Operating Margin

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Price: 3 775 PLN -1.56%

Market Cap: zł12.4B

17%

Declining

by 0.1%

Operating Margin shows how much profit a company makes from its regular business activities after covering operating costs. It helps measure how efficiently the company turns sales into profit.

Operating Margin

17%

Operating Income

zł704.2m

Revenue

zł4.1B

Operating Margin shows how much profit a company makes from its regular business activities after covering operating costs. It helps measure how efficiently the company turns sales into profit.

Operating Margin

17%

Operating Income

zł704.2m

Revenue

zł4.1B

Peer Comparison

Country		Company	Market Cap	Operating Margin
PL	B	Benefit Systems SA WSE:BFT	12.4B PLN	Loading...
JP		Recruit Holdings Co Ltd TSE:6098	12.2T JPY	Loading...
NL	R	Randstad NV AEX:RAND	5B EUR	Loading...
CH	A	Adecco Group AG SIX:ADEN	3.8B CHF	Loading...
US	R	Robert Half Inc SWB:RHJ	4.1B EUR	Loading...
CN	5	51job Inc F:IWQ	3.9B EUR	Loading...
JP	P	Persol Holdings Co Ltd TSE:2181	627.8B JPY	Loading...
US		Korn Ferry NYSE:KFY	3.6B USD	Loading...
JP		TechnoPro Holdings Inc TSE:6028	502.9B JPY	Loading...
US		TriNet Group Inc NYSE:TNET	3.1B USD	Loading...
US		Robert Half International Inc NYSE:RHI	2.9B USD	Loading...

Market Distribution

Min	-10 083 900%
30th Percentile	-1.5%
Median	5.4%
70th Percentile	11.7%
Max	195 905.3%

Other Profitability Ratios

Benefit Systems SA
Glance View

Market Cap

12.4B PLN

Industry

Professional Services

Benefit Systems SA, a robust player hailing from Poland, has carved a unique niche for itself in the booming wellness and fitness industry. Founded in 2001, the company orchestrates a symphony of employee benefits programs, with its flagship product, the MultiSport card, acting as the crescendo. The MultiSport card, a subscription-based service, grants access to an extensive network of recreational and sports facilities. This innovative solution addresses the growing corporate focus on employee well-being and engagement, allowing companies to offer their workforce a convenient and cost-effective fitness option. Benefit Systems thus positions itself at the heart of a cultural shift towards healthier lifestyles, making fitness more accessible and appealing through its partnerships with hundreds of fitness clubs, swimming pools, and sports centers. Beyond the core MultiSport offering, Benefit Systems has diversified its portfolio, venturing into areas such as cafeteria programs and management of sports facilities. The company's cafeteria systems provide a flexible benefit management platform, enabling employers to offer various perks, from meal vouchers to cultural packages, balancing the needs and interests of their employees. By leveraging this model, Benefit Systems generates revenue through subscription fees from employers and usage fees from service providers. As the company capitalizes on increasing health awareness and corporate responsibility trends, its innovative approaches continue to strengthen its market position, contributing to the company's financial health and paving the way for future expansions in the wellness sector.

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What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

The AI Assistant may sometimes provide inaccurate information.

Make your own investment decisions or consult a licensed financial advisor.

Benefit Systems SA
WSE:BFT

Peer Comparison

Market Distribution

Other Profitability Ratios

Benefit Systems SA
Glance View

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Benefit Systems SA WSE:BFT