# Benefit Systems (BFT.WAR)

Canonical: https://gigainvestors.com/s/BFT.WAR

Analysis as of: 2026-10-16T07:37:42.587Z. Financial observations: FY2009–FY2025.

Listing currency: PLN. Reporting currency: PLN.

## Verdict

Not a wonderful business

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

Share price: PLN 5,540.00 per share; close as of 2026-10-15.

Estimated value: low PLN 931.55 per share, central PLN 1,029.49 per share, high PLN 1,157.96 per share. Buy at or below the central value PLN 1,029.49 per share. Valuation as of 2026-10-16T07:37:42.587Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% a year at today's price (required return 10.4%). required return 10.4% a year (PL 10-year bond 6.4% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.10×

- FY2020: -0.01×

- FY2021: 0.02×

- FY2022: 0.11×

- FY2023: 0.19×

- FY2024: 0.18×

- FY2025: 0.16×

### moat: fail

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

- ROIC, median of available years: 23.2%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: -6.3 pp

- Typical gross margin (annual median): 27.6%

- Recent gross margin (lower of latest and 3-year median): 33.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 37.7%

- FY2017: 51.8%

- FY2018: 35.2%

- FY2019: 8.8%

- FY2020: -0.7%

- FY2021: 1.3%

- FY2022: 15.4%

- FY2023: 39.0%

- FY2024: 26.4%

- FY2025: 20.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.50×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN 788M

- Net income, five-year total: PLN 1.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -4.4 pp

- Working capital / revenue, final three-year average: 4.1%

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

- FY2021: 3.20×

- FY2022: 0.41×

- FY2023: 0.81×

- FY2024: 0.56×

- FY2025: 0.35×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 37.7% vs 26.4%

- Per-share earnings: 32.91 to 150.54 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.6%

- Ordinary dilution, 5-year annual growth: 3.7%

- Market cap gain: PLN 9.8B

- Cumulative retained earnings: PLN 1.4B

- Diluted shares, 10-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 3.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.9%

- Per-share value change: PLN 117.63

- Per-share value, starting three-year median: PLN 32.91

- Per-share value, ending three-year median: PLN 150.54

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 2.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: PLN 2.5B

- Cumulative net income, 10 years: PLN 1.9B

- ROIC, first three-year median: 37.7%

- ROIC, last three-year median: 26.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: PLN 32.91

- FY2017: PLN 34.49

- FY2018: PLN 40.89

- FY2019: PLN 38.43

- FY2020: PLN -36.00

- FY2021: PLN -8.37

- FY2022: PLN 47.09

- FY2023: PLN 149.87

- FY2024: PLN 150.54

- FY2025: PLN 173.68

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -6.7%

- FY2018: -2.3%

- FY2019: -13.2%

- FY2020: -15.7%

- FY2021: -12.1%

- FY2022: -13.5%

- FY2023: -14.0%

- FY2024: -15.0%

- FY2025: -7.8%

## Holders

## Price story

Price needs cash profits to grow 24.8% a year for ten years · sales +33.1%

Story as of 2026-10-16T10:00:09.406Z; price observation 2026-10-15.

Price needs cash profits to grow 24.8% a year for ten years

### Sales · FY2024–2025

sales +33.1%; source https://filings.xbrl.org/2594007UY43JEUOLID52/2022-12-31/ESEF/PL/0/bft_2022-12-31_pl/reports/bft_2022-12-31_pl.xhtml; observed 2023-05-02.

- FY2016: PLN 742M 

- FY2017: PLN 965M 

- FY2018: PLN 1.2B 

- FY2019: PLN 1.5B 

- FY2020: PLN 1.0B 

- FY2021: PLN 955M 

- FY2022: PLN 1.9B 

- FY2023: PLN 2.8B 

- FY2024: PLN 3.4B 

- FY2025: PLN 4.5B 

### Gross margin · FY2025

gross margin 33.9%; source https://filings.xbrl.org/2594007UY43JEUOLID52/2022-12-31/ESEF/PL/0/bft_2022-12-31_pl/reports/bft_2022-12-31_pl.xhtml; observed 2023-05-02.

- FY2016: 27.7% 

- FY2017: 27.5% 

- FY2018: 27.7% 

- FY2019: 26.7% 

- FY2020: 21.1% 

- FY2021: 18.9% 

- FY2022: 27.1% 

- FY2023: 33.6% 

- FY2024: 35.6% 

- FY2025: 33.9% 

## Owner memo

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

### How it makes money

Operates in leisure; annual sales are PLN 4.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 4522683000; grossProfit 1533735000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BFT.WAR: Benefit Systems S.A. provides non-pay employee benefits solutions in Poland, Czech Republic, Slovakia, Bulgaria, Croatia, and Turkey. The company offers Multisport card, which provides access to sports facilities; MultiBilet and MultiTeatr for providing solutions for culture and entertainment; MyBenefit platform for distributing sport cards, as well as provides wellbeing services. It also develops MultiLife, an online accessible product engages in promoting employee well-being in the areas of mental health, personal development, healthy eating, and physical activity. Benefit Systems S.A. was founded in 2000 and is based in Warsaw, Poland.

