Quercus TFI SA (QRS) - Net Assets

Latest as of March 2026: zł181.79 Million PLN ≈ $50.03 Million USD

Based on the latest financial reports, Quercus TFI SA (QRS) has net assets worth zł181.79 Million PLN (≈ $50.03 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 (zł325.62 Million ≈ $89.62 Million USD) and total liabilities (zł143.83 Million ≈ $39.58 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 Quercus TFI SA (QRS) tangible net worth to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	zł181.79 Million
% of Total Assets	55.83%
Annual Growth Rate	18.44%
5-Year Change	43.83%
10-Year Change	176.83%
Growth Volatility	38.38

Quercus TFI SA - Net Assets Trend (2009–2025)

This chart illustrates how Quercus TFI SA's net assets have evolved over time, based on quarterly financial data. See Quercus TFI SA liquidity coverage in days to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Quercus TFI SA (2009–2025)

The table below shows the annual net assets of Quercus TFI SA from 2009 to 2025. For live valuation and market cap data, see Quercus TFI SA market capitalisation.

Year	Net Assets	Change
2025-12-31	zł128.86 Million ≈ $35.46 Million	+7.72%
2024-12-31	zł119.62 Million ≈ $32.92 Million	+14.01%
2023-12-31	zł104.92 Million ≈ $28.87 Million	+21.52%
2022-12-31	zł86.33 Million ≈ $23.76 Million	-3.63%
2021-12-31	zł89.59 Million ≈ $24.66 Million	+49.38%
2020-12-31	zł59.97 Million ≈ $16.51 Million	-2.64%
2019-12-31	zł61.60 Million ≈ $16.95 Million	+46.59%
2018-12-31	zł42.02 Million ≈ $11.57 Million	-19.52%
2017-12-31	zł52.22 Million ≈ $14.37 Million	+12.18%
2016-12-31	zł46.55 Million ≈ $12.81 Million	-2.80%
2015-12-31	zł47.89 Million ≈ $13.18 Million	-0.39%
2014-12-31	zł48.08 Million ≈ $13.23 Million	-11.63%
2013-12-31	zł54.41 Million ≈ $14.97 Million	+91.44%
2012-12-31	zł28.42 Million ≈ $7.82 Million	-2.09%
2011-12-31	zł29.03 Million ≈ $7.99 Million	+50.80%
2010-12-31	zł19.25 Million ≈ $5.30 Million	+124.03%
2009-12-31	zł8.59 Million ≈ $2.36 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Quercus TFI 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 7010964075.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	zł64.86 Million	53.37%
Other Components	zł56.67 Million	46.63%
Total Equity	zł121.53 Million	100.00%

Quercus TFI SA Competitors by Market Cap

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

Company	Market Cap
KABE Group AB (publ.) ST:KABE-B	$164.52 Million
Molecular Partners AG ADR NASDAQ:MOLN	$164.56 Million
AB Klaipedos nafta F:XIC	$164.71 Million
Bank Artha Graha Internasional JK:INPC	$164.72 Million
Gobarto S.A. WAR:GOB	$164.50 Million
Pt Pakuan Tbk JK:UANG	$164.49 Million
Graphite One Inc V:GPH	$164.35 Million
Airtel Africa Plc LSE:AAF	$164.33 Million

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 113,418,000 to 121,534,000, a change of 8,116,000 (7.2%).
Net income of 60,233,000 contributed positively to equity growth.
Dividend payments of 1,127,000 reduced retained earnings.
Share repurchases of 59,043,000 reduced equity.
New share issuances of 36,000,000 increased equity.
Other comprehensive income decreased equity by 32,557,000.
Other factors increased equity by 4,610,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	zł60.23 Million	+49.56%
Dividends Paid	zł1.13 Million	-0.93%
Share Repurchases	zł59.04 Million	-48.58%
Share Issuances	zł36.00 Million	+29.62%
Other Comprehensive Income	zł-32.56 Million	-26.79%
Other Changes	zł4.61 Million	+3.79%
Total Change	zł-	7.16%

