# Inpost (INPST.AS)

Canonical: https://gigainvestors.com/s/INPST.AS

Analysis as of: 2026-10-16T07:36:12.453Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. 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: EUR 15.48 per share; close as of 2026-10-15.

Estimated value: low EUR 3.99 per share, central EUR 4.53 per share, high EUR 5.23 per share. Buy at or below the central value EUR 4.53 per share. Valuation as of 2026-10-16T07:36:12.453Z; scenarios are not confidence intervals.

Expected annual return: 5.0% at the stated quote. About 5.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 1.09×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.14×

- FY2018: -0.05×

- FY2019: 0.10×

- FY2020: 0.25×

- FY2021: 0.18×

- FY2022: 0.13×

- FY2023: 0.17×

- FY2024: 0.18×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 72.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: -3.6%

- Typical minus recent gross margin: 72.4 pp

- Typical gross margin (annual median): 96.0%

- Recent gross margin (lower of latest and 3-year median): 23.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.7%

- ROIC including acquisitions, ten-year median: 4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -8.5%

- FY2018: -3.6%

- FY2019: 7.2%

- FY2020: 27.1%

- FY2021: 14.2%

- FY2022: 12.3%

- FY2023: 17.4%

- FY2024: 18.9%

- FY2025: 11.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN 2.1B

- Net income, five-year total: PLN 3.4B

- Return on incremental invested capital: 224.4%

- Working capital / revenue, annual change: 2.2 pp

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

- FY2021: 0.51×

- FY2022: 0.28×

- FY2023: 0.65×

- FY2024: 0.64×

- FY2025: 0.92×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -3.6% vs 17.4%

- Per-share earnings: -0.03 to 1.29 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

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

- Per-share value change: PLN 1.32

- Per-share value, starting three-year median: PLN -0.03

- Per-share value, ending three-year median: PLN 1.29

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 1.5%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -3.6%

- ROIC, last three-year median: 17.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: PLN -0.42

- FY2018: PLN -0.03

- FY2019: PLN 0.10

- FY2020: PLN 0.70

- FY2021: PLN 0.98

- FY2022: PLN 0.91

- FY2023: PLN 1.29

- FY2024: PLN 2.49

- FY2025: PLN 1.10

### accounting: pass

- Sloan accruals: -13.4%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.19×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -16.9%

- FY2018: 0.3%

- FY2019: -15.4%

- FY2020: -15.8%

- FY2021: -8.3%

- FY2022: -10.2%

- FY2023: -14.7%

- FY2024: -13.3%

- FY2025: -13.4%

## Holders

## Price story

Price needs cash profits to grow 16.8% a year for ten years · sales +34%

Story as of 2026-10-16T10:00:07.070Z; price observation 2026-10-15.

Price needs cash profits to grow 16.8% a year for ten years

- 2025-09-02: InPost Shares Fall After Company Turns More Cautious on Poland Growth Outlook ([finance.yahoo.com](https://finance.yahoo.com/m/9c82078a-5b49-39ac-9440-c85f1c661657/inpost-shares-fall-after.html))

### Sales · FY2024–2025

sales +34%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: PLN 483M 

- FY2018: PLN 726M 

- FY2019: PLN 1.2B 

- FY2020: PLN 2.5B 

- FY2021: PLN 4.6B 

- FY2022: PLN 7.1B 

- FY2023: PLN 8.8B 

- FY2024: PLN 11B 

- FY2025: PLN 15B 

### Gross margin · FY2025

gross margin 23.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 90.5% 

- FY2018: 93.3% 

- FY2019: 96.0% 

- FY2020: 97.9% 

- FY2021: 97.7% 

- FY2022: 96.5% 

- FY2023: 85.1% 

- FY2024: 97.6% 

- FY2025: 23.6% 

## Owner memo

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

### How it makes money

Operates in integrated freight & logistics; annual sales are PLN 14.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2025: revenue 14635601404; grossProfit 3457838911; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 23.6% to 97.6% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2023: grossProfit / revenue = 85.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2024: grossProfit / revenue = 97.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2025: grossProfit / revenue = 23.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); 9-year return on capital observations [[2017,-0.08523581002813173],[2018,-0.036155380970195786],[2019,0.07159743040685225],[2020,0.2708752329058962],[2021,0.14233930938498165],[2022,0.12254783036288339],[2023,0.17366169496218767],[2024,0.18922255540985133],[2025,0.11452955645795679]]; median 0.12254783036288339. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 9 years; bought back PLN 23.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2020: growth capex 180400000; upkeep 356100000; owner earnings 242880000. Growth capex / owner earnings = 0.7427536231884058.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2021: growth capex 325900000; upkeep 609700000; owner earnings 253040000. Growth capex / owner earnings = 1.2879386658235852.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2022: growth capex 143400000; upkeep 972300000; owner earnings 127680000. Growth capex / owner earnings = 1.1231203007518797.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2023: growth capex 0; upkeep 1019600000; owner earnings 418580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2024: growth capex 0; upkeep 1399800000; owner earnings 798620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2025: growth capex 0; upkeep 1461749495; owner earnings 506894372. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); FY2025: cash repurchases 23478722 PLN.

