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.
Motor Oil (Hellas) Corinth Refineries S.A
Physical assets are 51.1% of total assets, a heavy footprint. Capex is 2.03x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.23x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.59x.
Physical asset ratio
51.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.20BpropertyPlantAndEquipmentNetInventory€907.40MinventoryTotal assets€8.04BtotalAssetsResult 51.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€11.48BtotalRevenueNet PP&E€3.20BpropertyPlantAndEquipmentNetResult 3.59x
Revenue per dollar of the physical asset base.
Capex / D&A
2.03xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€579.80McapitalExpendituresD&A€286.14MdepreciationAndAmortizationResult 2.03x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€23.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€8.04BtotalAssetsGoodwill€190.06MgoodWillIntangibles€703.33MintangibleAssetsLiabilities€4.57BtotalLiabTangible book€2.58BShares108,450,795commonStockSharesOutstandingResult €23.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.89xPrice / tangible bookPrice / tangible book per sharePrice€68.65Latest quoteTangible book / share€23.752025-12-31Result 2.89x
Price €68.65.
Fixed-charge coverage
0.23xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€768.04MebitdaCapex€579.80McapitalExpendituresInterest€129.89MinterestExpenseShort-term debt€681.56MshortLongTermDebtEBITDA − capex€188.24MPrincipal due is the current portion of debt.Result 0.23x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€313.23MfreeCashFlowMarket cap€7.40BMarketCapitalizationResult 4.2%
Latest free cash flow divided by current market cap (€7.40B).
ROIC
7.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€481.89MoperatingIncomeTax expense€176.44MincomeTaxExpensePretax income€827.24MincomeBeforeTaxTax rate21.3%Equity€3.30BtotalStockholderEquityDebt€2.95BshortLongTermDebtTotalCash€1.37BcashInvested capital€4.88BResult 7.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 56.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.05BpropertyPlantEquipmentInventory€561.44MinventoryTotal assets€2.85BtotalAssetsResult 56.8% | 9.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€9.49BtotalRevenueNet PP&E€1.05BpropertyPlantEquipmentResult 9.00x | 1.31xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€135.48McapitalExpendituresD&A€103.07MdepreciationAndAmortizationResult 1.31x | €9.53Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.85BtotalAssetsGoodwill€21.51MgoodWillIntangibles€34.48MintangibleAssetsLiabilities€1.74BtotalLiabTangible book€1.06BShares110,782,980commonStockSharesOutstandingResult €9.53 | 1.62xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€502.62MebitdaCapex€135.48McapitalExpendituresInterest€49.17MinterestExpenseShort-term debt€178.02MshortLongTermDebtEBITDA − capex€367.14MPrincipal due is the current portion of debt.Result 1.62x | €190.92MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€326.39MtotalCashFromOperatingActivitiesCapex€135.48McapitalExpendituresFree cash flow€190.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €190.92M | 20.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€392.04MoperatingIncomeTax expense€100.68MincomeTaxExpensePretax income€355.40MincomeBeforeTaxTax rate28.3%Equity€1.11BtotalStockholderEquityDebt€929.86MshortLongTermDebtTotalCash€679.43McashInvested capital€1.36BResult 20.7% | 0.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€392.04MoperatingIncomeNet PP&E€1.05BpropertyPlantEquipmentResult 0.37x |
| 2019 | 52.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.27BpropertyPlantAndEquipmentNetInventory€550.33MinventoryTotal assets€3.47BtotalAssetsResult 52.5% | 7.37xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€9.37BtotalRevenueNet PP&E€1.27BpropertyPlantAndEquipmentNetResult 7.37x | 1.18xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€159.16McapitalExpendituresD&A€134.71MdepreciationAndAmortizationResult 1.18x | €10.20Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€3.47BtotalAssetsGoodwill€21.51MgoodWillIntangibles€37.19MintangibleAssetsLiabilities€2.28BtotalLiabTangible book€1.13BShares110,782,980commonStockSharesOutstandingResult €10.20 | 3.17xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€479.94MebitdaCapex€159.16McapitalExpendituresInterest€50.80MinterestExpenseShort-term debt€50.42MshortLongTermDebtEBITDA − capex€320.79MPrincipal due is the current portion of debt.Result 3.17x | €320.82MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€479.98MtotalCashFromOperatingActivitiesCapex€159.16McapitalExpendituresFree cash flow€320.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €320.82M | 16.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€339.24MoperatingIncomeTax expense€79.20MincomeTaxExpensePretax income€303.43MincomeBeforeTaxTax rate26.1%Equity€1.18BtotalStockholderEquityDebt€1.05BshortLongTermDebtTotalCash€697.28McashInvested capital€1.54BResult 16.3% | 0.27xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€339.24MoperatingIncomeNet PP&E€1.27BpropertyPlantAndEquipmentNetResult 0.27x |
| 2020 | 59.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.49BpropertyPlantAndEquipmentNetInventory€535.65MinventoryTotal assets€3.41BtotalAssetsResult 59.5% | 4.10xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€6.12BtotalRevenueNet PP&E€1.49BpropertyPlantAndEquipmentNetResult 4.10x | 1.97xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€281.57McapitalExpendituresD&A€143.09MdepreciationAndAmortizationResult 1.97x | €7.66Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€3.41BtotalAssetsGoodwill€31.73MgoodWillIntangibles€105.59MintangibleAssetsLiabilities€2.42BtotalLiabTangible book€847.59MShares110,685,454commonStockSharesOutstandingResult €7.66 | -0.63xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€58.12MebitdaCapex€281.57McapitalExpendituresInterest€55.90MinterestExpenseShort-term debt€296.87MshortLongTermDebtEBITDA − capex-€223.45MPrincipal due is the current portion of debt.Result -0.63x | -€413.49MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-€131.92MtotalCashFromOperatingActivitiesCapex€281.57McapitalExpendituresFree cash flow-€413.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€413.49M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€56.70MoperatingIncomeTax expense-€23.80MincomeTaxExpensePretax income-€136.12MincomeBeforeTaxTax rate—Equity€978.16MtotalStockholderEquityDebt€1.51BshortLongTermDebtTotalCash€587.50McashAndEquivalentsInvested capital€1.90BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-€56.70MoperatingIncomeNet PP&E€1.49BpropertyPlantAndEquipmentNetResult -0.04x |
| 2021 | 55.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.97BpropertyPlantEquipmentInventory€684.44MinventoryTotal assets€4.83BtotalAssetsResult 55.0% | 5.21xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€10.27BtotalRevenueNet PP&E€1.97BpropertyPlantEquipmentResult 5.21x | 1.90xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€322.30McapitalExpendituresD&A€169.21MdepreciationAndAmortizationResult 1.90x | €7.59Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.83BtotalAssetsGoodwill€41.76MgoodWillIntangibles€310.74MintangibleAssetsLiabilities€3.64BtotalLiabTangible book€838.40MShares110,471,703commonStockSharesOutstandingResult €7.59 | 0.67xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€487.55MebitdaCapex€322.30McapitalExpendituresInterest€78.14MinterestExpenseShort-term debt€167.70MshortLongTermDebtEBITDA − capex€165.25MPrincipal due is the current portion of debt.Result 0.67x | -€48.82MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€273.49MtotalCashFromOperatingActivitiesCapex€322.30McapitalExpendituresFree cash flow-€48.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€48.82M | 9.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€320.38MoperatingIncomeTax expense€55.84MincomeTaxExpensePretax income€258.20MincomeBeforeTaxTax rate21.6%Equity€1.18BtotalStockholderEquityDebt€2.11BshortLongTermDebtTotalCash€656.68McashAndEquivalentsInvested capital€2.63BResult 9.5% | 0.16xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€320.38MoperatingIncomeNet PP&E€1.97BpropertyPlantEquipmentResult 0.16x |
| 2022 | 49.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.55BpropertyPlantEquipmentInventory€994.84MinventoryTotal assets€7.20BtotalAssetsResult 49.2% | 6.53xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€16.63BtotalRevenueNet PP&E€2.55BpropertyPlantEquipmentResult 6.53x | 1.43xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€257.55McapitalExpendituresD&A€180.49MdepreciationAndAmortizationResult 1.43x | €11.60Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€7.20BtotalAssetsGoodwill€178.61MgoodWillIntangibles€685.68MintangibleAssetsLiabilities€5.06BtotalLiabTangible book€1.27BShares109,795,159commonStockSharesOutstandingResult €11.60 | 3.37xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.80BebitdaCapex€257.55McapitalExpendituresInterest€76.02MinterestExpenseShort-term debt€381.13MshortLongTermDebtEBITDA − capex€1.54BPrincipal due is the current portion of debt.Result 3.37x | €871.55MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€1.13BtotalCashFromOperatingActivitiesCapex€257.55McapitalExpendituresFree cash flow€871.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €871.55M | 24.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.51BoperatingIncomeTax expense€590.24MincomeTaxExpensePretax income€1.56BincomeBeforeTaxTax rate37.9%Equity€2.04BtotalStockholderEquityDebt€2.96BshortLongTermDebtTotalCash€1.20BcashAndEquivalentsInvested capital€3.81BResult 24.7% | 0.59xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€1.51BoperatingIncomeNet PP&E€2.55BpropertyPlantEquipmentResult 0.59x |
| 2023 | 49.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.71BpropertyPlantAndEquipmentNetInventory€1.03BinventoryTotal assets€7.57BtotalAssetsResult 49.4% | 4.92xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€13.32BtotalRevenueNet PP&E€2.71BpropertyPlantAndEquipmentNetResult 4.92x | 1.29xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€318.06McapitalExpendituresD&A€247.11MdepreciationAndAmortizationResult 1.29x | €17.41Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€7.57BtotalAssetsGoodwill€182.48MgoodWillIntangibles€698.91MintangibleAssetsLiabilities€4.80BtotalLiabTangible book€1.89BShares108,567,734commonStockSharesOutstandingResult €17.41 | 3.34xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.41BebitdaCapex€318.06McapitalExpendituresInterest€138.02MinterestExpenseShort-term debt€187.99MshortLongTermDebtEBITDA − capex€1.09BPrincipal due is the current portion of debt.Result 3.34x | €492.62MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€810.67MtotalCashFromOperatingActivitiesCapex€318.06McapitalExpendituresFree cash flow€492.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €492.62M | 21.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.14BoperatingIncomeTax expense€231.79MincomeTaxExpensePretax income€1.04BincomeBeforeTaxTax rate22.3%Equity€2.66BtotalStockholderEquityDebt€2.84BshortLongTermDebtTotalCash€1.32BcashInvested capital€4.18BResult 21.1% | 0.42xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€1.14BoperatingIncomeNet PP&E€2.71BpropertyPlantAndEquipmentNetResult 0.42x |
| 2024 | 52.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.83BpropertyPlantAndEquipmentNetInventory€955.62MinventoryTotal assets€7.28BtotalAssetsResult 52.1% | 4.30xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€12.19BtotalRevenueNet PP&E€2.83BpropertyPlantAndEquipmentNetResult 4.30x | 1.21xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€315.02McapitalExpendituresD&A€260.24MdepreciationAndAmortizationResult 1.21x | €17.46Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€7.28BtotalAssetsGoodwill€183.04MgoodWillIntangibles€686.00MintangibleAssetsLiabilities€4.52BtotalLiabTangible book€1.89BShares108,249,238commonStockSharesOutstandingResult €17.46 | 2.02xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.03BebitdaCapex€315.02McapitalExpendituresInterest€141.33MinterestExpenseShort-term debt€210.56MshortLongTermDebtEBITDA − capex€710.64MPrincipal due is the current portion of debt.Result 2.02x | €19.05MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€334.07MtotalCashFromOperatingActivitiesCapex€315.02McapitalExpendituresFree cash flow€19.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €19.05M | 9.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€705.75MoperatingIncomeTax expense€353.83MincomeTaxExpensePretax income€641.14MincomeBeforeTaxTax rate40.0%Equity€2.72BtotalStockholderEquityDebt€2.86BshortLongTermDebtTotalCash€1.13BcashInvested capital€4.45BThe effective tax rate was above 40% and was capped at 40%.Result 9.5% | 0.25xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€705.75MoperatingIncomeNet PP&E€2.83BpropertyPlantAndEquipmentNetResult 0.25x |
| 2025 | 51.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.20BpropertyPlantAndEquipmentNetInventory€907.40MinventoryTotal assets€8.04BtotalAssetsResult 51.1% | 3.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€11.48BtotalRevenueNet PP&E€3.20BpropertyPlantAndEquipmentNetResult 3.59x | 2.03xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€579.80McapitalExpendituresD&A€286.14MdepreciationAndAmortizationResult 2.03x | €23.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€8.04BtotalAssetsGoodwill€190.06MgoodWillIntangibles€703.33MintangibleAssetsLiabilities€4.57BtotalLiabTangible book€2.58BShares108,450,795commonStockSharesOutstandingResult €23.75 | 0.23xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€768.04MebitdaCapex€579.80McapitalExpendituresInterest€129.89MinterestExpenseShort-term debt€681.56MshortLongTermDebtEBITDA − capex€188.24MPrincipal due is the current portion of debt.Result 0.23x | €313.23MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€893.02MtotalCashFromOperatingActivitiesCapex€579.80McapitalExpendituresFree cash flow€313.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €313.23M | 7.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€481.89MoperatingIncomeTax expense€176.44MincomeTaxExpensePretax income€827.24MincomeBeforeTaxTax rate21.3%Equity€3.30BtotalStockholderEquityDebt€2.95BshortLongTermDebtTotalCash€1.37BcashInvested capital€4.88BResult 7.8% | 0.15xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€481.89MoperatingIncomeNet PP&E€3.20BpropertyPlantAndEquipmentNetResult 0.15x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €3.20B
Inventory: €907.40M
Total assets: €8.04B
Goodwill: €190.06M
Intangibles: €703.33M
Liabilities: €4.57B
Tangible book: €2.58B
Shares: 108,450,795
Revenue: €11.48B
Capex: €579.80M
D&A: €286.14M
EBITDA: €768.04M
Interest: €129.89M
Short-term debt: €681.56M
Free cash flow: €313.23M
Operating income: €481.89M
Invested capital: €4.88B
Tax rate: 21.3%