Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Altinkilic Gida ve Sut Sanayi Ticaret A.S.
Physical assets are 69.2% of total assets, a heavy footprint. Capex is 3.73x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.19x, which is below 1.
Fixed-asset turnover is 1.93x. Compare it with other names in the same basket.
Physical asset ratio
69.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 2.58BpropertyPlantAndEquipmentNetInventoryTRY 1.81BinventoryTotal assetsTRY 6.35BtotalAssetsResult 69.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.93xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 4.97BtotalRevenueNet PP&ETRY 2.58BpropertyPlantAndEquipmentNetResult 1.93x
Revenue per dollar of the physical asset base.
Capex / D&A
3.73xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 402.06McapitalExpendituresD&ATRY 107.77MreconciledDepreciationResult 3.73x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 23.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 6.35BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 149.05KintangibleAssetsLiabilitiesTRY 3.70BtotalLiabTangible bookTRY 2.65BShares112,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result TRY 23.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.84xPrice / tangible bookPrice / tangible book per sharePriceTRY 19.95Latest quoteTangible book / shareTRY 23.662025-12-31Result 0.84x
Price TRY 19.95.
Fixed-charge coverage
0.19xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 904.98MebitdaCapexTRY 402.06McapitalExpendituresInterestTRY 778.83MinterestExpenseShort-term debtTRY 1.90BshortLongTermDebtEBITDA − capexTRY 502.92MPrincipal due is the current portion of debt.Result 0.19x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-36.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-TRY 913.05MfreeCashFlowMarket capTRY 2.48BMarketCapitalizationResult -36.8%
Latest free cash flow divided by current market cap (TRY 2.48B).
ROIC
10.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 811.19MoperatingIncomeTax expenseTRY 140.13MtaxProvisionPretax incomeTRY 18.39MincomeBeforeTaxTax rate40.0%EquityTRY 2.65BtotalStockholderEquityDebtTRY 1.97BlongTermDebt + shortLongTermDebtCashTRY 21.95McashInvested capitalTRY 4.60BThe effective tax rate was above 40% and was capped at 40%.Result 10.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.31x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2021 | 57.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 258.28MpropertyPlantAndEquipmentNetInventoryTRY 384.72MinventoryTotal assetsTRY 1.12BtotalAssetsResult 57.7% | 4.99xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 1.29BtotalRevenueNet PP&ETRY 258.28MpropertyPlantAndEquipmentNetResult 4.99x | —Capex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 0.00capitalExpendituresD&A—reconciledDepreciationResult — | TRY 2.42Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 1.12BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 0.00Not reported, treated as 0LiabilitiesTRY 843.89MtotalLiabTangible bookTRY 271.46MShares112,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result TRY 2.42 | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexTRY 0.00capitalExpendituresInterestTRY 36.80MinterestExpenseShort-term debtTRY 177.33MshortLongTermDebtPrincipal due is the current portion of debt.Result — | —Free cash flow · 2021-12-31Operating cash flow − capexOperating cash flow—Not reportedCapexTRY 0.00capitalExpendituresFree cash flow—Not reportedResult — | 28.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 161.70MoperatingIncomeTax expense-TRY 1.20MtaxProvisionPretax incomeTRY 115.30MincomeBeforeTaxTax rate0.0%EquityTRY 355.26MtotalStockholderEquityDebtTRY 214.39MlongTermDebt + shortLongTermDebtCashTRY 9.51McashInvested capitalTRY 560.14MResult 28.9% | 0.63xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 161.70MoperatingIncomeNet PP&ETRY 258.28MpropertyPlantAndEquipmentNetResult 0.63x |
| 2022 | 58.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 587.50MpropertyPlantAndEquipmentNetInventoryTRY 274.10MinventoryTotal assetsTRY 1.48BtotalAssetsResult 58.1% | 2.64xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 1.55BtotalRevenueNet PP&ETRY 587.50MpropertyPlantAndEquipmentNetResult 2.64x | —Capex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 0.00capitalExpendituresD&A—reconciledDepreciationResult — | TRY 4.75Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 1.48BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 0.00Not reported, treated as 0LiabilitiesTRY 951.10MtotalLiabTangible bookTRY 531.81MShares112,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result TRY 4.75 | 0.35xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 86.90MebitdaCapexTRY 0.00capitalExpendituresInterestTRY 60.50MinterestExpenseShort-term debtTRY 187.03MshortLongTermDebtEBITDA − capexTRY 86.90MPrincipal due is the current portion of debt.Result 0.35x | TRY 107.34MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowTRY 107.34MtotalCashFromOperatingActivitiesCapexTRY 0.00capitalExpendituresFree cash flowTRY 107.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 107.34M | 15.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 188.80MoperatingIncomeTax expenseTRY 22.10MtaxProvisionPretax incomeTRY 26.40MincomeBeforeTaxTax rate40.0%EquityTRY 531.81MtotalStockholderEquityDebtTRY 199.66MlongTermDebt + shortLongTermDebtCashTRY 946.85KcashInvested capitalTRY 730.53MThe effective tax rate was above 40% and was capped at 40%.Result 15.5% | 0.32xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 188.80MoperatingIncomeNet PP&ETRY 587.50MpropertyPlantAndEquipmentNetResult 0.32x |
