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.
Stora Enso Oyj R
Physical assets are 73.9% of total assets, a heavy footprint. Capex is 1.61x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.48x, which is below 1.
Fixed-asset turnover is 0.76x. Compare it with other names in the same basket.
Physical asset ratio
73.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.29BpropertyPlantEquipmentInventory€1.80BinventoryTotal assets€19.06BtotalAssetsUses the property line, which is larger than net PP&E (€7.12B, propertyPlantAndEquipmentNet).Result 73.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€9.33BtotalRevenueNet PP&E€12.29BpropertyPlantEquipmentResult 0.76x
Revenue per dollar of the physical asset base.
Capex / D&A
1.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€775.00McapitalExpendituresD&A€482.00MdepreciationAndAmortizationResult 1.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€12.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€19.06BtotalAssetsGoodwill€171.00MgoodWillIntangibles€295.00MintangibleAssetsLiabilities€8.41BtotalLiabTangible book€10.18BShares789,700,000commonStockSharesOutstandingResult €12.89
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.74xPrice / tangible bookPrice / tangible book per sharePrice€9.54Latest quoteTangible book / share€12.892025-12-31Result 0.74x
Price €9.54.
Fixed-charge coverage
0.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.34BebitdaCapex€775.00McapitalExpendituresInterest€263.00MinterestExpenseShort-term debt€913.00MshortTermDebtEBITDA − capex€561.00MPrincipal due is short-term debt.Result 0.48x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-€130.00MfreeCashFlowMarket cap€7.52BMarketCapitalizationResult -1.7%
Latest free cash flow divided by current market cap (€7.52B).
ROIC
5.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€942.00MoperatingIncomeTax expense€97.00MincomeTaxExpensePretax income€783.00MincomeBeforeTaxTax rate12.4%Equity€10.80BtotalStockholderEquityDebt€4.47BshortLongTermDebtTotalCash€1.28BcashAndShortTermInvestmentsInvested capital€13.99BResult 5.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 55.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€5.69BpropertyPlantEquipmentInventory€1.49BinventoryTotal assets€12.85BtotalAssetsResult 55.8% | 1.84xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€10.49BtotalRevenueNet PP&E€5.69BpropertyPlantEquipmentResult 1.84x | 1.10xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€525.00McapitalExpendituresD&A€479.00MdepreciationAndAmortizationResult 1.10x | €7.86Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€12.85BtotalAssetsGoodwill€243.00MgoodWillIntangibles€280.00MintangibleAssetsLiabilities€6.12BtotalLiabTangible book€6.21BShares789,882,878commonStockSharesOutstandingResult €7.86 | 0.98xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.66BebitdaCapex€525.00McapitalExpendituresInterest€146.00MinterestExpenseShort-term debt€1.01BshortTermDebtEBITDA − capex€1.13BPrincipal due is short-term debt.Result 0.98x | €567.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€1.09BtotalCashFromOperatingActivitiesCapex€525.00McapitalExpendituresFree cash flow€567.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €567.00M | 12.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.39BoperatingIncomeTax expense€221.00MincomeTaxExpensePretax income€1.21BincomeBeforeTaxTax rate18.3%Equity€6.71BtotalStockholderEquityDebt€3.28BshortLongTermDebtTotalCash€1.13BcashAndEquivalentsInvested capital€8.86BResult 12.8% | 0.24xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.39BoperatingIncomeNet PP&E€5.69BpropertyPlantEquipmentResult 0.24x |
| 2019 | 73.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.75BpropertyPlantEquipmentInventory€1.34BinventoryTotal assets€15.05BtotalAssetsUses the property line, which is larger than net PP&E (€6.12B, propertyPlantAndEquipmentNet).Result 73.6% | 1.03xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€10.06BtotalRevenueNet PP&E€9.75BpropertyPlantEquipmentResult 1.03x | 1.08xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€587.00McapitalExpendituresD&A€546.00MdepreciationAndAmortizationResult 1.08x | €8.76Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€15.05BtotalAssetsGoodwill€302.00MgoodWillIntangibles€207.00MintangibleAssetsLiabilities€7.63BtotalLiabTangible book€6.91BShares789,532,664commonStockSharesOutstandingResult €8.76 | 0.94xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.62BebitdaCapex€587.00McapitalExpendituresInterest€162.00MinterestExpenseShort-term debt€938.00MshortLongTermDebtEBITDA − capex€1.03BPrincipal due is the current portion of debt.Result 0.94x | €1.06BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€1.65BtotalCashFromOperatingActivitiesCapex€587.00McapitalExpendituresFree cash flow€1.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.06B | 9.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.31BoperatingIncomeTax expense€281.00MincomeTaxExpensePretax income€1.14BincomeBeforeTaxTax rate24.7%Equity€7.43BtotalStockholderEquityDebt€4.17BshortLongTermDebtTotalCash€876.00McashAndEquivalentsInvested capital€10.72BResult 9.2% | 0.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€1.31BoperatingIncomeNet PP&E€9.75BpropertyPlantEquipmentResult 0.13x |
