Voxel S.A. (VOX) - Net Assets

Latest as of December 2025: zł415.63 Million PLN ≈ $114.39 Million USD

Based on the latest financial reports, Voxel S.A. (VOX) has net assets worth zł415.63 Million PLN (≈ $114.39 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 (zł706.69 Million ≈ $194.49 Million USD) and total liabilities (zł291.06 Million ≈ $80.10 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. Also explore Voxel S.A. (VOX) total assets for the complete picture of this company's asset base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	zł415.63 Million
% of Total Assets	58.81%
Annual Growth Rate	12.36%
5-Year Change	80.29%
10-Year Change	257.13%
Growth Volatility	9.85

Voxel S.A. - Net Assets Trend (2010–2025)

This chart illustrates how Voxel S.A.'s net assets have evolved over time, based on quarterly financial data. Check Voxel S.A. tangible net worth ratio to evaluate the tangible quality of the company's equity base.

Annual Net Assets for Voxel S.A. (2010–2025)

The table below shows the annual net assets of Voxel S.A. from 2010 to 2025. For live valuation and market cap data, see Voxel S.A. market capitalisation.

Year	Net Assets	Change
2025-12-31	zł415.63 Million ≈ $114.39 Million	+13.36%
2024-12-31	zł366.64 Million ≈ $100.90 Million	+24.11%
2023-12-31	zł295.41 Million ≈ $81.30 Million	+21.11%
2022-12-31	zł243.91 Million ≈ $67.13 Million	+5.81%
2021-12-31	zł230.53 Million ≈ $63.44 Million	+27.24%
2020-12-31	zł181.17 Million ≈ $49.86 Million	+16.31%
2019-12-31	zł155.77 Million ≈ $42.87 Million	+8.74%
2018-12-31	zł143.25 Million ≈ $39.43 Million	+9.81%
2017-12-31	zł130.46 Million ≈ $35.90 Million	+12.10%
2016-12-31	zł116.38 Million ≈ $32.03 Million	+4.71%
2015-12-31	zł111.15 Million ≈ $30.59 Million	+7.43%
2014-12-31	zł103.47 Million ≈ $28.48 Million	-4.98%
2013-12-31	zł108.89 Million ≈ $29.97 Million	+31.76%
2012-12-31	zł82.64 Million ≈ $22.74 Million	-0.89%
2011-12-31	zł83.39 Million ≈ $22.95 Million	+15.24%
2010-12-31	zł72.36 Million ≈ $19.92 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Voxel S.A.'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 30991517505.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	zł309.54 Million	75.70%
Other Components	zł99.36 Million	24.30%
Total Equity	zł408.90 Million	100.00%

Voxel S.A. Competitors by Market Cap

The table below lists competitors of Voxel S.A. ranked by their market capitalization.

Company	Market Cap
GABIA Inc KQ:079940	$379.85 Million
Jiangsu Skyray Instrument Co SHE:300165	$379.95 Million
Taiwan Navigation Co Ltd TW:2617	$379.95 Million
Bafang Yunji Intl Co Ltd TW:2753	$380.04 Million
Zhongxing Shenyang Commercial Building Group Co Ltd SHE:000715	$379.60 Million
Panoro Energy ASA OL:PEN	$379.59 Million
Sinopec Oilfield Service Corporation F:YIZH	$379.49 Million
Tarczynski S.A. WAR:TAR	$379.43 Million

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 360,569,200 to 408,900,700, a change of 48,331,500 (13.4%).
Net income of 98,533,900 contributed positively to equity growth.
Dividend payments of 47,720,700 reduced retained earnings.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	zł98.53 Million	+24.1%
Dividends Paid	zł47.72 Million	-11.67%
Other Changes	zł-2.48 Million	-0.61%
Total Change	zł-	13.40%

Book Value vs Market Value Analysis

This analysis compares Voxel S.A.'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: 3.38x
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 16.51x to 3.38x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2010-12-31	zł7.96	zł131.40	x
2011-12-31	zł9.32	zł131.40	x
2012-12-31	zł8.34	zł131.40	x
2013-12-31	zł10.37	zł131.40	x
2014-12-31	zł9.85	zł131.40	x
2015-12-31	zł10.57	zł131.40	x
2016-12-31	zł11.07	zł131.40	x
2017-12-31	zł12.41	zł131.40	x
2018-12-31	zł13.63	zł131.40	x
2019-12-31	zł14.83	zł131.40	x
2020-12-31	zł17.12	zł131.40	x
2021-12-31	zł21.80	zł131.40	x
2022-12-31	zł23.03	zł131.40	x
2023-12-31	zł27.93	zł131.40	x
2024-12-31	zł34.33	zł131.40	x
2025-12-31	zł38.93	zł131.40	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Voxel S.A. 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): 24.10%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 16.88%
• Asset Turnover: 0.83x
• Equity Multiplier: 1.73x
Recent ROE (24.10%) is above the historical average (13.45%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2010	3.58%	4.19%	0.36x	2.39x	zł-4.62 Million
2011	-4.62%	-3.94%	0.48x	2.45x	zł-12.13 Million
2012	3.88%	5.55%	0.34x	2.03x	zł-5.06 Million
2013	2.79%	2.92%	0.48x	1.99x	zł-7.81 Million
2014	-3.31%	-3.33%	0.48x	2.08x	zł-13.77 Million
2015	12.91%	10.86%	0.62x	1.91x	zł3.23 Million
2016	9.46%	9.12%	0.54x	1.92x	zł-623.73K
2017	15.20%	13.01%	0.64x	1.83x	zł6.77 Million
2018	16.33%	13.72%	0.60x	1.97x	zł9.06 Million
2019	14.75%	10.85%	0.63x	2.17x	zł7.40 Million
2020	18.88%	10.37%	0.75x	2.44x	zł15.98 Million
2021	30.81%	15.94%	0.89x	2.16x	zł47.65 Million
2022	18.37%	10.71%	0.89x	1.93x	zł20.24 Million
2023	25.30%	17.49%	0.80x	1.80x	zł44.87 Million
2024	26.75%	19.00%	0.79x	1.77x	zł60.40 Million
2025	24.10%	16.88%	0.83x	1.73x	zł57.64 Million

Industry Comparison

This section compares Voxel S.A.'s net assets metrics with peer companies in the Diagnostics & Research industry.

Industry Context

Industry: Diagnostics & Research
Average net assets among peers: $115,087,414
Average return on equity (ROE) among peers: -0.66%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Voxel S.A. (VOX)	zł415.63 Million	3.58%	0.70x	$379.81 Million
Biomaxima (BMX)	$16.83 Million	7.29%	0.39x	$11.63 Million
Scope Fluidics SA (SCP)	$6.70 Million	-9.52%	0.41x	$102.03 Million
Selvita S.A. (SLV)	$321.73 Million	0.25%	0.86x	$139.15 Million

About Voxel S.A.

WAR:VOX Poland Diagnostics & Research

Market Cap

$379.81 Million

zł1.38 Billion PLN

Market Cap Rank

#13702 Global

#72 in Poland

Share Price

zł131.40

Change (1 day)

+2.82%

52-Week Range

zł94.00 - zł179.00

All Time High

zł186.80