mBank Past Earnings Performance
Past criteria checks 3/6
mBank has been growing earnings at an average annual rate of 62.1%, while the Banks industry saw earnings growing at 38.6% annually. Revenues have been growing at an average rate of 19% per year. mBank's return on equity is 17%, and it has net margins of 31.3%.
Key information
62.09%
Earnings growth rate
62.06%
EPS growth rate
| Banks Industry Growth | 9.91% |
| Revenue growth rate | 18.96% |
| Return on equity | 16.98% |
| Net Margin | 31.27% |
| Next Earnings Update | 30 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 14
MBK: Firmer Profitability And Slightly Lower Future P/E Will Support Fair Value
Analysts have nudged their fair value estimate for mBank slightly higher from PLN 1,222.70 to PLN 1,224.00, citing updated assumptions on revenue growth, profit margins, and future P/E expectations. Valuation Changes Fair Value: PLN 1,222.70 to PLN 1,224.00, a very small upward adjustment in the intrinsic value estimate.
Narrative Update • Apr 21
MBK: Rich P/E And Softer Growth Assumptions Will Pressure Future Returns
Analysts have kept their PLN 841.40 price target for mBank unchanged, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin, and future P/E that broadly offset each other in their models. Valuation Changes Fair Value: PLN 841.40 fair value estimate is unchanged, indicating no shift in the overall valuation outcome.
Narrative Update • Apr 07
MBK: Stable Assumptions And Slightly Lower Discount Rate Will Sustain Overvaluation
Analysts have kept mBank's fair value unchanged at PLN 1,013.18, with minor adjustments to the discount rate and future P/E assumptions supporting a stable overall price target view. Valuation Changes Fair Value: PLN 1,013.18 remains unchanged, reflecting a stable central estimate for mBank's valuation.Narrative Update • Mar 24
MBK: Refined Discount Rate And Profitability Assumptions Will Support Balanced Outlook
Analysts have nudged their mBank price target slightly higher from PLN 1,008.24 to PLN 1,013.18, citing updated assumptions around the discount rate, revenue growth, profit margin and forward P/E that modestly refine their valuation view. Valuation Changes Fair Value: PLN 1,008.24 to PLN 1,013.18, reflecting a slight upward adjustment in the modelled valuation level.Narrative Update • Mar 09
MBK: Lower Margin Outlook And Richer P/E Will Eventually Unwind
Analysts have made a marginal upward adjustment to their mBank price target to PLN 841.40. This reflects updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations.Narrative Update • Feb 23
MBK: Refined Profitability And P/E Assumptions Will Support A Balanced Outlook
The updated analyst price target for mBank is now PLN 1,008.24, a marginal change from PLN 1,008.23, with analysts pointing to modest adjustments in revenue growth, profit margin assumptions, and forward P/E expectations as the key drivers behind the recalibration. Valuation Changes Fair Value: PLN 1,008.23 to PLN 1,008.24, a marginal upward adjustment.Narrative Update • Feb 08
MBK: Adjusted Profitability And Discount Rate Assumptions Will Shape Balanced Outlook
Analysts have lifted their fair value estimate for mBank from €973.67 to €1,008.23, citing adjustments to discount rate assumptions, updated revenue growth expectations, a revised profit margin outlook, and a slightly lower future P/E multiple. Valuation Changes Fair Value Estimate increased modestly from €973.67 to €1,008.23.Narrative Update • Jan 24
MBK: Higher Margin And P/E Assumptions Will Ultimately Prove Too Optimistic
