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.
Sanoma Oyj
Physical assets are 8.5% of total assets, a light footprint. Capex is 0.14x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 12.03x. Compare it with other names in the same basket.
Physical asset ratio
8.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€108.30MpropertyPlantEquipmentInventory€38.30MinventoryTotal assets€1.73BtotalAssetsResult 8.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.03xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€1.30BtotalRevenueNet PP&E€108.30MpropertyPlantEquipmentResult 12.03x
Revenue per dollar of the physical asset base.
Capex / D&A
0.14xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€39.10McapitalExpendituresD&A€286.00MdepreciationAndAmortizationResult 0.14x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€3.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.73BtotalAssetsGoodwill€810.00MgoodWillIntangibles€557.80MintangibleAssetsLiabilities€998.30MtotalLiabTangible book-€636.70MShares162,833,212commonStockSharesOutstandingResult -€3.91
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€9.33Latest quoteTangible book / share-€3.912025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €9.33.
Fixed-charge coverage
4.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€333.60MebitdaCapex€39.10McapitalExpendituresInterest€30.30MinterestExpenseShort-term debt€39.90MshortLongTermDebtEBITDA − capex€294.50MPrincipal due is the current portion of debt.Result 4.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€149.20MfreeCashFlowMarket cap€1.72BMarketCapitalizationResult 8.7%
Latest free cash flow divided by current market cap (€1.72B).
ROIC
9.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€135.80MoperatingIncomeTax expense€4.50MincomeTaxExpensePretax income€24.30MincomeBeforeTaxTax rate18.5%Equity€730.10MtotalStockholderEquityDebt€505.60MshortLongTermDebtTotalCash€19.70McashAndShortTermInvestmentsInvested capital€1.22BResult 9.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€37.40MpropertyPlantAndEquipmentNetInventory€36.90MinventoryTotal assets€1.52BtotalAssetsResult 4.9% | 23.83xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€891.40MtotalRevenueNet PP&E€37.40MpropertyPlantAndEquipmentNetResult 23.83x | 0.26xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€32.00McapitalExpendituresD&A€122.40MdepreciationAndAmortizationResult 0.26x | -€3.51Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.52BtotalAssetsGoodwill€935.70MgoodWillIntangibles€250.40MintangibleAssetsLiabilities€910.80MtotalLiabTangible book-€574.70MShares163,917,000commonStockSharesOutstandingResult -€3.51 | 0.55xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€229.70MebitdaCapex€32.00McapitalExpendituresInterest€13.50MinterestExpenseShort-term debt€345.30MshortLongTermDebtEBITDA − capex€197.70MPrincipal due is the current portion of debt.Result 0.55x | €109.40MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€141.40MtotalCashFromOperatingActivitiesCapex€32.00McapitalExpendituresFree cash flow€109.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €109.40M | 7.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€85.50MoperatingIncomeTax expense€21.50MincomeTaxExpensePretax income€93.80MincomeBeforeTaxTax rate22.9%Equity€606.40MtotalStockholderEquityDebt€356.70MshortLongTermDebtTotalCash€18.80McashInvested capital€944.30MResult 7.0% | 2.29xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€85.50MoperatingIncomeNet PP&E€37.40MpropertyPlantAndEquipmentNetResult 2.29x |
| 2019 | 13.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€235.00MpropertyPlantAndEquipmentNetInventory€25.40MinventoryTotal assets€2.00BtotalAssetsResult 13.0% | 3.88xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€912.60MtotalRevenueNet PP&E€235.00MpropertyPlantAndEquipmentNetResult 3.88x | 0.21xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€31.70McapitalExpendituresD&A€149.80MdepreciationAndAmortizationResult 0.21x | -€2.44Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.00BtotalAssetsGoodwill€505.90MgoodWillIntangibles€443.40MintangibleAssetsLiabilities€1.45BtotalLiabTangible book-€398.40MShares163,527,000commonStockSharesOutstandingResult -€2.44 | 0.53xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€252.90MebitdaCapex€31.70McapitalExpendituresInterest€20.80MinterestExpenseShort-term debt€398.40MshortLongTermDebtEBITDA − capex€221.20MPrincipal due is the current portion of debt.Result 0.53x | €131.60MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€163.30MtotalCashFromOperatingActivitiesCapex€31.70McapitalExpendituresFree cash flow€131.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €131.60M | 5.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€87.60MoperatingIncomeTax expense€17.90MincomeTaxExpensePretax income€82.30MincomeBeforeTaxTax rate21.7%Equity€529.40MtotalStockholderEquityDebt€780.70MshortLongTermDebtTotalCash€16.30McashInvested capital€1.29BResult 5.3% | 0.37xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€87.60MoperatingIncomeNet PP&E€235.00MpropertyPlantAndEquipmentNetResult 0.37x |
| 2020 | 14.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€260.60MpropertyPlantAndEquipmentNetInventory€45.80MinventoryTotal assets€2.05BtotalAssetsResult 14.9% | 4.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€1.06BtotalRevenueNet PP&E€260.60MpropertyPlantAndEquipmentNetResult 4.07x | 0.24xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€42.50McapitalExpendituresD&A€176.30MdepreciationAndAmortizationResult 0.24x | -€4.46Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.05BtotalAssetsGoodwill€752.70MgoodWillIntangibles€685.90MintangibleAssetsLiabilities€1.34BtotalLiabTangible book-€728.70MShares163,498,000commonStockSharesOutstandingResult -€4.46 | 1.47xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€449.60MebitdaCapex€42.50McapitalExpendituresInterest€12.80MinterestExpenseShort-term debt€265.00MshortLongTermDebtEBITDA − capex€407.10MPrincipal due is the current portion of debt.Result 1.47x | €96.30MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€138.80MtotalCashFromOperatingActivitiesCapex€42.50McapitalExpendituresFree cash flow€96.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €96.30M | 6.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€90.40MoperatingIncomeTax expense€23.20MincomeTaxExpensePretax income€260.50MincomeBeforeTaxTax rate8.9%Equity€690.20MtotalStockholderEquityDebt€775.20MshortLongTermDebtTotalCash€114.60McashAndShortTermInvestmentsInvested capital€1.35BResult 6.1% | 0.35xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€90.40MoperatingIncomeNet PP&E€260.60MpropertyPlantAndEquipmentNetResult 0.35x |
| 2021 | 12.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€212.30MpropertyPlantAndEquipmentNetInventory€35.70MinventoryTotal assets€1.94BtotalAssetsResult 12.8% | 5.90xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€1.25BtotalRevenueNet PP&E€212.30MpropertyPlantAndEquipmentNetResult 5.90x | 0.21xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€41.70McapitalExpendituresD&A€199.50MdepreciationAndAmortizationResult 0.21x | -€4.31Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.94BtotalAssetsGoodwill€753.30MgoodWillIntangibles€672.80MintangibleAssetsLiabilities€1.22BtotalLiabTangible book-€705.30MShares163,561,000commonStockSharesOutstandingResult -€4.31 | 3.43xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€346.00MebitdaCapex€41.70McapitalExpendituresInterest€13.60MinterestExpenseShort-term debt€75.00MshortLongTermDebtEBITDA − capex€304.30MPrincipal due is the current portion of debt.Result 3.43x | €139.80MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€181.50MtotalCashFromOperatingActivitiesCapex€41.70McapitalExpendituresFree cash flow€139.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €139.80M | 8.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€140.40MoperatingIncomeTax expense€32.40MincomeTaxExpensePretax income€132.90MincomeBeforeTaxTax rate24.4%Equity€713.60MtotalStockholderEquityDebt€668.80MshortLongTermDebtTotalCash€52.40McashAndShortTermInvestmentsInvested capital€1.33BResult 8.0% | 0.66xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€140.40MoperatingIncomeNet PP&E€212.30MpropertyPlantAndEquipmentNetResult 0.66x |
| 2022 | 13.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€205.70MpropertyPlantAndEquipmentNetInventory€71.20MinventoryTotal assets€2.13BtotalAssetsResult 13.0% | 6.31xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€1.30BtotalRevenueNet PP&E€205.70MpropertyPlantAndEquipmentNetResult 6.31x | 0.26xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€52.90McapitalExpendituresD&A€204.10MdepreciationAndAmortizationResult 0.26x | -€5.19Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.13BtotalAssetsGoodwill€812.00MgoodWillIntangibles€739.10MintangibleAssetsLiabilities€1.42BtotalLiabTangible book-€849.00MShares163,492,000commonStockSharesOutstandingResult -€5.19 | 2.39xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€320.80MebitdaCapex€52.90McapitalExpendituresInterest€17.60MinterestExpenseShort-term debt€94.70MshortLongTermDebtEBITDA − capex€267.90MPrincipal due is the current portion of debt.Result 2.39x | €112.50MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€165.40MtotalCashFromOperatingActivitiesCapex€52.90McapitalExpendituresFree cash flow€112.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €112.50M | 6.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€130.00MoperatingIncomeTax expense€22.20MincomeTaxExpensePretax income€99.10MincomeBeforeTaxTax rate22.4%Equity€695.10MtotalStockholderEquityDebt€864.40MshortLongTermDebtTotalCash€41.00McashInvested capital€1.52BResult 6.6% | 0.63xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€130.00MoperatingIncomeNet PP&E€205.70MpropertyPlantAndEquipmentNetResult 0.63x |
| 2023 | 11.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€184.50MpropertyPlantEquipmentInventory€53.50MinventoryTotal assets€2.09BtotalAssetsResult 11.4% | 7.55xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€1.39BtotalRevenueNet PP&E€184.50MpropertyPlantEquipmentResult 7.55x | 0.20xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€43.10McapitalExpendituresD&A€218.20MdepreciationAndAmortizationResult 0.20x | -€5.40Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.09BtotalAssetsGoodwill€812.10MgoodWillIntangibles€720.60MintangibleAssetsLiabilities€1.44BtotalLiabTangible book-€882.40MShares163,489,000commonStockSharesOutstandingResult -€5.40 | 0.68xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€270.20MebitdaCapex€43.10McapitalExpendituresInterest€34.40MinterestExpenseShort-term debt€300.70MshortLongTermDebtEBITDA − capex€227.10MPrincipal due is the current portion of debt.Result 0.68x | €107.40MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€150.40MtotalCashFromOperatingActivitiesCapex€43.10McapitalExpendituresFree cash flow€107.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €107.40M | 2.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€57.10MoperatingIncomeTax expense€16.50MincomeTaxExpensePretax income€20.60MincomeBeforeTaxTax rate40.0%Equity€647.70MtotalStockholderEquityDebt€704.20MshortLongTermDebtTotalCash€65.90McashAndShortTermInvestmentsInvested capital€1.29BThe effective tax rate was above 40% and was capped at 40%.Result 2.7% | 0.31xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€57.10MoperatingIncomeNet PP&E€184.50MpropertyPlantEquipmentResult 0.31x |
| 2024 | 10.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€160.50MpropertyPlantEquipmentInventory€45.00MinventoryTotal assets€1.88BtotalAssetsResult 10.9% | 8.38xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€1.34BtotalRevenueNet PP&E€160.50MpropertyPlantEquipmentResult 8.38x | 0.18xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€37.70McapitalExpendituresD&A€212.80MdepreciationAndAmortizationResult 0.18x | -€4.18Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.88BtotalAssetsGoodwill€809.80MgoodWillIntangibles€646.10MintangibleAssetsLiabilities€1.11BtotalLiabTangible book-€684.20MShares163,641,000commonStockSharesOutstandingResult -€4.18 | 2.08xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€296.90MebitdaCapex€37.70McapitalExpendituresInterest€36.60MinterestExpenseShort-term debt€88.00MshortLongTermDebtEBITDA − capex€259.20MPrincipal due is the current portion of debt.Result 2.08x | €145.30MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€183.00MtotalCashFromOperatingActivitiesCapex€37.70McapitalExpendituresFree cash flow€145.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €145.30M | 6.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€104.30MoperatingIncomeTax expense€7.80MincomeTaxExpensePretax income€48.40MincomeBeforeTaxTax rate16.1%Equity€770.60MtotalStockholderEquityDebt€589.50MshortLongTermDebtTotalCash€21.10McashAndShortTermInvestmentsInvested capital€1.34BResult 6.5% | 0.65xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€104.30MoperatingIncomeNet PP&E€160.50MpropertyPlantEquipmentResult 0.65x |
| 2025 | 8.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€108.30MpropertyPlantEquipmentInventory€38.30MinventoryTotal assets€1.73BtotalAssetsResult 8.5% | 12.03xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€1.30BtotalRevenueNet PP&E€108.30MpropertyPlantEquipmentResult 12.03x | 0.14xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€39.10McapitalExpendituresD&A€286.00MdepreciationAndAmortizationResult 0.14x | -€3.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.73BtotalAssetsGoodwill€810.00MgoodWillIntangibles€557.80MintangibleAssetsLiabilities€998.30MtotalLiabTangible book-€636.70MShares162,833,212commonStockSharesOutstandingResult -€3.91 | 4.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€333.60MebitdaCapex€39.10McapitalExpendituresInterest€30.30MinterestExpenseShort-term debt€39.90MshortLongTermDebtEBITDA − capex€294.50MPrincipal due is the current portion of debt.Result 4.20x | €149.20MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€188.30MtotalCashFromOperatingActivitiesCapex€39.10McapitalExpendituresFree cash flow€149.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €149.20M | 9.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€135.80MoperatingIncomeTax expense€4.50MincomeTaxExpensePretax income€24.30MincomeBeforeTaxTax rate18.5%Equity€730.10MtotalStockholderEquityDebt€505.60MshortLongTermDebtTotalCash€19.70McashAndShortTermInvestmentsInvested capital€1.22BResult 9.1% | 1.25xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€135.80MoperatingIncomeNet PP&E€108.30MpropertyPlantEquipmentResult 1.25x |
- 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: €108.30M
Inventory: €38.30M
Total assets: €1.73B
Goodwill: €810.00M
Intangibles: €557.80M
Liabilities: €998.30M
Tangible book: -€636.70M
Shares: 162,833,212
Revenue: €1.30B
Capex: €39.10M
D&A: €286.00M
EBITDA: €333.60M
Interest: €30.30M
Short-term debt: €39.90M
Free cash flow: €149.20M
Operating income: €135.80M
Invested capital: €1.22B
Tax rate: 18.5%