### Why customers stay

Margins ranged from 33.6% to 35.6% during 2023–25; it earns 23.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2023: grossProfit / revenue = 33.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2024: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: grossProfit / revenue = 33.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); 10-year return on capital observations [[2016,0.3767691329490689],[2017,0.5180525287390059],[2018,0.35207636171639917],[2019,0.08837108502616985],[2020,-0.006993630021156608],[2021,0.01308087520823398],[2022,0.15410706485604503],[2023,0.39027067273119936],[2024,0.26423849944630046],[2025,0.1998861905721294]]; median 0.2320623450092149. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 8.7% of cash earnings on expansion; paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2016: growth capex 13360000; upkeep 23692000; owner earnings 82766000. Growth capex / owner earnings = 0.16141894014450378.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2017: growth capex 29552563.27275294; upkeep 82167436.72724706; owner earnings 40052563.27275294. Growth capex / owner earnings = 0.7378444937844224.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2018: growth capex 42776854.34939327; upkeep 47689145.65060673; owner earnings 111317854.34939328. Growth capex / owner earnings = 0.38427666971669777.

- Source: https://filings.xbrl.org/2594007UY43JEUOLID52/2022-12-31/ESEF/PL/0/bft_2022-12-31_pl/reports/bft_2022-12-31_pl.xhtml (filed 2023-05-02); FY2022: growth capex 0; upkeep 122723000; owner earnings 56558000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2023: growth capex 0; upkeep 158423000; owner earnings 356200600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2024: growth capex 0; upkeep 256319000; owner earnings 250407200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: growth capex 17388000; upkeep 540046000; owner earnings 200863000. Growth capex / owner earnings = 0.08656646570050233.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,1565000],[2017,663000],[2018,222000],[2019,569000],[2020,770000],[2021,1729000],[2022,1617000],[2023,120770000],[2024,399369000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 7.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BFT.WAR SharesStats.PercentInsiders = 7.058000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 24.8% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Ten-year compound average after fade. Initial solved rate 0.3497429151116157. Price 5540; FX 1; discount 0.10372; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 15.553640144484843 → FY2025 61.11388322633645. Closing-price date 2026-10-15.