| 2023 | 62.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 932.96MpropertyPlantAndEquipmentNetInventoryTRY 832.15MinventoryTotal assetsTRY 2.83BtotalAssetsResult 62.4% | 2.87xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 2.68BtotalRevenueNet PP&ETRY 932.96MpropertyPlantAndEquipmentNetResult 2.87x | 0.71xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 36.01McapitalExpendituresD&ATRY 50.97MreconciledDepreciationResult 0.71x | TRY 8.54Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 2.83BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 0.00Not reported, treated as 0LiabilitiesTRY 1.87BtotalLiabTangible bookTRY 955.98MShares112,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result TRY 8.54 | 0.17xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 182.39MebitdaCapexTRY 36.01McapitalExpendituresInterestTRY 115.27MinterestExpenseShort-term debtTRY 721.60MshortLongTermDebtEBITDA − capexTRY 146.38MPrincipal due is the current portion of debt.Result 0.17x | -TRY 420.21MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-TRY 384.20MtotalCashFromOperatingActivitiesCapexTRY 36.01McapitalExpendituresFree cash flow-TRY 420.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 420.21M | 16.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 281.09MoperatingIncomeTax expense-TRY 63.76MtaxProvisionPretax incomeTRY 16.15MincomeBeforeTaxTax rate0.0%EquityTRY 955.98MtotalStockholderEquityDebtTRY 749.29MlongTermDebt + shortLongTermDebtCashTRY 23.27McashInvested capitalTRY 1.68BResult 16.7% | 0.30xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeTRY 281.09MoperatingIncomeNet PP&ETRY 932.96MpropertyPlantAndEquipmentNetResult 0.30x |
| 2024 | 67.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 2.09BpropertyPlantAndEquipmentNetInventoryTRY 1.43BinventoryTotal assetsTRY 5.21BtotalAssetsResult 67.5% | 2.03xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 4.24BtotalRevenueNet PP&ETRY 2.09BpropertyPlantAndEquipmentNetResult 2.03x | 8.85xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 810.56McapitalExpendituresD&ATRY 91.58MreconciledDepreciationResult 8.85x | TRY 21.88Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 5.21BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 0.00Not reported, treated as 0LiabilitiesTRY 2.76BtotalLiabTangible bookTRY 2.45BShares112,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result TRY 21.88 | -0.09xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 647.24MebitdaCapexTRY 810.56McapitalExpendituresInterestTRY 406.82MinterestExpenseShort-term debtTRY 1.44BshortLongTermDebtEBITDA − capex-TRY 163.32MPrincipal due is the current portion of debt.Result -0.09x | -TRY 1.58BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-TRY 771.72MtotalCashFromOperatingActivitiesCapexTRY 810.56McapitalExpendituresFree cash flow-TRY 1.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 1.58B | 9.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 606.38MoperatingIncomeTax expenseTRY 118.62MtaxProvisionPretax incomeTRY 148.84MincomeBeforeTaxTax rate40.0%EquityTRY 2.45BtotalStockholderEquityDebtTRY 1.47BlongTermDebt + shortLongTermDebtCashTRY 79.31McashInvested capitalTRY 3.84BThe effective tax rate was above 40% and was capped at 40%.Result 9.5% | 0.29xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeTRY 606.38MoperatingIncomeNet PP&ETRY 2.09BpropertyPlantAndEquipmentNetResult 0.29x |
| 2025 | 69.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 2.58BpropertyPlantAndEquipmentNetInventoryTRY 1.81BinventoryTotal assetsTRY 6.35BtotalAssetsResult 69.2% | 1.93xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 4.97BtotalRevenueNet PP&ETRY 2.58BpropertyPlantAndEquipmentNetResult 1.93x | 3.73xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 402.06McapitalExpendituresD&ATRY 107.77MreconciledDepreciationResult 3.73x | TRY 23.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 6.35BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 149.05KintangibleAssetsLiabilitiesTRY 3.70BtotalLiabTangible bookTRY 2.65BShares112,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result TRY 23.66 | 0.19xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 904.98MebitdaCapexTRY 402.06McapitalExpendituresInterestTRY 778.83MinterestExpenseShort-term debtTRY 1.90BshortLongTermDebtEBITDA − capexTRY 502.92MPrincipal due is the current portion of debt.Result 0.19x | -TRY 913.05MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-TRY 510.99MtotalCashFromOperatingActivitiesCapexTRY 402.06McapitalExpendituresFree cash flow-TRY 913.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 913.05M | 10.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 811.19MoperatingIncomeTax expenseTRY 140.13MtaxProvisionPretax incomeTRY 18.39MincomeBeforeTaxTax rate40.0%EquityTRY 2.65BtotalStockholderEquityDebtTRY 1.97BlongTermDebt + shortLongTermDebtCashTRY 21.95McashInvested capitalTRY 4.60BThe effective tax rate was above 40% and was capped at 40%.Result 10.6% | 0.31xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeTRY 811.19MoperatingIncomeNet PP&ETRY 2.58BpropertyPlantAndEquipmentNetResult 0.31x |
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: TRY 2.58B
Inventory: TRY 1.81B
Total assets: TRY 6.35B
Goodwill: TRY 0.00
Intangibles: TRY 149.05K
Liabilities: TRY 3.70B
Tangible book: TRY 2.65B
Shares: 112,000,000
Revenue: TRY 4.97B
Capex: TRY 402.06M
D&A: TRY 107.77M
EBITDA: TRY 904.98M
Interest: TRY 778.83M
Short-term debt: TRY 1.90B
Free cash flow: -TRY 913.05M
Operating income: TRY 811.19M
Invested capital: TRY 4.60B
Tax rate: 40.0%