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.
Turkiye Sise ve Cam Fabrikalari AS
Physical assets are 69.8% of total assets, a heavy footprint. Capex is 2.06x 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. EBITDA after capex covers debt service by 0.24x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.74x.
Physical asset ratio
69.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 303.10BpropertyPlantAndEquipmentNetInventoryTRY 50.72BinventoryTotal assetsTRY 506.93BtotalAssetsResult 69.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.74xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 224.53BtotalRevenueNet PP&ETRY 303.10BpropertyPlantAndEquipmentNetResult 0.74x
Revenue per dollar of the physical asset base.
Capex / D&A
2.06xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 35.82BcapitalExpendituresD&ATRY 17.39BreconciledDepreciationResult 2.06x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 82.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 506.93BtotalAssetsGoodwillTRY 1.77BgoodWillIntangiblesTRY 13.66BintangibleAssetsLiabilitiesTRY 237.67BtotalLiabTangible bookTRY 253.83BShares3,063,214,056commonStockSharesOutstandingResult TRY 82.86
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.39xPrice / tangible bookPrice / tangible book per sharePriceTRY 32.04Latest quoteTangible book / shareTRY 82.862025-12-31Result 0.39x
Price TRY 32.04.
Fixed-charge coverage
0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 57.45BebitdaCapexTRY 35.82BcapitalExpendituresInterestTRY 27.96BinterestExpenseShort-term debtTRY 61.83BshortLongTermDebtEBITDA − capexTRY 21.62BPrincipal due is the current portion of debt.Result 0.24x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowTRY 3.91BfreeCashFlowMarket capTRY 95.88BMarketCapitalizationResult 4.1%
Latest free cash flow divided by current market cap (TRY 95.88B).
ROIC
0.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-TRY 77.62MoperatingIncomeTax expenseTRY 2.55BtaxProvisionPretax incomeTRY 12.09BincomeBeforeTaxTax rate21.1%EquityTRY 242.57BtotalStockholderEquityDebtTRY 158.37BlongTermDebt + shortLongTermDebtCashTRY 38.15BcashInvested capitalTRY 362.79BResult 0.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 55.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 12.18BpropertyPlantEquipmentInventoryTRY 3.28BinventoryTotal assetsTRY 27.77BtotalAssetsResult 55.7% | 1.28xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueTRY 15.55BtotalRevenueNet PP&ETRY 12.18BpropertyPlantEquipmentResult 1.28x | 2.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.93BcapitalExpendituresD&ATRY 1.05BreconciledDepreciationResult 2.79x | TRY 7.20Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 27.77BtotalAssetsGoodwillTRY 197.91MgoodWillIntangiblesTRY 328.34MintangibleAssetsLiabilitiesTRY 11.04BtotalLiabTangible bookTRY 16.20BShares2,250,000,000commonStockSharesOutstandingResult TRY 7.20 | 0.56xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 4.89BebitdaCapexTRY 2.93BcapitalExpendituresInterestTRY 374.75MinterestExpenseShort-term debtTRY 3.10BshortTermDebtEBITDA − capexTRY 1.96BPrincipal due is short-term debt.Result 0.56x | -TRY 1.32BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowTRY 1.61BtotalCashFromOperatingActivitiesCapexTRY 2.93BcapitalExpendituresFree cash flow-TRY 1.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 1.32B | 14.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.47BoperatingIncomeTax expenseTRY 95.70MincomeTaxExpensePretax incomeTRY 3.47BincomeBeforeTaxTax rate2.8%EquityTRY 12.74BtotalStockholderEquityDebtTRY 7.44BlongTermDebt + shortLongTermDebtCashTRY 3.16BcashInvested capitalTRY 17.01BResult 14.1% | 0.20xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeTRY 2.47BoperatingIncomeNet PP&ETRY 12.18BpropertyPlantEquipmentResult 0.20x |
