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.
Kempower Oyj
Physical assets are 42.3% of total assets, a mixed footprint. Capex is 0.59x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -0.61x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 5.47x.
Physical asset ratio
42.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€45.90MpropertyPlantEquipmentInventory€58.50MinventoryTotal assets€246.80MtotalAssetsResult 42.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€251.30MtotalRevenueNet PP&E€45.90MpropertyPlantEquipmentResult 5.47x
Revenue per dollar of the physical asset base.
Capex / D&A
0.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€8.20McapitalExpendituresD&A€13.80MdepreciationAndAmortizationResult 0.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€1.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€246.80MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€7.70MintangibleAssetsLiabilities€144.90MtotalLiabTangible book€94.20MShares55,464,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €1.70
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.74xPrice / tangible bookPrice / tangible book per sharePrice€8.06Latest quoteTangible book / share€1.702025-12-31Result 4.74x
Price €8.06.
Fixed-charge coverage
-0.61xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€500.00KebitdaCapex€8.20McapitalExpendituresInterest€2.53MinterestExpenseShort-term debt€11.80MshortLongTermDebtEBITDA − capex-€8.70MPrincipal due is the current portion of debt.Result -0.61x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-€4.80MfreeCashFlowMarket cap€450.22MMarketCapitalizationResult -1.1%
Latest free cash flow divided by current market cap (€450.22M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€14.30MoperatingIncomeTax expense-€2.60MincomeTaxExpensePretax income-€15.00MincomeBeforeTaxTax rate—Equity€101.90MtotalStockholderEquityDebt€12.00MlongTermDebt + shortLongTermDebtCash€54.90McashAndShortTermInvestmentsInvested capital€59.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC 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 -0.31x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€19.02KpropertyPlantEquipmentInventory€0.00Not reported, treated as 0Total assets€465.00KtotalAssetsInventory was not reported and is treated as zero.Result 4.1% | 1.05xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€20.00KtotalRevenueNet PP&E€19.02KpropertyPlantEquipmentResult 1.05x | 29.91xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€179.48KcapitalExpendituresD&A€6.00KdepreciationAndAmortizationResult 29.91x | €0.00Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€465.00KtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€154.00KintangibleAssetsLiabilities€257.00KtotalLiabTangible book€54.00KShares55,542,920commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €0.00 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€636.00KebitdaCapex€179.48KcapitalExpendituresInterest€0.00interestExpenseShort-term debt€0.00shortTermDebtEBITDA − capex-€815.48KPrincipal due is short-term debt.Result — | -€675.48KFree cash flow · 2018-12-31Operating cash flow − capexOperating cash flow-€496.00KtotalCashFromOperatingActivitiesCapex€179.48KcapitalExpendituresFree cash flow-€675.48KNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -€675.48K | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€641.00KoperatingIncomeTax expense€51.00KincomeTaxExpensePretax income-€642.00KincomeBeforeTaxTax rate—Equity€208.00KtotalStockholderEquityDebt—Not reportedCash€227.00KcashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -33.70xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-€641.00KoperatingIncomeNet PP&E€19.02KpropertyPlantEquipmentResult -33.70x |
| 2019 | 23.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€110.48KpropertyPlantEquipmentInventory€195.00KinventoryTotal assets€1.32MtotalAssetsResult 23.2% | 2.96xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€327.00KtotalRevenueNet PP&E€110.48KpropertyPlantEquipmentResult 2.96x | 4.37xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€170.51KcapitalExpendituresD&A€39.00KdepreciationAndAmortizationResult 4.37x | €0.00Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.32MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€188.00KintangibleAssetsLiabilities€895.00KtotalLiabTangible book€235.00KShares55,542,920commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €0.00 | -2,352.51xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€2.18MebitdaCapex€170.51KcapitalExpendituresInterest€1.00KinterestExpenseShort-term debt€0.00shortTermDebtEBITDA − capex-€2.35MPrincipal due is short-term debt.Result -2,352.51x | -€2.66MFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow-€2.49MtotalCashFromOperatingActivitiesCapex€170.51KcapitalExpendituresFree cash flow-€2.66MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -€2.66M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€2.22MoperatingIncomeTax expense€55.00KincomeTaxExpensePretax income-€2.22MincomeBeforeTaxTax rate—Equity€423.00KtotalStockholderEquityDebt—Not reportedCash€71.00KcashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -20.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-€2.22MoperatingIncomeNet PP&E€110.48KpropertyPlantEquipmentResult -20.10x |
