Filed financial results
Revenue, EBIT and growth from KRS. The margin cohort covers 463 companies with EUR 10-50M revenue. It is a selected sample that skews profitable.
POLISH IT · VEA INDEX
IT valuation multiples. Data and the VEA model.
See how Polish IT companies perform and how our model translates their financials into an indicative multiple. Filed financial data and valuation assumptions are shown separately.
Company financials: 2024 · Source cutoff: 2026-07-22 · Aggregates generated: 2026-07-22
Report edition: H1 2026 · Page updated: 2026-10-09
VEA INDEX · H1 2026
Median model output
4.8xEV/EBIT
449 profitable companies in the sample · EUR 10-50M revenue · KRS financials for 2024
Middle 50% of outputs4.2-5.3x
VEA model, not completed transaction prices.
THREE LAYERS, DISTINCT MEANINGS
What we know. What we assume.
Financial data describes the companies. Assumptions belong to VEA. The index is the output of combining the two.
One model scenario
All companies use the IT-services profile. EBIT is used in place of EBITDA. International revenue is set to 30%; unknown quality factors remain neutral.
A model-implied multiple
The median of 449 outputs is 4.8x EV/EBIT. It is a reference for discussing assumptions, not an observed company sale price.
VEA INDEX · MODEL OUTPUT
See the range. Understand the number.
Half the outputs lie below the median and half above. Q1-Q3 covers the middle 50% of outputs under the same scenario.
Model-output ranges
EV/EBIT- Middle 50%
- 4.2-5.3x
- Median
- 4.8x
- P10-P90
- 3.7-6.0x
EXAMPLE · EBIT × MULTIPLE
PLN M
EBIT is operating profit. Type a value or use the slider (PLN 0.5-30M).
Illustrative EV · 3.0 × 4.2-5.3x
12.6 PLN M - 15.9 PLN M
At the median model output: 14.4 PLN M
This illustrates multiplication, without the company profile, debt or deal terms. Explore your own assumptions in the calculator.
A company valuation needs its own revenue quality, profitability and risk profile. This index does not replace that analysis.
All published percentiles
| Measure | EV/EBIT | Meaning |
|---|---|---|
| Median | 4.8x | middle model output |
| Q1-Q3 | 4.2x - 5.3x | middle 50% of outputs |
| P10-P90 | 3.7x - 6.0x | range from the 10th to the 90th percentile |
CALCULATOR ASSUMPTIONS
Different businesses. Different bases.
These bands are VEA model parameters. They are not a distribution of transaction prices or a promise of a result for your company.
| Model profile | Base parameter | Basis |
|---|---|---|
| Profitable B2B SaaS | 8-15x | EBITDA |
| Growing B2B SaaS | 2.5-5x · midpoint curve | ARR |
| IT services / integration | 3.5-7x | EBITDA |
| Tech-enabled business | 3-5.5x | EBITDA |
The ARR range describes the growth-dependent midpoint multiple. The final range also includes a spread around that midpoint and profile adjustments.
EV is enterprise value. Estimating equity value also requires net debt and other transaction adjustments.
EBIT / EBITDA / ARR are different bases. EBIT is operating profit; EBITDA adds depreciation and amortisation; ARR describes annual recurring revenue. Check the basis before comparing multiples.
OBSERVED FINANCIALS · FY2024
What company filings show.
These are results for a selected sample with EUR 10-50M revenue. They do not describe all Polish IT companies or smaller SaaS businesses.
Middle 50%: 8.6-17.9%. Sample: 463 companies.
Change from 2023 to 2024. Sample: 452 companies with both years available.
Full tables: margins and growth
| Revenue (EUR M) | n | Median | Q1 | Q3 |
|---|---|---|---|---|
| 10 - 15 | 165 | 11.8% | 8.9% | 19.0% |
| 15 - 20 | 102 | 13.1% | 9.4% | 19.9% |
| 20 - 30 | 97 | 11.0% | 7.8% | 16.3% |
| 30 - 50 | 99 | 11.5% | 8.3% | 16.7% |
| EBIT margin | Share of companies |
|---|---|
| below 10% | 38.2% |
| 10% - 20% | 41.5% |
| 20% and above | 20.3% |
| Measure | Value |
|---|---|
| Median growth YoY | 10.9% |
| Q1-Q3 | -0.2% - 24.9% |
| Share of companies with declining revenue | 25.7% |
| Share growing at least 20% | 32.5% |
SCOPE, ASSUMPTIONS, LIMITS
Open sources. Clear boundaries.
Registry data helps compare performance. It does not establish transaction prices or a SaaS valuation premium.
- 38,416
- active KRS entities with primary PKD 62 / 63.1 / 58.2 / 26.30 in the June 2026 enumeration. Sole proprietorships excluded.
- 3,016
- entities in the VEA database. This is the database count, not a deal count or the number of index companies.
- 618
- entities with a full P&L for FY2024. The published aggregate sample was selected from this layer.
Published aggregates use public KRS data, with no VEA client data. Cells with n<5 are suppressed. Index model version: vea-model-2.2.1. Next planned edition: January 2027.
Questions worth asking.
Is 4.8x the price I will receive for my company?
No. 4.8x EV/EBIT is the median VEA model output for 449 selected companies. A transaction price also depends on data quality, the buyer and the deal terms.
Does this index describe smaller SaaS companies?
Not directly. The sample covers EUR 10-50M revenue and applies the IT-services model to the whole group. A SaaS scenario needs the appropriate ARR or EBITDA basis and company-specific data.
Where do the calculator multiple bands come from?
They are explicit VEA model parameters, documented in the methodology. KRS filings provide financial data but do not disclose company sale prices. Model bands and registry data serve different purposes.
FROM A NUMBER TO A DECISION
What would you like to check next?
Start with a valuation scenario or explore what to improve in the business. A sale does not have to be your goal.