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.
BIM Birlesik Magazalar AS
Physical assets are 81.4% of total assets, a heavy footprint. Capex is 0.80x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.6%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.26x. Compare it with other names in the same basket.
Physical asset ratio
81.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 220.90BpropertyPlantAndEquipmentNetInventoryTRY 54.45BinventoryTotal assetsTRY 338.09BtotalAssetsResult 81.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.26xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 721.06BtotalRevenueNet PP&ETRY 220.90BpropertyPlantAndEquipmentNetResult 3.26x
Revenue per dollar of the physical asset base.
Capex / D&A
0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 21.28BcapitalExpendituresD&ATRY 26.64BreconciledDepreciationResult 0.80x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 281.28Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 338.09BtotalAssetsGoodwillTRY 41.79MgoodWillIntangiblesTRY 285.70MintangibleAssetsLiabilitiesTRY 171.00BtotalLiabTangible bookTRY 166.77BShares592,890,000commonStockSharesOutstandingResult TRY 281.28
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.24xPrice / tangible bookPrice / tangible book per sharePriceTRY 347.75Latest quoteTangible book / shareTRY 281.282025-12-31Result 1.24x
Price TRY 347.75.
Fixed-charge coverage
5.17xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 66.00BebitdaCapexTRY 21.28BcapitalExpendituresInterestTRY 7.77BinterestExpenseShort-term debtTRY 870.70MshortLongTermDebtEBITDA − capexTRY 44.72BPrincipal due is the current portion of debt.Result 5.17x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowTRY 19.62BfreeCashFlowMarket capTRY 412.06BMarketCapitalizationResult 4.8%
Latest free cash flow divided by current market cap (TRY 412.06B).
ROIC
6.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 17.88BoperatingIncomeTax expenseTRY 12.86BtaxProvisionPretax incomeTRY 31.59BincomeBeforeTaxTax rate40.0%EquityTRY 165.58BtotalStockholderEquityDebtTRY 870.70MshortLongTermDebtCashTRY 3.46BcashInvested capitalTRY 162.99BThe effective tax rate was above 40% and was capped at 40%.Result 6.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 64.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 3.70BpropertyPlantEquipmentInventoryTRY 2.10BinventoryTotal assetsTRY 8.95BtotalAssetsResult 64.8% | 8.74xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueTRY 32.32BtotalRevenueNet PP&ETRY 3.70BpropertyPlantEquipmentResult 8.74x | 2.69xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexTRY 937.69McapitalExpendituresD&ATRY 348.71MreconciledDepreciationResult 2.69x | TRY 5.83Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 8.95BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 16.46MintangibleAssetsLiabilitiesTRY 5.44BtotalLiabTangible bookTRY 3.50BShares599,564,334commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result TRY 5.83 | 25.22xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 1.89BebitdaCapexTRY 937.69McapitalExpendituresInterestTRY 0.00interestExpenseShort-term debtTRY 37.85MshortTermDebtEBITDA − capexTRY 954.53MPrincipal due is short-term debt.Result 25.22x | TRY 601.35MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowTRY 1.56BtotalCashFromOperatingActivitiesCapexTRY 937.69McapitalExpendituresFree cash flowTRY 601.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 601.35M | 39.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 1.54BoperatingIncomeTax expenseTRY 376.35MincomeTaxExpensePretax incomeTRY 1.63BincomeBeforeTaxTax rate23.1%EquityTRY 3.51BtotalStockholderEquityDebtTRY 37.85MshortLongTermDebtCashTRY 546.92McashInvested capitalTRY 3.00BResult 39.5% | 0.42xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeTRY 1.54BoperatingIncomeNet PP&ETRY 3.70BpropertyPlantEquipmentResult 0.42x |
