Equity Brief · Technology2026-10-27
MXC.WA·Technology

Maxcom S.A.

I · AI Analysis

The brief

Maxcom distributes consumer electronics — phones, smartwatches, laptops, audio devices, and accessories — under third-party brand names like Motorola, Lenovo, and Aiwa, primarily in Poland and across Europe [Yahoo Finance]. The company also provides warranty, transport, and rental services alongside its core product sales [Yahoo Finance].

Maxcom S.A. is a Polish consumer electronics distributor operating across phones, smartwatches, televisions, and accessories under brands including Motorola, Lenovo, and Aiwa [Yahoo Finance]. The company reported trailing-twelve-month revenue of PLN 95.5M through 30 June 2026, down 14.9% in the latest quarter, while operating margin swung to a narrow positive 3.0% after a year-earlier loss [Yahoo Finance]. With a market cap of just PLN 17.2M and 49 employees, this is a micro-cap business facing significant headwinds [Yahoo Finance].

A micro-cap electronics distributor that is operationally profitable but reported a small net loss, hampered by one-off charges and carrying leverage above 3x net debt to EBITDA.

The brief AI analysisConfidence 5/10

Sentinellis health

Moderate concerns

4.7/10

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

Profitability

16% of score0.0/10
Net margin-0.7%· need ≥ 2%, the lower third of consumer durables in our libraryGross margin+28.9%· need ≥ 40.9%, the lower third of consumer durables in our library

Returns on capital

16% of score0.0/10
ROIC+3.4%· need > 10%Return on equity-1.3%· need > 12%

Growth & momentum

21% of score5.0/10
Revenue growth-14.9%· need ≥ 0%, the lower third of consumer durables in our libraryOperating margin trend+7.0pp YoY

Balance sheet

32% of score6.7/10
Current ratio2.7xNet debt / EBITDA3.3x· need < 3.0xInterest coverage1.9x· need > 6.0xDebt / equity0.27

Cash generation

16% of score10.0/10
Free cash flowPLN 1.4MCash vs reported profitPLN 1.6M vs PLN -644,000

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 17.2M

Revenue (TTM)

PLN 95.5M

Explainers

How we read these numbers

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Revenue fell 14.9% in the latest quarter versus a year earlier, signaling shrinking demand or share loss in a competitive consumer electronics market [Yahoo Finance].

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, 10:36 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