Analysts have lifted their fair value estimate for mBank from €626.00 to about €841.34, citing updated assumptions around revenue growth, profit margins, and the future P/E multiple that together point to a higher central valuation range. Valuation Changes Fair Value Estimate was lifted from €626.00 to about €841.34, marking a sizeable upward shift in the central value range used in the model.Narrative Update • Jan 10
MBK: Higher Revenue Outlook And Richer Future P/E Will Support Upside
Analysts have lifted their price target on mBank from €961 to about €1,223, reflecting updated assumptions that combine higher revenue growth with a lower discount rate, a lower profit margin and a higher future P/E multiple. Valuation Changes Fair value estimate: raised from €961.00 to about €1,222.70, indicating a higher assessed equity value for mBank in the model.Narrative Update • Dec 26
MBK: Modestly Higher Required Returns Will Guide Balanced Future Expectations
Narrative Update on mBank The analyst price target for mBank has been revised slightly lower to approximately $974 from about $993, as analysts modestly trim assumptions on revenue growth, profit margin, and future valuation multiples while applying a slightly higher discount rate. Valuation Changes The fair value estimate was reduced slightly from approximately PLN 993 to around PLN 974, reflecting modestly more conservative assumptions.Narrative Update • Dec 11
MBK: Lower Discount Rate And Margin Pressure Will Shape Future Expectations
Analysts have modestly raised their price target on mBank to approximately $993 from about $979, citing slightly improved revenue growth expectations, a marginally lower discount rate, and a higher future price-to-earnings multiple that more than offset a negligible reduction in projected profit margins. Valuation Changes The fair value estimate has risen slightly to approximately 993 PLN from about 979 PLN, reflecting a modestly higher intrinsic valuation.Narrative Update • Nov 27
MBK: Lower Discount Rate And Net Margin Will Offset Future Optimism
Analysts have raised their price target for mBank from PLN 869.83 to PLN 979.43, citing improved revenue growth projections and minor adjustments in discount rates as key factors influencing the update. Valuation Changes Fair Value Estimate: Increased from PLN 869.83 to PLN 979.43.Narrative Update • Nov 09
MBK: Falling P E Ratio Will Expose Downside Risk In Share Price
Analysts have raised their price target for mBank from PLN 857.50 to PLN 869.83, citing improved profit margin and revenue growth expectations as key drivers of the higher valuation. What's in the News mBank S.A. will hold a Special/Extraordinary Shareholders Meeting on September 18, 2025, at 12:00 Central European Standard Time (Key Developments).Analysis Article • Nov 02
zł870 - That's What Analysts Think mBank S.A. (WSE:MBK) Is Worth After These Results
Last week saw the newest third-quarter earnings release from mBank S.A. ( WSE:MBK ), an important milestone in the...Narrative Update • Oct 26
Revenue Outlook And Lending Trends Will Drive Strong Performance Ahead
Analysts have raised their price target for mBank from PLN 836 to PLN 857.50, citing improved revenue growth forecasts, which more than offset a slightly lower profit margin projection. What's in the News Special/Extraordinary Shareholders Meeting scheduled for September 18, 2025, at 12:00 Central European Standard Time (Key Developments) Upcoming Analyst/Investor Day to discuss the Group’s key directions and priorities for 2026 to 2030 (Key Developments) mBank S.A. provided earnings guidance for the full year 2025, projecting revenues to exceed PLN 12 billion and surpass 2024 results (Key Developments) Valuation Changes Consensus Analyst Price Target has risen from PLN 836 to PLN 857.50.Narrative Update • Sep 06