| 2019 | 49.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 15.01BpropertyPlantAndEquipmentNetInventoryTRY 4.01BinventoryTotal assetsTRY 38.75BtotalAssetsResult 49.1% | 1.20xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueTRY 18.06BtotalRevenueNet PP&ETRY 15.01BpropertyPlantAndEquipmentNetResult 1.20x | 2.84xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexTRY 3.91BcapitalExpendituresD&ATRY 1.37BreconciledDepreciationResult 2.84x | TRY 8.28Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 38.75BtotalAssetsGoodwillTRY 301.47MgoodWillIntangiblesTRY 194.32MintangibleAssetsLiabilitiesTRY 19.62BtotalLiabTangible bookTRY 18.64BShares2,250,000,000commonStockSharesOutstandingResult TRY 8.28 | 0.20xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 5.16BebitdaCapexTRY 3.91BcapitalExpendituresInterestTRY 1.19BinterestExpenseShort-term debtTRY 5.19BshortTermDebtEBITDA − capexTRY 1.25BPrincipal due is short-term debt.Result 0.20x | -TRY 1.60BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowTRY 2.30BtotalCashFromOperatingActivitiesCapexTRY 3.91BcapitalExpendituresFree cash flow-TRY 1.60BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 1.60B | 11.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.54BoperatingIncomeTax expense-TRY 104.18MincomeTaxExpensePretax incomeTRY 2.60BincomeBeforeTaxTax rate0.0%EquityTRY 14.62BtotalStockholderEquityDebtTRY 15.64BlongTermDebt + shortLongTermDebtCashTRY 8.37BcashInvested capitalTRY 21.89BResult 11.6% | 0.17xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeTRY 2.54BoperatingIncomeNet PP&ETRY 15.01BpropertyPlantAndEquipmentNetResult 0.17x |
| 2020 | 47.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 16.54BpropertyPlantAndEquipmentNetInventoryTRY 4.44BinventoryTotal assetsTRY 44.23BtotalAssetsResult 47.5% | 1.29xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueTRY 21.32BtotalRevenueNet PP&ETRY 16.54BpropertyPlantAndEquipmentNetResult 1.29x | 1.42xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.34BcapitalExpendituresD&ATRY 1.65BreconciledDepreciationResult 1.42x | TRY 7.05Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 44.23BtotalAssetsGoodwillTRY 368.48MgoodWillIntangiblesTRY 539.67MintangibleAssetsLiabilitiesTRY 21.74BtotalLiabTangible bookTRY 21.58BShares3,063,214,000commonStockSharesOutstandingResult TRY 7.05 | 1.09xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 6.38BebitdaCapexTRY 2.34BcapitalExpendituresInterestTRY 1.47BinterestExpenseShort-term debtTRY 2.25BshortLongTermDebtEBITDA − capexTRY 4.04BPrincipal due is the current portion of debt.Result 1.09x | TRY 790.18MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowTRY 2.66BtotalCashFromOperatingActivitiesCapexTRY 2.34BcapitalExpendituresFree cash flowTRY 790.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 790.18M | 9.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.87BoperatingIncomeTax expenseTRY 430.61MincomeTaxExpensePretax incomeTRY 3.26BincomeBeforeTaxTax rate13.2%EquityTRY 22.19BtotalStockholderEquityDebtTRY 14.61BlongTermDebt + shortLongTermDebtCashTRY 9.35BcashInvested capitalTRY 27.45BResult 9.1% | 0.17xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeTRY 2.87BoperatingIncomeNet PP&ETRY 16.54BpropertyPlantAndEquipmentNetResult 0.17x |
| 2021 | 47.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 33.60BpropertyPlantEquipmentInventoryTRY 8.65BinventoryTotal assetsTRY 88.67BtotalAssetsResult 47.6% | 0.95xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 32.06BtotalRevenueNet PP&ETRY 33.60BpropertyPlantEquipmentResult 0.95x | 2.09xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 4.31BcapitalExpendituresD&ATRY 2.06BreconciledDepreciationResult 2.09x | TRY 11.46Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 88.67BtotalAssetsGoodwillTRY 3.99BgoodWillIntangiblesTRY 10.27BintangibleAssetsLiabilitiesTRY 39.31BtotalLiabTangible bookTRY 35.10BShares3,063,214,000commonStockSharesOutstandingResult TRY 11.46 | 0.88xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 14.73BebitdaCapexTRY 4.31BcapitalExpendituresInterestTRY 1.59BinterestExpenseShort-term debtTRY 10.22BshortLongTermDebtEBITDA − capexTRY 10.42BPrincipal due is the current portion of debt.Result 0.88x | -TRY 193.88MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowTRY 6.59BtotalCashFromOperatingActivitiesCapexTRY 4.31BcapitalExpendituresFree cash flow-TRY 193.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 193.88M | 8.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 5.60BoperatingIncomeTax expenseTRY 1.85BincomeTaxExpensePretax incomeTRY 11.08BincomeBeforeTaxTax rate16.7%EquityTRY 39.43BtotalStockholderEquityDebtTRY 26.84BlongTermDebt + shortLongTermDebtCashTRY 12.81BcashInvested capitalTRY 53.46BResult 8.7% | 0.17xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 5.60BoperatingIncomeNet PP&ETRY 33.60BpropertyPlantEquipmentResult 0.17x |
| 2022 | 46.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 55.69BpropertyPlantAndEquipmentNetInventoryTRY 20.74BinventoryTotal assetsTRY 163.95BtotalAssetsResult 46.6% | 1.71xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 95.35BtotalRevenueNet PP&ETRY 55.69BpropertyPlantAndEquipmentNetResult 1.71x | 2.01xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 10.25BcapitalExpendituresD&ATRY 5.10BreconciledDepreciationResult 2.01x | TRY 24.00Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 163.95BtotalAssetsGoodwillTRY 812.39MgoodWillIntangiblesTRY 20.80BintangibleAssetsLiabilitiesTRY 68.82BtotalLiabTangible bookTRY 73.51BShares3,063,214,000commonStockSharesOutstandingResult TRY 24.00 | 0.84xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 28.77BebitdaCapexTRY 10.25BcapitalExpendituresInterestTRY 3.91BinterestExpenseShort-term debtTRY 18.20BshortLongTermDebtEBITDA − capexTRY 18.52BPrincipal due is the current portion of debt.Result 0.84x | TRY 3.54BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowTRY 12.50BtotalCashFromOperatingActivitiesCapexTRY 10.25BcapitalExpendituresFree cash flowTRY 3.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 3.54B | 16.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 15.57BoperatingIncomeTax expense-TRY 371.40MincomeTaxExpensePretax incomeTRY 19.76BincomeBeforeTaxTax rate0.0%EquityTRY 76.53BtotalStockholderEquityDebtTRY 45.46BlongTermDebt + shortLongTermDebtCashTRY 25.24BcashInvested capitalTRY 96.74BResult 16.1% | 0.28xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 15.57BoperatingIncomeNet PP&ETRY 55.69BpropertyPlantAndEquipmentNetResult 0.28x |
| 2023 | 62.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 150.20BpropertyPlantAndEquipmentNetInventoryTRY 32.91BinventoryTotal assetsTRY 291.21BtotalAssetsResult 62.9% | 1.46xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 219.45BtotalRevenueNet PP&ETRY 150.20BpropertyPlantAndEquipmentNetResult 1.46x | 2.04xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 30.31BcapitalExpendituresD&ATRY 14.83BreconciledDepreciationResult 2.04x | TRY 53.13Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 291.21BtotalAssetsGoodwillTRY 1.27BgoodWillIntangiblesTRY 3.10BintangibleAssetsLiabilitiesTRY 124.09BtotalLiabTangible bookTRY 162.76BShares3,063,214,056commonStockSharesOutstandingResult TRY 53.13 | 0.63xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 61.95BebitdaCapexTRY 30.31BcapitalExpendituresInterestTRY 13.05BinterestExpenseShort-term debtTRY 37.44BshortLongTermDebtEBITDA − capexTRY 31.64BPrincipal due is the current portion of debt.Result 0.63x | TRY 24.21BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowTRY 54.52BtotalCashFromOperatingActivitiesCapexTRY 30.31BcapitalExpendituresFree cash flowTRY 24.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 24.21B | 7.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 16.10BoperatingIncomeTax expenseTRY 6.60BtaxProvisionPretax incomeTRY 34.07BincomeBeforeTaxTax rate19.4%EquityTRY 142.36BtotalStockholderEquityDebtTRY 81.86BlongTermDebt + shortLongTermDebtCashTRY 37.76BcashInvested capitalTRY 186.46BResult 7.0% | 0.11xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeTRY 16.10BoperatingIncomeNet PP&ETRY 150.20BpropertyPlantAndEquipmentNetResult 0.11x |