| 2019 | 70.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 8.34BpropertyPlantEquipmentInventoryTRY 2.37BinventoryTotal assetsTRY 15.17BtotalAssetsResult 70.6% | 4.82xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueTRY 40.21BtotalRevenueNet PP&ETRY 8.34BpropertyPlantEquipmentResult 4.82x | 0.99xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexTRY 1.07BcapitalExpendituresD&ATRY 1.08BreconciledDepreciationResult 0.99x | TRY 6.92Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 15.17BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 38.42MintangibleAssetsLiabilitiesTRY 10.94BtotalLiabTangible bookTRY 4.20BShares607,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result TRY 6.92 | 3.28xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.31BebitdaCapexTRY 1.07BcapitalExpendituresInterestTRY 633.94MinterestExpenseShort-term debtTRY 47.33MshortTermDebtEBITDA − capexTRY 2.23BPrincipal due is short-term debt.Result 3.28x | TRY 2.30BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowTRY 3.38BtotalCashFromOperatingActivitiesCapexTRY 1.07BcapitalExpendituresFree cash flowTRY 2.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 2.30B | 52.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.14BoperatingIncomeTax expenseTRY 366.00MincomeTaxExpensePretax incomeTRY 1.59BincomeBeforeTaxTax rate23.0%EquityTRY 4.24BtotalStockholderEquityDebtTRY 47.33MshortLongTermDebtCashTRY 1.16BcashInvested capitalTRY 3.13BResult 52.8% | 0.26xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeTRY 2.14BoperatingIncomeNet PP&ETRY 8.34BpropertyPlantEquipmentResult 0.26x |
| 2020 | 67.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 11.63BpropertyPlantEquipmentInventoryTRY 4.23BinventoryTotal assetsTRY 23.43BtotalAssetsResult 67.7% | 4.77xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueTRY 55.50BtotalRevenueNet PP&ETRY 11.63BpropertyPlantEquipmentResult 4.77x | 0.94xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexTRY 1.28BcapitalExpendituresD&ATRY 1.37BreconciledDepreciationResult 0.94x | TRY 11.86Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 23.43BtotalAssetsGoodwillTRY 0.00Not reported, treated as 0IntangiblesTRY 43.46MintangibleAssetsLiabilitiesTRY 16.25BtotalLiabTangible bookTRY 7.13BShares601,529,008commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result TRY 11.86 | 4.85xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 5.45BebitdaCapexTRY 1.28BcapitalExpendituresInterestTRY 726.93MinterestExpenseShort-term debtTRY 131.42MshortLongTermDebtEBITDA − capexTRY 4.17BPrincipal due is the current portion of debt.Result 4.85x | TRY 3.45BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowTRY 4.74BtotalCashFromOperatingActivitiesCapexTRY 1.28BcapitalExpendituresFree cash flowTRY 3.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 3.45B | 47.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 3.79BoperatingIncomeTax expenseTRY 744.84MincomeTaxExpensePretax incomeTRY 3.35BincomeBeforeTaxTax rate22.2%EquityTRY 7.18BtotalStockholderEquityDebtTRY 131.42MshortLongTermDebtCashTRY 1.11BcashInvested capitalTRY 6.19BResult 47.5% | 0.33xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeTRY 3.79BoperatingIncomeNet PP&ETRY 11.63BpropertyPlantEquipmentResult 0.33x |
| 2021 | 71.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 14.98BpropertyPlantEquipmentInventoryTRY 6.69BinventoryTotal assetsTRY 30.41BtotalAssetsResult 71.3% | 4.71xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 70.53BtotalRevenueNet PP&ETRY 14.98BpropertyPlantEquipmentResult 4.71x | 1.22xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.20BcapitalExpendituresD&ATRY 1.80BreconciledDepreciationResult 1.22x | TRY 12.88Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 30.41BtotalAssetsGoodwillTRY 41.25MgoodWillIntangiblesTRY 53.22MintangibleAssetsLiabilitiesTRY 22.60BtotalLiabTangible bookTRY 7.71BShares598,832,008commonStockSharesOutstandingResult TRY 12.88 | 4.65xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 6.55BebitdaCapexTRY 2.20BcapitalExpendituresInterestTRY 834.65MinterestExpenseShort-term debtTRY 101.18MshortLongTermDebtEBITDA − capexTRY 4.35BPrincipal due is the current portion of debt.Result 4.65x | TRY 3.61BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowTRY 5.83BtotalCashFromOperatingActivitiesCapexTRY 2.20BcapitalExpendituresFree cash flowTRY 3.