# Tauron (1T5.MU)

Canonical: https://gigainvestors.com/s/1T5.MU

Analysis as of: 2026-10-16T07:33:25.839Z. Financial observations: FY2016–FY2026.

Listing currency: EUR. Reporting currency: PLN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 2.22 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 1.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.04×

- FY2019: 0.01×

- FY2020: -0.07×

- FY2021: 0.05×

- FY2022: 0.02×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.15×

- LTM to Jun 2026: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: 0.9%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 9.1%

- Recent gross margin (lower of latest and 3-year median): 11.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.1%

- ROIC including acquisitions, ten-year median: -1.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.8%

- FY2017: 5.4%

- FY2018: 2.1%

- FY2019: 0.9%

- FY2020: -8.2%

- FY2021: 6.8%

- FY2022: 1.9%

- FY2023: 7.1%

- FY2024: 5.3%

- FY2025: 11.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN -187M

- Net income, five-year total: PLN 5.2B

- Return on incremental invested capital: 17.0%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 8.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: -3.43×

- FY2025: 0.15×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.8% vs 7.1%

- Per-share earnings: 0.12 to 0.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: PLN 10B

- Cumulative retained earnings: PLN 7.5B

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 32.8%

- Per-share value change: PLN 0.52

- Per-share value, starting three-year median: PLN 0.12

- Per-share value, ending three-year median: PLN 0.64

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: PLN 5.0B

- ROIC, first three-year median: 3.8%

- ROIC, last three-year median: 7.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: PLN 0.79

- FY2018: PLN 0.12

- FY2019: PLN -0.01

- FY2020: PLN -1.24

- FY2021: PLN 0.19

- FY2022: PLN -0.08

- FY2023: PLN 0.64

- FY2024: PLN 0.33

- FY2025: PLN 1.89

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.1%

- FY2017: -6.1%

- FY2018: -5.0%

- FY2019: -4.9%

- FY2020: -15.6%

- FY2021: -11.5%

- FY2022: -6.4%

- FY2023: -7.1%

- FY2024: -16.2%

- FY2025: -7.5%

## Holders

## Price story

Up 165% since Oct 2023 · sales -0.1%

Story as of 2026-10-16T09:59:56.136Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -0.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: PLN 17B 

- FY2018: PLN 18B 

- FY2019: PLN 21B 

- FY2020: PLN 21B 

- FY2021: PLN 25B 

- FY2022: PLN 37B 

- FY2023: PLN 50B 

- FY2024: PLN 35B 

- FY2025: PLN 34B 

- FY2026: PLN 34B 

### Gross margin · FY2025

gross margin 19.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 10.9% 

- FY2017: 16.7% 

- FY2018: 9.3% 

- FY2019: 6.1% 

- FY2021: 8.9% 

- FY2022: 5.3% 

- FY2023: 8.8% 

- FY2024: 11.2% 

- FY2025: 19.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are PLN 34.4 billion.

- Source: https://eodhd.com/api/fundamentals/1T5.MU.json#2025-12-31 (filed 2026-10-16T07:33:25.839Z); FY2025: revenue 34358000000; grossProfit 6597000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 8.8% to 19.2% during 2023–25; it earns 4.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/1T5.MU.json#2023-12-31 (filed 2026-10-16T07:33:25.839Z); FY2023: grossProfit / revenue = 8.8%.

- Source: https://eodhd.com/api/fundamentals/1T5.MU.json#2024-12-31 (filed 2026-10-16T07:33:25.839Z); FY2024: grossProfit / revenue = 11.2%.

- Source: https://eodhd.com/api/fundamentals/1T5.MU.json#2025-12-31 (filed 2026-10-16T07:33:25.839Z); FY2025: grossProfit / revenue = 19.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.839Z); 10-year return on capital observations [[2016,0.03761071422426612],[2017,0.054410217157467036],[2018,0.021013503699564853],[2019,0.008828965985541356],[2020,-0.08219343461747151],[2021,0.06752136752136752],[2022,0.018926104860413087],[2023,0.07069373034110928],[2024,0.05300473842607415],[2025,0.11710351577464043]]; median 0.04530772632517013. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1T5.MU SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.839Z); Closing price 2.22 EUR; reporting-to-trading FX 0.22932319353296232; FY2025 annual sales per share 19.604582967890945; price multiple 0.4937957923971826. FY2025 cash earnings/share 0.28130448230893057. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 0.60 per share

