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.
Asseco Poland S.A.
Physical assets are 8.9% of total assets, a light footprint. Capex is 0.39x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 14.4%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 9.74x.
Physical asset ratio
8.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetInventoryPLN 324.20MinventoryTotal assetsPLN 23.06BtotalAssetsResult 8.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.74xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 16.78BtotalRevenueNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetResult 9.74x
Revenue per dollar of the physical asset base.
Capex / D&A
0.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 291.30McapitalExpendituresD&APLN 740.70MdepreciationAndAmortizationResult 0.39x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
PLN 84.85Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 23.06BtotalAssetsGoodwillPLN 5.58BgoodWillIntangiblesPLN 1.52BintangibleAssetsLiabilitiesPLN 10.17BtotalLiabTangible bookPLN 5.79BShares68,191,431commonStockSharesOutstandingResult PLN 84.85
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.70xPrice / tangible bookPrice / tangible book per sharePricePLN 228.80Latest quoteTangible book / sharePLN 84.852025-12-31Result 2.70x
Price PLN 228.80.
Fixed-charge coverage
1.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.36BebitdaCapexPLN 291.30McapitalExpendituresInterestPLN 201.10MinterestExpenseShort-term debtPLN 1.14BshortLongTermDebtEBITDA − capexPLN 2.07BPrincipal due is the current portion of debt.Result 1.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
14.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowPLN 2.59BfreeCashFlowMarket capPLN 18.42BMarketCapitalizationResult 14.1%
Latest free cash flow divided by current market cap (PLN 18.42B).
ROIC
14.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.62BoperatingIncomeTax expensePLN 307.50MincomeTaxExpensePretax incomePLN 1.47BincomeBeforeTaxTax rate20.9%EquityPLN 12.89BtotalStockholderEquityDebtPLN 3.31BshortLongTermDebtTotalCashPLN 7.31BcashAndShortTermInvestmentsInvested capitalPLN 8.89BResult 14.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.94x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 7.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 828.40MpropertyPlantEquipmentInventoryPLN 94.30MinventoryTotal assetsPLN 12.64BtotalAssetsResult 7.3% | 11.26xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenuePLN 9.33BtotalRevenueNet PP&EPLN 828.40MpropertyPlantEquipmentResult 11.26x | 0.52xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexPLN 240.30McapitalExpendituresD&APLN 459.50MdepreciationAndAmortizationResult 0.52x | PLN 17.11Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 12.64BtotalAssetsGoodwillPLN 4.25BgoodWillIntangiblesPLN 1.99BintangibleAssetsLiabilitiesPLN 4.98BtotalLiabTangible bookPLN 1.42BShares83,000,303commonStockSharesOutstandingResult PLN 17.11 | 1.57xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.25BebitdaCapexPLN 240.30McapitalExpendituresInterestPLN 61.80MinterestExpenseShort-term debtPLN 581.60MshortLongTermDebtEBITDA − capexPLN 1.01BPrincipal due is the current portion of debt.Result 1.57x | PLN 760.40MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowPLN 1.00BtotalCashFromOperatingActivitiesCapexPLN 240.30McapitalExpendituresFree cash flowPLN 760.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 760.40M | 11.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 796.80MoperatingIncomeTax expensePLN 182.30MincomeTaxExpensePretax incomePLN 774.00MincomeBeforeTaxTax rate23.6%EquityPLN 5.72BtotalStockholderEquityDebtPLN 1.73BshortLongTermDebtTotalCashPLN 1.92BcashAndShortTermInvestmentsInvested capitalPLN 5.53BResult 11.0% | 0.96xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomePLN 796.80MoperatingIncomeNet PP&EPLN 828.40MpropertyPlantEquipmentResult 0.96x |
