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.
Puuilo Oyj
Physical assets are 70.5% of total assets, a heavy footprint. Capex is 0.24x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 44.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.42x. Compare it with other names in the same basket.
Physical asset ratio
70.5%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E€100.00MpropertyPlantEquipmentInventory€123.20MinventoryTotal assets€316.70MtotalAssetsResult 70.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.42xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue€442.30MtotalRevenueNet PP&E€100.00MpropertyPlantEquipmentResult 4.42x
Revenue per dollar of the physical asset base.
Capex / D&A
0.24xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex€5.40McapitalExpendituresD&A€22.10MdepreciationAndAmortizationResult 0.24x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€0.61Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€316.70MtotalAssetsGoodwill€33.50MgoodWillIntangibles€13.70MintangibleAssetsLiabilities€217.80MtotalLiabTangible book€51.70MShares84,848,000commonStockSharesOutstandingResult €0.61
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
30.76xPrice / tangible bookPrice / tangible book per sharePrice€18.74Latest quoteTangible book / share€0.612026-01-31Result 30.76x
Price €18.74.
Fixed-charge coverage
4.16xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€97.30MebitdaCapex€5.40McapitalExpendituresInterest€5.90MinterestExpenseShort-term debt€16.20MshortTermDebtEBITDA − capex€91.90MPrincipal due is short-term debt.Result 4.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.4%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow€69.50MfreeCashFlowMarket cap€1.59BMarketCapitalizationResult 4.4%
Latest free cash flow divided by current market cap (€1.59B).
ROIC
44.4%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€75.20MoperatingIncomeTax expense€13.80MincomeTaxExpensePretax income€69.80MincomeBeforeTaxTax rate19.8%Equity€98.90MtotalStockholderEquityDebt€69.90MlongTermDebt + shortLongTermDebtCash€33.00McashAndEquivalentsInvested capital€135.80MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 44.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.75x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 57.1%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E€35.86MpropertyPlantEquipmentInventory€46.67MinventoryTotal assets€144.60MtotalAssetsResult 57.1% | 3.80xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue€136.23MtotalRevenueNet PP&E€35.86MpropertyPlantEquipmentResult 3.80x | 0.29xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex€2.03McapitalExpendituresD&A€6.94MdepreciationAndAmortizationResult 0.29x | -€0.17Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€144.60MtotalAssetsGoodwill€33.54MgoodWillIntangibles€20.01MintangibleAssetsLiabilities€104.39MtotalLiabTangible book-€13.35MShares80,215,860commonStockSharesOutstandingResult -€0.17 | 0.43xFixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€25.18MebitdaCapex€2.03McapitalExpendituresInterest€2.48MinterestExpenseShort-term debt€51.55MshortLongTermDebtEBITDA − capex€23.15MPrincipal due is the current portion of debt.Result 0.43x | €7.55MFree cash flow · 2019-01-31Reported free cash flowOperating cash flow€9.58MtotalCashFromOperatingActivitiesCapex€2.03McapitalExpendituresFree cash flow€7.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €7.55M | 16.4%ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€17.87MoperatingIncomeTax expense€3.09MincomeTaxExpensePretax income€15.40MincomeBeforeTaxTax rate20.1%Equity€40.21MtotalStockholderEquityDebt€51.55MlongTermDebt + shortLongTermDebtCash€4.79McashInvested capital€86.97MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.4% | 0.50xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income€17.87MoperatingIncomeNet PP&E€35.86MpropertyPlantEquipmentResult 0.50x |
| 2020 | 57.8%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E€39.72MpropertyPlantAndEquipmentNetInventory€50.21MinventoryTotal assets€155.52MtotalAssetsResult 57.8% | 4.29xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue€170.48MtotalRevenueNet PP&E€39.72MpropertyPlantAndEquipmentNetResult 4.29x | 0.27xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex€2.42McapitalExpendituresD&A€8.97MdepreciationAndAmortizationResult 0.27x | -€0.28Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€155.52MtotalAssetsGoodwill€33.54MgoodWillIntangibles€18.99MintangibleAssetsLiabilities€125.30MtotalLiabTangible book-€22.31MShares80,215,860commonStockSharesOutstandingResult -€0.28 | 0.43xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€31.92MebitdaCapex€2.42McapitalExpendituresInterest€3.92MinterestExpenseShort-term debt€65.33MshortLongTermDebtEBITDA − capex€29.50MPrincipal due is the current portion of debt.Result 0.43x | €21.69MFree cash flow · 2020-01-31Reported free cash flowOperating cash flow€24.11MtotalCashFromOperatingActivitiesCapex€2.42McapitalExpendituresFree cash flow€21.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €21.69M | 21.4%ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€22.95MoperatingIncomeTax expense€3.81MincomeTaxExpensePretax income€19.05MincomeBeforeTaxTax rate20.0%Equity€30.22MtotalStockholderEquityDebt€65.33MlongTermDebt + shortLongTermDebtCash€9.68McashInvested capital€85.88MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 21.4% | 0.58xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income€22.95MoperatingIncomeNet PP&E€39.72MpropertyPlantAndEquipmentNetResult 0.58x |
