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.
Turkcell Iletisim Hizmetleri AS ORD
Physical assets are 34.9% 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. EBITDA after capex covers debt service by 0.71x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 1.82x.
Physical asset ratio
34.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 119.63BpropertyPlantAndEquipmentNetInventoryTRY 674.61MinventoryTotal assetsTRY 344.28BtotalAssetsResult 34.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.82xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 218.16BtotalRevenueNet PP&ETRY 119.63BpropertyPlantAndEquipmentNetResult 1.82x
Revenue per dollar of the physical asset base.
Capex / D&A
0.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 50.93BcapitalExpendituresD&ATRY 62.08BreconciledDepreciationResult 0.82x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 47.89Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 344.28BtotalAssetsGoodwillTRY 588.96MgoodWillIntangiblesTRY 82.03BintangibleAssetsLiabilitiesTRY 157.31BtotalLiabTangible bookTRY 104.35BShares2,179,104,795commonStockSharesOutstandingResult TRY 47.89
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.90xPrice / tangible bookPrice / tangible book per sharePriceTRY 91.15Latest quoteTangible book / shareTRY 47.892024-12-31Result 1.90x
Price TRY 91.15.
Fixed-charge coverage
0.71xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 97.95BebitdaCapexTRY 50.93BcapitalExpendituresInterestTRY 15.00BinterestExpenseShort-term debtTRY 50.86BshortLongTermDebtEBITDA − capexTRY 47.02BPrincipal due is the current portion of debt.Result 0.71x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.2%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flowTRY 12.33BfreeCashFlowMarket capTRY 198.38BMarketCapitalizationResult 6.2%
Latest free cash flow divided by current market cap (TRY 198.38B).
ROIC
9.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 30.45BoperatingIncomeTax expenseTRY 6.37BtaxProvisionPretax incomeTRY 20.88BincomeBeforeTaxTax rate30.5%EquityTRY 186.97BtotalStockholderEquityDebtTRY 99.52BlongTermDebt + shortLongTermDebtCashTRY 68.93BcashInvested capitalTRY 217.55BResult 9.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 28.7%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 9.67BpropertyPlantEquipmentInventoryTRY 104.10MinventoryTotal assetsTRY 33.98BtotalAssetsResult 28.7% | 1.82xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenueTRY 17.63BtotalRevenueNet PP&ETRY 9.67BpropertyPlantEquipmentResult 1.82x | 1.13xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapexTRY 2.94BcapitalExpendituresD&ATRY 2.60BreconciledDepreciationResult 1.13x | TRY 3.06Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 33.98BtotalAssetsGoodwillTRY 32.83MgoodWillIntangiblesTRY 8.31BintangibleAssetsLiabilitiesTRY 18.94BtotalLiabTangible bookTRY 6.70BShares2,193,184,437commonStockSharesOutstandingResult TRY 3.06 | 0.69xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 5.87BebitdaCapexTRY 2.94BcapitalExpendituresInterestTRY 0.00interestExpenseShort-term debtTRY 4.26BshortTermDebtEBITDA − capexTRY 2.93BPrincipal due is short-term debt.Result 0.69x | -TRY 1.01BFree cash flow · 2017-12-31Reported free cash flowOperating cash flowTRY 3.10BtotalCashFromOperatingActivitiesCapexTRY 2.94BcapitalExpendituresFree cash flow-TRY 1.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 1.01B | 10.2%ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 2.97BoperatingIncomeTax expenseTRY 571.76MincomeTaxExpensePretax incomeTRY 2.61BincomeBeforeTaxTax rate21.9%EquityTRY 14.99BtotalStockholderEquityDebtTRY 12.41BlongTermDebt + shortLongTermDebtCashTRY 4.71BcashInvested capitalTRY 22.69BResult 10.2% | 0.31xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating incomeTRY 2.97BoperatingIncomeNet PP&ETRY 9.67BpropertyPlantEquipmentResult 0.31x |
