Loading…
Poland's largest online CFD and forex retail trading platform, also offering stock and ETF investing across many countries.
Poland's largest online CFD and forex retail trading platform, also offering stock and ETF investing across many countries.
Earns from the spread and commissions on clients' CFD and forex trades and, to a growing extent, from share and ETF dealing, so revenue follows trading volume and market volatility. It handles part of client trading itself, so results also depend on risk management. Poland is the home market, with clients spread across Europe and beyond.
In one line: Poland's largest online CFD/forex retail trading platform, like a European IG Group/Plus50.
Moat: narrow (brand, scale, regulatory licence). Multi-jurisdiction broker licenses and brand recognition across many retail trading markets.
Headquarters: Warsaw, Poland · Founded: 2002 · Employees: 1,516
Size XTB Spolka Akcyjna (XTB.WA) is a Poland Financials company (Investment Banks/Brokers) with a market value of $3.98B, the 25th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 132.54 on 6 Nov 2026.
Performance Over six months the shares gained 21.8%, against -13.0% for the median peer and +14.3% for the Poland market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 63.0% over the last twelve months (peer median +9.2%); the operating margin is 48.5% (peer median 27.9%).
Valuation It trades at 7.79× book value against a peer median of 1.36× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 66.9%; XTB Spolka Akcyjna delivers 61.9%, so the price asks more than the business earns today.
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 3.41B | PLN 2.26B | PLN 1.97B | PLN 1.67B | PLN 1.48B |
| Revenue growth | — | +14% | +18% | +13% | — |
| Gross profit | PLN 3.14B | PLN 2.01B | PLN 1.75B | PLN 1.54B | PLN 1.42B |
| EBITDA | PLN 1.68B | PLN 861M | PLN 1.01B | PLN 942M | PLN 945M |
| Net income | PLN 1.42B | PLN 644M | PLN 857M | PLN 791M | PLN 766M |
| Free cash flow | n/a | PLN 2.95B | PLN 2.41B | PLN 1.14B | PLN 1.43B |
| Capital expenditure | n/a | PLN 21.9M | PLN 20.7M | PLN 14.6M | PLN 13.7M |
| Total debt | n/a | PLN 25.9M | PLN 33.9M | PLN 29.6M | PLN 30.4M |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| XTB Spolka Akcyjna XTB.WA | $3.98B | +22% | +63% | 62% | 7.79× | 66.9% |
| Plus500 PLUS.L | $3.12B | -26% | +3% | 48% | 5.20× | 33.0% |
| IG Group Holdings plc IGG.L | $4.23B | -38% | +16% | n/a | 1.65× | 13.4% |
| CMC Markets CMCX.L | $2.54B | +79% | +16% | 17% | 4.00× | 39.1% |
| eToro ETOR | $1.86B | -40% | +10% | 20% | 1.40× | 18.4% |
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 | XTB.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | -0.6% | 8th lowest of 21 |
| 6-month return | +21.8% | -13.0% | highest of 21 |
| Return on equity | 61.9% | 7.2% | 2nd highest of 20 |
| Price / book | 7.79× | 1.36× | 3rd most expensive of 21 |
| ROE the price implies | 66.9% | 11.5% | 3rd most demanding of 21 |
| ROE delivered | 61.9% | 7.1% | highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| XTB Spolka Akcyjna XTB.WA | Poland | $3.98B | +22% | +63% | 62% | 7.79× | 66.9% | 61.9% |
| Southwest Securities 600369.SS | China | $3.90B | -8% | -13% | 5% | 0.98× | 8.7% | 4.9% |
| Western Securities 002673.SZ | China | $3.83B | -14% | -2% | 6% | 0.90× | 8.6% | 5.6% |
| PJT Partners PJT | United States | $3.80B | -4% | +10% | 73% | 11.72× | 76.6% | n/a |
| Lazard LAZ | United States | $3.74B | -20% | +9% | 20% | 3.94× | 39.0% | 19.8% |
| IG Group Holdings plc IGG.L | United Kingdom | $4.23B | -38% | +16% | n/a | 1.65× | 13.4% | n/a |
| Nanjing Securities 601990.SS | China | $4.30B | -11% | -9% | 6% | 1.19× | 9.0% | 5.5% |
| BOC International (China) 601696.SS | China | $4.37B | -16% | +6% | 6% | 1.46× | 13.0% | 6.2% |
| J-Yuan Trust 600816.SS | China | $3.50B | -18% | +139% | 8% | 1.49× | 10.0% | 8.2% |
| Guoyuan Securities 000728.SZ | China | $4.53B | -6% | -23% | 6% | 0.77× | 7.2% | 6.5% |
| China Great Wall Securities 002939.SZ | China | $4.53B | -16% | -5% | 7% | 0.91× | 9.9% | 7.1% |
| Kiwoom 039490.KS | South Korea | $3.48B | -53% | +100% | 18% | 0.72× | 6.6% | n/a |
| Pacific Securities 601099.SS | China | $3.47B | -8% | -11% | 1% | 2.30× | 22.2% | 1.2% |
| Miami International MIAX | United States | $3.45B | -34% | +14% | 29% | 2.82× | 32.7% | 28.9% |
| Sinolink Securities 600109.SS | China | $4.60B | -7% | +10% | 7% | 0.83× | 8.1% | 7.2% |
| Moelis & MC | United States | $4.62B | -13% | +14% | 45% | 8.34× | 96.1% | 44.7% |
| Piper Sandler Companies PIPR | United States | $4.65B | -19% | +20% | 23% | 3.20× | 31.3% | 22.7% |
| Hongta Securities 601236.SS | China | $4.72B | -11% | -4% | 4% | 1.26× | 9.7% | 3.8% |
| SamsungSecu 016360.KS | South Korea | $4.87B | -31% | +19% | 18% | 0.76× | 6.3% | 18.1% |
| BGC BGC | United States | $4.89B | -8% | +28% | 20% | 4.48× | 34.0% | 19.5% |
| Tianfeng Securities 601162.SS | China | $4.91B | -9% | -20% | 0% | 1.20× | 14.8% | 0.1% |