Enerjisa Enerji AS

ENJSA.IS · Utilities · Utilities - Regulated Electric · TRY · Fundamentals
Asset-light

Physical assets are 8.3% of total assets, a light footprint. Capex is 0.46x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.62x, which is below 1.

Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 14.39x.

Physical asset ratio
8.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 16.19BpropertyPlantAndEquipmentNetInventoryTRY 3.55BinventoryTotal assetsTRY 238.60BtotalAssetsResult 8.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
14.39xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 233.07BtotalRevenueNet PP&ETRY 16.19BpropertyPlantAndEquipmentNetResult 14.39x
Revenue per dollar of the physical asset base.
Capex / D&A
0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.93BcapitalExpendituresD&ATRY 6.37BreconciledDepreciationResult 0.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 32.43Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 238.60BtotalAssetsGoodwillTRY 3.74BgoodWillIntangiblesTRY 53.73BintangibleAssetsLiabilitiesTRY 142.83BtotalLiabTangible bookTRY 38.30BShares1,181,068,970commonStockSharesOutstandingResult TRY 32.43
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.25xPrice / tangible bookPrice / tangible book per sharePriceTRY 105.50Latest quoteTangible book / shareTRY 32.432025-12-31Result 3.25x
Price TRY 105.50.
Fixed-charge coverage
0.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 41.25BebitdaCapexTRY 2.93BcapitalExpendituresInterestTRY 29.03BinterestExpenseShort-term debtTRY 32.76BshortLongTermDebtEBITDA − capexTRY 38.32BPrincipal due is the current portion of debt.Result 0.62x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
30.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowTRY 37.58BfreeCashFlowMarket capTRY 124.60BMarketCapitalizationResult 30.2%
Latest free cash flow divided by current market cap (TRY 124.60B).
ROIC
12.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 34.20BoperatingIncomeTax expenseTRY 2.68BtaxProvisionPretax incomeTRY 5.85BincomeBeforeTaxTax rate40.0%EquityTRY 95.77BtotalStockholderEquityDebtTRY 66.38BlongTermDebt + shortLongTermDebtCashTRY 3.41BcashInvested capitalTRY 158.73BThe effective tax rate was above 40% and was capped at 40%.Result 12.9%
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 2.11x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 2.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 364.94MpropertyPlantAndEquipmentNetInventoryTRY 147.96MinventoryTotal assetsTRY 23.13BtotalAssetsResult 2.2% 45.57xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueTRY 16.63BtotalRevenueNet PP&ETRY 364.94MpropertyPlantAndEquipmentNetResult 45.57x 1.08xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexTRY 278.33McapitalExpendituresD&ATRY 258.18MdepreciationAndAmortizationResult 1.08x -TRY 0.37Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 23.13BtotalAssetsGoodwillTRY 1.98BgoodWillIntangiblesTRY 4.76BintangibleAssetsLiabilitiesTRY 16.83BtotalLiabTangible book-TRY 440.03MShares1,181,068,967commonStockSharesOutstandingResult -TRY 0.37 0.72xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.11BebitdaCapexTRY 278.33McapitalExpendituresInterestTRY 1.52BinterestExpenseShort-term debtTRY 2.44BshortLongTermDebtEBITDA − capexTRY 2.84BPrincipal due is the current portion of debt.Result 0.72x TRY 1.81BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowTRY 2.09BtotalCashFromOperatingActivitiesCapexTRY 278.33McapitalExpendituresFree cash flowTRY 1.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 1.81B 11.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.81BoperatingIncomeTax expenseTRY 574.30MincomeTaxExpensePretax incomeTRY 1.32BincomeBeforeTaxTax rate40.0%EquityTRY 6.30BtotalStockholderEquityDebtTRY 9.20BshortLongTermDebtTotalCashTRY 1.35BcashAndShortTermInvestmentsInvested capitalTRY 14.14BThe effective tax rate was above 40% and was capped at 40%.Result 11.9% 7.70xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeTRY 2.81BoperatingIncomeNet PP&ETRY 364.94MpropertyPlantAndEquipmentNetResult 7.70x