| 2018 | 30.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 12.77BpropertyPlantEquipmentInventoryTRY 180.43MinventoryTotal assetsTRY 42.77BtotalAssetsResult 30.3% | 1.67xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueTRY 21.29BtotalRevenueNet PP&ETRY 12.77BpropertyPlantEquipmentResult 1.67x | 0.74xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexTRY 3.17BcapitalExpendituresD&ATRY 4.29BreconciledDepreciationResult 0.74x | TRY 2.59Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 42.77BtotalAssetsGoodwillTRY 32.83MgoodWillIntangiblesTRY 10.35BintangibleAssetsLiabilitiesTRY 26.71BtotalLiabTangible bookTRY 5.67BShares2,191,565,796commonStockSharesOutstandingResult TRY 2.59 | 0.62xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 7.77BebitdaCapexTRY 3.17BcapitalExpendituresInterestTRY 807.12MinterestExpenseShort-term debtTRY 6.65BshortTermDebtEBITDA − capexTRY 4.60BPrincipal due is short-term debt.Result 0.62x | TRY 399.48MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowTRY 5.83BtotalCashFromOperatingActivitiesCapexTRY 3.17BcapitalExpendituresFree cash flowTRY 399.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 399.48M | 14.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 4.71BoperatingIncomeTax expenseTRY 495.48MincomeTaxExpensePretax incomeTRY 2.67BincomeBeforeTaxTax rate18.5%EquityTRY 15.92BtotalStockholderEquityDebtTRY 18.74BlongTermDebt + shortLongTermDebtCashTRY 7.42BcashInvested capitalTRY 27.24BResult 14.1% | 0.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeTRY 4.71BoperatingIncomeNet PP&ETRY 12.77BpropertyPlantEquipmentResult 0.37x |
| 2019 | 31.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 14.24BpropertyPlantEquipmentInventoryTRY 178.40MinventoryTotal assetsTRY 45.71BtotalAssetsResult 31.5% | 1.77xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueTRY 25.14BtotalRevenueNet PP&ETRY 14.24BpropertyPlantEquipmentResult 1.77x | 0.63xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexTRY 3.20BcapitalExpendituresD&ATRY 5.05BreconciledDepreciationResult 0.63x | TRY 2.92Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 45.71BtotalAssetsGoodwillTRY 32.83MgoodWillIntangiblesTRY 11.68BintangibleAssetsLiabilitiesTRY 27.63BtotalLiabTangible bookTRY 6.37BShares2,183,922,483commonStockSharesOutstandingResult TRY 2.92 | 0.75xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 9.20BebitdaCapexTRY 3.20BcapitalExpendituresInterestTRY 864.49MinterestExpenseShort-term debtTRY 7.20BshortTermDebtEBITDA − capexTRY 6.01BPrincipal due is short-term debt.Result 0.75x | TRY 3.17BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowTRY 9.88BtotalCashFromOperatingActivitiesCapexTRY 3.20BcapitalExpendituresFree cash flowTRY 3.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 3.17B | 15.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 5.37BoperatingIncomeTax expenseTRY 785.63MincomeTaxExpensePretax incomeTRY 3.29BincomeBeforeTaxTax rate23.9%EquityTRY 18.05BtotalStockholderEquityDebtTRY 18.77BlongTermDebt + shortLongTermDebtCashTRY 10.24BcashInvested capitalTRY 26.58BResult 15.4% | 0.38xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeTRY 5.37BoperatingIncomeNet PP&ETRY 14.24BpropertyPlantEquipmentResult 0.38x |
| 2020 | 32.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 16.44BpropertyPlantAndEquipmentNetInventoryTRY 203.72MinventoryTotal assetsTRY 51.50BtotalAssetsResult 32.3% | 1.77xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueTRY 29.10BtotalRevenueNet PP&ETRY 16.44BpropertyPlantAndEquipmentNetResult 1.77x | 0.65xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexTRY 3.90BcapitalExpendituresD&ATRY 5.97BreconciledDepreciationResult 0.65x | TRY 3.67Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 51.50BtotalAssetsGoodwillTRY 40.01MgoodWillIntangiblesTRY 12.73BintangibleAssetsLiabilitiesTRY 30.71BtotalLiabTangible bookTRY 8.02BShares2,183,106,193commonStockSharesOutstandingResult TRY 3.67 | 1.37xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 11.41BebitdaCapexTRY 3.90BcapitalExpendituresInterestTRY 811.44MinterestExpenseShort-term debtTRY 4.66BshortLongTermDebtEBITDA − capexTRY 7.51BPrincipal due is the current portion of debt.Result 1.37x | TRY 5.31BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowTRY 14.09BtotalCashFromOperatingActivitiesCapexTRY 3.90BcapitalExpendituresFree cash flowTRY 5.31BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 5.31B | 19.