| 2021 | 60.3%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E€46.14MpropertyPlantAndEquipmentNetInventory€58.51MinventoryTotal assets€173.42MtotalAssetsResult 60.3% | 5.17xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue€238.72MtotalRevenueNet PP&E€46.14MpropertyPlantAndEquipmentNetResult 5.17x | 0.31xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex€2.96McapitalExpendituresD&A€9.70MdepreciationAndAmortizationResult 0.31x | -€0.53Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€173.42MtotalAssetsGoodwill€33.54MgoodWillIntangibles€18.23MintangibleAssetsLiabilities€166.52MtotalLiabTangible book-€44.86MShares84,776,953commonStockSharesOutstandingResult -€0.53 | 3.08xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€50.70MebitdaCapex€2.96McapitalExpendituresInterest€5.50MinterestExpenseShort-term debt€10.00MshortLongTermDebtEBITDA − capex€47.74MPrincipal due is the current portion of debt.Result 3.08x | €34.03MFree cash flow · 2021-01-31Reported free cash flowOperating cash flow€37.00MtotalCashFromOperatingActivitiesCapex€2.96McapitalExpendituresFree cash flow€34.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €34.03M | 25.8%ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€41.50MoperatingIncomeTax expense€7.18MincomeTaxExpensePretax income€35.97MincomeBeforeTaxTax rate20.0%Equity€6.91MtotalStockholderEquityDebt€132.94MshortLongTermDebtTotalCash€11.15McashAndEquivalentsInvested capital€128.70MResult 25.8% | 0.90xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income€41.50MoperatingIncomeNet PP&E€46.14MpropertyPlantAndEquipmentNetResult 0.90x |
| 2022 | 64.9%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E€46.80MpropertyPlantAndEquipmentNetInventory€92.20MinventoryTotal assets€214.30MtotalAssetsResult 64.9% | 5.77xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue€270.10MtotalRevenueNet PP&E€46.80MpropertyPlantAndEquipmentNetResult 5.77x | 0.38xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex€4.40McapitalExpendituresD&A€11.50MdepreciationAndAmortizationResult 0.38x | €0.18Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€214.30MtotalAssetsGoodwill€33.50MgoodWillIntangibles€19.20MintangibleAssetsLiabilities€146.50MtotalLiabTangible book€15.10MShares84,776,953commonStockSharesOutstandingResult €0.18 | 6.13xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€55.90MebitdaCapex€4.40McapitalExpendituresInterest€4.50MinterestExpenseShort-term debt€3.90MshortTermDebtEBITDA − capex€51.50MPrincipal due is short-term debt.Result 6.13x | €5.30MFree cash flow · 2022-01-31Reported free cash flowOperating cash flow€9.70MtotalCashFromOperatingActivitiesCapex€4.40McapitalExpendituresFree cash flow€5.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.30M | 29.4%ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€44.50MoperatingIncomeTax expense€8.00MincomeTaxExpensePretax income€39.90MincomeBeforeTaxTax rate20.1%Equity€67.80MtotalStockholderEquityDebt€69.80MlongTermDebt + shortLongTermDebtCash€16.50McashAndEquivalentsInvested capital€121.10MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 29.4% | 0.95xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income€44.50MoperatingIncomeNet PP&E€46.80MpropertyPlantAndEquipmentNetResult 0.95x |
| 2023 | 62.9%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E€55.70MpropertyPlantAndEquipmentNetInventory€89.90MinventoryTotal assets€231.30MtotalAssetsResult 62.9% | 5.32xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue€296.40MtotalRevenueNet PP&E€55.70MpropertyPlantAndEquipmentNetResult 5.32x | 0.19xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex€2.60McapitalExpendituresD&A€13.50MdepreciationAndAmortizationResult 0.19x | €0.30Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€231.30MtotalAssetsGoodwill€33.50MgoodWillIntangibles€17.30MintangibleAssetsLiabilities€155.20MtotalLiabTangible book€25.30MShares84,586,851commonStockSharesOutstandingResult €0.30 | 4.63xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€60.50MebitdaCapex€2.60McapitalExpendituresInterest€2.60MinterestExpenseShort-term debt€9.90MshortTermDebtEBITDA − capex€57.90MPrincipal due is short-term debt.Result 4.63x | €47.80MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow€50.40MtotalCashFromOperatingActivitiesCapex€2.60McapitalExpendituresFree cash flow€47.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €47.80M | 32.1%ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€47.00MoperatingIncomeTax expense€8.80MincomeTaxExpensePretax income€43.90MincomeBeforeTaxTax rate20.0%Equity€76.10MtotalStockholderEquityDebt€69.90MlongTermDebt + shortLongTermDebtCash€28.80McashAndEquivalentsInvested capital€117.20MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 32.1% | 0.84xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income€47.00MoperatingIncomeNet PP&E€55.70MpropertyPlantAndEquipmentNetResult 0.84x |
| 2024 | 68.0%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E€75.90MpropertyPlantEquipmentInventory€93.00MinventoryTotal assets€248.50MtotalAssetsResult 68.0% | 4.46xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue€338.40MtotalRevenueNet PP&E€75.90MpropertyPlantEquipmentResult 4.46x | 0.31xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex€4.70McapitalExpendituresD&A€15.20MdepreciationAndAmortizationResult 0.31x | €0.42Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€248.50MtotalAssetsGoodwill€33.50MgoodWillIntangibles€16.40MintangibleAssetsLiabilities€163.50MtotalLiabTangible book€35.10MShares84,313,660commonStockSharesOutstandingResult €0.42 | 3.23xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€68.90MebitdaCapex€4.70McapitalExpendituresInterest€5.30MinterestExpenseShort-term debt€14.60MshortTermDebtEBITDA − capex€64.20MPrincipal due is short-term debt.Result 3.23x | €53.30MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow€58.00MtotalCashFromOperatingActivitiesCapex€4.70McapitalExpendituresFree cash flow€53.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €53.30M | 37.2%ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€52.80MoperatingIncomeTax expense€9.70MincomeTaxExpensePretax income€48.40MincomeBeforeTaxTax rate20.0%Equity€85.00MtotalStockholderEquityDebt€50.00MlongTermDebt + shortLongTermDebtCash€21.50McashAndEquivalentsInvested capital€113.50MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 37.2% | 0.70xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income€52.80MoperatingIncomeNet PP&E€75.90MpropertyPlantEquipmentResult 0.70x |
| 2025 | 72.5%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E€88.00MpropertyPlantEquipmentInventory€115.50MinventoryTotal assets€280.80MtotalAssetsResult 72.5% | 4.36xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue€383.50MtotalRevenueNet PP&E€88.00MpropertyPlantEquipmentResult 4.36x | 0.37xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex€7.10McapitalExpendituresD&A€19.00MdepreciationAndAmortizationResult 0.37x | €0.62Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€280.80MtotalAssetsGoodwill€33.50MgoodWillIntangibles€16.00MintangibleAssetsLiabilities€179.00MtotalLiabTangible book€52.30MShares84,221,953commonStockSharesOutstandingResult €0.62 | 3.73xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€84.70MebitdaCapex€7.10McapitalExpendituresInterest€5.80MinterestExpenseShort-term debt€15.00MshortTermDebtEBITDA − capex€77.60MPrincipal due is short-term debt.Result 3.73x | €42.00MFree cash flow · 2025-01-31Reported free cash flowOperating cash flow€49.10MtotalCashFromOperatingActivitiesCapex€7.10McapitalExpendituresFree cash flow€42.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €42.00M | 39.0%ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€65.10MoperatingIncomeTax expense€12.00MincomeTaxExpensePretax income€59.90MincomeBeforeTaxTax rate20.0%Equity€101.80MtotalStockholderEquityDebt€50.00MlongTermDebt + shortLongTermDebtCash€18.30McashAndEquivalentsInvested capital€133.50MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 39.0% | 0.74xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income€65.10MoperatingIncomeNet PP&E€88.00MpropertyPlantEquipmentResult 0.74x |
| 2026 | 70.5%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E€100.00MpropertyPlantEquipmentInventory€123.20MinventoryTotal assets€316.70MtotalAssetsResult 70.5% | 4.42xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue€442.30MtotalRevenueNet PP&E€100.00MpropertyPlantEquipmentResult 4.42x | 0.24xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex€5.40McapitalExpendituresD&A€22.10MdepreciationAndAmortizationResult 0.24x | €0.61Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€316.70MtotalAssetsGoodwill€33.50MgoodWillIntangibles€13.70MintangibleAssetsLiabilities€217.80MtotalLiabTangible book€51.70MShares84,848,000commonStockSharesOutstandingResult €0.61 | 4.16xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA€97.30MebitdaCapex€5.40McapitalExpendituresInterest€5.90MinterestExpenseShort-term debt€16.20MshortTermDebtEBITDA − capex€91.90MPrincipal due is short-term debt.Result 4.16x | €69.50MFree cash flow · 2026-01-31Reported free cash flowOperating cash flow€74.90MtotalCashFromOperatingActivitiesCapex€5.40McapitalExpendituresFree cash flow€69.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €69.50M | 44.4%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€75.20MoperatingIncomeTax expense€13.80MincomeTaxExpensePretax income€69.80MincomeBeforeTaxTax rate19.8%Equity€98.90MtotalStockholderEquityDebt€69.90MlongTermDebt + shortLongTermDebtCash€33.00McashAndEquivalentsInvested capital€135.80MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 44.4% | 0.75xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income€75.20MoperatingIncomeNet PP&E€100.00MpropertyPlantEquipmentResult 0.75x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: €100.00M
Inventory: €123.20M
Total assets: €316.70M
Goodwill: €33.50M
Intangibles: €13.70M
Liabilities: €217.80M
Tangible book: €51.70M
Shares: 84,848,000
Revenue: €442.30M
Capex: €5.40M
D&A: €22.10M
EBITDA: €97.30M
Interest: €5.90M
Short-term debt: €16.20M
Free cash flow: €69.50M
Operating income: €75.20M
Invested capital: €135.80M
Tax rate: 19.8%