2019 3.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 629.03MpropertyPlantEquipmentInventoryTRY 131.95MinventoryTotal assetsTRY 23.40BtotalAssetsResult 3.3% 27.81xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueTRY 17.49BtotalRevenueNet PP&ETRY 629.03MpropertyPlantEquipmentResult 27.81x 0.68xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexTRY 251.89McapitalExpendituresD&ATRY 372.87MdepreciationAndAmortizationResult 0.68x TRY 0.24Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 23.40BtotalAssetsGoodwillTRY 1.98BgoodWillIntangiblesTRY 4.57BintangibleAssetsLiabilitiesTRY 16.56BtotalLiabTangible bookTRY 286.10MShares1,181,068,967commonStockSharesOutstandingResult TRY 0.24 0.72xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.61BebitdaCapexTRY 251.89McapitalExpendituresInterestTRY 1.69BinterestExpenseShort-term debtTRY 2.95BshortLongTermDebtEBITDA − capexTRY 3.36BPrincipal due is the current portion of debt.Result 0.72x TRY 3.46BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowTRY 3.71BtotalCashFromOperatingActivitiesCapexTRY 251.89McapitalExpendituresFree cash flowTRY 3.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 3.46B 15.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 3.06BoperatingIncomeTax expenseTRY 357.73MincomeTaxExpensePretax incomeTRY 1.39BincomeBeforeTaxTax rate25.7%EquityTRY 6.83BtotalStockholderEquityDebtTRY 9.07BshortLongTermDebtTotalCashTRY 1.57BcashAndShortTermInvestmentsInvested capitalTRY 14.34BResult 15.9% 4.87xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeTRY 3.06BoperatingIncomeNet PP&ETRY 629.03MpropertyPlantEquipmentResult 4.87x
2020 4.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 1.04BpropertyPlantEquipmentInventoryTRY 169.54MinventoryTotal assetsTRY 24.68BtotalAssetsResult 4.9% 20.86xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueTRY 21.76BtotalRevenueNet PP&ETRY 1.04BpropertyPlantEquipmentResult 20.86x 0.70xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexTRY 310.18McapitalExpendituresD&ATRY 444.08MdepreciationAndAmortizationResult 0.70x TRY 0.67Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 24.68BtotalAssetsGoodwillTRY 1.98BgoodWillIntangiblesTRY 4.38BintangibleAssetsLiabilitiesTRY 17.52BtotalLiabTangible bookTRY 796.27MShares1,181,068,967commonStockSharesOutstandingResult TRY 0.67 0.75xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.21BebitdaCapexTRY 310.18McapitalExpendituresInterestTRY 1.24BinterestExpenseShort-term debtTRY 2.60BshortLongTermDebtEBITDA − capexTRY 2.90BPrincipal due is the current portion of debt.Result 0.75x TRY 3.56BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowTRY 3.87BtotalCashFromOperatingActivitiesCapexTRY 310.18McapitalExpendituresFree cash flowTRY 3.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 3.56B 14.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.47BoperatingIncomeTax expenseTRY 325.02MincomeTaxExpensePretax incomeTRY 1.41BincomeBeforeTaxTax rate23.0%EquityTRY 7.15BtotalStockholderEquityDebtTRY 8.66BshortLongTermDebtTotalCashTRY 3.06BcashAndShortTermInvestmentsInvested capitalTRY 12.75BResult 14.9% 2.37xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeTRY 2.47BoperatingIncomeNet PP&ETRY 1.04BpropertyPlantEquipmentResult 2.37x
2021 6.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 1.70BpropertyPlantEquipmentInventoryTRY 447.45MinventoryTotal assetsTRY 31.33BtotalAssetsResult 6.9% 17.97xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 30.55BtotalRevenueNet PP&ETRY 1.70BpropertyPlantEquipmentResult 17.97x 1.60xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 753.88McapitalExpendituresD&ATRY 472.59MdepreciationAndAmortizationResult 1.60x TRY 2.65Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 31.33BtotalAssetsGoodwillTRY 1.98BgoodWillIntangiblesTRY 4.25BintangibleAssetsLiabilitiesTRY 21.98BtotalLiabTangible bookTRY 3.13BShares1,181,068,967commonStockSharesOutstandingResult TRY 2.65 0.56xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 5.03BebitdaCapexTRY 753.88McapitalExpendituresInterestTRY 1.38BinterestExpenseShort-term debtTRY 6.22BshortLongTermDebtEBITDA − capexTRY 4.28BPrincipal due is the current portion of debt.Result 0.56x TRY 4.30BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowTRY 5.06BtotalCashFromOperatingActivitiesCapexTRY 753.88McapitalExpendituresFree cash flowTRY 4.