As of end-2024, Zabka operated 11,069 stores in Poland and Romania, with retail distribution representing 95.3% of sales and online distribution 4.7%. In 2024, revenue reached 23.80 billion PLN (up 20.15% YoY) with earnings of 607.80 million PLN (up 76.48% YoY). The company leverages omnichannel integration, franchise model expansion, and new growth engines (digital commerce and meal solutions) to strengthen competitive positioning.
Cyborg Score Rationale
Strong revenue growth of 20.15% and earnings growth of 76.48% in 2024 demonstrate operational momentum. ROE of 50.89% indicates exceptional capital efficiency. However, elevated leverage and valuation multiples (PE 34.29x) present execution and valuation risks.
Top Insights
Diversified revenue streams through D2C meal solutions (Maczfit/Dietly) and eGrocery platforms (delio/Żabka Jush) reduce dependency on traditional retail
Exceptional profitability acceleration in 2024 with earnings growth (76.48%) significantly outpacing revenue growth (20.15%), indicating operational leverage improvement
Employee headcount of ~4,060 supports 11,000+ store network, demonstrating efficient organizational structure
Stock outperformed Polish Consumer Retailing industry which returned -11.8%, showing relative strength in sector headwinds
Named Competitors
Dino Polska — Discount grocery chain competing in Polish convenience retail
Eurocash — Grocery wholesaler and retailer in Polish market
Żabka — Market-leading convenience store network
Recent Developments
(September 2025) Joint Venture agreement with In-Pulse for partnership expansion
(January 2025) Stock reached all-time high of 25.00 PLN, indicating strong market sentiment
(Full Year 2024) Strong financial results with 20%+ revenue growth and near 77% earnings growth
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