CEZ as (CEZ) - Net Assets

Latest as of December 2025: zł249.94 Billion PLN

Based on the latest financial reports, CEZ as (CEZ) has net assets worth zł249.94 Billion PLN as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (zł864.61 Billion) and total liabilities (zł614.67 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.

Key Net Assets Metrics

Metric	Value
Current Net Assets	zł249.94 Billion
% of Total Assets	28.91%
Annual Growth Rate	1.82%
5-Year Change	53.49%
10-Year Change	-4.37%
Growth Volatility	14.04

CEZ as - Net Assets Trend (2005–2025)

This chart illustrates how CEZ as's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for CEZ as (2005–2025)

The table below shows the annual net assets of CEZ as from 2005 to 2025.

Year	Net Assets	Change
2025-12-31	zł249.94 Billion	-0.39%
2024-12-31	zł250.91 Billion	+2.16%
2023-12-31	zł245.60 Billion	+23.77%
2022-12-31	zł198.44 Billion	+21.86%
2021-12-31	zł162.84 Billion	-31.74%
2020-12-31	zł238.56 Billion	-6.58%
2019-12-31	zł255.36 Billion	+6.72%
2018-12-31	zł239.28 Billion	-5.91%
2017-12-31	zł254.32 Billion	-2.69%
2016-12-31	zł261.36 Billion	-3.97%
2015-12-31	zł272.15 Billion	+2.37%
2014-12-31	zł265.85 Billion	+1.04%
2013-12-31	zł263.12 Billion	+3.50%
2012-12-31	zł254.22 Billion	+9.54%
2011-12-31	zł232.08 Billion	+2.21%
2010-12-31	zł227.05 Billion	+9.86%
2009-12-31	zł206.68 Billion	+33.40%
2008-12-31	zł154.93 Billion	+3.67%
2007-12-31	zł149.45 Billion	-21.68%
2006-12-31	zł190.82 Billion	+9.49%
2005-12-31	zł174.28 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to CEZ as's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 66.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	zł192.68 Billion	79.78%
Other Components	zł48.82 Billion	20.22%
Total Equity	zł241.50 Billion	100.00%

CEZ as Competitors by Market Cap

The table below lists competitors of CEZ as ranked by their market capitalization.

Company	Market Cap
Bank Rakyat Indonesia Persero JK:BBRI	$30.46 Billion
Ameren Corp NYSE:AEE	$30.51 Billion
Advanced Info Service Public Company Limited F:NVAA	$30.63 Billion
Cabot Oil & Gas Corporation MX:COG	$30.67 Billion
KONE Oyj HE:KNEBV	$30.40 Billion
MS&AD Insurance Group Holdings, Inc. F:59M0	$30.30 Billion
Gree Electric Appliances Inc of Zhuhai SHE:000651	$30.29 Billion
DTE Energy Company NYSE:DTE	$30.10 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in CEZ as's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 239,274,000,000 to 241,495,000,000, a change of 2,221,000,000 (0.9%).
Net income of 28,107,000,000 contributed positively to equity growth.
Dividend payments of 25,195,000,000 reduced retained earnings.
Other comprehensive income increased equity by 4,353,000,000.
Other factors decreased equity by 5,044,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	zł28.11 Billion	+11.64%
Dividends Paid	zł25.20 Billion	-10.43%
Other Comprehensive Income	zł4.35 Billion	+1.8%
Other Changes	zł-5.04 Billion	-2.09%
Total Change	zł-	0.93%