| 2019 | 11.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.51BpropertyPlantEquipmentInventoryPLN 122.60MinventoryTotal assetsPLN 14.60BtotalAssetsResult 11.2% | 7.07xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenuePLN 10.67BtotalRevenueNet PP&EPLN 1.51BpropertyPlantEquipmentResult 7.07x | 0.50xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexPLN 319.70McapitalExpendituresD&APLN 637.00MdepreciationAndAmortizationResult 0.50x | PLN 15.78Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 14.60BtotalAssetsGoodwillPLN 4.58BgoodWillIntangiblesPLN 2.10BintangibleAssetsLiabilitiesPLN 6.62BtotalLiabTangible bookPLN 1.31BShares83,000,303commonStockSharesOutstandingResult PLN 15.78 | 1.64xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.62BebitdaCapexPLN 319.70McapitalExpendituresInterestPLN 99.10MinterestExpenseShort-term debtPLN 689.40MshortLongTermDebtEBITDA − capexPLN 1.30BPrincipal due is the current portion of debt.Result 1.64x | PLN 1.18BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowPLN 1.50BtotalCashFromOperatingActivitiesCapexPLN 319.70McapitalExpendituresFree cash flowPLN 1.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.18B | 9.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 976.20MoperatingIncomeTax expensePLN 191.00MincomeTaxExpensePretax incomePLN 888.10MincomeBeforeTaxTax rate21.5%EquityPLN 7.98BtotalStockholderEquityDebtPLN 2.74BshortLongTermDebtTotalCashPLN 2.32BcashAndShortTermInvestmentsInvested capitalPLN 8.41BResult 9.1% | 0.65xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomePLN 976.20MoperatingIncomeNet PP&EPLN 1.51BpropertyPlantEquipmentResult 0.65x |
| 2020 | 10.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.64BpropertyPlantEquipmentInventoryPLN 186.90MinventoryTotal assetsPLN 16.70BtotalAssetsResult 10.9% | 7.44xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenuePLN 12.19BtotalRevenueNet PP&EPLN 1.64BpropertyPlantEquipmentResult 7.44x | 0.44xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexPLN 314.00McapitalExpendituresD&APLN 707.50MdepreciationAndAmortizationResult 0.44x | PLN 18.73Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 16.70BtotalAssetsGoodwillPLN 5.13BgoodWillIntangiblesPLN 2.27BintangibleAssetsLiabilitiesPLN 7.75BtotalLiabTangible bookPLN 1.55BShares83,000,303commonStockSharesOutstandingResult PLN 18.73 | 1.94xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.90BebitdaCapexPLN 314.00McapitalExpendituresInterestPLN 111.60MinterestExpenseShort-term debtPLN 703.10MshortLongTermDebtEBITDA − capexPLN 1.58BPrincipal due is the current portion of debt.Result 1.94x | PLN 1.65BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowPLN 1.96BtotalCashFromOperatingActivitiesCapexPLN 314.00McapitalExpendituresFree cash flowPLN 1.65BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.65B | 10.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.22BoperatingIncomeTax expensePLN 215.80MincomeTaxExpensePretax incomePLN 1.08BincomeBeforeTaxTax rate20.0%EquityPLN 8.96BtotalStockholderEquityDebtPLN 2.98BshortLongTermDebtTotalCashPLN 3.06BcashAndShortTermInvestmentsInvested capitalPLN 8.89BResult 10.9% | 0.74xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomePLN 1.22BoperatingIncomeNet PP&EPLN 1.64BpropertyPlantEquipmentResult 0.74x |
| 2021 | 10.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.74BpropertyPlantEquipmentInventoryPLN 202.50MinventoryTotal assetsPLN 18.57BtotalAssetsResult 10.4% | 8.35xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenuePLN 14.50BtotalRevenueNet PP&EPLN 1.74BpropertyPlantEquipmentResult 8.35x | 0.38xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexPLN 298.50McapitalExpendituresD&APLN 790.30MdepreciationAndAmortizationResult 0.38x | PLN 18.92Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 18.57BtotalAssetsGoodwillPLN 5.61BgoodWillIntangiblesPLN 2.47BintangibleAssetsLiabilitiesPLN 8.92BtotalLiabTangible bookPLN 1.57BShares83,000,303commonStockSharesOutstandingResult PLN 18.92 | 1.73xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.24BebitdaCapexPLN 298.50McapitalExpendituresInterestPLN 104.60MinterestExpenseShort-term debtPLN 1.02BshortLongTermDebtEBITDA − capexPLN 1.94BPrincipal due is the current portion of debt.Result 1.73x | PLN 1.47BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowPLN 1.59BtotalCashFromOperatingActivitiesCapexPLN 298.50McapitalExpendituresFree cash flowPLN 1.