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.
Petronet LNG Limited
Physical assets are 45.3% of total assets, a mixed footprint. Capex is 3.00x 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 23.2%, 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 3.77x.
Physical asset ratio
45.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 115.34BpropertyPlantAndEquipmentNetInventoryINR 9.07BinventoryTotal assetsINR 274.40BtotalAssetsResult 45.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.77xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 434.95BtotalRevenueNet PP&EINR 115.34BpropertyPlantAndEquipmentNetResult 3.77x
Revenue per dollar of the physical asset base.
Capex / D&A
3.00xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 25.12BcapitalExpendituresD&AINR 8.38BdepreciationAndAmortizationResult 3.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 148.47Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 274.40BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 116.20MintangibleAssetsLiabilitiesINR 51.55BtotalLiabTangible bookINR 222.73BShares1,500,203,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 148.47
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.95xPrice / tangible bookPrice / tangible book per sharePriceINR 289.50Latest quoteTangible book / shareINR 148.472026-03-31Result 1.95x
Price INR 289.50.
Fixed-charge coverage
5.29xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 63.03BebitdaCapexINR 25.12BcapitalExpendituresInterestINR 2.37BinterestExpenseShort-term debtINR 4.79BshortTermDebtEBITDA − capexINR 37.91BPrincipal due is short-term debt.Result 5.29x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.0%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 30.29BfreeCashFlowMarket capINR 434.25BMarketCapitalizationResult 7.0%
Latest free cash flow divided by current market cap (INR 434.25B).
ROIC
23.2%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 45.23BoperatingIncomeTax expenseINR 13.14BincomeTaxExpensePretax incomeINR 52.27BincomeBeforeTaxTax rate25.1%EquityINR 222.85BtotalStockholderEquityDebtINR 23.41BshortLongTermDebtTotalCashINR 100.25BcashAndShortTermInvestmentsInvested capitalINR 146.02BResult 23.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.39x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 56.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 80.12BpropertyPlantEquipmentInventoryINR 5.69BinventoryTotal assetsINR 152.49BtotalAssetsResult 56.3% | 4.79xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 383.95BtotalRevenueNet PP&EINR 80.12BpropertyPlantEquipmentResult 4.79x | 0.40xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 1.63BcapitalExpendituresD&AINR 4.11BdepreciationAndAmortizationResult 0.40x | INR 68.20Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 152.49BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 10.50MintangibleAssetsLiabilitiesINR 50.19BtotalLiabTangible bookINR 102.30BShares1,500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 68.20 | 5.03xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 32.94BebitdaCapexINR 1.63BcapitalExpendituresInterestINR 989.20MinterestExpenseShort-term debtINR 5.23BshortTermDebtEBITDA − capexINR 31.31BPrincipal due is short-term debt.Result 5.03x | INR 19.79BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 21.41BtotalCashFromOperatingActivitiesCapexINR 1.63BcapitalExpendituresFree cash flowINR 19.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 19.79B | 35.9%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 38.24BoperatingIncomeTax expenseINR 10.78BincomeTaxExpensePretax incomeINR 33.09BincomeBeforeTaxTax rate32.6%EquityINR 102.31BtotalStockholderEquityDebtINR 7.33BshortLongTermDebtTotalCashINR 37.73BcashAndShortTermInvestmentsInvested capitalINR 71.91BResult 35.9% | 0.48xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 38.24BoperatingIncomeNet PP&EINR 80.12BpropertyPlantEquipmentResult 0.48x |
| 2020 | 61.9%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 111.93BpropertyPlantEquipmentInventoryINR 4.81BinventoryTotal assetsINR 188.67BtotalAssetsResult 61.9% | 3.17xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 354.52BtotalRevenueNet PP&EINR 111.93BpropertyPlantEquipmentResult 3.17x | 0.05xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 407.80McapitalExpendituresD&AINR 7.76BdepreciationAndAmortizationResult 0.05x | INR 74.14Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 188.67BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 2.00MintangibleAssetsLiabilitiesINR 77.46BtotalLiabTangible bookINR 111.21BShares1,500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 74.14 | 9.61xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 42.71BebitdaCapexINR 407.80McapitalExpendituresInterestINR 4.03BinterestExpenseShort-term debtINR 368.10MshortLongTermDebtEBITDA − capexINR 42.30BPrincipal due is the current portion of debt.Result 9.61x | INR 28.22BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 28.63BtotalCashFromOperatingActivitiesCapexINR 407.80McapitalExpendituresFree cash flowINR 28.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 28.22B | 63.0%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 48.06BoperatingIncomeTax expenseINR 4.13BincomeTaxExpensePretax incomeINR 31.16BincomeBeforeTaxTax rate13.3%EquityINR 111.21BtotalStockholderEquityDebtINR 1.01BlongTermDebt + shortLongTermDebtCashINR 46.01BcashAndShortTermInvestmentsInvested capitalINR 66.21BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 63.0% | 0.43xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 48.06BoperatingIncomeNet PP&EINR 111.93BpropertyPlantEquipmentResult 0.43x |
