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.
Nokian Renkaat Oyj
Physical assets are 72.7% of total assets, a heavy footprint. Capex is 1.12x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.20x, which is below 1.
Fixed-asset turnover is 1.09x. Compare it with other names in the same basket.
Physical asset ratio
72.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.26BpropertyPlantEquipmentInventory€425.40MinventoryTotal assets€2.31BtotalAssetsResult 72.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.09xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€1.37BtotalRevenueNet PP&E€1.26BpropertyPlantEquipmentResult 1.09x
Revenue per dollar of the physical asset base.
Capex / D&A
1.12xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€159.50McapitalExpendituresD&A€142.20MdepreciationAndAmortizationResult 1.12x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€7.82Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.31BtotalAssetsGoodwill€62.00MgoodWillIntangibles€23.80MintangibleAssetsLiabilities€1.15BtotalLiabTangible book€1.08BShares137,870,000commonStockSharesOutstandingResult €7.82
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.76xPrice / tangible bookPrice / tangible book per sharePrice€13.75Latest quoteTangible book / share€7.822025-12-31Result 1.76x
Price €13.75.
Fixed-charge coverage
0.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€178.00MebitdaCapex€159.50McapitalExpendituresInterest€41.80MinterestExpenseShort-term debt€52.40MshortLongTermDebtEBITDA − capex€18.50MPrincipal due is the current portion of debt.Result 0.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-€13.30MfreeCashFlowMarket cap€1.88BMarketCapitalizationResult -0.7%
Latest free cash flow divided by current market cap (€1.88B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€35.80MoperatingIncomeTax expense-€900.00KincomeTaxExpensePretax income-€15.90MincomeBeforeTaxTax rate—Equity€1.16BtotalStockholderEquityDebt€810.90MshortLongTermDebtTotalCash€146.90McashAndShortTermInvestmentsInvested capital€1.83BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.03x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 48.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€647.40MpropertyPlantAndEquipmentNetInventory€369.20MinventoryTotal assets€2.09BtotalAssetsResult 48.6% | 2.46xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€1.60BtotalRevenueNet PP&E€647.40MpropertyPlantAndEquipmentNetResult 2.46x | 2.48xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€226.50McapitalExpendituresD&A€91.50MdepreciationAndAmortizationResult 2.48x | €9.91Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.09BtotalAssetsGoodwill€83.60MgoodWillIntangibles€33.60MintangibleAssetsLiabilities€606.80MtotalLiabTangible book€1.37BShares138,144,000commonStockSharesOutstandingResult €9.91 | 1.77xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€458.40MebitdaCapex€226.50McapitalExpendituresInterest€5.20MinterestExpenseShort-term debt€126.00MshortTermDebtEBITDA − capex€231.90MPrincipal due is short-term debt.Result 1.77x | €310.40MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€536.90MtotalCashFromOperatingActivitiesCapex€226.50McapitalExpendituresFree cash flow€310.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €310.40M | 26.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€372.40MoperatingIncomeTax expense€66.50MincomeTaxExpensePretax income€361.70MincomeBeforeTaxTax rate18.4%Equity€1.49BtotalStockholderEquityDebt€132.30MshortLongTermDebtTotalCash€447.50McashAndShortTermInvestmentsInvested capital€1.17BResult 26.0% | 0.58xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€372.40MoperatingIncomeNet PP&E€647.40MpropertyPlantAndEquipmentNetResult 0.58x |
| 2019 | 59.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.01BpropertyPlantAndEquipmentNetInventory€387.00MinventoryTotal assets€2.33BtotalAssetsResult 59.8% | 1.58xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€1.60BtotalRevenueNet PP&E€1.01BpropertyPlantAndEquipmentNetResult 1.58x | 2.32xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€290.10McapitalExpendituresD&A€125.20MdepreciationAndAmortizationResult 2.32x | €11.92Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.33BtotalAssetsGoodwill€84.40MgoodWillIntangibles€35.10MintangibleAssetsLiabilities€562.90MtotalLiabTangible book€1.65BShares138,383,000commonStockSharesOutstandingResult €11.92 | 15.99xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€472.40MebitdaCapex€290.10McapitalExpendituresInterest€10.50MinterestExpenseShort-term debt€900.00KshortLongTermDebtEBITDA − capex€182.30MPrincipal due is the current portion of debt.Result 15.99x | -€70.30MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€219.80MtotalCashFromOperatingActivitiesCapex€290.10McapitalExpendituresFree cash flow-€70.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€70.30M | 18.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€316.50MoperatingIncomeTax expense-€63.10MincomeTaxExpensePretax income€336.70MincomeBeforeTaxTax rate0.0%Equity€1.77BtotalStockholderEquityDebt€135.20MlongTermDebt + shortLongTermDebtCash€218.80McashAndShortTermInvestmentsInvested capital€1.69BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.8% | 0.31xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€316.50MoperatingIncomeNet PP&E€1.01BpropertyPlantAndEquipmentNetResult 0.31x |
| 2020 | 55.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€976.90MpropertyPlantAndEquipmentNetInventory€329.40MinventoryTotal assets€2.34BtotalAssetsResult 55.9% | 1.34xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€1.31BtotalRevenueNet PP&E€976.90MpropertyPlantAndEquipmentNetResult 1.34x | 1.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€149.90McapitalExpendituresD&A€131.00MdepreciationAndAmortizationResult 1.14x | €10.24Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.34BtotalAssetsGoodwill€79.50MgoodWillIntangibles€23.50MintangibleAssetsLiabilities€815.40MtotalLiabTangible book€1.42BShares138,457,000commonStockSharesOutstandingResult €10.24 | 0.45xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€247.20MebitdaCapex€149.90McapitalExpendituresInterest€10.20MinterestExpenseShort-term debt€204.30MshortLongTermDebtEBITDA − capex€97.30MPrincipal due is the current portion of debt.Result 0.45x | €272.50MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€422.40MtotalCashFromOperatingActivitiesCapex€149.90McapitalExpendituresFree cash flow€272.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €272.50M | 6.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€120.00MoperatingIncomeTax expense€20.00MincomeTaxExpensePretax income€106.00MincomeBeforeTaxTax rate18.9%Equity€1.52BtotalStockholderEquityDebt€487.00MshortLongTermDebtTotalCash€504.20McashAndShortTermInvestmentsInvested capital€1.50BResult 6.5% | 0.12xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€120.00MoperatingIncomeNet PP&E€976.90MpropertyPlantAndEquipmentNetResult 0.12x |
| 2021 | 60.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.02BpropertyPlantAndEquipmentNetInventory€415.10MinventoryTotal assets€2.38BtotalAssetsResult 60.4% | 1.67xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€1.71BtotalRevenueNet PP&E€1.02BpropertyPlantAndEquipmentNetResult 1.67x | 0.85xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€119.60McapitalExpendituresD&A€140.50MdepreciationAndAmortizationResult 0.85x | €11.15Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.38BtotalAssetsGoodwill€65.30MgoodWillIntangibles€21.50MintangibleAssetsLiabilities€755.90MtotalLiabTangible book€1.54BShares138,224,000commonStockSharesOutstandingResult €11.15 | 29.10xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€407.70MebitdaCapex€119.60McapitalExpendituresInterest€9.00MinterestExpenseShort-term debt€900.00KshortLongTermDebtEBITDA − capex€288.10MPrincipal due is the current portion of debt.Result 29.10x | €276.90MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€396.50MtotalCashFromOperatingActivitiesCapex€119.60McapitalExpendituresFree cash flow€276.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €276.90M | 15.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€268.20MoperatingIncomeTax expense€52.00MincomeTaxExpensePretax income€258.20MincomeBeforeTaxTax rate20.1%Equity€1.63BtotalStockholderEquityDebt€129.30MlongTermDebt + shortLongTermDebtCash€385.90McashAndShortTermInvestmentsInvested capital€1.37BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.6% | 0.26xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€268.20MoperatingIncomeNet PP&E€1.02BpropertyPlantAndEquipmentNetResult 0.26x |
| 2022 | 64.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€898.80MpropertyPlantEquipmentInventory€529.90MinventoryTotal assets€2.21BtotalAssetsResult 64.7% | 1.98xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€1.78BtotalRevenueNet PP&E€898.80MpropertyPlantEquipmentResult 1.98x | 0.81xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€125.20McapitalExpendituresD&A€154.90MdepreciationAndAmortizationResult 0.81x | €9.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.21BtotalAssetsGoodwill€63.50MgoodWillIntangibles€15.50MintangibleAssetsLiabilities€776.60MtotalLiabTangible book€1.35BShares138,247,000commonStockSharesOutstandingResult €9.79 | 0.25xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€168.60MebitdaCapex€125.20McapitalExpendituresInterest€10.50MinterestExpenseShort-term debt€162.20MshortLongTermDebtEBITDA − capex€43.40MPrincipal due is the current portion of debt.Result 0.25x | -€129.50MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-€4.30MtotalCashFromOperatingActivitiesCapex€125.20McapitalExpendituresFree cash flow-€129.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€129.50M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€111.70MoperatingIncomeTax expense€29.20MincomeTaxExpensePretax income-€146.30MincomeBeforeTaxTax rate—Equity€1.43BtotalStockholderEquityDebt€399.90MshortLongTermDebtTotalCash€259.00McashAndShortTermInvestmentsInvested capital€1.57BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.12xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-€111.70MoperatingIncomeNet PP&E€898.80MpropertyPlantEquipmentResult -0.12x |