| 2024 | 67.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 226.76BpropertyPlantAndEquipmentNetInventoryTRY 42.48BinventoryTotal assetsTRY 399.03BtotalAssetsResult 67.5% | 1.07xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 242.92BtotalRevenueNet PP&ETRY 226.76BpropertyPlantAndEquipmentNetResult 1.07x | 1.99xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 39.40BcapitalExpendituresD&ATRY 19.75BreconciledDepreciationResult 1.99x | TRY 65.15Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 399.03BtotalAssetsGoodwillTRY 1.49BgoodWillIntangiblesTRY 7.04BintangibleAssetsLiabilitiesTRY 190.92BtotalLiabTangible bookTRY 199.58BShares3,063,214,056commonStockSharesOutstandingResult TRY 65.15 | 0.23xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 53.43BebitdaCapexTRY 39.40BcapitalExpendituresInterestTRY 29.46BinterestExpenseShort-term debtTRY 32.56BshortLongTermDebtEBITDA − capexTRY 14.04BPrincipal due is the current portion of debt.Result 0.23x | -TRY 843.95MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowTRY 38.55BtotalCashFromOperatingActivitiesCapexTRY 39.40BcapitalExpendituresFree cash flow-TRY 843.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 843.95M | -2.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-TRY 5.29BoperatingIncomeTax expense-TRY 2.64BtaxProvisionPretax incomeTRY 4.22BincomeBeforeTaxTax rate0.0%EquityTRY 186.07BtotalStockholderEquityDebtTRY 127.97BlongTermDebt + shortLongTermDebtCashTRY 53.66BcashInvested capitalTRY 260.37BResult -2.0% | -0.02xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-TRY 5.29BoperatingIncomeNet PP&ETRY 226.76BpropertyPlantAndEquipmentNetResult -0.02x |
| 2025 | 69.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 303.10BpropertyPlantAndEquipmentNetInventoryTRY 50.72BinventoryTotal assetsTRY 506.93BtotalAssetsResult 69.8% | 0.74xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 224.53BtotalRevenueNet PP&ETRY 303.10BpropertyPlantAndEquipmentNetResult 0.74x | 2.06xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 35.82BcapitalExpendituresD&ATRY 17.39BreconciledDepreciationResult 2.06x | TRY 82.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 506.93BtotalAssetsGoodwillTRY 1.77BgoodWillIntangiblesTRY 13.66BintangibleAssetsLiabilitiesTRY 237.67BtotalLiabTangible bookTRY 253.83BShares3,063,214,056commonStockSharesOutstandingResult TRY 82.86 | 0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 57.45BebitdaCapexTRY 35.82BcapitalExpendituresInterestTRY 27.96BinterestExpenseShort-term debtTRY 61.83BshortLongTermDebtEBITDA − capexTRY 21.62BPrincipal due is the current portion of debt.Result 0.24x | TRY 3.91BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowTRY 39.73BtotalCashFromOperatingActivitiesCapexTRY 35.82BcapitalExpendituresFree cash flowTRY 3.91BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 3.91B | 0.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-TRY 77.62MoperatingIncomeTax expenseTRY 2.55BtaxProvisionPretax incomeTRY 12.09BincomeBeforeTaxTax rate21.1%EquityTRY 242.57BtotalStockholderEquityDebtTRY 158.37BlongTermDebt + shortLongTermDebtCashTRY 38.15BcashInvested capitalTRY 362.79BResult 0.0% | 0.00xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-TRY 77.62MoperatingIncomeNet PP&ETRY 303.10BpropertyPlantAndEquipmentNetResult 0.00x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: TRY 303.10B
Inventory: TRY 50.72B
Total assets: TRY 506.93B
Goodwill: TRY 1.77B
Intangibles: TRY 13.66B
Liabilities: TRY 237.67B
Tangible book: TRY 253.83B
Shares: 3,063,214,056
Revenue: TRY 224.53B
Capex: TRY 35.82B
D&A: TRY 17.39B
EBITDA: TRY 57.45B
Interest: TRY 27.96B
Short-term debt: TRY 61.83B
Free cash flow: TRY 3.91B
Operating income: -TRY 77.62M
Invested capital: TRY 362.79B
Tax rate: 21.1%