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.
Hektas Ticaret TAS
Physical assets are 69.9% of total assets, a heavy footprint. Capex is 0.92x 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 -0.18x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.36x.
Physical asset ratio
69.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 16.89BpropertyPlantAndEquipmentNetInventoryTRY 2.49BinventoryTotal assetsTRY 27.73BtotalAssetsResult 69.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.36xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 6.13BtotalRevenueNet PP&ETRY 16.89BpropertyPlantAndEquipmentNetResult 0.36x
Revenue per dollar of the physical asset base.
Capex / D&A
0.92xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 1.08BcapitalExpendituresD&ATRY 1.17BreconciledDepreciationResult 0.92x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 1.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 27.73BtotalAssetsGoodwillTRY 556.94MgoodWillIntangiblesTRY 1.65BintangibleAssetsLiabilitiesTRY 13.86BtotalLiabTangible bookTRY 11.67BShares8,430,000,000commonStockSharesOutstandingResult TRY 1.38
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.16xPrice / tangible bookPrice / tangible book per sharePriceTRY 1.60Latest quoteTangible book / shareTRY 1.382025-12-31Result 1.16x
Price TRY 1.60.
Fixed-charge coverage
-0.18xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-TRY 797.31MebitdaCapexTRY 1.08BcapitalExpendituresInterestTRY 2.24BinterestExpenseShort-term debtTRY 8.03BshortLongTermDebtEBITDA − capex-TRY 1.88BPrincipal due is the current portion of debt.Result -0.18x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowTRY 852.18MfreeCashFlowMarket capTRY 14.43BMarketCapitalizationResult 5.9%
Latest free cash flow divided by current market cap (TRY 14.43B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-TRY 3.05BoperatingIncomeTax expense-TRY 131.98MtaxProvisionPretax income-TRY 4.21BincomeBeforeTaxTax rate—EquityTRY 13.96BtotalStockholderEquityDebtTRY 9.05BlongTermDebt + shortLongTermDebtCashTRY 1.38BcashInvested capitalTRY 21.63BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.18x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 49.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 71.26MpropertyPlantEquipmentInventoryTRY 268.12MinventoryTotal assetsTRY 688.90MtotalAssetsResult 49.3% | 6.98xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueTRY 497.07MtotalRevenueNet PP&ETRY 71.26MpropertyPlantEquipmentResult 6.98x | 5.78xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexTRY 31.64McapitalExpendituresD&ATRY 5.47MreconciledDepreciationResult 5.78x | TRY 0.22Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 688.90MtotalAssetsGoodwillTRY 10.32MgoodWillIntangiblesTRY 7.49MintangibleAssetsLiabilitiesTRY 439.37MtotalLiabTangible bookTRY 231.72MShares1,069,466,362commonStockSharesOutstandingResult TRY 0.22 | 0.41xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 181.30MebitdaCapexTRY 31.64McapitalExpendituresInterestTRY 57.60MinterestExpenseShort-term debtTRY 309.13MshortTermDebtEBITDA − capexTRY 149.66MPrincipal due is short-term debt.Result 0.41x | -TRY 219.08MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-TRY 185.87MtotalCashFromOperatingActivitiesCapexTRY 31.64McapitalExpendituresFree cash flow-TRY 219.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 219.08M | 29.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 178.43MoperatingIncomeTax expenseTRY 12.04MincomeTaxExpensePretax incomeTRY 118.23MincomeBeforeTaxTax rate10.2%EquityTRY 249.53MtotalStockholderEquityDebtTRY 312.56MlongTermDebt + shortLongTermDebtCashTRY 13.55McashInvested capitalTRY 548.55MResult 29.2% | 2.50xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeTRY 178.43MoperatingIncomeNet PP&ETRY 71.26MpropertyPlantEquipmentResult 2.50x |