| 2021 | 55.9%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 103.38BpropertyPlantEquipmentInventoryINR 3.37BinventoryTotal assetsINR 190.90BtotalAssetsResult 55.9% | 2.52xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 260.23BtotalRevenueNet PP&EINR 103.38BpropertyPlantEquipmentResult 2.52x | 0.09xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 730.40McapitalExpendituresD&AINR 7.84BdepreciationAndAmortizationResult 0.09x | INR 78.71Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 190.90BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 2.20MintangibleAssetsLiabilitiesINR 72.83BtotalLiabTangible bookINR 118.07BShares1,500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 78.71 | 12.30xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 47.13BebitdaCapexINR 730.40McapitalExpendituresInterestINR 3.36BinterestExpenseShort-term debtINR 414.00MshortLongTermDebtEBITDA − capexINR 46.40BPrincipal due is the current portion of debt.Result 12.30x | INR 34.86BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 35.59BtotalCashFromOperatingActivitiesCapexINR 730.40McapitalExpendituresFree cash flowINR 34.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 34.86B | 62.0%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 51.43BoperatingIncomeTax expenseINR 10.18BincomeTaxExpensePretax incomeINR 39.58BincomeBeforeTaxTax rate25.7%EquityINR 118.07BtotalStockholderEquityDebtINR 644.00MlongTermDebt + shortLongTermDebtCashINR 57.08BcashAndShortTermInvestmentsInvested capitalINR 61.64BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 62.0% | 0.50xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 51.43BoperatingIncomeNet PP&EINR 103.38BpropertyPlantEquipmentResult 0.50x |
| 2022 | 48.3%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 97.50BpropertyPlantEquipmentInventoryINR 5.77BinventoryTotal assetsINR 213.62BtotalAssetsResult 48.3% | 4.43xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 431.69BtotalRevenueNet PP&EINR 97.50BpropertyPlantEquipmentResult 4.43x | 0.09xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 723.20McapitalExpendituresD&AINR 7.68BdepreciationAndAmortizationResult 0.09x | INR 91.12Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 213.62BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 2.00MintangibleAssetsLiabilitiesINR 76.94BtotalLiabTangible bookINR 136.68BShares1,500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 91.12 | 15.49xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 53.45BebitdaCapexINR 723.20McapitalExpendituresInterestINR 3.17BinterestExpenseShort-term debtINR 230.00MshortLongTermDebtEBITDA − capexINR 52.72BPrincipal due is the current portion of debt.Result 15.49x | INR 33.96BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 34.69BtotalCashFromOperatingActivitiesCapexINR 723.20McapitalExpendituresFree cash flowINR 33.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 33.96B | 51.9%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 58.72BoperatingIncomeTax expenseINR 11.21BincomeTaxExpensePretax incomeINR 45.59BincomeBeforeTaxTax rate24.6%EquityINR 136.68BtotalStockholderEquityDebtINR 230.00MlongTermDebt + shortLongTermDebtCashINR 51.57BcashAndShortTermInvestmentsInvested capitalINR 85.34BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 51.9% | 0.60xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 58.72BoperatingIncomeNet PP&EINR 97.50BpropertyPlantEquipmentResult 0.60x |
| 2023 | 48.6%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 99.13BpropertyPlantEquipmentInventoryINR 11.53BinventoryTotal assetsINR 227.52BtotalAssetsResult 48.6% | 6.04xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 598.99BtotalRevenueNet PP&EINR 99.13BpropertyPlantEquipmentResult 6.04x | 1.38xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 10.58BcapitalExpendituresD&AINR 7.64BdepreciationAndAmortizationResult 1.38x | INR 101.44Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 227.52BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 28.50MintangibleAssetsLiabilitiesINR 75.34BtotalLiabTangible bookINR 152.16BShares1,500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 101.44 | 6.70xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 51.10BebitdaCapexINR 10.58BcapitalExpendituresInterestINR 3.31BinterestExpenseShort-term debtINR 2.75BshortTermDebtEBITDA − capexINR 40.52BPrincipal due is short-term debt.Result 6.70x | INR 15.11BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 25.69BtotalCashFromOperatingActivitiesCapexINR 10.58BcapitalExpendituresFree cash flowINR 15.11BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 15.11B | 35.6%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 57.35BoperatingIncomeTax expenseINR 10.94BincomeTaxExpensePretax incomeINR 44.20BincomeBeforeTaxTax rate24.8%EquityINR 152.65BtotalStockholderEquityDebtINR 33.45BshortLongTermDebtTotalCashINR 65.01BcashAndShortTermInvestmentsInvested capitalINR 121.09BResult 35.6% | 0.58xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 57.35BoperatingIncomeNet PP&EINR 99.13BpropertyPlantEquipmentResult 0.58x |