- 2016-11: EUR 0.59 per share

- 2016-12: EUR 0.64 per share

- 2017-01: EUR 0.66 per share

- 2017-02: EUR 0.66 per share

- 2017-03: EUR 0.82 per share

- 2017-04: EUR 0.77 per share

- 2017-05: EUR 0.80 per share

- 2017-06: EUR 0.85 per share

- 2017-07: EUR 0.88 per share

- 2017-08: EUR 0.94 per share

- 2017-09: EUR 0.88 per share

- 2017-10: EUR 0.84 per share

- 2017-11: EUR 0.76 per share

- 2017-12: EUR 0.74 per share

- 2018-01: EUR 0.75 per share

- 2018-02: EUR 0.65 per share

- 2018-03: EUR 0.58 per share

- 2018-04: EUR 0.56 per share

- 2018-05: EUR 0.50 per share

- 2018-06: EUR 0.53 per share

- 2018-07: EUR 0.50 per share

- 2018-08: EUR 0.49 per share

- 2018-09: EUR 0.41 per share

- 2018-10: EUR 0.42 per share

- 2018-11: EUR 0.49 per share

- 2018-12: EUR 0.51 per share

- 2019-01: EUR 0.53 per share

- 2019-02: EUR 0.55 per share

- 2019-03: EUR 0.50 per share

- 2019-04: EUR 0.41 per share

- 2019-05: EUR 0.39 per share

- 2019-06: EUR 0.39 per share

- 2019-07: EUR 0.39 per share

- 2019-08: EUR 0.35 per share

- 2019-09: EUR 0.36 per share

- 2019-10: EUR 0.39 per share

- 2019-11: EUR 0.42 per share

- 2019-12: EUR 0.38 per share

- 2020-01: EUR 0.37 per share

- 2020-02: EUR 0.29 per share

- 2020-03: EUR 0.26 per share

- 2020-04: EUR 0.25 per share

- 2020-05: EUR 0.26 per share

- 2020-06: EUR 0.55 per share

- 2020-07: EUR 0.59 per share

- 2020-08: EUR 0.58 per share

- 2020-09: EUR 0.49 per share

- 2020-10: EUR 0.41 per share

- 2020-11: EUR 0.50 per share

- 2020-12: EUR 0.59 per share

- 2021-01: EUR 0.64 per share

- 2021-02: EUR 0.57 per share

- 2021-03: EUR 0.56 per share

- 2021-04: EUR 0.73 per share

- 2021-05: EUR 0.74 per share

- 2021-06: EUR 0.77 per share

- 2021-07: EUR 0.71 per share

- 2021-08: EUR 0.77 per share

- 2021-09: EUR 0.74 per share

- 2021-10: EUR 0.74 per share

- 2021-11: EUR 0.58 per share

- 2021-12: EUR 0.56 per share

- 2022-01: EUR 0.54 per share

- 2022-02: EUR 0.46 per share

- 2022-03: EUR 0.63 per share

- 2022-04: EUR 0.69 per share

- 2022-05: EUR 0.75 per share

- 2022-06: EUR 0.73 per share

- 2022-07: EUR 0.68 per share

- 2022-08: EUR 0.50 per share

- 2022-09: EUR 0.44 per share

- 2022-10: EUR 0.39 per share

- 2022-11: EUR 0.43 per share

- 2022-12: EUR 0.45 per share

- 2023-01: EUR 0.49 per share

- 2023-02: EUR 0.45 per share

- 2023-03: EUR 0.41 per share

- 2023-04: EUR 0.45 per share

- 2023-05: EUR 0.52 per share

- 2023-06: EUR 0.62 per share

- 2023-07: EUR 0.79 per share

- 2023-08: EUR 0.96 per share

- 2023-09: EUR 0.78 per share

- 2023-10: EUR 0.84 per share

- 2023-11: EUR 0.96 per share

- 2023-12: EUR 0.87 per share

- 2024-01: EUR 0.81 per share

- 2024-02: EUR 0.82 per share

- 2024-03: EUR 0.72 per share

- 2024-04: EUR 0.67 per share

- 2024-05: EUR 0.92 per share

- 2024-06: EUR 0.93 per share

- 2024-07: EUR 0.87 per share

- 2024-08: EUR 0.84 per share

- 2024-09: EUR 0.79 per share

- 2024-10: EUR 0.86 per share

- 2024-11: EUR 0.81 per share

- 2024-12: EUR 0.86 per share

- 2025-01: EUR 0.98 per share

- 2025-02: EUR 1.08 per share

- 2025-03: EUR 1.18 per share

- 2025-04: EUR 1.42 per share

- 2025-05: EUR 1.60 per share

- 2025-06: EUR 1.95 per share

- 2025-07: EUR 1.98 per share

- 2025-08: EUR 2.05 per share

- 2025-09: EUR 2.03 per share

- 2025-10: EUR 2.42 per share

- 2025-11: EUR 2.25 per share

- 2025-12: EUR 2.06 per share

- 2026-01: EUR 2.56 per share

- 2026-02: EUR 2.68 per share

- 2026-03: EUR 2.25 per share

- 2026-04: EUR 2.24 per share

- 2026-05: EUR 2.31 per share

- 2026-06: EUR 2.16 per share

- 2026-07: EUR 2.13 per share

- 2026-08: EUR 2.02 per share

- 2026-09: EUR 2.09 per share

- 2026-10: EUR 2.20 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:11.462Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations