Allegro.eu S.A.

ALE.WAR · Consumer Cyclical · Internet Retail · PLN · Fundamentals
Asset-light

Physical assets are 7.4% of total assets, a light footprint. Capex is 0.99x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 16.2%, above an 8% cost-of-capital hurdle.

Fixed-asset turnover is 8.28x. Compare it with other names in the same basket.

Physical asset ratio
7.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.38BpropertyPlantAndEquipmentNetInventoryPLN 102.60MinventoryTotal assetsPLN 20.15BtotalAssetsResult 7.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 11.46BtotalRevenueNet PP&EPLN 1.38BpropertyPlantAndEquipmentNetResult 8.28x
Revenue per dollar of the physical asset base.
Capex / D&A
0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 942.40McapitalExpendituresD&APLN 947.50MdepreciationAndAmortizationResult 0.99x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-PLN 2.64Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 20.15BtotalAssetsGoodwillPLN 8.82BgoodWillIntangiblesPLN 4.09BintangibleAssetsLiabilitiesPLN 10.00BtotalLiabTangible book-PLN 2.77BShares1,047,518,000commonStockSharesOutstandingResult -PLN 2.64
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePricePLN 59.80Latest quoteTangible book / share-PLN 2.642025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price PLN 59.80.
Fixed-charge coverage
4.46xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 3.13BebitdaCapexPLN 942.40McapitalExpendituresInterestPLN 489.50MinterestExpenseShort-term debtPLN 100.00KshortLongTermDebtEBITDA − capexPLN 2.18BPrincipal due is the current portion of debt.Result 4.46x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowPLN 2.17BfreeCashFlowMarket capPLN 59.82BMarketCapitalizationResult 3.6%
Latest free cash flow divided by current market cap (PLN 59.82B).
ROIC
16.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 2.18BoperatingIncomeTax expensePLN 165.50MincomeTaxExpensePretax incomePLN 1.86BincomeBeforeTaxTax rate8.9%EquityPLN 10.14BtotalStockholderEquityDebtPLN 5.64BshortLongTermDebtTotalCashPLN 3.55BcashInvested capitalPLN 12.24BResult 16.2%
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 1.57x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 1.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 164.09MpropertyPlantEquipmentInventoryPLN 8.23MinventoryTotal assetsPLN 14.76BtotalAssetsResult 1.2% 12.05xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenuePLN 1.98BtotalRevenueNet PP&EPLN 164.09MpropertyPlantEquipmentResult 12.05x 0.28xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexPLN 116.45McapitalExpendituresD&APLN 421.70MdepreciationAndAmortizationResult 0.28x -PLN 6.14Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 14.76BtotalAssetsGoodwillPLN 8.58BgoodWillIntangiblesPLN 4.84BintangibleAssetsLiabilitiesPLN 5.71BtotalLiabTangible book-PLN 4.37BShares711,253,184commonStockSharesOutstandingResult -PLN 6.14 1.86xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.10BebitdaCapexPLN 116.45McapitalExpendituresInterestPLN 318.35MinterestExpenseShort-term debtPLN 209.65MshortLongTermDebtEBITDA − capexPLN 983.92MPrincipal due is the current portion of debt.Result 1.86x PLN 802.16MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowPLN 918.61MtotalCashFromOperatingActivitiesCapexPLN 116.45McapitalExpendituresFree cash flowPLN 802.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 802.16M 3.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 676.27MoperatingIncomeTax expensePLN 88.42MincomeTaxExpensePretax incomePLN 360.32MincomeBeforeTaxTax rate24.5%EquityPLN 9.06BtotalStockholderEquityDebtPLN 4.73BshortLongTermDebtTotalCashPLN 800.43McashAndShortTermInvestmentsInvested capitalPLN 12.99BResult 3.9% 4.12xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomePLN 676.27MoperatingIncomeNet PP&EPLN 164.09MpropertyPlantEquipmentResult 4.12x
