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Poland's largest convenience store chain, operating a franchise-driven network of small-format neighborhood shops.
Poland's largest convenience store chain, operating a franchise-driven network of small-format neighborhood shops.
Franchisees run the shops while the company supplies them, selling goods to them and keeping a share of store margin, and it runs central logistics, own-brand products and a loyalty app. CVC Capital Partners has been the main owner since 2017, and the shares began trading in Warsaw in 2024.
In one line: A Polish 7-Eleven.
Moat: narrow (scale, brand, network effects). Dense, first-mover convenience network and franchise model are costly for rivals to match at similar scale.
Headquarters: Poznan, Poland · Founded: 1998 · Employees: 4,257
Size Zabka (ZAB.WA) is a Poland Consumer Staples company (Food Retail) with a market value of $8.11B, the 13th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 31.78 on 6 Nov 2026.
Performance Over six months the shares gained 40.7%, against +9.0% for the median peer and +14.3% for the Poland market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +2.9%); the operating margin is 7.8% (peer median 4.2%).
Valuation It trades at 25.3× forward earnings against a peer median of 18.5× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.1 points above its cost of capital (9.5% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 30.1B | PLN 27.2B | PLN 23.8B | PLN 19.8B | PLN 16.0B |
| Revenue growth | — | +14% | +20% | +24% | — |
| Gross profit | PLN 3.66B | PLN 3.21B | PLN 2.69B | PLN 2.17B | PLN 1.87B |
| EBITDA | PLN 4.41B | PLN 3.86B | PLN 3.37B | PLN 2.74B | PLN 2.27B |
| Net income | PLN 1.35B | PLN 1.10B | PLN 624M | PLN 354M | PLN 382M |
| Free cash flow | PLN 2.53B | PLN 1.99B | PLN 1.67B | -PLN 92.2M | PLN 411M |
| Capital expenditure | PLN 1.59B | PLN 1.62B | PLN 1.51B | PLN 1.47B | PLN 1.32B |
| Total debt | PLN 9.42B | PLN 9.45B | PLN 9.40B | PLN 9.23B | PLN 7.47B |
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 |
|---|---|---|---|---|---|---|
| Zabka ZAB.WA | $8.11B | +41% | +14% | 8% | 25.3× | 6.3% |
| Alimentation Couche-Tard ATD.TO | $54.5B | +5% | +12% | 6% | 18.3× | 1.3% |
| Dino Polska DNP.WA | $9.36B | +31% | +14% | 6% | 22.2× | 17.9% |
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 | ZAB.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | +5.5% | 5th lowest of 21 |
| 6-month return | +40.7% | +9.0% | 3rd highest of 21 |
| Distance from 52-week high | -6.2% | -12.2% | 7th highest of 21 |
| Revenue growth (TTM) | +14.3% | +2.9% | 4th highest of 21 |
| Operating margin | 7.8% | 4.2% | 3rd highest of 21 |
| Forward P/E | 25.3× | 18.5× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 6.3% | 3.2% | 5th most demanding of 20 |
| Growth delivered (Del g) | +19.3% | +6.3% | 5th highest of 20 |
| Hurdle (Req g minus delivered) | -13.0 pp | -5.2 pp | 4th least demanding of 20 |
| ROIC minus cost of capital | +8.1 pp | +3.5 pp | 3rd highest of 20 |
| EV / EBITDA | 9.0× | 8.1× | 9th most expensive of 19 |
| Net debt / EBITDA | 1.8× | 2.0× | 6th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zabka ZAB.WA | Poland | $8.11B | +41% | +14% | 8% | 25.3× | 6.3% | +19.3% |
| Empire EMP-A.TO | Canada | $7.85B | +7% | +2% | 4% | 13.6× | -2.7% | +2.5% |
| MIXUE 2097.HK | Hong Kong | $8.80B | -37% | +35% | 20% | 11.5× | -18.5% | +32.1% |
| Guming 1364.HK | Hong Kong | $7.08B | -4% | +47% | 25% | 14.8× | -4.1% | +29.4% |
| Dino Polska DNP.WA | Poland | $9.36B | +31% | +14% | 6% | 22.2× | 17.9% | +27.1% |
| President Chain Store 2912.TW | Taiwan | $6.62B | -6% | +5% | 4% | 17.0× | 3.3% | +6.3% |
| J Sainsbury SBRY.L | United Kingdom | $10.4B | +16% | -3% | 3% | 14.9× | 7.8% | +3.0% |
| Axfood AXFO.ST | Sweden | $6.26B | +4% | +2% | 3% | 24.3× | 3.2% | +10.7% |
| BBB Foods TBBB | United States | $10.8B | +72% | +52% | 1% | n/a | 49.9% | +37.1% |
| Albertsons Companies ACI | United States | $6.02B | -20% | +2% | 2% | 7.0× | -3.0% | +3.6% |
| Kesko KESKOA.HE | Finland | $11.3B | +23% | +6% | 5% | 20.6× | 4.8% | +3.2% |
| DFI Retail D01.SI | Singapore | $5.06B | -11% | -3% | 4% | 13.2× | -0.4% | -2.9% |
| Uni-president Enterprises 1216.TW | Taiwan | $13.2B | +11% | +1% | 5% | 17.6× | 0.6% | +8.5% |
| Sprouts Farmers Market SFM | United States | $4.53B | -41% | +5% | 7% | 11.3× | -4.0% | +6.4% |
| Metro MRU.TO | Canada | $14.6B | +11% | +3% | 6% | 19.4× | -0.7% | +4.1% |
| Kobe Bussan 3038.T | Japan | $4.33B | +15% | +6% | 7% | 21.9× | -4.8% | +10.1% |
| Yonghui Superstores 601933.SS | China | $3.76B | -23% | -16% | -3% | 273.4× | n/a | n/a |
| Ocado OCDO.L | United Kingdom | $3.73B | +77% | -42% | 3% | n/a | 39.1% | -9.9% |
| Distribuidora Internacional de Alimentacion DIA.MC | Spain | $3.15B | +25% | +2% | 3% | 32.6× | 4.9% | -3.6% |
| Coles COL.AX | Australia | $21.0B | +7% | +3% | 4% | 24.4× | 5.5% | +3.3% |
| Kusuri No Aoki 3549.T | Japan | $2.88B | +26% | +13% | 5% | 21.2× | 4.1% | +13.1% |