| 2023 | 63.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.01BpropertyPlantEquipmentInventory€471.70MinventoryTotal assets€2.33BtotalAssetsResult 63.7% | 1.16xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€1.17BtotalRevenueNet PP&E€1.01BpropertyPlantEquipmentResult 1.16x | 2.19xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€252.20McapitalExpendituresD&A€115.10MdepreciationAndAmortizationResult 2.19x | €9.21Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.33BtotalAssetsGoodwill€62.30MgoodWillIntangibles€13.80MintangibleAssetsLiabilities€977.60MtotalLiabTangible book€1.27BShares137,982,000commonStockSharesOutstandingResult €9.21 | -0.80xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€149.10MebitdaCapex€252.20McapitalExpendituresInterest€25.10MinterestExpenseShort-term debt€104.20MshortLongTermDebtEBITDA − capex-€103.10MPrincipal due is the current portion of debt.Result -0.80x | -€169.80MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€82.40MtotalCashFromOperatingActivitiesCapex€252.20McapitalExpendituresFree cash flow-€169.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€169.80M | 1.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€32.10MoperatingIncomeTax expense€1.70MincomeTaxExpensePretax income€14.20MincomeBeforeTaxTax rate12.0%Equity€1.35BtotalStockholderEquityDebt€638.50MshortLongTermDebtTotalCash€414.90McashAndShortTermInvestmentsInvested capital€1.57BResult 1.8% | 0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€32.10MoperatingIncomeNet PP&E€1.01BpropertyPlantEquipmentResult 0.03x |
| 2024 | 72.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.30BpropertyPlantEquipmentInventory€452.10MinventoryTotal assets€2.42BtotalAssetsResult 72.3% | 0.99xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€1.29BtotalRevenueNet PP&E€1.30BpropertyPlantEquipmentResult 0.99x | 2.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€350.10McapitalExpendituresD&A€124.20MdepreciationAndAmortizationResult 2.82x | €8.66Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.42BtotalAssetsGoodwill€61.50MgoodWillIntangibles€16.70MintangibleAssetsLiabilities€1.15BtotalLiabTangible book€1.19BShares137,869,000commonStockSharesOutstandingResult €8.66 | -5.32xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€131.00MebitdaCapex€350.10McapitalExpendituresInterest€38.30MinterestExpenseShort-term debt€2.90MshortLongTermDebtEBITDA − capex-€219.10MPrincipal due is the current portion of debt.Result -5.32x | -€272.70MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€77.40MtotalCashFromOperatingActivitiesCapex€350.10McapitalExpendituresFree cash flow-€272.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€272.70M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.80MoperatingIncomeTax expense-€8.70MincomeTaxExpensePretax income-€31.50MincomeBeforeTaxTax rate—Equity€1.27BtotalStockholderEquityDebt€789.20MshortLongTermDebtTotalCash€176.10McashAndShortTermInvestmentsInvested capital€1.89BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€1.80MoperatingIncomeNet PP&E€1.30BpropertyPlantEquipmentResult 0.00x |
| 2025 | 72.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.26BpropertyPlantEquipmentInventory€425.40MinventoryTotal assets€2.31BtotalAssetsResult 72.7% | 1.09xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€1.37BtotalRevenueNet PP&E€1.26BpropertyPlantEquipmentResult 1.09x | 1.12xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€159.50McapitalExpendituresD&A€142.20MdepreciationAndAmortizationResult 1.12x | €7.82Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.31BtotalAssetsGoodwill€62.00MgoodWillIntangibles€23.80MintangibleAssetsLiabilities€1.15BtotalLiabTangible book€1.08BShares137,870,000commonStockSharesOutstandingResult €7.82 | 0.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€178.00MebitdaCapex€159.50McapitalExpendituresInterest€41.80MinterestExpenseShort-term debt€52.40MshortLongTermDebtEBITDA − capex€18.50MPrincipal due is the current portion of debt.Result 0.20x | -€13.30MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€146.20MtotalCashFromOperatingActivitiesCapex€159.50McapitalExpendituresFree cash flow-€13.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€13.30M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€35.80MoperatingIncomeTax expense-€900.00KincomeTaxExpensePretax income-€15.90MincomeBeforeTaxTax rate—Equity€1.16BtotalStockholderEquityDebt€810.90MshortLongTermDebtTotalCash€146.90McashAndShortTermInvestmentsInvested capital€1.83BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€35.80MoperatingIncomeNet PP&E€1.26BpropertyPlantEquipmentResult 0.03x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €1.26B
Inventory: €425.40M
Total assets: €2.31B
Goodwill: €62.00M
Intangibles: €23.80M
Liabilities: €1.15B
Tangible book: €1.08B
Shares: 137,870,000
Revenue: €1.37B
Capex: €159.50M
D&A: €142.20M
EBITDA: €178.00M
Interest: €41.80M
Short-term debt: €52.40M
Free cash flow: -€13.30M
Operating income: €35.80M
Invested capital: €1.83B
Tax rate: —