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.
Pan African Resources PLC
Physical assets are 76.8% of total assets, a heavy footprint. Capex is 2.96x 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. ROIC is 49.0%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.96x.
Physical asset ratio
76.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.20BpropertyPlantAndEquipmentNetInventoryGBX 39.25MinventoryTotal assetsGBX 1.62BtotalAssetsResult 76.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.96xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenueGBX 1.16BtotalRevenueNet PP&EGBX 1.20BpropertyPlantAndEquipmentNetResult 0.96x
Revenue per dollar of the physical asset base.
Capex / D&A
2.96xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapexGBX 190.20McapitalExpendituresD&AGBX 64.16MdepreciationAndAmortizationResult 2.96x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
GBX 0.50Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 1.62BtotalAssetsGoodwillGBX 18.53MgoodWillIntangiblesGBX 810.18KintangibleAssetsLiabilitiesGBX 575.05MtotalLiabTangible bookGBX 1.02BShares2,029,600,000commonStockSharesOutstandingResult GBX 0.50
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
207.52xPrice / tangible bookPrice / tangible book per sharePriceGBX 104.50Latest quoteTangible book / shareGBX 0.502026-06-30Result 207.52x
Price GBX 104.50.
Fixed-charge coverage
16.54xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 691.73MebitdaCapexGBX 190.20McapitalExpendituresInterestGBX 17.36MinterestExpenseShort-term debtGBX 12.96MshortLongTermDebtEBITDA − capexGBX 501.54MPrincipal due is the current portion of debt.Result 16.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
19.7%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flowGBX 426.87MfreeCashFlowMarket capGBX 2.17BMarketCapitalizationResult 19.7%
Latest free cash flow divided by current market cap (GBX 2.17B).
ROIC
49.0%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 627.57MoperatingIncomeTax expenseGBX 177.90MincomeTaxExpensePretax incomeGBX 535.70MincomeBeforeTaxTax rate33.2%EquityGBX 1.04BtotalStockholderEquityDebtGBX 59.65MshortLongTermDebtTotalCashGBX 247.46McashAndShortTermInvestmentsInvested capitalGBX 856.22MResult 49.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.52x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 79.1%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 305.35MpropertyPlantEquipmentInventoryGBX 5.71MinventoryTotal assetsGBX 393.13MtotalAssetsResult 79.1% | 0.71xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenueGBX 217.68MtotalRevenueNet PP&EGBX 305.35MpropertyPlantEquipmentResult 0.71x | 3.38xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapexGBX 55.13McapitalExpendituresD&AGBX 16.32MdepreciationAndAmortizationResult 3.38x | GBX 1.67Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 393.13MtotalAssetsGoodwillGBX 21.55MgoodWillIntangiblesGBX 655.20KintangibleAssetsLiabilitiesGBX 209.55MtotalLiabTangible bookGBX 161.37MShares96,416,475commonStockSharesOutstandingResult GBX 1.67 | 0.19xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 62.07MebitdaCapexGBX 55.13McapitalExpendituresInterestGBX 13.04MinterestExpenseShort-term debtGBX 24.15MshortTermDebtEBITDA − capexGBX 6.93MPrincipal due is short-term debt.Result 0.19x | -GBX 17.43MFree cash flow · 2019-06-30Reported free cash flowOperating cash flowGBX 37.71MtotalCashFromOperatingActivitiesCapexGBX 55.13McapitalExpendituresFree cash flow-GBX 17.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 17.43M | 16.2%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 61.42MoperatingIncomeTax expenseGBX 8.17MincomeTaxExpensePretax incomeGBX 46.22MincomeBeforeTaxTax rate17.7%EquityGBX 183.58MtotalStockholderEquityDebtGBX 133.77MshortLongTermDebtTotalCashGBX 5.34McashInvested capitalGBX 312.01MResult 16.2% | 0.20xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating incomeGBX 61.42MoperatingIncomeNet PP&EGBX 305.35MpropertyPlantEquipmentResult 0.20x |
| 2020 | 75.4%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 270.29MpropertyPlantEquipmentInventoryGBX 7.63MinventoryTotal assetsGBX 368.62MtotalAssetsResult 75.4% | 1.01xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenueGBX 274.11MtotalRevenueNet PP&EGBX 270.29MpropertyPlantEquipmentResult 1.01x | 1.59xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapexGBX 34.73McapitalExpendituresD&AGBX 21.78MdepreciationAndAmortizationResult 1.59x | GBX 1.72Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 368.62MtotalAssetsGoodwillGBX 17.51MgoodWillIntangiblesGBX 493.00KintangibleAssetsLiabilitiesGBX 185.00MtotalLiabTangible bookGBX 165.61MShares96,416,475commonStockSharesOutstandingResult GBX 1.72 | 1.80xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 87.32MebitdaCapexGBX 34.73McapitalExpendituresInterestGBX 13.34MinterestExpenseShort-term debtGBX 15.92MshortTermDebtEBITDA − capexGBX 52.59MPrincipal due is short-term debt.Result 1.80x | GBX 19.10MFree cash flow · 2020-06-30Reported free cash flowOperating cash flowGBX 53.83MtotalCashFromOperatingActivitiesCapexGBX 34.73McapitalExpendituresFree cash flowGBX 19.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 19.10M | 23.2%ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 65.45MoperatingIncomeTax expenseGBX 7.90MincomeTaxExpensePretax incomeGBX 52.20MincomeBeforeTaxTax rate15.1%EquityGBX 183.62MtotalStockholderEquityDebtGBX 89.25MshortLongTermDebtTotalCashGBX 33.53McashInvested capitalGBX 239.34MResult 23.2% | 0.24xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating incomeGBX 65.45MoperatingIncomeNet PP&EGBX 270.29MpropertyPlantEquipmentResult 0.24x |
| 2021 | 74.2%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 346.92MpropertyPlantEquipmentInventoryGBX 11.36MinventoryTotal assetsGBX 483.09MtotalAssetsResult 74.2% | 1.06xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenueGBX 368.91MtotalRevenueNet PP&EGBX 346.92MpropertyPlantEquipmentResult 1.06x | 1.37xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapexGBX 44.44McapitalExpendituresD&AGBX 32.39MdepreciationAndAmortizationResult 1.37x | GBX 2.72Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 483.09MtotalAssetsGoodwillGBX 21.25MgoodWillIntangiblesGBX 505.40KintangibleAssetsLiabilitiesGBX 199.46MtotalLiabTangible bookGBX 261.87MShares96,416,450commonStockSharesOutstandingResult GBX 2.72 | 2.54xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 141.67MebitdaCapexGBX 44.44McapitalExpendituresInterestGBX 7.67MinterestExpenseShort-term debtGBX 30.67MshortLongTermDebtEBITDA − capexGBX 97.22MPrincipal due is the current portion of debt.Result 2.54x | GBX 37.80MFree cash flow · 2021-06-30Reported free cash flowOperating cash flowGBX 82.24MtotalCashFromOperatingActivitiesCapexGBX 44.44McapitalExpendituresFree cash flowGBX 37.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 37.80M | 32.9%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 148.88MoperatingIncomeTax expenseGBX 30.14MincomeTaxExpensePretax incomeGBX 104.83MincomeBeforeTaxTax rate28.8%EquityGBX 283.63MtotalStockholderEquityDebtGBX 74.08MshortLongTermDebtTotalCashGBX 35.13McashInvested capitalGBX 322.58MResult 32.9% | 0.43xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating incomeGBX 148.88MoperatingIncomeNet PP&EGBX 346.92MpropertyPlantEquipmentResult 0.43x |
| 2022 | 80.0%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 355.80MpropertyPlantEquipmentInventoryGBX 9.98MinventoryTotal assetsGBX 457.09MtotalAssetsResult 80.0% | 1.06xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenueGBX 376.37MtotalRevenueNet PP&EGBX 355.80MpropertyPlantEquipmentResult 1.06x | 3.10xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapexGBX 82.69McapitalExpendituresD&AGBX 26.69MdepreciationAndAmortizationResult 3.10x | GBX 2.86Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 457.09MtotalAssetsGoodwillGBX 18.64MgoodWillIntangiblesGBX 281.00KintangibleAssetsLiabilitiesGBX 162.48MtotalLiabTangible bookGBX 275.69MShares96,303,300commonStockSharesOutstandingResult GBX 2.86 | 3.65xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 110.42MebitdaCapexGBX 82.69McapitalExpendituresInterestGBX 6.28MinterestExpenseShort-term debtGBX 1.32MshortLongTermDebtEBITDA − capexGBX 27.73MPrincipal due is the current portion of debt.Result 3.65x | GBX 27.32MFree cash flow · 2022-06-30Reported free cash flowOperating cash flowGBX 110.01MtotalCashFromOperatingActivitiesCapexGBX 82.69McapitalExpendituresFree cash flowGBX 27.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 27.32M | 25.5%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 111.46MoperatingIncomeTax expenseGBX 31.92MincomeTaxExpensePretax incomeGBX 106.88MincomeBeforeTaxTax rate29.9%EquityGBX 294.78MtotalStockholderEquityDebtGBX 38.96MshortLongTermDebtTotalCashGBX 27.68McashAndShortTermInvestmentsInvested capitalGBX 306.06MResult 25.5% | 0.31xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating incomeGBX 111.46MoperatingIncomeNet PP&EGBX 355.80MpropertyPlantEquipmentResult 0.31x |
| 2023 | 81.7%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 395.25MpropertyPlantEquipmentInventoryGBX 13.92MinventoryTotal assetsGBX 500.94MtotalAssetsResult 81.7% | 0.81xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenueGBX 319.89MtotalRevenueNet PP&EGBX 395.25MpropertyPlantEquipmentResult 0.81x | 5.40xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapexGBX 112.82McapitalExpendituresD&AGBX 20.90MdepreciationAndAmortizationResult 5.40x | GBX 2.90Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 500.94MtotalAssetsGoodwillGBX 16.12MgoodWillIntangiblesGBX 265.00KintangibleAssetsLiabilitiesGBX 206.34MtotalLiabTangible bookGBX 278.21MShares95,825,200commonStockSharesOutstandingResult GBX 2.90 | -0.03xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 112.28MebitdaCapexGBX 112.82McapitalExpendituresInterestGBX 7.83MinterestExpenseShort-term debtGBX 10.87MshortLongTermDebtEBITDA − capex-GBX 538.08KPrincipal due is the current portion of debt.Result -0.03x | -GBX 12.70MFree cash flow · 2023-06-30Reported free cash flowOperating cash flowGBX 100.12MtotalCashFromOperatingActivitiesCapexGBX 112.82McapitalExpendituresFree cash flow-GBX 12.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 12.70M | 21.5%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 95.19MoperatingIncomeTax expenseGBX 24.55MincomeTaxExpensePretax incomeGBX 85.07MincomeBeforeTaxTax rate28.9%EquityGBX 292.48MtotalStockholderEquityDebtGBX 56.84MshortLongTermDebtTotalCashGBX 34.77McashInvested capitalGBX 314.55MResult 21.5% | 0.24xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating incomeGBX 95.19MoperatingIncomeNet PP&EGBX 395.25MpropertyPlantEquipmentResult 0.24x |
| 2024 | 85.1%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 567.59MpropertyPlantAndEquipmentNetInventoryGBX 16.43MinventoryTotal assetsGBX 686.07MtotalAssetsResult 85.1% | 0.66xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenueGBX 373.80MtotalRevenueNet PP&EGBX 567.59MpropertyPlantAndEquipmentNetResult 0.66x | 7.60xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapexGBX 166.39McapitalExpendituresD&AGBX 21.91MdepreciationAndAmortizationResult 7.60x | GBX 3.62Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 686.07MtotalAssetsGoodwillGBX 16.69MgoodWillIntangiblesGBX 365.00KintangibleAssetsLiabilitiesGBX 321.97MtotalLiabTangible bookGBX 347.05MShares95,825,200commonStockSharesOutstandingResult GBX 3.62 | -1.64xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 143.01MebitdaCapexGBX 166.39McapitalExpendituresInterestGBX 9.54MinterestExpenseShort-term debtGBX 4.73MshortLongTermDebtEBITDA − capex-GBX 23.38MPrincipal due is the current portion of debt.Result -1.64x | -GBX 75.44MFree cash flow · 2024-06-30Reported free cash flowOperating cash flowGBX 90.80MtotalCashFromOperatingActivitiesCapexGBX 166.39McapitalExpendituresFree cash flow-GBX 75.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 75.44M | 19.1%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 124.31MoperatingIncomeTax expenseGBX 30.58MincomeTaxExpensePretax incomeGBX 109.41MincomeBeforeTaxTax rate28.0%EquityGBX 365.22MtotalStockholderEquityDebtGBX 130.73MshortLongTermDebtTotalCashGBX 26.33McashInvested capitalGBX 469.62MResult 19.1% | 0.22xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating incomeGBX 124.31MoperatingIncomeNet PP&EGBX 567.59MpropertyPlantAndEquipmentNetResult 0.22x |
| 2025 | 85.9%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 824.45MpropertyPlantAndEquipmentNetInventoryGBX 38.89MinventoryTotal assetsGBX 1.00BtotalAssetsResult 85.9% | 0.66xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenueGBX 540.03MtotalRevenueNet PP&EGBX 824.45MpropertyPlantAndEquipmentNetResult 0.66x | 4.61xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapexGBX 158.62McapitalExpendituresD&AGBX 34.39MdepreciationAndAmortizationResult 4.61x | GBX 5.48Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 1.00BtotalAssetsGoodwillGBX 17.10MgoodWillIntangiblesGBX 616.00KintangibleAssetsLiabilitiesGBX 457.84MtotalLiabTangible bookGBX 528.95MShares96,468,950commonStockSharesOutstandingResult GBX 5.48 | 0.89xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 251.91MebitdaCapexGBX 158.62McapitalExpendituresInterestGBX 18.81MinterestExpenseShort-term debtGBX 86.34MshortLongTermDebtEBITDA − capexGBX 93.29MPrincipal due is the current portion of debt.Result 0.89x | -GBX 3.76MFree cash flow · 2025-06-30Reported free cash flowOperating cash flowGBX 154.86MtotalCashFromOperatingActivitiesCapexGBX 158.62McapitalExpendituresFree cash flow-GBX 3.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 3.76M | 20.3%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 196.77MoperatingIncomeTax expenseGBX 56.03MincomeTaxExpensePretax incomeGBX 196.63MincomeBeforeTaxTax rate28.5%EquityGBX 548.83MtotalStockholderEquityDebtGBX 193.63MshortLongTermDebtTotalCashGBX 49.53McashInvested capitalGBX 692.93MResult 20.3% | 0.24xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating incomeGBX 196.77MoperatingIncomeNet PP&EGBX 824.45MpropertyPlantAndEquipmentNetResult 0.24x |
| 2026 | 76.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.20BpropertyPlantAndEquipmentNetInventoryGBX 39.25MinventoryTotal assetsGBX 1.62BtotalAssetsResult 76.8% | 0.96xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenueGBX 1.16BtotalRevenueNet PP&EGBX 1.20BpropertyPlantAndEquipmentNetResult 0.96x | 2.96xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapexGBX 190.20McapitalExpendituresD&AGBX 64.16MdepreciationAndAmortizationResult 2.96x | GBX 0.50Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 1.62BtotalAssetsGoodwillGBX 18.53MgoodWillIntangiblesGBX 810.18KintangibleAssetsLiabilitiesGBX 575.05MtotalLiabTangible bookGBX 1.02BShares2,029,600,000commonStockSharesOutstandingResult GBX 0.50 | 16.54xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 691.73MebitdaCapexGBX 190.20McapitalExpendituresInterestGBX 17.36MinterestExpenseShort-term debtGBX 12.96MshortLongTermDebtEBITDA − capexGBX 501.54MPrincipal due is the current portion of debt.Result 16.54x | GBX 426.87MFree cash flow · 2026-06-30Reported free cash flowOperating cash flowGBX 617.07MtotalCashFromOperatingActivitiesCapexGBX 190.20McapitalExpendituresFree cash flowGBX 426.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 426.87M | 49.0%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 627.57MoperatingIncomeTax expenseGBX 177.90MincomeTaxExpensePretax incomeGBX 535.70MincomeBeforeTaxTax rate33.2%EquityGBX 1.04BtotalStockholderEquityDebtGBX 59.65MshortLongTermDebtTotalCashGBX 247.46McashAndShortTermInvestmentsInvested capitalGBX 856.22MResult 49.0% | 0.52xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating incomeGBX 627.57MoperatingIncomeNet PP&EGBX 1.20BpropertyPlantAndEquipmentNetResult 0.52x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: GBX 1.20B
Inventory: GBX 39.25M
Total assets: GBX 1.62B
Goodwill: GBX 18.53M
Intangibles: GBX 810.18K
Liabilities: GBX 575.05M
Tangible book: GBX 1.02B
Shares: 2,029,600,000
Revenue: GBX 1.16B
Capex: GBX 190.20M
D&A: GBX 64.16M
EBITDA: GBX 691.73M
Interest: GBX 17.36M
Short-term debt: GBX 12.96M
Free cash flow: GBX 426.87M
Operating income: GBX 627.57M
Invested capital: GBX 856.22M
Tax rate: 33.2%