Equity Brief · Industrials2026-10-27
FSG.WA·Industrials

Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A.

I · AI Analysis

The brief

FASING manufactures chains (round and flat link chains, chain assemblies, wear-resistant chains, lifting chains) and die forgings for mining, fishing, energy, sugar, cement and wood industries. It also produces small mechanisation equipment including drills, bolting machines, hydraulic units and clutches. The company exports to China, the United States, Australia, Germany, Sweden, Kazakhstan and Ukraine [Yahoo Finance].

FASING is a 259-employee Polish industrial manufacturer supplying chains, forgings and small mechanisation equipment to mining, energy and other heavy industries worldwide [Yahoo Finance]. The company posted trailing-twelve-month revenue of PLN 307.3M through 30 June 2026, but generated negative PLN 8.3M in free cash flow and carries a Piotroski score of 3/9, signalling moderate financial concerns [Yahoo Finance] [Sentinellis calculation].

Recent quarter revenue growth was strong, but trailing cash flow is deeply negative and the balance sheet carries stretched leverage.

The brief AI analysisConfidence 5/10

Sentinellis health

Moderate concerns

6.6/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

16% of score10.0/10
Net margin+4.2%Gross margin+32.7%

Returns on capital

16% of score0.0/10
ROIC+7.0%· need > 10%Return on equity+6.8%· need > 12%

Growth & momentum

21% of score10.0/10
Revenue growth+25.1%Operating margin trend+1.6pp YoY

Balance sheet

32% of score9.2/10
Current ratio1.5xNet debt / EBITDA2.5xInterest coverage3.0x· need > 6.0xDebt / equity0.48

Cash generation

16% of score0.0/10
Free cash flowPLN -8.3M· need positiveCash vs reported profitPLN 6.2M vs PLN 12.8M· need OCF > net income

Value creation

no data
ROIC vs cost of capital—· no data

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

PLN 45.1M

Revenue (TTM)

PLN 307.3M

Explainers

How we read these numbers

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Trailing free cash flow is negative PLN 8.3M, meaning the company consumed cash over the past twelve months despite positive operating income [Sentinellis calculation].

1 of 5 risks in this report

Risks

5

Opportunities

4

Red flags

3

Leadership

3

11 more findings in the full report — free with any account.

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Produced 27 Oct 2026, 10:59 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated