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.
SGHC Limited
Physical assets are 9.2% of total assets, a light footprint. Capex is 0.55x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 86.5%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 19.23x. Compare it with other names in the same basket.
Physical asset ratio
9.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$115.96MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.27BtotalAssetsInventory was not reported and is treated as zero.Result 9.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
19.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.23BtotalRevenueNet PP&E$115.96MpropertyPlantAndEquipmentNetResult 19.23x
Revenue per dollar of the physical asset base.
Capex / D&A
0.55xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$40.99McapitalExpendituresD&A$74.00MreconciledDepreciationResult 0.55x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.27BtotalAssetsGoodwill$84.00MgoodWillIntangibles$156.95MintangibleAssetsLiabilities$465.86MtotalLiabTangible book$559.80MShares507,843,609commonStockSharesOutstandingResult $1.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.57xPrice / tangible bookPrice / tangible book per sharePrice$10.55Latest quoteTangible book / share$1.102025-12-31Result 9.57x
Price $10.55.
Fixed-charge coverage
20.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$366.89MebitdaCapex$40.99McapitalExpendituresInterest$11.00MinterestExpenseShort-term debt$5.00MshortTermDebtEBITDA − capex$325.90MPrincipal due is short-term debt.Result 20.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$325.90MfreeCashFlowMarket cap$5.45BMarketCapitalizationResult 6.0%
Latest free cash flow divided by current market cap ($5.45B).
ROIC
86.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$424.87MoperatingIncomeTax expense$137.96MincomeTaxExpensePretax income$355.89MincomeBeforeTaxTax rate38.8%Equity$802.75MtotalStockholderEquityDebt$17.00MlongTermDebt + shortLongTermDebtCash$518.84McashInvested capital$300.91MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 86.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.66x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 22.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.07MpropertyPlantAndEquipmentNetInventory$30.04MinventoryTotal assets$192.65MtotalAssetsResult 22.9% | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue—Not reportedNet PP&E$14.07MpropertyPlantAndEquipmentNetResult — | —Capex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex—Not reportedD&A—Not reportedResult — | -$0.23Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$192.65MtotalAssetsGoodwill$18.75MgoodWillIntangibles$49.84MintangibleAssetsLiabilities$249.92MtotalLiabTangible book-$125.86MShares556,133,695commonStockSharesOutstandingResult -$0.23 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex—Not reportedInterest—Not reportedShort-term debt$146.79MshortLongTermDebtPrincipal due is the current portion of debt.Result — | —Free cash flow · 2018-12-31Operating cash flow − capexOperating cash flow—Not reportedCapex—Not reportedFree cash flow—Not reportedResult — | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense—Not reportedPretax income—Not reportedTax rate—Equity-$57.27MtotalStockholderEquityDebt$158.25MshortLongTermDebtTotalCash$26.68McashInvested capital$74.30MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E$14.07MpropertyPlantAndEquipmentNetResult — |
| 2019 | -3.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.28MpropertyPlantEquipmentInventory-$25.37MinventoryTotal assets$342.94MtotalAssetsResult -3.2% | 33.34xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$476.04MtotalRevenueNet PP&E$14.28MpropertyPlantEquipmentResult 33.34x | 0.11xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.40McapitalExpendituresD&A$30.46MdepreciationAndAmortizationResult 0.11x | -$4.56Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$342.94MtotalAssetsGoodwill$18.83MgoodWillIntangibles$152.50MintangibleAssetsLiabilities$417.11MtotalLiabTangible book-$245.50MShares53,863,810commonStockSharesOutstandingResult -$4.56 | 0.10xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.58MebitdaCapex$3.40McapitalExpendituresInterest$7.74MinterestExpenseShort-term debt$167.63MshortLongTermDebtEBITDA − capex$17.18MPrincipal due is the current portion of debt.Result 0.10x | $192.00KFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$3.59MtotalCashFromOperatingActivitiesCapex$3.40McapitalExpendituresFree cash flow$192.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $192.00K | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$55.37MoperatingIncomeTax expense$333.00KincomeTaxExpensePretax income-$17.62MincomeBeforeTaxTax rate—Equity-$74.18MtotalStockholderEquityDebt$184.74MshortLongTermDebtTotalCash$74.37McashInvested capital$36.20MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.88xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$55.37MoperatingIncomeNet PP&E$14.28MpropertyPlantEquipmentResult -3.88x |
| 2020 | -4.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.64MpropertyPlantAndEquipmentNetInventory-$46.69MinventoryTotal assets$674.36MtotalAssetsResult -4.5% | 54.57xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$908.02MtotalRevenueNet PP&E$16.64MpropertyPlantAndEquipmentNetResult 54.57x | 0.22xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$12.12McapitalExpendituresD&A$55.41MdepreciationAndAmortizationResult 0.22x | -$0.37Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$674.36MtotalAssetsGoodwill$23.06MgoodWillIntangibles$243.23MintangibleAssetsLiabilities$587.64MtotalLiabTangible book-$179.57MShares488,324,769commonStockSharesOutstandingResult -$0.37 | 1.05xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$216.04MebitdaCapex$12.12McapitalExpendituresInterest$10.99MinterestExpenseShort-term debt$183.72MshortLongTermDebtEBITDA − capex$203.93MPrincipal due is the current portion of debt.Result 1.05x | $139.21MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$151.33MtotalCashFromOperatingActivitiesCapex$12.12McapitalExpendituresFree cash flow$139.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $139.21M | 73.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.39MoperatingIncomeTax expense$429.00KincomeTaxExpensePretax income$149.65MincomeBeforeTaxTax rate0.3%Equity$86.72MtotalStockholderEquityDebt$268.93MshortLongTermDebtTotalCash$184.31McashInvested capital$171.34MResult 73.0% | 7.54xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$125.39MoperatingIncomeNet PP&E$16.64MpropertyPlantAndEquipmentNetResult 7.54x |
| 2021 | 3.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.61MpropertyPlantAndEquipmentNetInventory$45.29KinventoryTotal assets$955.68MtotalAssetsResult 3.2% | 48.84xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.50BtotalRevenueNet PP&E$30.61MpropertyPlantAndEquipmentNetResult 48.84x | 0.32xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$26.75McapitalExpendituresD&A$83.24MdepreciationAndAmortizationResult 0.32x | $6.36Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$955.68MtotalAssetsGoodwill$28.33MgoodWillIntangibles$195.82MintangibleAssetsLiabilities$373.66MtotalLiabTangible book$357.87MShares56,250,000commonStockSharesOutstandingResult $6.36 | 34.07xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$346.23MebitdaCapex$26.75McapitalExpendituresInterest$6.37MinterestExpenseShort-term debt$3.01MshortLongTermDebtEBITDA − capex$319.47MPrincipal due is the current portion of debt.Result 34.07x | $183.10MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$209.85MtotalCashFromOperatingActivitiesCapex$26.75McapitalExpendituresFree cash flow$183.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $183.10M | 88.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$225.07MoperatingIncomeTax expense-$11.29MincomeTaxExpensePretax income$255.78MincomeBeforeTaxTax rate0.0%Equity$582.02MtotalStockholderEquityDebt$3.77MlongTermDebt + shortLongTermDebtCash$332.64McashInvested capital$253.15MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 88.9% | 7.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$225.07MoperatingIncomeNet PP&E$30.61MpropertyPlantAndEquipmentNetResult 7.35x |
| 2022 | 3.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.24MpropertyPlantAndEquipmentNetInventory$94.00KinventoryTotal assets$940.49MtotalAssetsResult 3.2% | 45.83xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.39BtotalRevenueNet PP&E$30.24MpropertyPlantAndEquipmentNetResult 45.83x | 0.41xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$27.54McapitalExpendituresD&A$67.03MdepreciationAndAmortizationResult 0.41x | $0.67Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$940.49MtotalAssetsGoodwill$66.01MgoodWillIntangibles$176.60MintangibleAssetsLiabilities$367.14MtotalLiabTangible book$330.75MShares490,035,080commonStockSharesOutstandingResult $0.67 | 107.19xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$300.65MebitdaCapex$27.54McapitalExpendituresInterest$1.35MinterestExpenseShort-term debt$1.20MshortLongTermDebtEBITDA − capex$273.11MPrincipal due is the current portion of debt.Result 107.19x | $139.30MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$166.84MtotalCashFromOperatingActivitiesCapex$27.54McapitalExpendituresFree cash flow$139.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $139.30M | 26.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$90.75MoperatingIncomeTax expense$36.72MincomeTaxExpensePretax income$232.18MincomeBeforeTaxTax rate15.8%Equity$555.58MtotalStockholderEquityDebt$1.20MlongTermDebt + shortLongTermDebtCash$273.22McashInvested capital$283.56MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 26.9% | 3.00xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$90.75MoperatingIncomeNet PP&E$30.24MpropertyPlantAndEquipmentNetResult 3.00x |