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.47B | 11.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.46BoperatingIncomeTax expensePLN 292.40MincomeTaxExpensePretax incomePLN 1.34BincomeBeforeTaxTax rate21.9%EquityPLN 9.65BtotalStockholderEquityDebtPLN 3.43BshortLongTermDebtTotalCashPLN 3.20BcashAndShortTermInvestmentsInvested capitalPLN 9.88BResult 11.5% | 0.84xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomePLN 1.46BoperatingIncomeNet PP&EPLN 1.74BpropertyPlantEquipmentResult 0.84x |
| 2022 | 10.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.78BpropertyPlantEquipmentInventoryPLN 326.00MinventoryTotal assetsPLN 20.13BtotalAssetsResult 10.5% | 9.74xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenuePLN 17.37BtotalRevenueNet PP&EPLN 1.78BpropertyPlantEquipmentResult 9.74x | 0.47xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexPLN 422.90McapitalExpendituresD&APLN 892.90MdepreciationAndAmortizationResult 0.47x | PLN 22.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 20.13BtotalAssetsGoodwillPLN 5.94BgoodWillIntangiblesPLN 2.38BintangibleAssetsLiabilitiesPLN 9.92BtotalLiabTangible bookPLN 1.89BShares83,000,303commonStockSharesOutstandingResult PLN 22.79 | 1.84xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.76BebitdaCapexPLN 422.90McapitalExpendituresInterestPLN 126.70MinterestExpenseShort-term debtPLN 1.15BshortLongTermDebtEBITDA − capexPLN 2.34BPrincipal due is the current portion of debt.Result 1.84x | PLN 1.43BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowPLN 1.85BtotalCashFromOperatingActivitiesCapexPLN 422.90McapitalExpendituresFree cash flowPLN 1.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.43B | 13.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.79BoperatingIncomeTax expensePLN 384.80MincomeTaxExpensePretax incomePLN 1.74BincomeBeforeTaxTax rate22.1%EquityPLN 10.21BtotalStockholderEquityDebtPLN 3.97BshortLongTermDebtTotalCashPLN 3.75BcashAndShortTermInvestmentsInvested capitalPLN 10.43BResult 13.4% | 1.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomePLN 1.79BoperatingIncomeNet PP&EPLN 1.78BpropertyPlantEquipmentResult 1.01x |
| 2023 | 10.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetInventoryPLN 325.90MinventoryTotal assetsPLN 18.84BtotalAssetsResult 10.9% | 9.82xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenuePLN 16.90BtotalRevenueNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetResult 9.82x | 0.24xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexPLN 207.30McapitalExpendituresD&APLN 874.40MdepreciationAndAmortizationResult 0.24x | PLN 15.31Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 18.84BtotalAssetsGoodwillPLN 5.88BgoodWillIntangiblesPLN 1.99BintangibleAssetsLiabilitiesPLN 9.77BtotalLiabTangible bookPLN 1.21BShares78,861,933commonStockSharesOutstandingResult PLN 15.31 | 1.85xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.59BebitdaCapexPLN 207.30McapitalExpendituresInterestPLN 187.00MinterestExpenseShort-term debtPLN 1.10BshortLongTermDebtEBITDA − capexPLN 2.38BPrincipal due is the current portion of debt.Result 1.85x | PLN 2.28BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowPLN 2.49BtotalCashFromOperatingActivitiesCapexPLN 207.30McapitalExpendituresFree cash flowPLN 2.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.28B | 21.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.62BoperatingIncomeTax expensePLN 317.20MincomeTaxExpensePretax incomePLN 1.53BincomeBeforeTaxTax rate20.8%EquityPLN 5.30BtotalStockholderEquityDebtPLN 4.10BshortLongTermDebtTotalCashPLN 3.30BcashAndShortTermInvestmentsInvested capitalPLN 6.11BResult 21.1% | 0.94xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomePLN 1.62BoperatingIncomeNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetResult 0.94x |
