Kernel Holding SA (KER) - Net Assets

Latest as of December 2025: zł2.18 Billion PLN ≈ $601.14 Million USD

Based on the latest financial reports, Kernel Holding SA (KER) has net assets worth zł2.18 Billion PLN (≈ $601.14 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (zł3.37 Billion ≈ $927.61 Million USD) and total liabilities (zł1.19 Billion ≈ $326.47 Million USD). 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. Check asset resilience ratio of Kernel Holding SA to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	zł2.18 Billion
% of Total Assets	64.81%
Annual Growth Rate	21.19%
5-Year Change	24.91%
10-Year Change	109.5%
Growth Volatility	104.45

Kernel Holding SA - Net Assets Trend (2005–2024)

This chart illustrates how Kernel Holding SA's net assets have evolved over time, based on quarterly financial data. Also explore KER current and non-current assets for the complete picture of this company's asset base.

Annual Net Assets for Kernel Holding SA (2005–2024)

The table below shows the annual net assets of Kernel Holding SA from 2005 to 2024. For live valuation and market cap data, see market cap of Kernel Holding SA.

Year	Net Assets	Change
2024-06-30	zł1.87 Billion ≈ $513.63 Million	+7.01%
2023-06-30	zł1.74 Billion ≈ $479.97 Million	+3.43%
2022-06-30	zł1.69 Billion ≈ $464.07 Million	-19.04%
2021-06-30	zł2.08 Billion ≈ $573.19 Million	+39.39%
2020-06-30	zł1.49 Billion ≈ $411.20 Million	+11.00%
2019-06-30	zł1.35 Billion ≈ $370.45 Million	+14.30%
2018-06-30	zł1.18 Billion ≈ $324.09 Million	+1.73%
2017-06-30	zł1.16 Billion ≈ $318.59 Million	+16.10%
2016-06-30	zł997.05 Million ≈ $274.40 Million	+11.92%
2015-06-30	zł890.84 Million ≈ $245.17 Million	-13.57%
2014-06-30	zł1.03 Billion ≈ $283.66 Million	-23.79%
2013-06-30	zł1.35 Billion ≈ $372.19 Million	+11.70%
2012-06-30	zł1.21 Billion ≈ $333.20 Million	+21.40%
2011-06-30	zł997.29 Million ≈ $274.47 Million	+64.87%
2010-06-30	zł604.89 Million ≈ $166.47 Million	+69.22%
2009-06-30	zł357.46 Million ≈ $98.38 Million	-18.84%
2008-06-30	zł440.42 Million ≈ $121.21 Million	+466.37%
2007-06-30	zł77.76 Million ≈ $21.40 Million	+63.51%
2006-06-30	zł47.56 Million ≈ $13.09 Million	-1.73%
2005-06-30	zł48.39 Million ≈ $13.32 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Kernel Holding SA'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 229195100000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (June 2024)

Component	Amount	Percentage
Retained Earnings	zł2.29 Billion	122.92%
Common Stock	zł7.75 Million	0.42%
Other Comprehensive Income	zł-932.94 Million	-50.03%
Other Components	zł497.88 Million	26.70%
Total Equity	zł1.86 Billion	100.00%

Kernel Holding SA Competitors by Market Cap

The table below lists competitors of Kernel Holding SA ranked by their market capitalization.

Company	Market Cap
Mayinglong Pharmaceutical Group Co Ltd SHG:600993	$1.59 Billion
Golden Ocean Group Ltd NASDAQ:GOGL	$1.59 Billion
Graubuendner Kantonalbank SW:GRKP	$1.59 Billion
Jade Bird Fire Alarm SHE:002960	$1.59 Billion
Aryzta AG SW:ARYN	$1.59 Billion
Intellia Therapeutics Inc NASDAQ:NTLA	$1.59 Billion
Miracle Automation Engineering SHE:002009	$1.59 Billion
Dongguan Development Holdings Co Ltd SHE:000828	$1.59 Billion

