BDX.WAR Budimex S.A.
- Market cap
- PLN 17.9B
- P/E
- 24.3x
- P/B
- 18.93x
- ROE
- 61.0%
- Dividend yield
- 3.62%
- Fundamental score
- 2.9/5
Ratios use the latest price and the current fiscal year annualized from 3 quarters up to Sep 2026.
Is BDX.WAR undervalued?
Graham numberThe Graham number of Budimex S.A. cannot be estimated reliably (the estimate is too far from the market price).
Graham number = √(22.5 × EPS × book value per share): the most a defensive investor should pay according to Benjamin Graham. An estimate, not a recommendation to buy or sell. How is it calculated?
Budimex S.A. fundamental analysis
14 of 22 checks passedROE 2/2
High return on equity (61.0%), above 20%.
ROA 1/1
Return on assets (7.5%) is above the industry median (2.9%).
Profit Consistency 2/2
Profitable for 10 consecutive years.
Earnings Growth 5Y 1/1
Earnings per share grew over the past 5 years.
Earnings Acceleration 1/1
Last year's EPS growth (31.8%) is above the 5-year average (12.1% a year).
Earnings Growth vs Industry 1/1
Last year's EPS growth (31.8%) is above the industry median (-12.6%).
Revenue Growth 1/2
Revenue grew 3.1% a year over the past 3 years.
Short-term Liquidity 0/1
Current assets do not cover short-term liabilities.
Long-term Liabilities 1/1
Current assets cover long-term liabilities.
Debt to Equity 1/2
Moderate debt to equity (50.8%), up to 100%.
Debt Trend 0/1
Debt to equity has risen over the past 5 years.
Debt Coverage 1/1
Operating cash flow covers 20% of total debt.
Interest Coverage 1/1
EBIT is 12.6x against interest expense, well covered.
PE vs Market 0/1
PE (24.3x) is above the market median (11.6x).
PE vs Industry 0/1
PE (24.3x) is above the industry median (12.9x).
PBV 0/1
Price to book (18.9x) is above the industry median (1.9x).
Graham Number 0/1
The price is above the Graham number (PE x PB = 459.2, limit 22.5).
PEG 0/1
PEG on 5-year earnings growth is 2.01, above 1.
Dividend Yield 1/2
Dividend yield (3.6%) is above the bottom 25% of dividend payers in the market.
Dividend Stability 0/2
Dividends were not paid steadily for the past 5 years.
Dividend Growth 1/1
Dividends paid grew over the past 5 years.
Payout Ratio 1/1
Payout ratio is 86.8%, covered by earnings.
Each check is worth 1 or 2 points by how much it says about the quality of the company. The score is the share of points earned, out of 5. Ask AI to explain this score
Budimex S.A. stock price
Prices on the chart can differ slightly from the closing prices StockSummer uses for its ratios.
About Budimex S.A.
Budimex SA, together with its subsidiaries, operates as a construction company in Poland, Germany, Slovakia, Czechia, Latvia, rest of the European Union, and internationally. It operates through Construction Business and Service Activities segments. The company carries out road, bridge, and hydraulic engineering construction projects; general contracting of public buildings, as well as commercial, industrial, military, residential, and sports facilities; railroad projects wi…
Full company profileBudimex S.A. financial statements
2026 annualized: Fiscal year 2026 is not finished. Income statement and cash flow are annualized from 3 quarters up to Sep 30, 2026, the balance sheet is the latest quarter. Figures change when the annual report is published.
