Polwax SA (PWX) - Net Assets

Latest as of March 2026: zł43.69 Million PLN ≈ $12.02 Million USD

Based on the latest financial reports, Polwax SA (PWX) has net assets worth zł43.69 Million PLN (≈ $12.02 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (zł99.02 Million ≈ $27.25 Million USD) and total liabilities (zł55.33 Million ≈ $15.23 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 allocation strategy of Polwax SA to assess the company's strategic physical and investment asset allocation.

Key Net Assets Metrics

Metric	Value
Current Net Assets	zł43.69 Million
% of Total Assets	44.12%
Annual Growth Rate	2.35%
5-Year Change	-46.44%
10-Year Change	-42.48%
Growth Volatility	26.29

Polwax SA - Net Assets Trend (2012–2025)

This chart illustrates how Polwax SA's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see PWX market cap overview.

Annual Net Assets for Polwax SA (2012–2025)

The table below shows the annual net assets of Polwax SA from 2012 to 2025. Also explore PWX net asset momentum to track the company's year-over-year net asset growth rate.

Year	Net Assets	Change
2025-12-31	zł50.12 Million ≈ $13.79 Million	-19.48%
2024-12-31	zł62.24 Million ≈ $17.13 Million	+14.79%
2023-12-31	zł54.23 Million ≈ $14.92 Million	-45.47%
2022-12-31	zł99.43 Million ≈ $27.37 Million	+6.26%
2021-12-31	zł93.57 Million ≈ $25.75 Million	+5.39%
2020-12-31	zł88.79 Million ≈ $24.44 Million	+33.87%
2019-12-31	zł66.32 Million ≈ $18.25 Million	-45.59%
2018-12-31	zł121.90 Million ≈ $33.55 Million	+16.83%
2017-12-31	zł104.34 Million ≈ $28.72 Million	+19.75%
2016-12-31	zł87.13 Million ≈ $23.98 Million	+13.15%
2015-12-31	zł77.00 Million ≈ $21.19 Million	+17.67%
2014-12-31	zł65.44 Million ≈ $18.01 Million	+23.44%
2013-12-31	zł53.01 Million ≈ $14.59 Million	+43.10%
2012-12-31	zł37.05 Million ≈ $10.20 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Polwax 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 decreased by 138.6% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Common Stock	zł3.08 Million	6.16%
Other Components	zł59.16 Million	118.04%
Total Equity	zł50.12 Million	100.00%

Polwax SA Competitors by Market Cap

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

Company	Market Cap
BR.SCH.ED.HLD.SP.ADR CL.A F:BSK0	$16.44 Million
Picogram Co. Ltd. KQ:376180	$16.44 Million
Enzo Biochem Inc NYSE:ENZ	$16.44 Million
Genenta Science SpA ADR NASDAQ:GNTA	$16.45 Million
MOUNTAIN VALLEY MD HLDGS F:20MP	$16.44 Million
Hateks Hatay Tekstil Isletmeleri AS IS:HATEK	$16.42 Million
Mycron Steel Bhd KLSE:5087	$16.42 Million
FIREBIRD METALS LTD F:7Y2	$16.42 Million

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 62,244,000 to 50,119,000, a change of -12,125,000 (-19.5%).
Net loss of 12,125,000 reduced equity.
Other comprehensive income decreased equity by 5,100,000.
Other factors increased equity by 5,100,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	zł-12.12 Million	-24.19%
Other Comprehensive Income	zł-5.10 Million	-10.18%
Other Changes	zł5.10 Million	+10.18%
Total Change	zł-	-19.48%

Book Value vs Market Value Analysis

This analysis compares Polwax 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: 1.19x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
The price-to-book ratio has increased from 0.26x to 1.19x over the analyzed period, suggesting growing market confidence.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2012-12-31	zł3.70	zł0.97	x
2013-12-31	zł2.31	zł0.97	x
2014-12-31	zł2.82	zł0.97	x
2015-12-31	zł3.29	zł0.97	x
2016-12-31	zł3.73	zł0.97	x
2017-12-31	zł4.44	zł0.97	x
2018-12-31	zł5.19	zł0.97	x
2019-12-31	zł3.51	zł0.97	x
2020-12-31	zł6.21	zł0.97	x
2021-12-31	zł3.03	zł0.97	x
2022-12-31	zł3.22	zł0.97	x
2023-12-31	zł1.75	zł0.97	x
2024-12-31	zł1.01	zł0.97	x
2025-12-31	zł0.81	zł0.97	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Polwax 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): -24.19%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -9.34%
• Asset Turnover: 1.41x
• Equity Multiplier: 1.84x
Recent ROE (-24.19%) is below the historical average (0.75%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2012	52.39%	7.45%	2.26x	3.12x	zł15.70 Million
2013	37.67%	8.28%	1.70x	2.68x	zł14.67 Million
2014	34.24%	8.68%	2.08x	1.90x	zł15.87 Million
2015	30.97%	8.50%	2.07x	1.76x	zł16.15 Million
2016	23.96%	7.09%	2.10x	1.61x	zł12.16 Million
2017	16.50%	6.07%	1.66x	1.63x	zł6.78 Million
2018	14.41%	6.32%	1.40x	1.63x	zł5.37 Million
2019	-83.80%	-25.78%	1.72x	1.88x	zł-62.21 Million
2020	3.42%	1.40%	1.58x	1.54x	zł-5.84 Million
2021	5.11%	1.76%	1.92x	1.52x	zł-4.57 Million
2022	8.38%	2.51%	2.30x	1.45x	zł-1.61 Million
2023	-71.97%	-15.46%	2.26x	2.06x	zł-44.45 Million
2024	-36.57%	-11.97%	1.69x	1.81x	zł-28.99 Million
2025	-24.19%	-9.34%	1.41x	1.84x	zł-17.14 Million

Industry Comparison

This section compares Polwax SA's net assets metrics with peer companies in the Specialty Chemicals industry.

Industry Context

Industry: Specialty Chemicals
Average net assets among peers: $213,552,773
Average return on equity (ROE) among peers: 5.62%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Polwax SA (PWX)	zł43.69 Million	52.39%	1.27x	$16.44 Million
Krakchemia SA (KCH)	$30.09 Million	-19.21%	0.52x	$606.85K
Korporacja KGL S.A. (KGL)	$112.66 Million	5.46%	1.44x	$21.16 Million
PCC Exol SA (PCX)	$238.77 Million	6.18%	1.19x	$96.33 Million
Selena FM S.A. (SEL)	$523.66 Million	14.13%	0.77x	$335.89 Million
Fabryka Farb i Lakierów ŚNIEŻKA SA (SKA)	$162.58 Million	21.54%	0.81x	$290.31 Million

About Polwax SA

WAR:PWX Poland Specialty Chemicals

Market Cap

$16.44 Million

zł59.73 Million PLN

Market Cap Rank

#25809 Global

#263 in Poland

Share Price

zł0.97

Change (1 day)

-2.02%

52-Week Range

zł0.96 - zł1.50

All Time High

zł7.67