| 2020 | 74.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€11.71BpropertyPlantEquipmentInventory€1.21BinventoryTotal assets€17.43BtotalAssetsUses the property line, which is larger than net PP&E (€7.46B, propertyPlantAndEquipmentNet).Result 74.1% | 0.73xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€8.55BtotalRevenueNet PP&E€11.71BpropertyPlantEquipmentResult 0.73x | 1.18xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€661.00McapitalExpendituresD&A€559.00MdepreciationAndAmortizationResult 1.18x | €10.57Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€17.43BtotalAssetsGoodwill€281.00MgoodWillIntangibles€170.00MintangibleAssetsLiabilities€8.64BtotalLiabTangible book€8.34BShares789,181,756commonStockSharesOutstandingResult €10.57 | 1.37xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.48BebitdaCapex€661.00McapitalExpendituresInterest€142.00MinterestExpenseShort-term debt€454.00MshortLongTermDebtEBITDA − capex€814.00MPrincipal due is the current portion of debt.Result 1.37x | €467.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€1.13BtotalCashFromOperatingActivitiesCapex€661.00McapitalExpendituresFree cash flow€467.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €467.00M | 6.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€922.00MoperatingIncomeTax expense€156.00MincomeTaxExpensePretax income€773.00MincomeBeforeTaxTax rate20.2%Equity€8.81BtotalStockholderEquityDebt€4.75BshortLongTermDebtTotalCash€1.66BcashAndEquivalentsInvested capital€11.90BResult 6.2% | 0.08xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€922.00MoperatingIncomeNet PP&E€11.71BpropertyPlantEquipmentResult 0.08x |
| 2021 | 71.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.25BpropertyPlantEquipmentInventory€1.42BinventoryTotal assets€19.03BtotalAssetsUses the property line, which is larger than net PP&E (€7.70B, propertyPlantAndEquipmentNet).Result 71.9% | 0.83xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€10.16BtotalRevenueNet PP&E€12.25BpropertyPlantEquipmentResult 0.83x | 1.17xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€644.00McapitalExpendituresD&A€549.00MdepreciationAndAmortizationResult 1.17x | €12.83Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€19.03BtotalAssetsGoodwill€282.00MgoodWillIntangibles€261.00MintangibleAssetsLiabilities€8.36BtotalLiabTangible book€10.12BShares789,125,692commonStockSharesOutstandingResult €12.83 | 2.65xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.10BebitdaCapex€644.00McapitalExpendituresInterest€145.00MinterestExpenseShort-term debt€404.00MshortLongTermDebtEBITDA − capex€1.45BPrincipal due is the current portion of debt.Result 2.65x | €832.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€1.48BtotalCashFromOperatingActivitiesCapex€644.00McapitalExpendituresFree cash flow€832.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €832.00M | 10.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.57BoperatingIncomeTax expense€151.00MincomeTaxExpensePretax income€1.42BincomeBeforeTaxTax rate10.6%Equity€10.68BtotalStockholderEquityDebt€3.90BshortLongTermDebtTotalCash€1.53BcashAndShortTermInvestmentsInvested capital€13.05BResult 10.7% | 0.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€1.57BoperatingIncomeNet PP&E€12.25BpropertyPlantEquipmentResult 0.13x |
| 2022 | 66.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.12BpropertyPlantEquipmentInventory€1.75BinventoryTotal assets€20.92BtotalAssetsUses the property line, which is larger than net PP&E (€7.60B, propertyPlantAndEquipmentNet).Result 66.3% | 0.96xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€11.68BtotalRevenueNet PP&E€12.12BpropertyPlantEquipmentResult 0.96x | 1.32xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€704.00McapitalExpendituresD&A€534.00MdepreciationAndAmortizationResult 1.32x | €15.22Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€20.92BtotalAssetsGoodwill€244.00MgoodWillIntangibles€243.00MintangibleAssetsLiabilities€8.42BtotalLiabTangible book€12.02BShares789,391,137commonStockSharesOutstandingResult €15.22 | 2.69xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.30BebitdaCapex€704.00McapitalExpendituresInterest€133.00MinterestExpenseShort-term debt€462.00MshortLongTermDebtEBITDA − capex€1.60BPrincipal due is the current portion of debt.Result 2.69x | €878.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€1.58BtotalCashFromOperatingActivitiesCapex€704.00McapitalExpendituresFree cash flow€878.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €878.00M | 11.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.01BoperatingIncomeTax expense€322.00MincomeTaxExpensePretax income€1.86BincomeBeforeTaxTax rate17.3%Equity€12.53BtotalStockholderEquityDebt€3.92BshortLongTermDebtTotalCash€1.92BcashAndShortTermInvestmentsInvested capital€14.54BResult 11.4% | 0.17xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€2.01BoperatingIncomeNet PP&E€12.12BpropertyPlantEquipmentResult 0.17x |