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

- 2016-10: PLN 702.57 per share

- 2016-11: PLN 692.53 per share

- 2016-12: PLN 692.53 per share

- 2017-01: PLN 883.23 per share

- 2017-02: PLN 903.30 per share

- 2017-03: PLN 943.45 per share

- 2017-04: PLN 958.55 per share

- 2017-05: PLN 1,050.79 per share

- 2017-06: PLN 1,114.07 per share

- 2017-07: PLN 1,063.89 per share

- 2017-08: PLN 1,003.67 per share

- 2017-09: PLN 935.92 per share

- 2017-10: PLN 1,042.81 per share

- 2017-11: PLN 1,118.64 per share

- 2017-12: PLN 1,174.29 per share

- 2018-01: PLN 1,169.27 per share

- 2018-02: PLN 1,174.29 per share

- 2018-03: PLN 1,003.67 per share

- 2018-04: PLN 1,068.90 per share

- 2018-05: PLN 1,090.00 per share

- 2018-06: PLN 1,050.00 per share

- 2018-07: PLN 900.00 per share

- 2018-08: PLN 990.00 per share

- 2018-09: PLN 980.00 per share

- 2018-10: PLN 874.00 per share

- 2018-11: PLN 760.00 per share

- 2018-12: PLN 844.00 per share

- 2019-01: PLN 970.00 per share

- 2019-02: PLN 916.00 per share

- 2019-03: PLN 948.00 per share

- 2019-04: PLN 692.00 per share

- 2019-05: PLN 556.00 per share

- 2019-06: PLN 634.00 per share

- 2019-07: PLN 662.00 per share

- 2019-08: PLN 660.00 per share

- 2019-09: PLN 700.00 per share

- 2019-10: PLN 700.00 per share

- 2019-11: PLN 834.00 per share

- 2019-12: PLN 882.00 per share

- 2020-01: PLN 976.00 per share

- 2020-02: PLN 960.00 per share

- 2020-03: PLN 710.00 per share

- 2020-04: PLN 800.00 per share

- 2020-05: PLN 780.00 per share

- 2020-06: PLN 831.00 per share

- 2020-07: PLN 862.00 per share

- 2020-08: PLN 837.00 per share

- 2020-09: PLN 730.00 per share

- 2020-10: PLN 557.00 per share

- 2020-11: PLN 750.00 per share

- 2020-12: PLN 834.00 per share

- 2021-01: PLN 835.00 per share

- 2021-02: PLN 880.00 per share

- 2021-03: PLN 790.00 per share

- 2021-04: PLN 888.00 per share

- 2021-05: PLN 975.00 per share

- 2021-06: PLN 900.00 per share

- 2021-07: PLN 785.00 per share

- 2021-08: PLN 739.00 per share

- 2021-09: PLN 700.00 per share

- 2021-10: PLN 827.00 per share

- 2021-11: PLN 630.00 per share

- 2021-12: PLN 636.00 per share

- 2022-01: PLN 609.00 per share

- 2022-02: PLN 573.00 per share

- 2022-03: PLN 605.00 per share

- 2022-04: PLN 592.00 per share

- 2022-05: PLN 606.00 per share

- 2022-06: PLN 500.00 per share

- 2022-07: PLN 588.00 per share

- 2022-08: PLN 660.00 per share

- 2022-09: PLN 570.00 per share

- 2022-10: PLN 620.00 per share

- 2022-11: PLN 668.00 per share

- 2022-12: PLN 744.00 per share

- 2023-01: PLN 830.00 per share

- 2023-02: PLN 840.00 per share

- 2023-03: PLN 1,155.00 per share

- 2023-04: PLN 1,175.00 per share

- 2023-05: PLN 1,330.00 per share

- 2023-06: PLN 1,530.00 per share

- 2023-07: PLN 1,740.00 per share

- 2023-08: PLN 1,700.00 per share

- 2023-09: PLN 1,765.00 per share

- 2023-10: PLN 1,785.00 per share

- 2023-11: PLN 1,905.00 per share

- 2023-12: PLN 1,950.00 per share

- 2024-01: PLN 2,220.00 per share

- 2024-02: PLN 2,340.00 per share

- 2024-03: PLN 2,830.00 per share

- 2024-04: PLN 2,760.00 per share

- 2024-05: PLN 2,915.00 per share

- 2024-06: PLN 2,900.00 per share

- 2024-07: PLN 2,650.00 per share

- 2024-08: PLN 2,660.00 per share

- 2024-09: PLN 2,635.00 per share

- 2024-10: PLN 2,405.00 per share

- 2024-11: PLN 2,660.00 per share

- 2024-12: PLN 2,895.00 per share

- 2025-01: PLN 2,980.00 per share

- 2025-02: PLN 2,900.00 per share

- 2025-03: PLN 2,885.00 per share

- 2025-04: PLN 3,260.00 per share

- 2025-05: PLN 3,085.00 per share

- 2025-06: PLN 3,170.00 per share

- 2025-07: PLN 3,400.00 per share

- 2025-08: PLN 3,260.00 per share

- 2025-09: PLN 3,035.00 per share

- 2025-10: PLN 3,135.00 per share

- 2025-11: PLN 3,540.00 per share

- 2025-12: PLN 3,510.00 per share

- 2026-01: PLN 3,840.00 per share

- 2026-02: PLN 3,875.00 per share

- 2026-03: PLN 3,490.00 per share

- 2026-04: PLN 4,000.00 per share

- 2026-05: PLN 4,410.00 per share

- 2026-06: PLN 4,872.00 per share

- 2026-07: PLN 5,400.00 per share

- 2026-08: PLN 5,425.00 per share

- 2026-09: PLN 4,994.00 per share

- 2026-10: PLN 5,535.00 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 231.30 per share, central PLN 258.93 per share, high PLN 295.19 per share

- FY2017: low PLN 283.02 per share, central PLN 318.34 per share, high PLN 364.65 per share

- FY2018: low PLN 332.59 per share, central PLN 373.26 per share, high PLN 426.60 per share

- FY2019: low PLN 509.69 per share, central PLN 715.76 per share, high PLN 831.18 per share

- FY2020: low PLN 277.38 per share, central PLN 362.10 per share, high PLN 409.54 per share

- FY2024: low PLN 433.39 per share, central PLN 479.49 per share, high PLN 539.97 per share

- FY2025: low PLN 801.07 per share, central PLN 884.69 per share, high PLN 994.38 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 2026-10-15T06:43:29.323Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2594007UY43JEUOLID52/2022-12-31/ESEF/PL/0/bft_2022-12-31_pl/reports/bft_2022-12-31_pl.xhtml); period 2022-12-31, filed 2023-05-02.

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.