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.
Selcuk Ecza Deposu Ticaret ve Sanayi AS
Physical assets are 32.3% of total assets, a mixed footprint. Capex is 0.82x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.7%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 18.19x. Compare it with other names in the same basket.
Physical asset ratio
32.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 9.45BpropertyPlantAndEquipmentNetInventoryTRY 16.68BinventoryTotal assetsTRY 80.93BtotalAssetsResult 32.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
18.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 172.01BtotalRevenueNet PP&ETRY 9.45BpropertyPlantAndEquipmentNetResult 18.19x
Revenue per dollar of the physical asset base.
Capex / D&A
0.82xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 729.15McapitalExpendituresD&ATRY 891.21MreconciledDepreciationResult 0.82x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 46.83Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 80.93BtotalAssetsGoodwillTRY 852.16MgoodWillIntangiblesTRY 39.12MintangibleAssetsLiabilitiesTRY 50.95BtotalLiabTangible bookTRY 29.08BShares621,000,000commonStockSharesOutstandingResult TRY 46.83
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.36xPrice / tangible bookPrice / tangible book per sharePriceTRY 63.55Latest quoteTangible book / shareTRY 46.832025-12-31Result 1.36x
Price TRY 63.55.
Fixed-charge coverage
1.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.28BebitdaCapexTRY 729.15McapitalExpendituresInterestTRY 1.16BinterestExpenseShort-term debtTRY 562.99MshortLongTermDebtEBITDA − capexTRY 2.55BPrincipal due is the current portion of debt.Result 1.48x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
16.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowTRY 6.37BfreeCashFlowMarket capTRY 39.46BMarketCapitalizationResult 16.1%
Latest free cash flow divided by current market cap (TRY 39.46B).
ROIC
7.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 3.77BoperatingIncomeTax expenseTRY 1.61BtaxProvisionPretax incomeTRY 1.23BincomeBeforeTaxTax rate40.0%EquityTRY 29.97BtotalStockholderEquityDebtTRY 562.99MshortLongTermDebtCashTRY 1.11BcashInvested capitalTRY 29.42BThe effective tax rate was above 40% and was capped at 40%.Result 7.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.40x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 31.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 582.55MpropertyPlantEquipmentInventoryTRY 1.45BinventoryTotal assetsTRY 6.39BtotalAssetsResult 31.8% | 23.12xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueTRY 13.47BtotalRevenueNet PP&ETRY 582.55MpropertyPlantEquipmentResult 23.12x | 3.44xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexTRY 137.32McapitalExpendituresD&ATRY 39.87MreconciledDepreciationResult 3.44x | TRY 3.93Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 6.39BtotalAssetsGoodwillTRY 31.19MgoodWillIntangiblesTRY 957.76KintangibleAssetsLiabilitiesTRY 3.92BtotalLiabTangible bookTRY 2.44BShares621,000,000commonStockSharesOutstandingResult TRY 3.93 | 2.44xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 644.67MebitdaCapexTRY 137.32McapitalExpendituresInterestTRY 101.48MinterestExpenseShort-term debtTRY 106.85MshortTermDebtEBITDA − capexTRY 507.35MPrincipal due is short-term debt.Result 2.44x | -TRY 81.43MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowTRY 56.32MtotalCashFromOperatingActivitiesCapexTRY 137.32McapitalExpendituresFree cash flow-TRY 81.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 81.43M | 14.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 437.19MoperatingIncomeTax expenseTRY 112.04MincomeTaxExpensePretax incomeTRY 503.31MincomeBeforeTaxTax rate22.3%EquityTRY 2.47BtotalStockholderEquityDebtTRY 106.85MshortLongTermDebtCashTRY 190.11McashInvested capitalTRY 2.39BResult 14.2% | 0.75xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeTRY 437.19MoperatingIncomeNet PP&ETRY 582.55MpropertyPlantEquipmentResult 0.75x |
| 2019 | 28.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 677.26MpropertyPlantEquipmentInventoryTRY 1.76BinventoryTotal assetsTRY 8.50BtotalAssetsResult 28.7% | 26.30xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueTRY 17.81BtotalRevenueNet PP&ETRY 677.26MpropertyPlantEquipmentResult 26.30x | 1.73xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexTRY 107.61McapitalExpendituresD&ATRY 62.08MreconciledDepreciationResult 1.73x | TRY 4.93Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 8.50BtotalAssetsGoodwillTRY 31.19MgoodWillIntangiblesTRY 723.18KintangibleAssetsLiabilitiesTRY 5.41BtotalLiabTangible bookTRY 3.06BShares621,000,000commonStockSharesOutstandingResult TRY 4.93 | 3.29xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 970.77MebitdaCapexTRY 107.61McapitalExpendituresInterestTRY 16.80MinterestExpenseShort-term debtTRY 245.80MshortTermDebtEBITDA − capexTRY 863.16MPrincipal due is short-term debt.Result 3.29x | TRY 743.81MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowTRY 851.78MtotalCashFromOperatingActivitiesCapexTRY 107.61McapitalExpendituresFree cash flowTRY 743.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 743.81M | 26.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 763.69MoperatingIncomeTax expenseTRY 196.99MincomeTaxExpensePretax incomeTRY 891.89MincomeBeforeTaxTax rate22.1%EquityTRY 3.09BtotalStockholderEquityDebtTRY 245.80MshortLongTermDebtCashTRY 1.09BcashInvested capitalTRY 2.24BResult 26.5% | 1.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeTRY 763.69MoperatingIncomeNet PP&ETRY 677.26MpropertyPlantEquipmentResult 1.13x |
| 2020 | 29.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 786.05MpropertyPlantEquipmentInventoryTRY 2.18BinventoryTotal assetsTRY 9.99BtotalAssetsResult 29.7% | 26.75xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueTRY 21.03BtotalRevenueNet PP&ETRY 786.05MpropertyPlantEquipmentResult 26.75x | 2.48xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexTRY 182.60McapitalExpendituresD&ATRY 73.66MreconciledDepreciationResult 2.48x | TRY 5.69Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 9.99BtotalAssetsGoodwillTRY 31.19MgoodWillIntangiblesTRY 1.48MintangibleAssetsLiabilitiesTRY 6.42BtotalLiabTangible bookTRY 3.53BShares621,000,000commonStockSharesOutstandingResult TRY 5.69 | 5.64xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 900.10MebitdaCapexTRY 182.60McapitalExpendituresInterestTRY 71.72MinterestExpenseShort-term debtTRY 55.52MshortLongTermDebtEBITDA − capexTRY 717.50MPrincipal due is the current portion of debt.Result 5.64x | TRY 314.93MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowTRY 498.99MtotalCashFromOperatingActivitiesCapexTRY 182.60McapitalExpendituresFree cash flowTRY 314.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 314.93M | 22.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 680.27MoperatingIncomeTax expenseTRY 167.92MincomeTaxExpensePretax incomeTRY 754.72MincomeBeforeTaxTax rate22.2%EquityTRY 3.57BtotalStockholderEquityDebtTRY 55.52MshortLongTermDebtCashTRY 1.28BcashInvested capitalTRY 2.34BResult 22.6% | 0.87xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeTRY 680.27MoperatingIncomeNet PP&ETRY 786.05MpropertyPlantEquipmentResult 0.87x |
| 2021 | 25.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 865.48MpropertyPlantEquipmentInventoryTRY 2.33BinventoryTotal assetsTRY 12.71BtotalAssetsResult 25.1% | 30.29xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 26.21BtotalRevenueNet PP&ETRY 865.48MpropertyPlantEquipmentResult 30.29x | 1.72xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 160.99McapitalExpendituresD&ATRY 93.83MreconciledDepreciationResult 1.72x | TRY 6.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 12.71BtotalAssetsGoodwillTRY 31.19MgoodWillIntangiblesTRY 1.43MintangibleAssetsLiabilitiesTRY 8.34BtotalLiabTangible bookTRY 4.33BShares621,000,000commonStockSharesOutstandingResult TRY 6.98 | 11.77xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 1.34BebitdaCapexTRY 160.99McapitalExpendituresInterestTRY 13.75MinterestExpenseShort-term debtTRY 86.39MshortLongTermDebtEBITDA − capexTRY 1.18BPrincipal due is the current portion of debt.Result 11.77x | TRY 25.12MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowTRY 186.87MtotalCashFromOperatingActivitiesCapexTRY 160.99McapitalExpendituresFree cash flowTRY 25.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 25.12M | 27.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 1.12BoperatingIncomeTax expenseTRY 309.01MincomeTaxExpensePretax incomeTRY 1.23BincomeBeforeTaxTax rate25.1%EquityTRY 4.37BtotalStockholderEquityDebtTRY 86.39MshortLongTermDebtCashTRY 1.42BcashInvested capitalTRY 3.03BResult 27.7% | 1.30xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 1.12BoperatingIncomeNet PP&ETRY 865.48MpropertyPlantEquipmentResult 1.30x |
| 2022 | 27.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 981.81MpropertyPlantEquipmentInventoryTRY 5.00BinventoryTotal assetsTRY 21.60BtotalAssetsResult 27.7% | 45.54xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 44.71BtotalRevenueNet PP&ETRY 981.81MpropertyPlantEquipmentResult 45.54x | 1.72xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 188.93McapitalExpendituresD&ATRY 109.66MreconciledDepreciationResult 1.72x | TRY 10.21Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 21.60BtotalAssetsGoodwillTRY 31.19MgoodWillIntangiblesTRY 1.28MintangibleAssetsLiabilitiesTRY 15.22BtotalLiabTangible bookTRY 6.34BShares621,000,000commonStockSharesOutstandingResult TRY 10.21 | 9.43xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.30BebitdaCapexTRY 188.93McapitalExpendituresInterestTRY 82.73MinterestExpenseShort-term debtTRY 246.78MshortLongTermDebtEBITDA − capexTRY 3.11BPrincipal due is the current portion of debt.Result 9.43x | -TRY 546.14MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-TRY 356.47MtotalCashFromOperatingActivitiesCapexTRY 188.93McapitalExpendituresFree cash flow-TRY 546.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 546.14M | 38.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.95BoperatingIncomeTax expenseTRY 723.48MincomeTaxExpensePretax incomeTRY 3.10BincomeBeforeTaxTax rate23.3%EquityTRY 6.38BtotalStockholderEquityDebtTRY 246.78MlongTermDebt + shortLongTermDebtCashTRY 679.31McashInvested capitalTRY 5.94BResult 38.1% | 3.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 2.95BoperatingIncomeNet PP&ETRY 981.81MpropertyPlantEquipmentResult 3.01x |
| 2023 | 28.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 4.90BpropertyPlantAndEquipmentNetInventoryTRY 7.99BinventoryTotal assetsTRY 44.78BtotalAssetsResult 28.8% | 28.77xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 141.09BtotalRevenueNet PP&ETRY 4.90BpropertyPlantAndEquipmentNetResult 28.77x | 0.65xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 389.80McapitalExpendituresD&ATRY 602.80MreconciledDepreciationResult 0.65x | TRY 23.52Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 44.78BtotalAssetsGoodwillTRY 450.92MgoodWillIntangiblesTRY 2.24MintangibleAssetsLiabilitiesTRY 29.72BtotalLiabTangible bookTRY 14.61BShares621,000,000commonStockSharesOutstandingResult TRY 23.52 | 0.95xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.34BebitdaCapexTRY 389.80McapitalExpendituresInterestTRY 1.14BinterestExpenseShort-term debtTRY 1.96BshortLongTermDebtEBITDA − capexTRY 2.95BPrincipal due is the current portion of debt.Result 0.95x | TRY 1.18BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowTRY 1.57BtotalCashFromOperatingActivitiesCapexTRY 389.80McapitalExpendituresFree cash flowTRY 1.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 1.18B | 30.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 6.69BoperatingIncomeTax expenseTRY 1.28BtaxProvisionPretax incomeTRY 1.60BincomeBeforeTaxTax rate40.0%EquityTRY 15.06BtotalStockholderEquityDebtTRY 2.36BlongTermDebt + shortLongTermDebtCashTRY 4.44BcashInvested capitalTRY 12.99BThe effective tax rate was above 40% and was capped at 40%.Result 30.9% | 1.36xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeTRY 6.69BoperatingIncomeNet PP&ETRY 4.90BpropertyPlantAndEquipmentNetResult 1.36x |
| 2024 | 28.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 7.16BpropertyPlantAndEquipmentNetInventoryTRY 12.54BinventoryTotal assetsTRY 69.40BtotalAssetsResult 28.4% | 23.51xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 168.35BtotalRevenueNet PP&ETRY 7.16BpropertyPlantAndEquipmentNetResult 23.51x | 0.90xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 736.03McapitalExpendituresD&ATRY 816.30MreconciledDepreciationResult 0.90x | TRY 36.69Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 69.40BtotalAssetsGoodwillTRY 651.04MgoodWillIntangiblesTRY 57.32MintangibleAssetsLiabilitiesTRY 45.90BtotalLiabTangible bookTRY 22.79BShares621,000,000commonStockSharesOutstandingResult TRY 36.69 | 0.67xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 8.19BebitdaCapexTRY 736.03McapitalExpendituresInterestTRY 3.20BinterestExpenseShort-term debtTRY 7.92BshortLongTermDebtEBITDA − capexTRY 7.45BPrincipal due is the current portion of debt.Result 0.67x | -TRY 12.22BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-TRY 11.49BtotalCashFromOperatingActivitiesCapexTRY 736.03McapitalExpendituresFree cash flow-TRY 12.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 12.22B | 16.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 7.08BoperatingIncomeTax expenseTRY 1.48BtaxProvisionPretax incomeTRY 4.17BincomeBeforeTaxTax rate35.4%EquityTRY 23.50BtotalStockholderEquityDebtTRY 7.92BlongTermDebt + shortLongTermDebtCashTRY 3.11BcashInvested capitalTRY 28.30BResult 16.2% | 0.99xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeTRY 7.08BoperatingIncomeNet PP&ETRY 7.16BpropertyPlantAndEquipmentNetResult 0.99x |
| 2025 | 32.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 9.45BpropertyPlantAndEquipmentNetInventoryTRY 16.68BinventoryTotal assetsTRY 80.93BtotalAssetsResult 32.3% | 18.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 172.01BtotalRevenueNet PP&ETRY 9.45BpropertyPlantAndEquipmentNetResult 18.19x | 0.82xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 729.15McapitalExpendituresD&ATRY 891.21MreconciledDepreciationResult 0.82x | TRY 46.83Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 80.93BtotalAssetsGoodwillTRY 852.16MgoodWillIntangiblesTRY 39.12MintangibleAssetsLiabilitiesTRY 50.95BtotalLiabTangible bookTRY 29.08BShares621,000,000commonStockSharesOutstandingResult TRY 46.83 | 1.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 3.28BebitdaCapexTRY 729.15McapitalExpendituresInterestTRY 1.16BinterestExpenseShort-term debtTRY 562.99MshortLongTermDebtEBITDA − capexTRY 2.55BPrincipal due is the current portion of debt.Result 1.48x | TRY 6.37BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowTRY 7.10BtotalCashFromOperatingActivitiesCapexTRY 729.15McapitalExpendituresFree cash flowTRY 6.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 6.37B | 7.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 3.77BoperatingIncomeTax expenseTRY 1.61BtaxProvisionPretax incomeTRY 1.23BincomeBeforeTaxTax rate40.0%EquityTRY 29.97BtotalStockholderEquityDebtTRY 562.99MshortLongTermDebtCashTRY 1.11BcashInvested capitalTRY 29.42BThe effective tax rate was above 40% and was capped at 40%.Result 7.7% | 0.40xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeTRY 3.77BoperatingIncomeNet PP&ETRY 9.45BpropertyPlantAndEquipmentNetResult 0.40x |
- 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.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: TRY 9.45B
Inventory: TRY 16.68B
Total assets: TRY 80.93B
Goodwill: TRY 852.16M
Intangibles: TRY 39.12M
Liabilities: TRY 50.95B
Tangible book: TRY 29.08B
Shares: 621,000,000
Revenue: TRY 172.01B
Capex: TRY 729.15M
D&A: TRY 891.21M
EBITDA: TRY 3.28B
Interest: TRY 1.16B
Short-term debt: TRY 562.99M
Free cash flow: TRY 6.37B
Operating income: TRY 3.77B
Invested capital: TRY 29.42B
Tax rate: 40.0%