| 2019 | 40.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 233.88MpropertyPlantEquipmentInventoryTRY 258.16MinventoryTotal assetsTRY 1.23BtotalAssetsResult 40.2% | 3.13xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueTRY 732.68MtotalRevenueNet PP&ETRY 233.88MpropertyPlantEquipmentResult 3.13x | 9.91xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexTRY 134.81McapitalExpendituresD&ATRY 13.60MreconciledDepreciationResult 9.91x | TRY 0.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 1.23BtotalAssetsGoodwillTRY 10.32MgoodWillIntangiblesTRY 39.00MintangibleAssetsLiabilitiesTRY 718.05MtotalLiabTangible bookTRY 458.05MShares1,198,240,024commonStockSharesOutstandingResult TRY 0.38 | 0.37xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 257.83MebitdaCapexTRY 134.81McapitalExpendituresInterestTRY 98.85MinterestExpenseShort-term debtTRY 235.88MshortTermDebtEBITDA − capexTRY 123.03MPrincipal due is short-term debt.Result 0.37x | -TRY 61.49MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowTRY 106.71MtotalCashFromOperatingActivitiesCapexTRY 134.81McapitalExpendituresFree cash flow-TRY 61.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 61.49M | 28.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 249.00MoperatingIncomeTax expense-TRY 184.94KincomeTaxExpensePretax incomeTRY 145.39MincomeBeforeTaxTax rate0.0%EquityTRY 507.37MtotalStockholderEquityDebtTRY 559.33MlongTermDebt + shortLongTermDebtCashTRY 176.95McashInvested capitalTRY 889.74MResult 28.0% | 1.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeTRY 249.00MoperatingIncomeNet PP&ETRY 233.88MpropertyPlantEquipmentResult 1.06x |
| 2020 | 42.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 452.71MpropertyPlantEquipmentInventoryTRY 417.84MinventoryTotal assetsTRY 2.03BtotalAssetsResult 42.8% | 2.24xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueTRY 1.01BtotalRevenueNet PP&ETRY 452.71MpropertyPlantEquipmentResult 2.24x | 9.39xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexTRY 217.08McapitalExpendituresD&ATRY 23.11MreconciledDepreciationResult 9.39x | TRY 0.48Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 2.03BtotalAssetsGoodwillTRY 69.37MgoodWillIntangiblesTRY 47.34MintangibleAssetsLiabilitiesTRY 1.34BtotalLiabTangible bookTRY 580.33MShares1,198,240,024commonStockSharesOutstandingResult TRY 0.48 | 0.06xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 271.36MebitdaCapexTRY 217.08McapitalExpendituresInterestTRY 89.38MinterestExpenseShort-term debtTRY 878.06MshortLongTermDebtEBITDA − capexTRY 54.29MPrincipal due is the current portion of debt.Result 0.06x | -TRY 363.09MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-TRY 154.79MtotalCashFromOperatingActivitiesCapexTRY 217.08McapitalExpendituresFree cash flow-TRY 363.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 363.09M | 14.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 242.43MoperatingIncomeTax expense-TRY 29.97MincomeTaxExpensePretax incomeTRY 158.87MincomeBeforeTaxTax rate0.0%EquityTRY 697.03MtotalStockholderEquityDebtTRY 1.02BlongTermDebt + shortLongTermDebtCashTRY 70.22McashInvested capitalTRY 1.65BResult 14.7% | 0.54xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeTRY 242.43MoperatingIncomeNet PP&ETRY 452.71MpropertyPlantEquipmentResult 0.54x |
| 2021 | 48.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 1.09BpropertyPlantEquipmentInventoryTRY 1.15BinventoryTotal assetsTRY 4.63BtotalAssetsResult 48.3% | 1.86xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 2.02BtotalRevenueNet PP&ETRY 1.09BpropertyPlantEquipmentResult 1.86x | 12.07xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 590.31McapitalExpendituresD&ATRY 48.90MreconciledDepreciationResult 12.07x | TRY 1.40Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 4.63BtotalAssetsGoodwillTRY 106.32MgoodWillIntangiblesTRY 102.62MintangibleAssetsLiabilitiesTRY 3.21BtotalLiabTangible bookTRY 1.20BShares860,000,000commonStockSharesOutstandingResult TRY 1.40 | 0.00xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 589.63MebitdaCapexTRY 590.31McapitalExpendituresInterestTRY 206.40MinterestExpenseShort-term debtTRY 2.20BshortLongTermDebtEBITDA − capex-TRY 687.66KPrincipal due is the current portion of debt.Result 0.00x | -TRY 1.10BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-TRY 450.92MtotalCashFromOperatingActivitiesCapexTRY 590.31McapitalExpendituresFree cash flow-TRY 1.