| 2020 | 28.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€485.00KpropertyPlantAndEquipmentNetInventory€1.27MinventoryTotal assets€6.23MtotalAssetsResult 28.2% | 6.71xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€3.25MtotalRevenueNet PP&E€485.00KpropertyPlantAndEquipmentNetResult 6.71x | 5.49xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€467.00KcapitalExpendituresD&A€85.00KdepreciationAndAmortizationResult 5.49x | €0.01Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€6.23MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€195.00KintangibleAssetsLiabilities€5.71MtotalLiabTangible book€332.00KShares55,542,920commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €0.01 | -104.08xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€2.14MebitdaCapex€467.00KcapitalExpendituresInterest€25.00KinterestExpenseShort-term debt€0.00shortTermDebtEBITDA − capex-€2.60MPrincipal due is short-term debt.Result -104.08x | -€2.95MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-€2.48MtotalCashFromOperatingActivitiesCapex€467.00KcapitalExpendituresFree cash flow-€2.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€2.95M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€2.22MoperatingIncomeTax expense€65.00KincomeTaxExpensePretax income-€2.25MincomeBeforeTaxTax rate—Equity€527.00KtotalStockholderEquityDebt€3.40MlongTermDebtCash€521.00KcashAndEquivalentsInvested capital€3.41MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.58xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-€2.22MoperatingIncomeNet PP&E€485.00KpropertyPlantAndEquipmentNetResult -4.58x |
| 2021 | 8.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.87MpropertyPlantEquipmentInventory€6.37MinventoryTotal assets€108.50MtotalAssetsResult 8.5% | 9.55xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€27.36MtotalRevenueNet PP&E€2.87MpropertyPlantEquipmentResult 9.55x | 1.42xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€1.62McapitalExpendituresD&A€1.14MdepreciationAndAmortizationResult 1.42x | €2.48Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€108.50MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€1.09MintangibleAssetsLiabilities€10.97MtotalLiabTangible book€96.44MShares38,847,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €2.48 | -1.48xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€445.90KebitdaCapex€1.62McapitalExpendituresInterest€177.60KinterestExpenseShort-term debt€615.90KshortTermDebtEBITDA − capex-€1.18MPrincipal due is short-term debt.Result -1.48x | -€4.23MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-€2.61MtotalCashFromOperatingActivitiesCapex€1.62McapitalExpendituresFree cash flow-€4.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€4.23M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€689.90KoperatingIncomeTax expense-€1.14MincomeTaxExpensePretax income-€867.40KincomeBeforeTaxTax rate—Equity€97.53MtotalStockholderEquityDebt€1.09MshortLongTermDebtTotalCash€90.40McashAndEquivalentsInvested capital€8.22MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.24xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-€689.90KoperatingIncomeNet PP&E€2.87MpropertyPlantEquipmentResult -0.24x |
| 2022 | 31.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€21.13MpropertyPlantEquipmentInventory€27.13MinventoryTotal assets€154.24MtotalAssetsResult 31.3% | 4.90xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€103.64MtotalRevenueNet PP&E€21.13MpropertyPlantEquipmentResult 4.90x | 1.83xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€6.21McapitalExpendituresD&A€3.40MdepreciationAndAmortizationResult 1.83x | €1.76Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€154.24MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€2.58MintangibleAssetsLiabilities€53.64MtotalLiabTangible book€98.02MShares55,585,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €1.76 | 0.88xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.79MebitdaCapex€6.21McapitalExpendituresInterest€569.20KinterestExpenseShort-term debt€2.38MshortTermDebtEBITDA − capex€2.58MPrincipal due is short-term debt.Result 0.88x | -€11.63MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-€5.42MtotalCashFromOperatingActivitiesCapex€6.21McapitalExpendituresFree cash flow-€11.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€11.63M | 10.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.10MoperatingIncomeTax expense€1.24MincomeTaxExpensePretax income€4.79MincomeBeforeTaxTax rate25.9%Equity€100.60MtotalStockholderEquityDebt€15.65MshortLongTermDebtTotalCash€74.02McashAndShortTermInvestmentsInvested capital€42.23MResult 10.7% | 0.29xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€6.10MoperatingIncomeNet PP&E€21.13MpropertyPlantEquipmentResult 0.29x |