| 2023 | 11.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$46.73MpropertyPlantAndEquipmentNetInventory$78.72MinventoryTotal assets$1.06BtotalAssetsResult 11.8% | 30.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.44BtotalRevenueNet PP&E$46.73MpropertyPlantAndEquipmentNetResult 30.73x | 0.65xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$53.55McapitalExpendituresD&A$82.19MdepreciationAndAmortizationResult 0.65x | $0.56Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.06BtotalAssetsGoodwill$104.92MgoodWillIntangibles$213.78MintangibleAssetsLiabilities$466.56MtotalLiabTangible book$276.89MShares498,243,792commonStockSharesOutstandingResult $0.56 | 17.11xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$101.70MebitdaCapex$53.55McapitalExpendituresInterest$2.73MinterestExpenseShort-term debt$87.00KshortLongTermDebtEBITDA − capex$48.14MPrincipal due is the current portion of debt.Result 17.11x | $79.30MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$132.85MtotalCashFromOperatingActivitiesCapex$53.55McapitalExpendituresFree cash flow$79.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $79.30M | 14.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$74.98MoperatingIncomeTax expense$25.39MincomeTaxExpensePretax income$16.78MincomeBeforeTaxTax rate40.0%Equity$575.16MtotalStockholderEquityDebt$87.00KlongTermDebt + shortLongTermDebtCash$267.42McashInvested capital$307.82MThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.6% | 1.60xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$74.98MoperatingIncomeNet PP&E$46.73MpropertyPlantAndEquipmentNetResult 1.60x |
| 2024 | 8.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$89.18MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.10BtotalAssetsInventory was not reported and is treated as zero.Result 8.1% | 19.03xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.70BtotalRevenueNet PP&E$89.18MpropertyPlantAndEquipmentNetResult 19.03x | 1.23xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$95.47McapitalExpendituresD&A$77.73MdepreciationAndAmortizationResult 1.23x | $0.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.10BtotalAssetsGoodwill$94.59MgoodWillIntangibles$294.15MintangibleAssetsLiabilities$517.21MtotalLiabTangible book$189.45MShares503,697,933commonStockSharesOutstandingResult $0.38 | 28.76xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$271.42MebitdaCapex$95.47McapitalExpendituresInterest$6.08MinterestExpenseShort-term debt$36.00KshortLongTermDebtEBITDA − capex$175.95MPrincipal due is the current portion of debt.Result 28.76x | $199.62MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$295.09MtotalCashFromOperatingActivitiesCapex$95.47McapitalExpendituresFree cash flow$199.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $199.62M | 88.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$263.16MoperatingIncomeTax expense$75.25MincomeTaxExpensePretax income$188.80MincomeBeforeTaxTax rate39.9%Equity$580.15MtotalStockholderEquityDebt$36.00KlongTermDebt + shortLongTermDebtCash$401.73McashAndShortTermInvestmentsInvested capital$178.46MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 88.7% | 2.95xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$263.16MoperatingIncomeNet PP&E$89.18MpropertyPlantAndEquipmentNetResult 2.95x |
| 2025 | 9.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$115.96MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.27BtotalAssetsInventory was not reported and is treated as zero.Result 9.2% | 19.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.23BtotalRevenueNet PP&E$115.96MpropertyPlantAndEquipmentNetResult 19.23x | 0.55xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$40.99McapitalExpendituresD&A$74.00MreconciledDepreciationResult 0.55x | $1.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.27BtotalAssetsGoodwill$84.00MgoodWillIntangibles$156.95MintangibleAssetsLiabilities$465.86MtotalLiabTangible book$559.80MShares507,843,609commonStockSharesOutstandingResult $1.10 | 20.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$366.89MebitdaCapex$40.99McapitalExpendituresInterest$11.00MinterestExpenseShort-term debt$5.00MshortTermDebtEBITDA − capex$325.90MPrincipal due is short-term debt.Result 20.38x | $325.90MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$366.89MtotalCashFromOperatingActivitiesCapex$40.99McapitalExpendituresFree cash flow$325.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $325.90M | 86.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$424.87MoperatingIncomeTax expense$137.96MincomeTaxExpensePretax income$355.89MincomeBeforeTaxTax rate38.8%Equity$802.75MtotalStockholderEquityDebt$17.00MlongTermDebt + shortLongTermDebtCash$518.84McashInvested capital$300.91MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 86.5% | 3.66xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$424.87MoperatingIncomeNet PP&E$115.96MpropertyPlantAndEquipmentNetResult 3.66x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $115.96M
Inventory: $0.00
Total assets: $1.27B
Goodwill: $84.00M
Intangibles: $156.95M
Liabilities: $465.86M
Tangible book: $559.80M
Shares: 507,843,609
Revenue: $2.23B
Capex: $40.99M
D&A: $74.00M
EBITDA: $366.89M
Interest: $11.00M
Short-term debt: $5.00M
Free cash flow: $325.90M
Operating income: $424.87M
Invested capital: $300.91M
Tax rate: 38.8%