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 4.30B 20.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 4.51BoperatingIncomeTax expenseTRY 860.75MincomeTaxExpensePretax incomeTRY 3.14BincomeBeforeTaxTax rate27.4%EquityTRY 9.35BtotalStockholderEquityDebtTRY 10.72BshortLongTermDebtTotalCashTRY 3.73BcashAndShortTermInvestmentsInvested capitalTRY 16.34BResult 20.1% 2.66xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 4.51BoperatingIncomeNet PP&ETRY 1.70BpropertyPlantEquipmentResult 2.66x
2022 6.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 2.02BpropertyPlantEquipmentInventoryTRY 1.56BinventoryTotal assetsTRY 59.19BtotalAssetsResult 6.1% 41.78xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 84.45BtotalRevenueNet PP&ETRY 2.02BpropertyPlantEquipmentResult 41.78x 0.91xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 519.76McapitalExpendituresD&ATRY 568.58MdepreciationAndAmortizationResult 0.91x TRY 13.10Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 59.19BtotalAssetsGoodwillTRY 1.98BgoodWillIntangiblesTRY 4.12BintangibleAssetsLiabilitiesTRY 37.62BtotalLiabTangible bookTRY 15.48BShares1,181,068,967commonStockSharesOutstandingResult TRY 13.10 0.43xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 8.98BebitdaCapexTRY 519.76McapitalExpendituresInterestTRY 4.66BinterestExpenseShort-term debtTRY 14.99BshortLongTermDebtEBITDA − capexTRY 8.46BPrincipal due is the current portion of debt.Result 0.43x TRY 10.32BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowTRY 10.84BtotalCashFromOperatingActivitiesCapexTRY 519.76McapitalExpendituresFree cash flowTRY 10.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 10.32B 28.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 8.35BoperatingIncomeTax expense-TRY 10.05BincomeTaxExpensePretax incomeTRY 4.45BincomeBeforeTaxTax rate0.0%EquityTRY 21.57BtotalStockholderEquityDebtTRY 19.10BshortLongTermDebtTotalCashTRY 11.71BcashAndShortTermInvestmentsInvested capitalTRY 28.95BResult 28.8% 4.13xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 8.35BoperatingIncomeNet PP&ETRY 2.02BpropertyPlantEquipmentResult 4.13x
2023 9.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 7.48BpropertyPlantAndEquipmentNetInventoryTRY 4.80BinventoryTotal assetsTRY 132.10BtotalAssetsResult 9.3% 22.55xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 168.66BtotalRevenueNet PP&ETRY 7.48BpropertyPlantAndEquipmentNetResult 22.55x 0.63xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.10BcapitalExpendituresD&ATRY 3.33BdepreciationAndAmortizationResult 0.63x TRY 20.31Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 132.10BtotalAssetsGoodwillTRY 1.98BgoodWillIntangiblesTRY 31.81BintangibleAssetsLiabilitiesTRY 74.32BtotalLiabTangible bookTRY 23.99BShares1,181,068,967commonStockSharesOutstandingResult TRY 20.31 0.54xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 17.99BebitdaCapexTRY 2.10BcapitalExpendituresInterestTRY 9.39BinterestExpenseShort-term debtTRY 19.88BshortLongTermDebtEBITDA − capexTRY 15.88BPrincipal due is the current portion of debt.Result 0.54x -TRY 144.74MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowTRY 1.96BtotalCashFromOperatingActivitiesCapexTRY 2.10BcapitalExpendituresFree cash flow-TRY 144.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 144.74M 15.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 14.90BoperatingIncomeTax expenseTRY 751.15MincomeTaxExpensePretax incomeTRY 5.27BincomeBeforeTaxTax rate14.3%EquityTRY 57.77BtotalStockholderEquityDebtTRY 34.26BshortLongTermDebtTotalCashTRY 10.46BcashAndShortTermInvestmentsInvested capitalTRY 81.57BResult 15.7% 1.99xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeTRY 14.90BoperatingIncomeNet PP&ETRY 7.48BpropertyPlantAndEquipmentNetResult 1.99x