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 1.10B | 14.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 514.03MoperatingIncomeTax expenseTRY 7.95MincomeTaxExpensePretax incomeTRY 334.33MincomeBeforeTaxTax rate2.4%EquityTRY 1.41BtotalStockholderEquityDebtTRY 2.23BlongTermDebt + shortLongTermDebtCashTRY 96.69McashInvested capitalTRY 3.54BResult 14.2% | 0.47xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 514.03MoperatingIncomeNet PP&ETRY 1.09BpropertyPlantEquipmentResult 0.47x |
| 2022 | 44.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 2.54BpropertyPlantAndEquipmentNetInventoryTRY 2.90BinventoryTotal assetsTRY 12.23BtotalAssetsResult 44.5% | 2.06xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 5.24BtotalRevenueNet PP&ETRY 2.54BpropertyPlantAndEquipmentNetResult 2.06x | 10.41xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 1.04BcapitalExpendituresD&ATRY 99.51MreconciledDepreciationResult 10.41x | TRY 1.24Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 12.23BtotalAssetsGoodwillTRY 106.32MgoodWillIntangiblesTRY 251.03MintangibleAssetsLiabilitiesTRY 8.74BtotalLiabTangible bookTRY 3.13BShares2,530,000,000commonStockSharesOutstandingResult TRY 1.24 | 0.07xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 1.59BebitdaCapexTRY 1.04BcapitalExpendituresInterestTRY 948.28MinterestExpenseShort-term debtTRY 6.64BshortLongTermDebtEBITDA − capexTRY 556.25MPrincipal due is the current portion of debt.Result 0.07x | -TRY 3.57BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-TRY 2.50BtotalCashFromOperatingActivitiesCapexTRY 1.04BcapitalExpendituresFree cash flow-TRY 3.57BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 3.57B | 18.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 1.59BoperatingIncomeTax expense-TRY 244.36MincomeTaxExpensePretax incomeTRY 544.66MincomeBeforeTaxTax rate0.0%EquityTRY 3.48BtotalStockholderEquityDebtTRY 6.78BlongTermDebt + shortLongTermDebtCashTRY 1.53BcashInvested capitalTRY 8.73BResult 18.3% | 0.63xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 1.59BoperatingIncomeNet PP&ETRY 2.54BpropertyPlantAndEquipmentNetResult 0.63x |
| 2023 | 37.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 5.37BpropertyPlantAndEquipmentNetInventoryTRY 4.25BinventoryTotal assetsTRY 25.46BtotalAssetsResult 37.8% | 1.62xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 8.72BtotalRevenueNet PP&ETRY 5.37BpropertyPlantAndEquipmentNetResult 1.62x | 5.01xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 3.94BcapitalExpendituresD&ATRY 787.51MreconciledDepreciationResult 5.01x | TRY 1.65Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 25.46BtotalAssetsGoodwillTRY 294.71MgoodWillIntangiblesTRY 3.07BintangibleAssetsLiabilitiesTRY 17.92BtotalLiabTangible bookTRY 4.17BShares2,530,000,000commonStockSharesOutstandingResult TRY 1.65 | -0.04xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.23BebitdaCapexTRY 3.94BcapitalExpendituresInterestTRY 4.62BinterestExpenseShort-term debtTRY 12.94BshortLongTermDebtEBITDA − capex-TRY 717.03MPrincipal due is the current portion of debt.Result -0.04x | -TRY 120.17MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowTRY 3.82BtotalCashFromOperatingActivitiesCapexTRY 3.94BcapitalExpendituresFree cash flow-TRY 120.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 120.17M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-TRY 1.21BoperatingIncomeTax expense-TRY 895.72MtaxProvisionPretax income-TRY 2.19BincomeBeforeTaxTax rate—EquityTRY 7.55BtotalStockholderEquityDebtTRY 13.85BlongTermDebt + shortLongTermDebtCashTRY 4.62BcashInvested capitalTRY 16.78BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.22xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-TRY 1.21BoperatingIncomeNet PP&ETRY 5.37BpropertyPlantAndEquipmentNetResult -0.22x |