| 2023 | 63.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€11.79BpropertyPlantEquipmentInventory€1.41BinventoryTotal assets€20.75BtotalAssetsUses the property line, which is larger than net PP&E (€7.14B, propertyPlantAndEquipmentNet).Result 63.6% | 0.80xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€9.40BtotalRevenueNet PP&E€11.79BpropertyPlantEquipmentResult 0.80x | 1.86xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€989.00McapitalExpendituresD&A€533.00MdepreciationAndAmortizationResult 1.86x | €12.65Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€20.75BtotalAssetsGoodwill€505.00MgoodWillIntangibles€392.00MintangibleAssetsLiabilities€9.87BtotalLiabTangible book€9.99BShares789,714,108commonStockSharesOutstandingResult €12.65 | -1.16xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€226.00MebitdaCapex€989.00McapitalExpendituresInterest€188.00MinterestExpenseShort-term debt€470.00MshortLongTermDebtEBITDA − capex-€763.00MPrincipal due is the current portion of debt.Result -1.16x | -€237.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€752.00MtotalCashFromOperatingActivitiesCapex€989.00McapitalExpendituresFree cash flow-€237.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€237.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€322.00MoperatingIncomeTax expense-€64.00MincomeTaxExpensePretax income-€495.00MincomeBeforeTaxTax rate—Equity€10.99BtotalStockholderEquityDebt€4.92BshortLongTermDebtTotalCash€2.46BcashAndShortTermInvestmentsInvested capital€13.44BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-€322.00MoperatingIncomeNet PP&E€11.79BpropertyPlantEquipmentResult -0.03x |
| 2024 | 72.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.73BpropertyPlantEquipmentInventory€1.59BinventoryTotal assets€19.80BtotalAssetsUses the property line, which is larger than net PP&E (€7.49B, propertyPlantAndEquipmentNet).Result 72.3% | 0.71xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€9.05BtotalRevenueNet PP&E€12.73BpropertyPlantEquipmentResult 0.71x | 2.22xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€1.11BcapitalExpendituresD&A€501.00MdepreciationAndAmortizationResult 2.22x | €12.00Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€19.80BtotalAssetsGoodwill€162.00MgoodWillIntangibles€350.00MintangibleAssetsLiabilities€9.81BtotalLiabTangible book€9.48BShares789,771,861commonStockSharesOutstandingResult €12.00 | -0.50xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€603.00MebitdaCapex€1.11BcapitalExpendituresInterest€220.00MinterestExpenseShort-term debt€795.00MshortLongTermDebtEBITDA − capex-€510.00MPrincipal due is the current portion of debt.Result -0.50x | -€161.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€952.00MtotalCashFromOperatingActivitiesCapex€1.11BcapitalExpendituresFree cash flow-€161.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€161.00M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€93.00MoperatingIncomeTax expense€65.00MincomeTaxExpensePretax income-€118.00MincomeBeforeTaxTax rate—Equity€10.14BtotalStockholderEquityDebt€5.73BshortLongTermDebtTotalCash€2.02BcashAndShortTermInvestmentsInvested capital€13.85BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€93.00MoperatingIncomeNet PP&E€12.73BpropertyPlantEquipmentResult 0.01x |
| 2025 | 73.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.29BpropertyPlantEquipmentInventory€1.80BinventoryTotal assets€19.06BtotalAssetsUses the property line, which is larger than net PP&E (€7.12B, propertyPlantAndEquipmentNet).Result 73.9% | 0.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€9.33BtotalRevenueNet PP&E€12.29BpropertyPlantEquipmentResult 0.76x | 1.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€775.00McapitalExpendituresD&A€482.00MdepreciationAndAmortizationResult 1.61x | €12.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€19.06BtotalAssetsGoodwill€171.00MgoodWillIntangibles€295.00MintangibleAssetsLiabilities€8.41BtotalLiabTangible book€10.18BShares789,700,000commonStockSharesOutstandingResult €12.89 | 0.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.34BebitdaCapex€775.00McapitalExpendituresInterest€263.00MinterestExpenseShort-term debt€913.00MshortTermDebtEBITDA − capex€561.00MPrincipal due is short-term debt.Result 0.48x | -€130.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€645.00MtotalCashFromOperatingActivitiesCapex€775.00McapitalExpendituresFree cash flow-€130.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€130.00M | 5.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€942.00MoperatingIncomeTax expense€97.00MincomeTaxExpensePretax income€783.00MincomeBeforeTaxTax rate12.4%Equity€10.80BtotalStockholderEquityDebt€4.47BshortLongTermDebtTotalCash€1.28BcashAndShortTermInvestmentsInvested capital€13.99BResult 5.9% | 0.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€942.00MoperatingIncomeNet PP&E€12.29BpropertyPlantEquipmentResult 0.08x |
- Principal due is short-term debt, the amount reported as due within a year.
- The physical ratio uses the property line, which is larger than net corporate PP&E. Real estate portfolios are often carried there.
Latest year inputs (2025)
Net PP&E: €12.29B
Inventory: €1.80B
Total assets: €19.06B
Goodwill: €171.00M
Intangibles: €295.00M
Liabilities: €8.41B
Tangible book: €10.18B
Shares: 789,700,000
Revenue: €9.33B
Capex: €775.00M
D&A: €482.00M
EBITDA: €1.34B
Interest: €263.00M
Short-term debt: €913.00M
Free cash flow: -€130.00M
Operating income: €942.00M
Invested capital: €13.99B
Tax rate: 12.4%