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 6.12BoperatingIncomeTax expenseTRY 387.19MincomeTaxExpensePretax incomeTRY 4.63BincomeBeforeTaxTax rate8.4%EquityTRY 20.78BtotalStockholderEquityDebtTRY 19.49BlongTermDebt + shortLongTermDebtCashTRY 11.86BcashInvested capitalTRY 28.41BResult 19.7% | 0.37xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeTRY 6.12BoperatingIncomeNet PP&ETRY 16.44BpropertyPlantAndEquipmentNetResult 0.37x |
| 2021 | 30.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 21.16BpropertyPlantAndEquipmentNetInventoryTRY 260.54MinventoryTotal assetsTRY 70.68BtotalAssetsResult 30.3% | 1.70xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 35.92BtotalRevenueNet PP&ETRY 21.16BpropertyPlantAndEquipmentNetResult 1.70x | 0.77xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 5.57BcapitalExpendituresD&ATRY 7.25BreconciledDepreciationResult 0.77x | TRY 3.31Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 70.68BtotalAssetsGoodwillTRY 48.42MgoodWillIntangiblesTRY 15.29BintangibleAssetsLiabilitiesTRY 48.12BtotalLiabTangible bookTRY 7.22BShares2,183,106,193commonStockSharesOutstandingResult TRY 3.31 | 0.80xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 12.71BebitdaCapexTRY 5.57BcapitalExpendituresInterestTRY 918.09MinterestExpenseShort-term debtTRY 7.96BshortLongTermDebtEBITDA − capexTRY 7.14BPrincipal due is the current portion of debt.Result 0.80x | TRY 10.07BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowTRY 21.17BtotalCashFromOperatingActivitiesCapexTRY 5.57BcapitalExpendituresFree cash flowTRY 10.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 10.07B | 21.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 7.99BoperatingIncomeTax expense-TRY 490.18MincomeTaxExpensePretax incomeTRY 4.54BincomeBeforeTaxTax rate0.0%EquityTRY 22.56BtotalStockholderEquityDebtTRY 33.87BlongTermDebt + shortLongTermDebtCashTRY 18.63BcashInvested capitalTRY 37.81BResult 21.1% | 0.38xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 7.99BoperatingIncomeNet PP&ETRY 21.16BpropertyPlantAndEquipmentNetResult 0.38x |
| 2022 | 24.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 24.97BpropertyPlantEquipmentInventoryTRY 277.67MinventoryTotal assetsTRY 101.26BtotalAssetsResult 24.9% | 2.16xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 53.88BtotalRevenueNet PP&ETRY 24.97BpropertyPlantEquipmentResult 2.16x | 0.78xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 7.22BcapitalExpendituresD&ATRY 9.29BreconciledDepreciationResult 0.78x | TRY 5.67Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 101.26BtotalAssetsGoodwillTRY 48.42MgoodWillIntangiblesTRY 18.48BintangibleAssetsLiabilitiesTRY 70.37BtotalLiabTangible bookTRY 12.36BShares2,182,106,193commonStockSharesOutstandingResult TRY 5.67 | 0.67xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 19.94BebitdaCapexTRY 7.22BcapitalExpendituresInterestTRY 3.11BinterestExpenseShort-term debtTRY 15.85BshortLongTermDebtEBITDA − capexTRY 12.72BPrincipal due is the current portion of debt.Result 0.67x | TRY 11.07BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowTRY 25.15BtotalCashFromOperatingActivitiesCapexTRY 7.22BcapitalExpendituresFree cash flowTRY 11.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 11.07B | 22.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 12.68BoperatingIncomeTax expense-TRY 3.52BincomeTaxExpensePretax incomeTRY 7.54BincomeBeforeTaxTax rate0.0%EquityTRY 30.89BtotalStockholderEquityDebtTRY 50.80BlongTermDebt + shortLongTermDebtCashTRY 26.12BcashInvested capitalTRY 55.57BResult 22.8% | 0.51xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 12.68BoperatingIncomeNet PP&ETRY 24.97BpropertyPlantEquipmentResult 0.51x |