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 3.61B | 51.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 4.21BoperatingIncomeTax expenseTRY 958.92MincomeTaxExpensePretax incomeTRY 3.91BincomeBeforeTaxTax rate24.5%EquityTRY 7.61BtotalStockholderEquityDebtTRY 101.18MshortLongTermDebtCashTRY 1.50BcashInvested capitalTRY 6.21BResult 51.1% | 0.28xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 4.21BoperatingIncomeNet PP&ETRY 14.98BpropertyPlantEquipmentResult 0.28x |
| 2022 | 74.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 33.24BpropertyPlantEquipmentInventoryTRY 14.63BinventoryTotal assetsTRY 64.68BtotalAssetsResult 74.0% | 4.44xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 147.72BtotalRevenueNet PP&ETRY 33.24BpropertyPlantEquipmentResult 4.44x | 1.80xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 4.66BcapitalExpendituresD&ATRY 2.59BreconciledDepreciationResult 1.80x | TRY 42.39Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 64.68BtotalAssetsGoodwillTRY 13.42MgoodWillIntangiblesTRY 51.61MintangibleAssetsLiabilitiesTRY 39.28BtotalLiabTangible bookTRY 25.34BShares597,842,008commonStockSharesOutstandingResult TRY 42.39 | 6.73xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDATRY 12.57BebitdaCapexTRY 4.66BcapitalExpendituresInterestTRY 1.18BinterestExpenseEBITDA − capexTRY 7.91BShort-term debt was not reported, so the denominator is interest only.Result 6.73x | TRY 5.55BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowTRY 10.22BtotalCashFromOperatingActivitiesCapexTRY 4.66BcapitalExpendituresFree cash flowTRY 5.55BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 5.55B | 38.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 9.57BoperatingIncomeTax expenseTRY 640.04MincomeTaxExpensePretax incomeTRY 8.80BincomeBeforeTaxTax rate7.3%EquityTRY 25.20BtotalStockholderEquityDebtTRY 0.00shortLongTermDebtCashTRY 2.18BcashInvested capitalTRY 23.02BResult 38.5% | 0.29xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 9.57BoperatingIncomeNet PP&ETRY 33.24BpropertyPlantEquipmentResult 0.29x |
| 2023 | 78.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 88.84BpropertyPlantAndEquipmentNetInventoryTRY 27.33BinventoryTotal assetsTRY 148.13BtotalAssetsResult 78.4% | 5.34xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 474.20BtotalRevenueNet PP&ETRY 88.84BpropertyPlantAndEquipmentNetResult 5.34x | 1.01xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 15.18BcapitalExpendituresD&ATRY 15.00BreconciledDepreciationResult 1.01x | TRY 116.52Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 148.13BtotalAssetsGoodwillTRY 22.11MgoodWillIntangiblesTRY 160.04MintangibleAssetsLiabilitiesTRY 78.39BtotalLiabTangible bookTRY 69.56BShares597,000,000commonStockSharesOutstandingResult TRY 116.52 | 9.61xFixed-charge coverage · 2023-12-31(EBITDA − capex) / interestEBITDATRY 50.51BebitdaCapexTRY 15.18BcapitalExpendituresInterestTRY 3.68BinterestExpenseEBITDA − capexTRY 35.33BShort-term debt was not reported, so the denominator is interest only.Result 9.61x | TRY 15.05BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowTRY 30.23BtotalCashFromOperatingActivitiesCapexTRY 15.18BcapitalExpendituresFree cash flowTRY 15.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 15.05B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 6.85BoperatingIncomeTax expenseTRY 9.53BtaxProvisionPretax incomeTRY 31.83BincomeBeforeTaxTax rate29.9%EquityTRY 69.11BtotalStockholderEquityDebt—Not reportedCashTRY 3.61BcashInvested capital—Result — | 0.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeTRY 6.85BoperatingIncomeNet PP&ETRY 88.84BpropertyPlantAndEquipmentNetResult 0.08x |