Budimex S.A. annual financial statements (PLN; K = thousand, M = million, B = billion, T = trillion)
| Item | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 Anlz |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 5.57B | 6.37B | 7.39B | 7.57B | 7.71B | 7.91B | 8.62B | 9.80B | 9.12B | 9.44B | 9.41B |
| Gross Profit | 751M | 810M | 629M | 552M | 937M | 834M | 872M | 1.12B | 1.16B | 1.28B | 1.19B |
| Operating Income | 505M | 588M | 417M | 318M | 447M | 587M | 562M | 781M | 744M | 868M | 677M |
| EBITDA | 566M | 653M | 487M | 452M | 601M | 736M | 812M | 1.10B | 1.02B | 1.06B | 907M |
| Net Income | 410M | 464M | 305M | 226M | 459M | 986M | 534M | 738M | 616M | 748M | 576M |
| EPS | 16 | 18 | 12 | 8.85 | 18 | 39 | 21 | 29 | 24 | 32 | 23 |
| Balance Sheet | |||||||||||
| Total Assets | 5.59B | 6.00B | 5.46B | 6.67B | 7.46B | 6.86B | 7.39B | 8.42B | 7.82B | 8.42B | 7.71B |
| Total Liabilities | 4.79B | 5.12B | 4.71B | 5.84B | 6.27B | 5.50B | 6.09B | 6.85B | 6.53B | 7.03B | 6.71B |
| Shareholders' Equity | 801M | 881M | 743M | 808M | 1.15B | 1.32B | 1.26B | 1.53B | 1.23B | 1.34B | 945M |
| Cash & Short-term Investments | 2.72B | 2.13B | 1.41B | 1.64B | 2.08B | 2.72B | 3.26B | 3.93B | 3.23B | 2.90B | 2.07B |
| Total Debt | 82.6M | 122M | 239M | 450M | 451M | 239M | 225M | 237M | 261M | 441M | 480M |
| Cash Flow | |||||||||||
| Operating Cash Flow | 612M | 196M | -523M | 574M | -888M | 765M | 1.43B | 1.31B | 547M | 719M | 223M |
| Capital Expenditure | 42.7M | 32.3M | 21.5M | 43.8M | 61.3M | 105M | 125M | 142M | 254M | 318M | 189M |
| Free Cash Flow | 569M | 164M | -545M | 531M | 826M | 661M | 1.30B | 1.17B | 294M | 274M | 34.4M |
| Ratios | |||||||||||
| ROE | 51.1% | 52.7% | 41.1% | 28.0% | 40.0% | 74.8% | 42.5% | 48.2% | 50.0% | 56.0% | 61.0% |
| ROA | 7.3% | 7.7% | 5.6% | 3.4% | 6.2% | 14.4% | 7.2% | 8.8% | 7.9% | 8.9% | 7.5% |
| Net Profit Margin | 7.4% | 7.3% | 4.1% | 3.0% | 6.0% | 12.5% | 6.2% | 7.5% | 6.8% | 7.9% | 6.1% |
| Debt to Equity | 0.10x | 0.14x | 0.32x | 0.56x | 0.39x | 0.18x | 0.18x | 0.15x | 0.21x | 0.33x | 0.51x |
What these items mean
- Revenue
- Total sales of goods and services in the period.
- Gross Profit
- Revenue minus the direct cost of producing what was sold.
- Operating Income
- Profit from the core business after operating expenses.
- EBITDA
- Earnings before interest, taxes, depreciation and amortization.
- Net Income
- Profit left for shareholders after all expenses, interest and taxes.
- EPS
- Net income divided by shares outstanding.
- Total Assets
- Everything the company owns.
- Total Liabilities
- Everything the company owes.
- Shareholders' Equity
- Assets minus liabilities: the book value that belongs to shareholders.
- Cash & Short-term Investments
- Cash and investments that can be turned into cash quickly.
- Total Debt
- Short and long-term borrowings.
- Operating Cash Flow
- Cash generated by the core business.
- Capital Expenditure
- Cash spent on property, plant and equipment.
- Free Cash Flow
- Operating cash flow minus capital expenditure: cash left for dividends, buybacks or debt repayment.
- ROE
- Return on equity: net income divided by shareholders' equity.
- ROA
- Return on assets: net income divided by total assets.
- Net Profit Margin
- Net income as a share of revenue.
- Debt to Equity
- Total debt divided by shareholders' equity.