Equity Growth Attribution

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

Equity Growth Insights

From 2023 to 2024, total equity changed from 1,741,857,000 to 1,864,643,000, a change of 122,786,000 (7.0%).
Net income of 167,952,000 contributed positively to equity growth.
New share issuances of 59,984,000 increased equity.
Other comprehensive income decreased equity by 105,150,000.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	zł167.95 Million	+9.01%
Share Issuances	zł59.98 Million	+3.22%
Other Comprehensive Income	zł-105.15 Million	-5.64%
Total Change	zł-	7.05%

Book Value vs Market Value Analysis

This analysis compares Kernel Holding SA'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: 2.71x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
The price-to-book ratio has decreased from 24.17x to 2.71x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2005-06-30	zł0.82	zł19.70	x
2006-06-30	zł1.04	zł19.70	x
2007-06-30	zł1.61	zł19.70	x
2008-06-30	zł9.87	zł19.70	x
2009-06-30	zł5.18	zł19.70	x
2010-06-30	zł8.15	zł19.70	x
2011-06-30	zł12.86	zł19.70	x
2012-06-30	zł14.83	zł19.70	x
2013-06-30	zł16.68	zł19.70	x
2014-06-30	zł12.89	zł19.70	x
2015-06-30	zł11.15	zł19.70	x
2016-06-30	zł12.23	zł19.70	x
2017-06-30	zł13.99	zł19.70	x
2018-06-30	zł14.12	zł19.70	x
2019-06-30	zł16.31	zł19.70	x
2020-06-30	zł17.91	zł19.70	x
2021-06-30	zł23.16	zł19.70	x
2022-06-30	zł20.99	zł19.70	x
2023-06-30	zł22.50	zł19.70	x
2024-06-30	zł7.26	zł19.70	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Kernel Holding SA 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): 9.01%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 4.69%
• Asset Turnover: 1.05x
• Equity Multiplier: 1.82x
Recent ROE (9.01%) is below the historical average (14.11%), 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	1.41%	0.32%	1.17x	3.76x	zł-2.81 Million
2006	3.09%	0.60%	1.38x	3.74x	zł-2.88 Million
2007	28.78%	5.31%	1.27x	4.26x	zł12.13 Million
2008	20.72%	12.40%	0.88x	1.90x	zł42.52 Million
2009	37.09%	12.60%	1.50x	1.97x	zł96.40 Million
2010	25.21%	14.87%	0.91x	1.87x	zł91.51 Million
2011	23.29%	11.91%	1.22x	1.61x	zł129.11 Million
2012	17.52%	9.58%	1.02x	1.80x	zł88.73 Million
2013	8.36%	3.99%	1.18x	1.77x	zł-21.89 Million
2014	-9.55%	-4.11%	1.25x	1.86x	zł-201.27 Million
2015	12.02%	4.59%	1.59x	1.65x	zł17.97 Million
2016	22.62%	11.32%	1.32x	1.52x	zł125.62 Million
2017	15.29%	8.13%	1.08x	1.74x	zł60.94 Million
2018	4.45%	2.17%	1.09x	1.89x	zł-64.93 Million
2019	14.02%	4.75%	1.62x	1.82x	zł54.37 Million
2020	7.90%	2.87%	1.30x	2.12x	zł-31.40 Million
2021	26.34%	9.16%	1.40x	2.05x	zł318.09 Million
2022	-2.44%	-0.77%	1.27x	2.49x	zł-209.42 Million
2023	17.18%	8.66%	0.89x	2.23x	zł125.01 Million
2024	9.01%	4.69%	1.05x	1.82x	zł-18.51 Million

Industry Comparison

This section compares Kernel Holding SA's net assets metrics with peer companies in the Food Distribution industry.

Industry Context

Industry: Food Distribution
Average net assets among peers: $65,963,000
Average return on equity (ROE) among peers: 14.63%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Kernel Holding SA (KER)	zł2.18 Billion	1.41%	0.54x	$1.59 Billion
Atlanta Poland SA (ATP)	$65.96 Million	14.63%	1.12x	$30.18 Million

About Kernel Holding SA

WAR:KER Poland Food Distribution

Market Cap

$1.59 Billion

zł5.77 Billion PLN

Market Cap Rank

#7210 Global

#36 in Poland

Share Price

zł19.70

Change (1 day)

-0.40%

52-Week Range

zł16.00 - zł22.60

All Time High

zł80.00