Digital Banking And Polish Lending Will Create Future Momentum
With both the discount rate and future P/E ratio remaining virtually flat, analysts have left their fair value estimate for mBank unchanged at PLN836.00. What's in the News Special/Extraordinary Shareholders Meeting scheduled to be held on Sep 18, 2025.Analysis Article • Jul 19
Is Now The Time To Put mBank (WSE:MBK) On Your Watchlist?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
New Narrative • Dec 06
Enhanced PFM Services And Innovative Capital Strategies Will Significantly Boost Revenue And Net Margins
Expansion in client reach and PFM functionalities aims to boost revenue and improve customer retention, enhancing net margins.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How mBank makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 12,120 | 3,791 | 940 | 0 |
| 31 Dec 25 | 12,000 | 3,544 | 923 | 0 |
| 30 Sep 25 | 12,054 | 3,488 | 902 | 0 |
| 30 Jun 25 | 12,024 | 3,224 | 868 | 0 |
| 31 Mar 25 | 11,821 | 2,687 | 832 | 0 |
| 31 Dec 24 | 11,634 | 2,243 | 821 | 0 |
| 30 Sep 24 | 11,151 | 1,237 | 3,106 | 0 |
| 30 Jun 24 | 10,727 | 581 | 3,069 | 0 |
| 31 Mar 24 | 10,369 | 144 | 2,996 | 0 |
| 31 Dec 23 | 9,995 | 24 | 3,033 | 0 |
| 30 Sep 23 | 9,822 | 879 | 668 | 0 |
| 30 Jun 23 | 8,373 | -1,317 | 607 | 0 |
| 31 Mar 23 | 7,824 | -1,072 | 647 | 0 |
| 31 Dec 22 | 7,383 | -703 | 632 | 0 |
| 30 Sep 22 | 6,551 | -3,168 | 623 | 0 |
| 30 Jun 22 | 6,799 | -863 | 613 | 0 |
| 31 Mar 22 | 5,972 | -984 | 112 | 0 |
| 31 Dec 21 | 5,462 | -1,179 | 583 | 0 |
| 30 Sep 21 | 5,320 | 278 | 586 | 0 |
| 30 Jun 21 | 5,144 | 352 | 587 | 0 |
| 31 Mar 21 | 5,095 | 330 | 1,076 | 0 |
| 31 Dec 20 | 4,710 | 104 | 569 | 0 |
| 30 Sep 20 | 4,645 | 395 | -825 | 0 |
| 30 Jun 20 | 4,841 | 653 | -391 | 0 |
| 31 Mar 20 | 4,791 | 938 | -10 | 0 |
| 31 Dec 19 | 4,917 | 1,010 | 534 | 0 |
| 30 Sep 19 | 4,750 | 1,200 | 1,910 | 0 |
| 30 Jun 19 | 4,429 | 1,132 | 1,431 | 0 |
| 31 Mar 19 | 4,367 | 1,053 | 995 | 0 |
| 31 Dec 18 | 4,513 | 1,303 | 427 | 0 |
| 30 Sep 18 | 4,448 | 1,309 | 417 | 0 |
| 30 Jun 18 | 4,394 | 1,309 | 408 | 0 |
| 31 Mar 18 | 4,405 | 1,285 | -59 | 0 |
| 31 Dec 17 | 4,059 | 1,092 | 375 | 0 |
| 30 Sep 17 | 4,040 | 1,072 | 740 | 0 |
| 30 Jun 17 | 3,963 | 1,011 | 1,186 | 0 |
| 31 Mar 17 | 4,046 | 1,130 | 2,047 | 0 |
| 31 Dec 16 | 4,016 | 1,219 | 1,940 | 0 |
| 30 Sep 16 | 4,023 | 1,236 | 2,095 | 0 |
| 30 Jun 16 | 4,001 | 1,325 | 2,059 | 0 |
| 31 Mar 16 | 3,665 | 1,158 | 2,053 | 0 |
| 31 Dec 15 | 3,751 | 1,301 | 2,026 | 0 |
| 30 Sep 15 | 3,585 | 1,300 | 1,451 | 0 |
| 30 Jun 15 | 3,574 | 1,296 | 1,017 | 0 |
Quality Earnings: MBK has a large one-off loss of PLN1.5B impacting its last 12 months of financial results to 31st March, 2026.
Growing Profit Margin: MBK's current net profit margins (31.3%) are higher than last year (22.7%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: MBK's earnings have grown significantly by 62.1% per year over the past 5 years.
Accelerating Growth: MBK's earnings growth over the past year (41.1%) is below its 5-year average (62.1% per year).
Earnings vs Industry: MBK earnings growth over the past year (41.1%) exceeded the Banks industry 6.4%.
Return on Equity
High ROE: MBK's Return on Equity (17%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/31 01:12 |
| End of Day Share Price | 2026/05/29 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
mBank S.A. is covered by 20 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Andrzej Powierza | Citigroup Inc |
| Gabor Kemeny | ConCorde Securities Ltd. |
| Kazim Andaç | Deutsche Bank |