Book Value vs Market Value Analysis

This analysis compares Quercus TFI 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: 4.63x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 96.29x to 4.63x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2009-12-31	zł0.12	zł11.82	x
2010-12-31	zł0.27	zł11.82	x
2011-12-31	zł0.41	zł11.82	x
2012-12-31	zł0.40	zł11.82	x
2013-12-31	zł0.77	zł11.82	x
2014-12-31	zł0.70	zł11.82	x
2015-12-31	zł0.74	zł11.82	x
2016-12-31	zł0.74	zł11.82	x
2017-12-31	zł0.87	zł11.82	x
2018-12-31	zł0.73	zł11.82	x
2019-12-31	zł1.08	zł11.82	x
2020-12-31	zł1.09	zł11.82	x
2021-12-31	zł1.52	zł11.82	x
2022-12-31	zł1.44	zł11.82	x
2023-12-31	zł1.80	zł11.82	x
2024-12-31	zł2.18	zł11.82	x
2025-12-31	zł2.55	zł11.82	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Quercus TFI 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): 49.56%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 29.73%
• Asset Turnover: 0.83x
• Equity Multiplier: 2.00x
Recent ROE (49.56%) is above the historical average (39.14%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2009	-16.19%	-21.86%	0.61x	1.21x	zł-2.25 Million
2010	54.82%	23.68%	1.49x	1.55x	zł8.63 Million
2011	50.82%	26.04%	1.64x	1.19x	zł11.85 Million
2012	47.86%	28.20%	1.33x	1.27x	zł10.76 Million
2013	71.27%	31.76%	1.51x	1.48x	zł33.34 Million
2014	65.27%	30.20%	1.79x	1.21x	zł26.58 Million
2015	63.66%	31.90%	1.54x	1.30x	zł25.70 Million
2016	61.21%	29.03%	1.64x	1.28x	zł23.84 Million
2017	65.18%	28.58%	1.77x	1.29x	zł28.81 Million
2018	-24.26%	-11.89%	1.30x	1.57x	zł-14.40 Million
2019	31.78%	32.09%	0.71x	1.39x	zł13.42 Million
2020	29.74%	28.26%	0.70x	1.50x	zł11.84 Million
2021	28.03%	30.54%	0.42x	2.19x	zł16.16 Million
2022	17.39%	15.48%	0.58x	1.95x	zł5.99 Million
2023	31.14%	26.36%	0.57x	2.06x	zł21.01 Million
2024	38.12%	27.89%	0.81x	1.69x	zł31.89 Million
2025	49.56%	29.73%	0.83x	2.00x	zł48.08 Million

Industry Comparison

This section compares Quercus TFI SA's net assets metrics with peer companies in the Asset Management industry.

Industry Context

Industry: Asset Management
Average net assets among peers: $297,404,786
Average return on equity (ROE) among peers: 9.97%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Quercus TFI SA (QRS)	zł181.79 Million	-16.19%	0.79x	$164.50 Million
Magna Polonia SA (06N)	$8.85 Million	9.69%	11.00x	$9.34 Million
Alta S.A. (AAT)	$189.35 Million	1.66%	0.01x	$6.76 Million
Altustfi (ALI)	$126.29 Million	5.06%	0.13x	$38.18 Million
Capital Partners S.A. (CPA)	$26.31 Million	12.01%	0.10x	$14.27 Million
Caspar (CSR)	$-1.73 Million	0.00%	0.00x	$16.28 Million
One SA (FMG)	$41.76 Million	12.54%	1.44x	$5.92 Million
Immobile (GKI)	$215.00 Million	3.13%	0.97x	$96.33 Million
Impera Capital S.A. (IMP)	$103.56 Million	-25.12%	0.39x	$3.58 Million
JR Invest SA (JRH)	$167.31 Million	80.03%	0.21x	$56.17 Million
MCI Management SA (MCI)	$2.10 Billion	0.74%	0.14x	$407.15 Million

About Quercus TFI SA

WAR:QRS Poland Asset Management

Market Cap

$164.50 Million

zł597.72 Million PLN

Market Cap Rank

#17396 Global

#114 in Poland

Share Price

zł11.82

Change (1 day)

+0.51%

52-Week Range

zł10.20 - zł13.55

All Time High

zł13.55