| 2024 | 63.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 15.52BpropertyPlantAndEquipmentNetInventoryTRY 4.43BinventoryTotal assetsTRY 31.52BtotalAssetsResult 63.3% | 0.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 6.37BtotalRevenueNet PP&ETRY 15.52BpropertyPlantAndEquipmentNetResult 0.41x | 0.81xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 874.83McapitalExpendituresD&ATRY 1.08BreconciledDepreciationResult 0.81x | TRY 1.89Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 31.52BtotalAssetsGoodwillTRY 556.94MgoodWillIntangiblesTRY 1.52BintangibleAssetsLiabilitiesTRY 13.54BtotalLiabTangible bookTRY 15.90BShares8,430,000,000commonStockSharesOutstandingResult TRY 1.89 | 0.21xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.67BebitdaCapexTRY 874.83McapitalExpendituresInterestTRY 7.23BinterestExpenseShort-term debtTRY 5.87BshortLongTermDebtEBITDA − capexTRY 2.79BPrincipal due is the current portion of debt.Result 0.21x | TRY 4.64BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowTRY 5.51BtotalCashFromOperatingActivitiesCapexTRY 874.83McapitalExpendituresFree cash flowTRY 4.64BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 4.64B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-TRY 3.74BoperatingIncomeTax expense-TRY 1.03BtaxProvisionPretax income-TRY 4.64BincomeBeforeTaxTax rate—EquityTRY 18.03BtotalStockholderEquityDebtTRY 8.76BlongTermDebt + shortLongTermDebtCashTRY 2.45BcashInvested capitalTRY 24.33BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.24xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-TRY 3.74BoperatingIncomeNet PP&ETRY 15.52BpropertyPlantAndEquipmentNetResult -0.24x |
| 2025 | 69.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 16.89BpropertyPlantAndEquipmentNetInventoryTRY 2.49BinventoryTotal assetsTRY 27.73BtotalAssetsResult 69.9% | 0.36xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 6.13BtotalRevenueNet PP&ETRY 16.89BpropertyPlantAndEquipmentNetResult 0.36x | 0.92xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 1.08BcapitalExpendituresD&ATRY 1.17BreconciledDepreciationResult 0.92x | TRY 1.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 27.73BtotalAssetsGoodwillTRY 556.94MgoodWillIntangiblesTRY 1.65BintangibleAssetsLiabilitiesTRY 13.86BtotalLiabTangible bookTRY 11.67BShares8,430,000,000commonStockSharesOutstandingResult TRY 1.38 | -0.18xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-TRY 797.31MebitdaCapexTRY 1.08BcapitalExpendituresInterestTRY 2.24BinterestExpenseShort-term debtTRY 8.03BshortLongTermDebtEBITDA − capex-TRY 1.88BPrincipal due is the current portion of debt.Result -0.18x | TRY 852.18MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowTRY 1.93BtotalCashFromOperatingActivitiesCapexTRY 1.08BcapitalExpendituresFree cash flowTRY 852.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 852.18M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-TRY 3.05BoperatingIncomeTax expense-TRY 131.98MtaxProvisionPretax income-TRY 4.21BincomeBeforeTaxTax rate—EquityTRY 13.96BtotalStockholderEquityDebtTRY 9.05BlongTermDebt + shortLongTermDebtCashTRY 1.38BcashInvested capitalTRY 21.63BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.18xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-TRY 3.05BoperatingIncomeNet PP&ETRY 16.89BpropertyPlantAndEquipmentNetResult -0.18x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: TRY 16.89B
Inventory: TRY 2.49B
Total assets: TRY 27.73B
Goodwill: TRY 556.94M
Intangibles: TRY 1.65B
Liabilities: TRY 13.86B
Tangible book: TRY 11.67B
Shares: 8,430,000,000
Revenue: TRY 6.13B
Capex: TRY 1.08B
D&A: TRY 1.17B
EBITDA: -TRY 797.31M
Interest: TRY 2.24B
Short-term debt: TRY 8.03B
Free cash flow: TRY 852.18M
Operating income: -TRY 3.05B
Invested capital: TRY 21.63B
Tax rate: —