Book Value vs Market Value Analysis

This analysis compares CEZ as's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.46x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 0.70x to 0.46x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2005-12-31	zł294.28	zł206.00	x
2006-12-31	zł322.22	zł206.00	x
2007-12-31	zł261.31	zł206.00	x
2008-12-31	zł289.40	zł206.00	x
2009-12-31	zł375.60	zł206.00	x
2010-12-31	zł415.12	zł206.00	x
2011-12-31	zł424.51	zł206.00	x
2012-12-31	zł468.49	zł206.00	x
2013-12-31	zł483.18	zł206.00	x
2014-12-31	zł489.18	zł206.00	x
2015-12-31	zł501.41	zł206.00	x
2016-12-31	zł480.70	zł206.00	x
2017-12-31	zł467.85	zł206.00	x
2018-12-31	zł438.75	zł206.00	x
2019-12-31	zł468.38	zł206.00	x
2020-12-31	zł436.75	zł206.00	x
2021-12-31	zł300.37	zł206.00	x
2022-12-31	zł369.67	zł206.00	x
2023-12-31	zł454.63	zł206.00	x
2024-12-31	zł445.73	zł206.00	x
2025-12-31	zł449.87	zł206.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently CEZ as utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 11.64%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 8.93%
• Asset Turnover: 0.36x
• Equity Multiplier: 3.58x
Recent ROE (11.64%) is below the historical average (14.06%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2005	10.12%	26.07%	0.25x	1.57x	zł207.40 Million
2006	13.52%	26.89%	0.31x	1.63x	zł6.72 Billion
2007	20.93%	30.91%	0.32x	2.09x	zł16.33 Billion
2008	30.41%	43.02%	0.28x	2.53x	zł31.63 Billion
2009	25.73%	26.25%	0.37x	2.65x	zł31.51 Billion
2010	21.31%	23.75%	0.37x	2.45x	zł25.07 Billion
2011	17.98%	19.43%	0.35x	2.64x	zł18.08 Billion
2012	16.56%	19.26%	0.34x	2.54x	zł16.41 Billion
2013	13.90%	16.52%	0.34x	2.48x	zł10.08 Billion
2014	8.57%	11.16%	0.32x	2.40x	zł-3.73 Billion
2015	7.74%	10.03%	0.34x	2.25x	zł-6.05 Billion
2016	5.56%	7.07%	0.32x	2.46x	zł-11.40 Billion
2017	7.51%	9.45%	0.32x	2.50x	zł-6.24 Billion
2018	4.40%	5.70%	0.26x	3.01x	zł-13.15 Billion
2019	5.73%	7.12%	0.29x	2.81x	zł-10.70 Billion
2020	2.33%	2.60%	0.30x	3.00x	zł-17.95 Billion
2021	6.08%	4.15%	0.20x	7.34x	zł-6.32 Billion
2022	40.71%	21.92%	0.36x	5.19x	zł60.94 Billion
2023	12.10%	8.78%	0.41x	3.38x	zł5.12 Billion
2024	12.51%	9.19%	0.36x	3.77x	zł6.01 Billion
2025	11.64%	8.93%	0.36x	3.58x	zł3.96 Billion

Industry Comparison

This section compares CEZ as's net assets metrics with peer companies in the Utilities - Regulated Electric industry.

Industry Context

Industry: Utilities - Regulated Electric
Average net assets among peers: $11,780,989,735
Average return on equity (ROE) among peers: 4.68%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
CEZ as (CEZ)	zł249.94 Billion	10.12%	2.46x	$30.43 Billion
Elektrocieplownia Bedzin (BDZ)	$169.69 Million	8.45%	3.19x	$32.36 Million
EuroHold Bulgaria AD (EHG)	$188.42 Million	4.49%	2.75x	$280.95 Million
Enea S.A. (ENA)	$15.48 Billion	2.73%	1.12x	$3.44 Billion
Energa S.A. (ENG)	$7.89 Billion	8.42%	0.74x	$2.15 Billion
Kogeneracja SA (KGN)	$1.43 Billion	10.94%	0.60x	$307.14 Million
PGE Polska Grupa Energetyczna SA (PGE)	$45.53 Billion	-6.95%	1.28x	$6.51 Billion

About CEZ as

WAR:CEZ Poland Utilities - Regulated Electric

Market Cap

$30.43 Billion

zł110.58 Billion PLN

Market Cap Rank

#773 Global

#4 in Poland

Share Price

zł206.00

Change (1 day)

-3.29%

52-Week Range

zł187.40 - zł238.20

All Time High

zł238.20