Budimex S.A. dividends
- Dividend yield
- 3.62%
- Forward dividend
- 32.42 PLN
- Payout ratio
- 86.8%
- Ex-dividend date
- Jun 2, 2026
| Fiscal year | Dividends paid | Per share | Payout ratio |
|---|---|---|---|
| 2025 | PLN 649M | 28 | 86.8% |
| 2024 | PLN 911M | 36 | 147.9% |
| 2023 | PLN 459M | 18 | 62.2% |
| 2022 | PLN 599M | 23 | 112.1% |
| 2021 | PLN 807M | 32 | 81.8% |
| 2020 | PLN 116M | 4.56 | 25.3% |
| 2019 | PLN 161M | 6.30 | 71.2% |
| 2018 | PLN 450M | 18 | 147.2% |
| 2017 | PLN 383M | 15 | 82.4% |
From the cash flow statement: dividends paid in the fiscal year, divided by that year's shares outstanding. Payout ratio = dividends paid / net income.
Last stock split: 276:271 on Nov 14, 2000.
Who owns Budimex S.A.
- Insiders 50.14%
- Institutions 28.59%
- Public & others 21.27%
- Shares outstanding 25.5M
- Free float 12.7M
Budimex S.A. company profile
- Company name
- Budimex S.A.
- Ticker
- BDX.WAR
- ISIN
- PLBUDMX00013
- Exchange
- Warsaw Stock Exchange
- Sector
- Industrials
- Industry
- Construction & Engineering
- Employees
- 5,513
- Fiscal year end
- December
- Address
- ul. Siedmiogrodzka 9, Warsaw, Poland, 01-204
- Phone
- 48 22 623 6000
- Website
- budimex.pl
About Budimex S.A.
Budimex SA, together with its subsidiaries, operates as a construction company in Poland, Germany, Slovakia, Czechia, Latvia, rest of the European Union, and internationally. It operates through Construction Business and Service Activities segments. The company carries out road, bridge, and hydraulic engineering construction projects; general contracting of public buildings, as well as commercial, industrial, military, residential, and sports facilities; railroad projects with infrastructure facilities, such as platforms, stations, and overpasses, including railroad lines; and railroad construction comprising equipment and transportation services, as well as installation of railroad superstructure, turnouts, and welding services. It also constructs gas and steam units, gas transmission pipelines, and thermal waste conversion installations; installs water treatment stations and flue gas desulfurization or denitrification; and provides laboratory and technological facilities. In addition, the company offers waste management services, such as collecting and transporting waste, and managing waste processing facilities and landfills; road infrastructure maintenance and lighting infrastructure management; technical building maintenance, which include fit-out, landscaping, cleaning and maintenance of green areas, and administrative and security services; and renewable energy production services. Further, it develops electromobility infrastructure; recycles construction materials; and operates a network of electric vehicle charging stations. Additionally, the company is involved in the prefabrication, supply, and assembly of steel structures; and provision of mechanical assembly services for machinery and equipment for the cement and lime, power, metallurgical, and chemical industries. Budimex SA, was founded in 1968 and is headquartered in Warsaw, Poland. Budimex SA is a subsidiary of Ferrovial Construction International SE.
Budimex S.A. management
10- Mr. Artur PopkoCEO, Director General & President of the Management Board
- Mr. Marcin WeglowskiCFO & Member of the Management Board
- Mr. Jacek DaniewskiChief Legal and Organisational Officer & Member of Management Board
- Anna Karys-SosinskaChief HR Officer & Member of the Management Board
- Cezary LysenkoCOO of Infrastructure & General Construction and Member of the Management Board
- Maciej OlekCOO of Railway, Power & Industrial Construction and Member of the Management Board
- Mr. Igor Adam ChalupecSecretary of the Board & Member of the Supervisory Board · born 1966
- Grzegorz FafaraChief Accountant
- Mr. Michal KielinHead of Affairs Investor Relations and Analysis
- Ms. Ewelina Karp-KreglickaDirector of the ESG, Quality & Environmental Protection Department