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.
Basler AG
Physical assets are 26.9% of total assets, a light footprint. Capex is 0.09x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.4%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 6.50x.
Physical asset ratio
26.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€34.54MpropertyPlantEquipmentInventory€33.11MinventoryTotal assets€251.35MtotalAssetsResult 26.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.50xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€224.50MtotalRevenueNet PP&E€34.54MpropertyPlantEquipmentResult 6.50x
Revenue per dollar of the physical asset base.
Capex / D&A
0.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.54McapitalExpendituresD&A€17.63MdepreciationAndAmortizationResult 0.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€1.51Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€251.35MtotalAssetsGoodwill€46.08MgoodWillIntangibles€39.29MintangibleAssetsLiabilities€118.50MtotalLiabTangible book€47.49MShares31,505,000commonStockSharesOutstandingResult €1.51
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.26xPrice / tangible bookPrice / tangible book per sharePrice€21.50Latest quoteTangible book / share€1.512025-12-31Result 14.26x
Price €21.50.
Fixed-charge coverage
2.70xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€37.54MebitdaCapex€1.54McapitalExpendituresInterest€1.49MinterestExpenseShort-term debt€11.82MshortLongTermDebtEBITDA − capex€36.00MPrincipal due is the current portion of debt.Result 2.70x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€27.85MfreeCashFlowMarket cap€647.45MMarketCapitalizationResult 4.3%
Latest free cash flow divided by current market cap (€647.45M).
ROIC
8.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€19.90MoperatingIncomeTax expense€4.60MincomeTaxExpensePretax income€16.20MincomeBeforeTaxTax rate28.4%Equity€132.85MtotalStockholderEquityDebt€65.47MshortLongTermDebtTotalCash€28.99McashInvested capital€169.33MResult 8.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.58x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 31.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€22.53MpropertyPlantEquipmentInventory€21.03MinventoryTotal assets€138.95MtotalAssetsResult 31.4% | 6.67xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€150.28MtotalRevenueNet PP&E€22.53MpropertyPlantEquipmentResult 6.67x | 1.67xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€18.03McapitalExpendituresD&A€10.79MdepreciationAndAmortizationResult 1.67x | €1.20Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€138.95MtotalAssetsGoodwill€12.74MgoodWillIntangibles€28.10MintangibleAssetsLiabilities€63.43MtotalLiabTangible book€34.68MShares28,927,000commonStockSharesOutstandingResult €1.20 | 9.40xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€35.47MebitdaCapex€18.03McapitalExpendituresInterest€430.00KinterestExpenseShort-term debt€1.43MshortLongTermDebtEBITDA − capex€17.44MPrincipal due is the current portion of debt.Result 9.40x | €8.97MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€27.00MtotalCashFromOperatingActivitiesCapex€18.03McapitalExpendituresFree cash flow€8.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €8.97M | 27.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€24.83MoperatingIncomeTax expense€7.51MincomeTaxExpensePretax income€24.52MincomeBeforeTaxTax rate30.6%Equity€75.53MtotalStockholderEquityDebt€19.15MlongTermDebt + shortLongTermDebtCash€31.83McashInvested capital€62.84MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 27.4% | 1.10xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€24.83MoperatingIncomeNet PP&E€22.53MpropertyPlantEquipmentResult 1.10x |
| 2019 | 28.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€30.64MpropertyPlantAndEquipmentNetInventory€20.95MinventoryTotal assets€181.21MtotalAssetsResult 28.5% | 5.27xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€161.54MtotalRevenueNet PP&E€30.64MpropertyPlantAndEquipmentNetResult 5.27x | 2.66xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€34.49McapitalExpendituresD&A€12.94MdepreciationAndAmortizationResult 2.66x | €1.37Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€181.21MtotalAssetsGoodwill€27.47MgoodWillIntangibles€34.51MintangibleAssetsLiabilities€78.23MtotalLiabTangible book€41.00MShares29,828,000commonStockSharesOutstandingResult €1.37 | -0.62xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€30.77MebitdaCapex€34.49McapitalExpendituresInterest€913.00KinterestExpenseShort-term debt€5.12MshortLongTermDebtEBITDA − capex-€3.71MPrincipal due is the current portion of debt.Result -0.62x | -€9.74MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€24.75MtotalCashFromOperatingActivitiesCapex€34.49McapitalExpendituresFree cash flow-€9.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€9.74M | 14.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€17.02MoperatingIncomeTax expense€4.05MincomeTaxExpensePretax income€16.92MincomeBeforeTaxTax rate23.9%Equity€102.98MtotalStockholderEquityDebt€19.48MlongTermDebt + shortLongTermDebtCash€35.18McashInvested capital€87.28MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.8% | 0.56xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€17.02MoperatingIncomeNet PP&E€30.64MpropertyPlantAndEquipmentNetResult 0.56x |