### Are managers owners

Insiders own 89.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INPST.AS SharesStats.PercentInsiders = 89.85 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.453Z); Ten-year compound average after fade. Initial solved rate 0.2301902005986146. Price 15.48; FX 0.22932319353296232; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-01: EUR 19.80 per share

- 2021-02: EUR 18.16 per share

- 2021-03: EUR 13.97 per share

- 2021-04: EUR 15.85 per share

- 2021-05: EUR 16.39 per share

- 2021-06: EUR 16.93 per share

- 2021-07: EUR 16.52 per share

- 2021-08: EUR 16.50 per share

- 2021-09: EUR 14.29 per share

- 2021-10: EUR 12.34 per share

- 2021-11: EUR 9.84 per share

- 2021-12: EUR 10.60 per share

- 2022-01: EUR 7.18 per share

- 2022-02: EUR 5.52 per share

- 2022-03: EUR 5.76 per share

- 2022-04: EUR 5.90 per share

- 2022-05: EUR 6.39 per share

- 2022-06: EUR 5.53 per share

- 2022-07: EUR 6.43 per share

- 2022-08: EUR 5.14 per share

- 2022-09: EUR 6.01 per share

- 2022-10: EUR 6.46 per share

- 2022-11: EUR 7.03 per share

- 2022-12: EUR 7.88 per share

- 2023-01: EUR 8.85 per share

- 2023-02: EUR 7.84 per share

- 2023-03: EUR 8.41 per share

- 2023-04: EUR 9.71 per share

- 2023-05: EUR 10.09 per share

- 2023-06: EUR 9.94 per share

- 2023-07: EUR 10.87 per share

- 2023-08: EUR 10.86 per share

- 2023-09: EUR 11.00 per share

- 2023-10: EUR 9.33 per share

- 2023-11: EUR 10.83 per share

- 2023-12: EUR 12.52 per share

- 2024-01: EUR 13.95 per share

- 2024-02: EUR 14.43 per share

- 2024-03: EUR 14.29 per share

- 2024-04: EUR 15.13 per share

- 2024-05: EUR 16.51 per share

- 2024-06: EUR 16.46 per share

- 2024-07: EUR 15.98 per share

- 2024-08: EUR 16.66 per share

- 2024-09: EUR 16.94 per share

- 2024-10: EUR 17.93 per share

- 2024-11: EUR 16.58 per share

- 2024-12: EUR 16.51 per share

- 2025-01: EUR 15.85 per share

- 2025-02: EUR 16.59 per share

- 2025-03: EUR 13.50 per share

- 2025-04: EUR 14.80 per share

- 2025-05: EUR 14.48 per share

- 2025-06: EUR 14.10 per share

- 2025-07: EUR 12.62 per share

- 2025-08: EUR 12.41 per share

- 2025-09: EUR 10.45 per share

- 2025-10: EUR 10.92 per share

- 2025-11: EUR 10.10 per share

- 2025-12: EUR 10.47 per share

- 2026-01: EUR 13.20 per share

- 2026-02: EUR 15.20 per share

- 2026-03: EUR 15.08 per share

- 2026-04: EUR 15.22 per share

- 2026-05: EUR 15.36 per share

- 2026-06: EUR 15.41 per share

- 2026-07: EUR 15.46 per share

- 2026-08: EUR 15.57 per share

- 2026-09: EUR 15.57 per share

- 2026-10: EUR 15.48 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 0.77 per share, central EUR 0.86 per share, high EUR 0.98 per share

- FY2023: low EUR 2.27 per share, central EUR 2.56 per share, high EUR 2.95 per share

- FY2024: low EUR 3.22 per share, central EUR 3.64 per share, high EUR 4.19 per share

- FY2025: low EUR 3.68 per share, central EUR 4.16 per share, high EUR 4.80 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

## 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.