |
| EV / EBITDA | 8.1× | 12.4× | 5th cheapest of 19 |
| Net debt / EBITDA | 0.6× | 0.6× | 10th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Voxel VOX.WA | Poland | $405M | +50% | +14% | 24% | 13.7× | 1.1% | +12.2% |
| China Resources Medical 1515.HK | Hong Kong | $415M | -12% | 0% | 6% | 5.7× | -7.3% | +26.3% |
| Bright Eye Hospital 301239.SZ | China | $419M | -23% | +11% | 9% | 46.2× | -3.7% | +15.5% |
| Liaoning He Eye Hospital 301103.SZ | China | $365M | -21% | +3% | 4% | n/a | -2.1% | +5.4% |
| Bayzed Health 2609.HK | Hong Kong | $453M | -49% | -2% | 5% | n/a | 17.4% | +9.2% |
| Q & M Dental Group (Singapore) QC7.SI | Singapore | $353M | -18% | +16% | 9% | 34.5× | 8.2% | +7.5% |
| Viemed Healthcare VMD | United States | $348M | +2% | +25% | 8% | 18.1× | 6.2% | +15.5% |
| Indraprastha Medical INDRAMEDCO.NS | India | $321M | -21% | +11% | 15% | 14.7× | 16.7% | +19.3% |
| Artemis Medicare Services ARTEMISMED.NS | India | $514M | +16% | +15% | 14% | 37.6× | 45.8% | +21.5% |
| Community Health Systems CYH | United States | $312M | -21% | -8% | 7% | n/a | n/a | n/a |
| Garofalo Health Care GHC.MI | Italy | $540M | +1% | +4% | 10% | 20.9× | 1.8% | +18.3% |
| MEDICLIN Aktiengesellschaft MED.DE | Germany | $285M | +48% | +3% | 8% | 6.8× | -9.1% | +3.5% |
| Kovai Medical Center & Hospital KOVAI.NS | India | $689M | +4% | +15% | 21% | n/a | 16.3% | +18.1% |
| Paras Healthcare PARASHLTH.NS | India | $844M | n/a | +24% | 11% | n/a | n/a | n/a |
| Clinica Baviera CBAV.MC | Spain | $940M | -7% | +11% | 20% | 18.2× | 0.7% | +19.7% |
| HealthCare Global Enterprises HCG.NS | India | $950M | -2% | +14% | 8% | 67.3× | n/a | n/a |
| Thomson Medical A50.SI | Singapore | $953M | -21% | +6% | 10% | n/a | 20.9% | +11.8% |
| Jupiter Life Line Hospitals JLHL.NS | India | $1,000M | +14% | +17% | 16% | 48.5× | n/a | n/a |
| Yatharth Hospital and Trauma Care Services YATHARTH.NS | India | $1.05B | +25% | +50% | 16% | 41.0× | n/a | n/a |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 22.5× | n/a | n/a |
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | n/a | 6.3% | +6.0% |