| 2023 | 37.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€38.18MpropertyPlantEquipmentInventory€51.58MinventoryTotal assets€237.73MtotalAssetsResult 37.8% | 7.43xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€283.61MtotalRevenueNet PP&E€38.18MpropertyPlantEquipmentResult 7.43x | 1.48xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€9.63McapitalExpendituresD&A€6.51MdepreciationAndAmortizationResult 1.48x | €2.36Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€237.73MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€1.81MintangibleAssetsLiabilities€104.80MtotalLiabTangible book€131.12MShares55,504,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €2.36 | 7.13xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€50.35MebitdaCapex€9.63McapitalExpendituresInterest€1.01MinterestExpenseShort-term debt€4.70MshortTermDebtEBITDA − capex€40.72MPrincipal due is short-term debt.Result 7.13x | €30.04MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€39.67MtotalCashFromOperatingActivitiesCapex€9.63McapitalExpendituresFree cash flow€30.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €30.04M | 54.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€40.56MoperatingIncomeTax expense€9.32MincomeTaxExpensePretax income€43.05MincomeBeforeTaxTax rate21.7%Equity€132.93MtotalStockholderEquityDebt€25.22MshortLongTermDebtTotalCash€99.79McashAndShortTermInvestmentsInvested capital€58.36MResult 54.4% | 1.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€40.56MoperatingIncomeNet PP&E€38.18MpropertyPlantEquipmentResult 1.06x |
| 2024 | 48.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€53.98MpropertyPlantEquipmentInventory€57.50MinventoryTotal assets€230.82MtotalAssetsResult 48.3% | 4.14xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€223.70MtotalRevenueNet PP&E€53.98MpropertyPlantEquipmentResult 4.14x | 1.74xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€18.76McapitalExpendituresD&A€10.78MdepreciationAndAmortizationResult 1.74x | €1.95Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€230.82MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€4.25MintangibleAssetsLiabilities€118.98MtotalLiabTangible book€107.60MShares55,275,035commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €1.95 | -2.91xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€15.48MebitdaCapex€18.76McapitalExpendituresInterest€2.06MinterestExpenseShort-term debt€9.70MshortLongTermDebtEBITDA − capex-€34.24MPrincipal due is the current portion of debt.Result -2.91x | -€42.16MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-€23.40MtotalCashFromOperatingActivitiesCapex€18.76McapitalExpendituresFree cash flow-€42.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€42.16M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€28.80MoperatingIncomeTax expense-€5.02MincomeTaxExpensePretax income-€28.24MincomeBeforeTaxTax rate—Equity€111.85MtotalStockholderEquityDebt€12.40MlongTermDebt + shortLongTermDebtCash€65.41McashAndShortTermInvestmentsInvested capital€58.84MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.53xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-€28.80MoperatingIncomeNet PP&E€53.98MpropertyPlantEquipmentResult -0.53x |
| 2025 | 42.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€45.90MpropertyPlantEquipmentInventory€58.50MinventoryTotal assets€246.80MtotalAssetsResult 42.3% | 5.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€251.30MtotalRevenueNet PP&E€45.90MpropertyPlantEquipmentResult 5.47x | 0.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€8.20McapitalExpendituresD&A€13.80MdepreciationAndAmortizationResult 0.59x | €1.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€246.80MtotalAssetsGoodwill€0.00Not reported, treated as 0Intangibles€7.70MintangibleAssetsLiabilities€144.90MtotalLiabTangible book€94.20MShares55,464,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result €1.70 | -0.61xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€500.00KebitdaCapex€8.20McapitalExpendituresInterest€2.53MinterestExpenseShort-term debt€11.80MshortLongTermDebtEBITDA − capex-€8.70MPrincipal due is the current portion of debt.Result -0.61x | -€4.80MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€3.40MtotalCashFromOperatingActivitiesCapex€8.20McapitalExpendituresFree cash flow-€4.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€4.80M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€14.30MoperatingIncomeTax expense-€2.60MincomeTaxExpensePretax income-€15.00MincomeBeforeTaxTax rate—Equity€101.90MtotalStockholderEquityDebt€12.00MlongTermDebt + shortLongTermDebtCash€54.90McashAndShortTermInvestmentsInvested capital€59.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.31xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-€14.30MoperatingIncomeNet PP&E€45.90MpropertyPlantEquipmentResult -0.31x |
- 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: €45.90M
Inventory: €58.50M
Total assets: €246.80M
Goodwill: €0.00
Intangibles: €7.70M
Liabilities: €144.90M
Tangible book: €94.20M
Shares: 55,464,000
Revenue: €251.30M
Capex: €8.20M
D&A: €13.80M
EBITDA: -€500.00K
Interest: €2.53M
Short-term debt: €11.80M
Free cash flow: -€4.80M
Operating income: -€14.30M
Invested capital: €59.00M
Tax rate: —