| 2020 | 25.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€29.28MpropertyPlantEquipmentInventory€20.03MinventoryTotal assets€190.13MtotalAssetsResult 25.9% | 5.82xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€170.41MtotalRevenueNet PP&E€29.28MpropertyPlantEquipmentResult 5.82x | 1.03xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€14.99McapitalExpendituresD&A€14.51MdepreciationAndAmortizationResult 1.03x | €1.67Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€190.13MtotalAssetsGoodwill€27.47MgoodWillIntangibles€37.35MintangibleAssetsLiabilities€75.22MtotalLiabTangible book€50.09MShares30,016,000commonStockSharesOutstandingResult €1.67 | 4.28xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€35.64MebitdaCapex€14.99McapitalExpendituresInterest€718.00KinterestExpenseShort-term debt€4.11MshortLongTermDebtEBITDA − capex€20.65MPrincipal due is the current portion of debt.Result 4.28x | €22.33MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€37.32MtotalCashFromOperatingActivitiesCapex€14.99McapitalExpendituresFree cash flow€22.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €22.33M | 16.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€20.06MoperatingIncomeTax expense€5.31MincomeTaxExpensePretax income€20.41MincomeBeforeTaxTax rate26.0%Equity€114.91MtotalStockholderEquityDebt€25.23MlongTermDebt + shortLongTermDebtCash€47.86McashInvested capital€92.28MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.1% | 0.69xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€20.06MoperatingIncomeNet PP&E€29.28MpropertyPlantEquipmentResult 0.69x |
| 2021 | 29.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€28.71MpropertyPlantEquipmentInventory€37.13MinventoryTotal assets€227.28MtotalAssetsResult 29.0% | 7.48xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€214.89MtotalRevenueNet PP&E€28.71MpropertyPlantEquipmentResult 7.48x | 0.97xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€15.73McapitalExpendituresD&A€16.17MdepreciationAndAmortizationResult 0.97x | €2.09Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€227.28MtotalAssetsGoodwill€27.47MgoodWillIntangibles€38.56MintangibleAssetsLiabilities€98.62MtotalLiabTangible book€62.63MShares29,914,000commonStockSharesOutstandingResult €2.09 | 6.33xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€44.87MebitdaCapex€15.73McapitalExpendituresInterest€495.00KinterestExpenseShort-term debt€4.11MshortLongTermDebtEBITDA − capex€29.14MPrincipal due is the current portion of debt.Result 6.33x | €9.61MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€25.33MtotalCashFromOperatingActivitiesCapex€15.73McapitalExpendituresFree cash flow€9.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €9.61M | 17.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€28.56MoperatingIncomeTax expense€7.20MincomeTaxExpensePretax income€28.20MincomeBeforeTaxTax rate25.5%Equity€129.36MtotalStockholderEquityDebt€46.68MshortLongTermDebtTotalCash€54.83McashInvested capital€121.21MResult 17.5% | 0.99xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€28.56MoperatingIncomeNet PP&E€28.71MpropertyPlantEquipmentResult 0.99x |
| 2022 | 30.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€29.37MpropertyPlantEquipmentInventory€50.34MinventoryTotal assets€265.53MtotalAssetsResult 30.0% | 9.22xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€270.85MtotalRevenueNet PP&E€29.37MpropertyPlantEquipmentResult 9.22x | 1.78xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€29.97McapitalExpendituresD&A€16.84MdepreciationAndAmortizationResult 1.78x | €1.57Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€265.53MtotalAssetsGoodwill€46.07MgoodWillIntangibles€48.48MintangibleAssetsLiabilities€124.04MtotalLiabTangible book€46.94MShares29,878,000commonStockSharesOutstandingResult €1.57 | 3.26xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€45.79MebitdaCapex€29.97McapitalExpendituresInterest€824.00KinterestExpenseShort-term debt€4.03MshortLongTermDebtEBITDA − capex€15.82MPrincipal due is the current portion of debt.Result 3.26x | -€17.57MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€12.40MtotalCashFromOperatingActivitiesCapex€29.97McapitalExpendituresFree cash flow-€17.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€17.57M | 12.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€28.93MoperatingIncomeTax expense€6.97MincomeTaxExpensePretax income€28.33MincomeBeforeTaxTax rate24.6%Equity€141.49MtotalStockholderEquityDebt€68.23MshortLongTermDebtTotalCash€28.70McashInvested capital€181.01MResult 12.1% | 0.99xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€28.93MoperatingIncomeNet PP&E€29.37MpropertyPlantEquipmentResult 0.99x |