2024 8.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 11.10BpropertyPlantAndEquipmentNetInventoryTRY 3.85BinventoryTotal assetsTRY 179.75BtotalAssetsResult 8.3% 22.48xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 249.46BtotalRevenueNet PP&ETRY 11.10BpropertyPlantAndEquipmentNetResult 22.48x 0.43xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.67BcapitalExpendituresD&ATRY 6.21BreconciledDepreciationResult 0.43x TRY 23.82Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 179.75BtotalAssetsGoodwillTRY 2.86BgoodWillIntangiblesTRY 43.47BintangibleAssetsLiabilitiesTRY 105.30BtotalLiabTangible bookTRY 28.13BShares1,181,068,970commonStockSharesOutstandingResult TRY 23.82 0.62xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 39.52BebitdaCapexTRY 2.67BcapitalExpendituresInterestTRY 29.72BinterestExpenseShort-term debtTRY 29.76BshortLongTermDebtEBITDA − capexTRY 36.85BPrincipal due is the current portion of debt.Result 0.62x TRY 29.56BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowTRY 32.23BtotalCashFromOperatingActivitiesCapexTRY 2.67BcapitalExpendituresFree cash flowTRY 29.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 29.56B 15.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 31.45BoperatingIncomeTax expenseTRY 9.94BtaxProvisionPretax incomeTRY 3.59BincomeBeforeTaxTax rate40.0%EquityTRY 74.46BtotalStockholderEquityDebtTRY 53.93BlongTermDebt + shortLongTermDebtCashTRY 8.45BcashInvested capitalTRY 119.94BThe effective tax rate was above 40% and was capped at 40%.Result 15.7% 2.83xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeTRY 31.45BoperatingIncomeNet PP&ETRY 11.10BpropertyPlantAndEquipmentNetResult 2.83x
2025 8.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 16.19BpropertyPlantAndEquipmentNetInventoryTRY 3.55BinventoryTotal assetsTRY 238.60BtotalAssetsResult 8.3% 14.39xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 233.07BtotalRevenueNet PP&ETRY 16.19BpropertyPlantAndEquipmentNetResult 14.39x 0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.93BcapitalExpendituresD&ATRY 6.37BreconciledDepreciationResult 0.46x TRY 32.43Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 238.60BtotalAssetsGoodwillTRY 3.74BgoodWillIntangiblesTRY 53.73BintangibleAssetsLiabilitiesTRY 142.83BtotalLiabTangible bookTRY 38.30BShares1,181,068,970commonStockSharesOutstandingResult TRY 32.43 0.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 41.25BebitdaCapexTRY 2.93BcapitalExpendituresInterestTRY 29.03BinterestExpenseShort-term debtTRY 32.76BshortLongTermDebtEBITDA − capexTRY 38.32BPrincipal due is the current portion of debt.Result 0.62x TRY 37.58BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowTRY 40.50BtotalCashFromOperatingActivitiesCapexTRY 2.93BcapitalExpendituresFree cash flowTRY 37.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 37.58B 12.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 34.20BoperatingIncomeTax expenseTRY 2.68BtaxProvisionPretax incomeTRY 5.85BincomeBeforeTaxTax rate40.0%EquityTRY 95.77BtotalStockholderEquityDebtTRY 66.38BlongTermDebt + shortLongTermDebtCashTRY 3.41BcashInvested capitalTRY 158.73BThe effective tax rate was above 40% and was capped at 40%.Result 12.9% 2.11xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeTRY 34.20BoperatingIncomeNet PP&ETRY 16.19BpropertyPlantAndEquipmentNetResult 2.11x
  • 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.
  • The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: TRY 16.19B
Inventory: TRY 3.55B
Total assets: TRY 238.60B
Goodwill: TRY 3.74B
Intangibles: TRY 53.73B
Liabilities: TRY 142.83B
Tangible book: TRY 38.30B
Shares: 1,181,068,970
Revenue: TRY 233.07B
Capex: TRY 2.93B
D&A: TRY 6.37B
EBITDA: TRY 41.25B
Interest: TRY 29.03B
Short-term debt: TRY 32.76B
Free cash flow: TRY 37.58B
Operating income: TRY 34.20B
Invested capital: TRY 158.73B
Tax rate: 40.0%