| 2024 | 81.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 155.71BpropertyPlantAndEquipmentNetInventoryTRY 37.09BinventoryTotal assetsTRY 235.85BtotalAssetsResult 81.7% | 4.37xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 680.07BtotalRevenueNet PP&ETRY 155.71BpropertyPlantAndEquipmentNetResult 4.37x | 1.07xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 24.15BcapitalExpendituresD&ATRY 22.53BreconciledDepreciationResult 1.07x | TRY 198.86Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 235.85BtotalAssetsGoodwillTRY 31.93MgoodWillIntangiblesTRY 185.43MintangibleAssetsLiabilitiesTRY 117.31BtotalLiabTangible bookTRY 118.32BShares595,000,000commonStockSharesOutstandingResult TRY 198.86 | 6.15xFixed-charge coverage · 2024-12-31(EBITDA − capex) / interestEBITDATRY 62.75BebitdaCapexTRY 24.15BcapitalExpendituresInterestTRY 6.28BinterestExpenseEBITDA − capexTRY 38.60BShort-term debt was not reported, so the denominator is interest only.Result 6.15x | TRY 16.69BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowTRY 40.84BtotalCashFromOperatingActivitiesCapexTRY 24.15BcapitalExpendituresFree cash flowTRY 16.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 16.69B | 5.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 8.19BoperatingIncomeTax expenseTRY 9.58BtaxProvisionPretax incomeTRY 33.95BincomeBeforeTaxTax rate28.2%EquityTRY 117.64BtotalStockholderEquityDebtTRY 0.00shortLongTermDebtCashTRY 2.82BcashInvested capitalTRY 114.83BResult 5.1% | 0.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeTRY 8.19BoperatingIncomeNet PP&ETRY 155.71BpropertyPlantAndEquipmentNetResult 0.05x |
| 2025 | 81.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 220.90BpropertyPlantAndEquipmentNetInventoryTRY 54.45BinventoryTotal assetsTRY 338.09BtotalAssetsResult 81.4% | 3.26xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 721.06BtotalRevenueNet PP&ETRY 220.90BpropertyPlantAndEquipmentNetResult 3.26x | 0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 21.28BcapitalExpendituresD&ATRY 26.64BreconciledDepreciationResult 0.80x | TRY 281.28Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 338.09BtotalAssetsGoodwillTRY 41.79MgoodWillIntangiblesTRY 285.70MintangibleAssetsLiabilitiesTRY 171.00BtotalLiabTangible bookTRY 166.77BShares592,890,000commonStockSharesOutstandingResult TRY 281.28 | 5.17xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 66.00BebitdaCapexTRY 21.28BcapitalExpendituresInterestTRY 7.77BinterestExpenseShort-term debtTRY 870.70MshortLongTermDebtEBITDA − capexTRY 44.72BPrincipal due is the current portion of debt.Result 5.17x | TRY 19.62BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowTRY 40.90BtotalCashFromOperatingActivitiesCapexTRY 21.28BcapitalExpendituresFree cash flowTRY 19.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 19.62B | 6.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 17.88BoperatingIncomeTax expenseTRY 12.86BtaxProvisionPretax incomeTRY 31.59BincomeBeforeTaxTax rate40.0%EquityTRY 165.58BtotalStockholderEquityDebtTRY 870.70MshortLongTermDebtCashTRY 3.46BcashInvested capitalTRY 162.99BThe effective tax rate was above 40% and was capped at 40%.Result 6.6% | 0.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeTRY 17.88BoperatingIncomeNet PP&ETRY 220.90BpropertyPlantAndEquipmentNetResult 0.08x |
- 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 220.90B
Inventory: TRY 54.45B
Total assets: TRY 338.09B
Goodwill: TRY 41.79M
Intangibles: TRY 285.70M
Liabilities: TRY 171.00B
Tangible book: TRY 166.77B
Shares: 592,890,000
Revenue: TRY 721.06B
Capex: TRY 21.28B
D&A: TRY 26.64B
EBITDA: TRY 66.00B
Interest: TRY 7.77B
Short-term debt: TRY 870.70M
Free cash flow: TRY 19.62B
Operating income: TRY 17.88B
Invested capital: TRY 162.99B
Tax rate: 40.0%