| 2024 | 11.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.88BpropertyPlantAndEquipmentNetInventoryPLN 374.60MinventoryTotal assetsPLN 20.33BtotalAssetsResult 11.1% | 8.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenuePLN 15.02BtotalRevenueNet PP&EPLN 1.88BpropertyPlantAndEquipmentNetResult 8.00x | 0.45xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexPLN 318.50McapitalExpendituresD&APLN 711.70MdepreciationAndAmortizationResult 0.45x | PLN 20.58Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 20.33BtotalAssetsGoodwillPLN 6.22BgoodWillIntangiblesPLN 2.02BintangibleAssetsLiabilitiesPLN 10.68BtotalLiabTangible bookPLN 1.40BShares68,191,000commonStockSharesOutstandingResult PLN 20.58 | 1.68xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.71BebitdaCapexPLN 318.50McapitalExpendituresInterestPLN 236.20MinterestExpenseShort-term debtPLN 1.19BshortLongTermDebtEBITDA − capexPLN 2.39BPrincipal due is the current portion of debt.Result 1.68x | PLN 1.99BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowPLN 2.35BtotalCashFromOperatingActivitiesCapexPLN 318.50McapitalExpendituresFree cash flowPLN 1.99BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.99B | 11.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.46BoperatingIncomeTax expensePLN 353.70MincomeTaxExpensePretax incomePLN 1.69BincomeBeforeTaxTax rate21.0%EquityPLN 9.65BtotalStockholderEquityDebtPLN 3.91BshortLongTermDebtTotalCashPLN 3.53BcashAndShortTermInvestmentsInvested capitalPLN 10.03BResult 11.5% | 0.78xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomePLN 1.46BoperatingIncomeNet PP&EPLN 1.88BpropertyPlantAndEquipmentNetResult 0.78x |
| 2025 | 8.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetInventoryPLN 324.20MinventoryTotal assetsPLN 23.06BtotalAssetsResult 8.9% | 9.74xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 16.78BtotalRevenueNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetResult 9.74x | 0.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 291.30McapitalExpendituresD&APLN 740.70MdepreciationAndAmortizationResult 0.39x | PLN 84.85Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 23.06BtotalAssetsGoodwillPLN 5.58BgoodWillIntangiblesPLN 1.52BintangibleAssetsLiabilitiesPLN 10.17BtotalLiabTangible bookPLN 5.79BShares68,191,431commonStockSharesOutstandingResult PLN 84.85 | 1.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.36BebitdaCapexPLN 291.30McapitalExpendituresInterestPLN 201.10MinterestExpenseShort-term debtPLN 1.14BshortLongTermDebtEBITDA − capexPLN 2.07BPrincipal due is the current portion of debt.Result 1.54x | PLN 2.59BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowPLN 2.88BtotalCashFromOperatingActivitiesCapexPLN 291.30McapitalExpendituresFree cash flowPLN 2.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.59B | 14.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.62BoperatingIncomeTax expensePLN 307.50MincomeTaxExpensePretax incomePLN 1.47BincomeBeforeTaxTax rate20.9%EquityPLN 12.89BtotalStockholderEquityDebtPLN 3.31BshortLongTermDebtTotalCashPLN 7.31BcashAndShortTermInvestmentsInvested capitalPLN 8.89BResult 14.4% | 0.94xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomePLN 1.62BoperatingIncomeNet PP&EPLN 1.72BpropertyPlantAndEquipmentNetResult 0.94x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: PLN 1.72B
Inventory: PLN 324.20M
Total assets: PLN 23.06B
Goodwill: PLN 5.58B
Intangibles: PLN 1.52B
Liabilities: PLN 10.17B
Tangible book: PLN 5.79B
Shares: 68,191,431
Revenue: PLN 16.78B
Capex: PLN 291.30M
D&A: PLN 740.70M
EBITDA: PLN 2.36B
Interest: PLN 201.10M
Short-term debt: PLN 1.14B
Free cash flow: PLN 2.59B
Operating income: PLN 1.62B
Invested capital: PLN 8.89B
Tax rate: 20.9%