| 2023 | 31.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€36.91MpropertyPlantEquipmentInventory€44.04MinventoryTotal assets€255.76MtotalAssetsResult 31.7% | 5.47xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€201.81MtotalRevenueNet PP&E€36.91MpropertyPlantEquipmentResult 5.47x | 0.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€13.51McapitalExpendituresD&A€23.60MdepreciationAndAmortizationResult 0.57x | €1.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€255.76MtotalAssetsGoodwill€45.79MgoodWillIntangibles€44.30MintangibleAssetsLiabilities€116.58MtotalLiabTangible book€49.08MShares30,347,000commonStockSharesOutstandingResult €1.62 | -0.74xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.99MebitdaCapex€13.51McapitalExpendituresInterest€1.79MinterestExpenseShort-term debt€9.72MshortLongTermDebtEBITDA − capex-€8.52MPrincipal due is the current portion of debt.Result -0.74x | -€9.28MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€4.20MtotalCashFromOperatingActivitiesCapex€13.51McapitalExpendituresFree cash flow-€9.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€9.28M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€21.90MoperatingIncomeTax expense-€6.36MincomeTaxExpensePretax income-€20.17MincomeBeforeTaxTax rate—Equity€139.18MtotalStockholderEquityDebt€83.72MshortLongTermDebtTotalCash€32.23McashInvested capital€190.67MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.59xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-€21.90MoperatingIncomeNet PP&E€36.91MpropertyPlantEquipmentResult -0.59x |
| 2024 | 30.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€31.33MpropertyPlantEquipmentInventory€38.81MinventoryTotal assets€233.59MtotalAssetsResult 30.0% | 5.86xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€183.72MtotalRevenueNet PP&E€31.33MpropertyPlantEquipmentResult 5.86x | 0.50xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€9.81McapitalExpendituresD&A€19.80MdepreciationAndAmortizationResult 0.50x | €1.09Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€233.59MtotalAssetsGoodwill€49.43MgoodWillIntangibles€41.15MintangibleAssetsLiabilities€109.18MtotalLiabTangible book€33.83MShares30,911,000commonStockSharesOutstandingResult €1.09 | -0.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€9.44MebitdaCapex€9.81McapitalExpendituresInterest€1.64MinterestExpenseShort-term debt€8.26MshortLongTermDebtEBITDA − capex-€369.00KPrincipal due is the current portion of debt.Result -0.04x | €4.83MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€14.64MtotalCashFromOperatingActivitiesCapex€9.81McapitalExpendituresFree cash flow€4.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.83M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€9.78MoperatingIncomeTax expense€1.77MincomeTaxExpensePretax income-€12.00MincomeBeforeTaxTax rate—Equity€124.41MtotalStockholderEquityDebt€72.08MshortLongTermDebtTotalCash€22.26McashAndShortTermInvestmentsInvested capital€174.23MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.31xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-€9.78MoperatingIncomeNet PP&E€31.33MpropertyPlantEquipmentResult -0.31x |
| 2025 | 26.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€34.54MpropertyPlantEquipmentInventory€33.11MinventoryTotal assets€251.35MtotalAssetsResult 26.9% | 6.50xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€224.50MtotalRevenueNet PP&E€34.54MpropertyPlantEquipmentResult 6.50x | 0.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.54McapitalExpendituresD&A€17.63MdepreciationAndAmortizationResult 0.09x | €1.51Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€251.35MtotalAssetsGoodwill€46.08MgoodWillIntangibles€39.29MintangibleAssetsLiabilities€118.50MtotalLiabTangible book€47.49MShares31,505,000commonStockSharesOutstandingResult €1.51 | 2.70xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€37.54MebitdaCapex€1.54McapitalExpendituresInterest€1.49MinterestExpenseShort-term debt€11.82MshortLongTermDebtEBITDA − capex€36.00MPrincipal due is the current portion of debt.Result 2.70x | €27.85MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€29.39MtotalCashFromOperatingActivitiesCapex€1.54McapitalExpendituresFree cash flow€27.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €27.85M | 8.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€19.90MoperatingIncomeTax expense€4.60MincomeTaxExpensePretax income€16.20MincomeBeforeTaxTax rate28.4%Equity€132.85MtotalStockholderEquityDebt€65.47MshortLongTermDebtTotalCash€28.99McashInvested capital€169.33MResult 8.4% | 0.58xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€19.90MoperatingIncomeNet PP&E€34.54MpropertyPlantEquipmentResult 0.58x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €34.54M
Inventory: €33.11M
Total assets: €251.35M
Goodwill: €46.08M
Intangibles: €39.29M
Liabilities: €118.50M
Tangible book: €47.49M
Shares: 31,505,000
Revenue: €224.50M
Capex: €1.54M
D&A: €17.63M
EBITDA: €37.54M
Interest: €1.49M
Short-term debt: €11.82M
Free cash flow: €27.85M
Operating income: €19.90M
Invested capital: €169.33M
Tax rate: 28.4%