| 2023 | 30.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 75.74BpropertyPlantAndEquipmentNetInventoryTRY 540.51MinventoryTotal assetsTRY 247.08BtotalAssetsResult 30.9% | 2.67xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 202.43BtotalRevenueNet PP&ETRY 75.74BpropertyPlantAndEquipmentNetResult 2.67x | 0.47xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 29.50BcapitalExpendituresD&ATRY 63.25BreconciledDepreciationResult 0.47x | TRY 29.01Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 247.08BtotalAssetsGoodwillTRY 407.93MgoodWillIntangiblesTRY 58.53BintangibleAssetsLiabilitiesTRY 124.85BtotalLiabTangible bookTRY 63.30BShares2,182,106,193commonStockSharesOutstandingResult TRY 29.01 | 1.54xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 85.40BebitdaCapexTRY 29.50BcapitalExpendituresInterestTRY 11.03BinterestExpenseShort-term debtTRY 25.37BshortLongTermDebtEBITDA − capexTRY 55.90BPrincipal due is the current portion of debt.Result 1.54x | TRY 12.22BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowTRY 41.72BtotalCashFromOperatingActivitiesCapexTRY 29.50BcapitalExpendituresFree cash flowTRY 12.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 12.22B | 16.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 25.68BoperatingIncomeTax expense-TRY 8.84BtaxProvisionPretax incomeTRY 11.12BincomeBeforeTaxTax rate0.0%EquityTRY 122.25BtotalStockholderEquityDebtTRY 81.66BlongTermDebt + shortLongTermDebtCashTRY 49.98BcashInvested capitalTRY 153.93BResult 16.7% | 0.34xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeTRY 25.68BoperatingIncomeNet PP&ETRY 75.74BpropertyPlantAndEquipmentNetResult 0.34x |
| 2024 | 34.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 119.63BpropertyPlantAndEquipmentNetInventoryTRY 674.61MinventoryTotal assetsTRY 344.28BtotalAssetsResult 34.9% | 1.82xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 218.16BtotalRevenueNet PP&ETRY 119.63BpropertyPlantAndEquipmentNetResult 1.82x | 0.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 50.93BcapitalExpendituresD&ATRY 62.08BreconciledDepreciationResult 0.82x | TRY 47.89Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 344.28BtotalAssetsGoodwillTRY 588.96MgoodWillIntangiblesTRY 82.03BintangibleAssetsLiabilitiesTRY 157.31BtotalLiabTangible bookTRY 104.35BShares2,179,104,795commonStockSharesOutstandingResult TRY 47.89 | 0.71xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 97.95BebitdaCapexTRY 50.93BcapitalExpendituresInterestTRY 15.00BinterestExpenseShort-term debtTRY 50.86BshortLongTermDebtEBITDA − capexTRY 47.02BPrincipal due is the current portion of debt.Result 0.71x | TRY 12.33BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowTRY 63.26BtotalCashFromOperatingActivitiesCapexTRY 50.93BcapitalExpendituresFree cash flowTRY 12.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 12.33B | 9.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 30.45BoperatingIncomeTax expenseTRY 6.37BtaxProvisionPretax incomeTRY 20.88BincomeBeforeTaxTax rate30.5%EquityTRY 186.97BtotalStockholderEquityDebtTRY 99.52BlongTermDebt + shortLongTermDebtCashTRY 68.93BcashInvested capitalTRY 217.55BResult 9.7% | 0.25xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeTRY 30.45BoperatingIncomeNet PP&ETRY 119.63BpropertyPlantAndEquipmentNetResult 0.25x |
- Principal due is the current portion of debt.
Latest year inputs (2024)
Net PP&E: TRY 119.63B
Inventory: TRY 674.61M
Total assets: TRY 344.28B
Goodwill: TRY 588.96M
Intangibles: TRY 82.03B
Liabilities: TRY 157.31B
Tangible book: TRY 104.35B
Shares: 2,179,104,795
Revenue: TRY 218.16B
Capex: TRY 50.93B
D&A: TRY 62.08B
EBITDA: TRY 97.95B
Interest: TRY 15.00B
Short-term debt: TRY 50.86B
Free cash flow: TRY 12.33B
Operating income: TRY 30.45B
Invested capital: TRY 217.55B
Tax rate: 30.5%