| 2024 | 43.7%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 96.97BpropertyPlantEquipmentInventoryINR 14.65BinventoryTotal assetsINR 255.23BtotalAssetsResult 43.7% | 5.44xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 527.29BtotalRevenueNet PP&EINR 96.97BpropertyPlantEquipmentResult 5.44x | 1.08xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 8.41BcapitalExpendituresD&AINR 7.77BdepreciationAndAmortizationResult 1.08x | INR 116.05Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 255.23BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 24.10MintangibleAssetsLiabilitiesINR 81.13BtotalLiabTangible bookINR 174.08BShares1,500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 116.05 | 6.29xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 52.51BebitdaCapexINR 8.41BcapitalExpendituresInterestINR 2.90BinterestExpenseShort-term debtINR 4.12BshortTermDebtEBITDA − capexINR 44.10BPrincipal due is short-term debt.Result 6.29x | INR 40.30BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 48.71BtotalCashFromOperatingActivitiesCapexINR 8.41BcapitalExpendituresFree cash flowINR 40.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 40.30B | 33.0%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 57.62BoperatingIncomeTax expenseINR 12.21BincomeTaxExpensePretax incomeINR 48.73BincomeBeforeTaxTax rate25.0%EquityINR 174.10BtotalStockholderEquityDebtINR 30.08BshortLongTermDebtTotalCashINR 73.29BcashAndShortTermInvestmentsInvested capitalINR 130.89BResult 33.0% | 0.59xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 57.62BoperatingIncomeNet PP&EINR 96.97BpropertyPlantEquipmentResult 0.59x |
| 2025 | 42.8%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 104.71BpropertyPlantEquipmentInventoryINR 12.04BinventoryTotal assetsINR 272.97BtotalAssetsResult 42.8% | 4.87xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 509.82BtotalRevenueNet PP&EINR 104.71BpropertyPlantEquipmentResult 4.87x | 1.80xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 14.52BcapitalExpendituresD&AINR 8.06BdepreciationAndAmortizationResult 1.80x | INR 132.47Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 272.97BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 67.00MintangibleAssetsLiabilitiesINR 74.19BtotalLiabTangible bookINR 198.71BShares1,500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 132.47 | 5.60xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 55.84BebitdaCapexINR 14.52BcapitalExpendituresInterestINR 2.58BinterestExpenseShort-term debtINR 4.80BshortTermDebtEBITDA − capexINR 41.32BPrincipal due is short-term debt.Result 5.60x | INR 29.46BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 43.98BtotalCashFromOperatingActivitiesCapexINR 14.52BcapitalExpendituresFree cash flowINR 29.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 29.46B | 36.8%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 61.14BoperatingIncomeTax expenseINR 13.49BincomeTaxExpensePretax incomeINR 53.22BincomeBeforeTaxTax rate25.3%EquityINR 198.78BtotalStockholderEquityDebtINR 26.57BshortLongTermDebtTotalCashINR 101.46BcashAndShortTermInvestmentsInvested capitalINR 123.88BResult 36.8% | 0.58xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 61.14BoperatingIncomeNet PP&EINR 104.71BpropertyPlantEquipmentResult 0.58x |
| 2026 | 45.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 115.34BpropertyPlantAndEquipmentNetInventoryINR 9.07BinventoryTotal assetsINR 274.40BtotalAssetsResult 45.3% | 3.77xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 434.95BtotalRevenueNet PP&EINR 115.34BpropertyPlantAndEquipmentNetResult 3.77x | 3.00xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 25.12BcapitalExpendituresD&AINR 8.38BdepreciationAndAmortizationResult 3.00x | INR 148.47Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 274.40BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 116.20MintangibleAssetsLiabilitiesINR 51.55BtotalLiabTangible bookINR 222.73BShares1,500,203,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 148.47 | 5.29xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 63.03BebitdaCapexINR 25.12BcapitalExpendituresInterestINR 2.37BinterestExpenseShort-term debtINR 4.79BshortTermDebtEBITDA − capexINR 37.91BPrincipal due is short-term debt.Result 5.29x | INR 30.29BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 55.40BtotalCashFromOperatingActivitiesCapexINR 25.12BcapitalExpendituresFree cash flowINR 30.29BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 30.29B | 23.2%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 45.23BoperatingIncomeTax expenseINR 13.14BincomeTaxExpensePretax incomeINR 52.27BincomeBeforeTaxTax rate25.1%EquityINR 222.85BtotalStockholderEquityDebtINR 23.41BshortLongTermDebtTotalCashINR 100.25BcashAndShortTermInvestmentsInvested capitalINR 146.02BResult 23.2% | 0.39xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 45.23BoperatingIncomeNet PP&EINR 115.34BpropertyPlantAndEquipmentNetResult 0.39x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: INR 115.34B
Inventory: INR 9.07B
Total assets: INR 274.40B
Goodwill: INR 0.00
Intangibles: INR 116.20M
Liabilities: INR 51.55B
Tangible book: INR 222.73B
Shares: 1,500,203,000
Revenue: INR 434.95B
Capex: INR 25.12B
D&A: INR 8.38B
EBITDA: INR 63.03B
Interest: INR 2.37B
Short-term debt: INR 4.79B
Free cash flow: INR 30.29B
Operating income: INR 45.23B
Invested capital: INR 146.02B
Tax rate: 25.1%