2019 1.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 147.71MpropertyPlantEquipmentInventoryPLN 20.05MinventoryTotal assetsPLN 14.28BtotalAssetsResult 1.2% 17.55xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenuePLN 2.59BtotalRevenueNet PP&EPLN 147.71MpropertyPlantEquipmentResult 17.55x 0.33xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexPLN 143.03McapitalExpendituresD&APLN 439.30MdepreciationAndAmortizationResult 0.33x -PLN 6.39Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 14.28BtotalAssetsGoodwillPLN 8.63BgoodWillIntangiblesPLN 4.63BintangibleAssetsLiabilitiesPLN 7.59BtotalLiabTangible book-PLN 6.57BShares1,028,571,429commonStockSharesOutstandingResult -PLN 6.39 1.67xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.34BebitdaCapexPLN 143.03McapitalExpendituresInterestPLN 379.73MinterestExpenseShort-term debtPLN 335.74MshortLongTermDebtEBITDA − capexPLN 1.19BPrincipal due is the current portion of debt.Result 1.67x PLN 1.10BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowPLN 1.25BtotalCashFromOperatingActivitiesCapexPLN 143.03McapitalExpendituresFree cash flowPLN 1.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.10B 5.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 886.09MoperatingIncomeTax expensePLN 119.97MincomeTaxExpensePretax incomePLN 513.05MincomeBeforeTaxTax rate23.4%EquityPLN 6.67BtotalStockholderEquityDebtPLN 6.42BshortLongTermDebtTotalCashPLN 408.68McashAndShortTermInvestmentsInvested capitalPLN 12.68BResult 5.4% 6.00xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomePLN 886.09MoperatingIncomeNet PP&EPLN 147.71MpropertyPlantEquipmentResult 6.00x
2020 1.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 150.82MpropertyPlantEquipmentInventoryPLN 24.62MinventoryTotal assetsPLN 15.15BtotalAssetsResult 1.2% 26.51xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenuePLN 4.00BtotalRevenueNet PP&EPLN 150.82MpropertyPlantEquipmentResult 26.51x 0.50xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexPLN 230.54McapitalExpendituresD&APLN 463.79MdepreciationAndAmortizationResult 0.50x -PLN 6.29Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 15.15BtotalAssetsGoodwillPLN 8.64BgoodWillIntangiblesPLN 4.41BintangibleAssetsLiabilitiesPLN 7.06BtotalLiabTangible book-PLN 4.96BShares787,946,396commonStockSharesOutstandingResult -PLN 6.29 3.75xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.39BebitdaCapexPLN 230.54McapitalExpendituresInterestPLN 307.81MinterestExpenseShort-term debtPLN 577.00KshortLongTermDebtEBITDA − capexPLN 1.16BPrincipal due is the current portion of debt.Result 3.75x PLN 1.28BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowPLN 1.51BtotalCashFromOperatingActivitiesCapexPLN 230.54McapitalExpendituresFree cash flowPLN 1.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.28B 6.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.12BoperatingIncomeTax expensePLN 198.15MincomeTaxExpensePretax incomePLN 616.71MincomeBeforeTaxTax rate32.1%EquityPLN 8.09BtotalStockholderEquityDebtPLN 5.51BshortLongTermDebtTotalCashPLN 1.19BcashAndShortTermInvestmentsInvested capitalPLN 12.41BResult 6.1% 7.45xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomePLN 1.12BoperatingIncomeNet PP&EPLN 150.82MpropertyPlantEquipmentResult 7.45x
2021 2.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 443.81MpropertyPlantEquipmentInventoryPLN 44.00MinventoryTotal assetsPLN 16.87BtotalAssetsResult 2.9% 12.06xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenuePLN 5.35BtotalRevenueNet PP&EPLN 443.81MpropertyPlantEquipmentResult 12.06x 0.78xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexPLN 407.07McapitalExpendituresD&APLN 520.80MdepreciationAndAmortizationResult 0.78x -PLN 3.37Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 16.87BtotalAssetsGoodwillPLN 8.67BgoodWillIntangiblesPLN 4.23BintangibleAssetsLiabilitiesPLN 7.42BtotalLiabTangible book-PLN 3.45BShares1,023,004,241commonStockSharesOutstandingResult -PLN 3.37 9.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.05BebitdaCapexPLN 407.07McapitalExpendituresInterestPLN 171.14MinterestExpenseShort-term debtPLN 3.32MshortLongTermDebtEBITDA − capexPLN 1.64BPrincipal due is the current portion of debt.Result 9.42x PLN 999.53MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowPLN 1.41BtotalCashFromOperatingActivitiesCapexPLN 407.07McapitalExpendituresFree cash flowPLN 999.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 999.53M 9.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.47BoperatingIncomeTax expensePLN 268.50MincomeTaxExpensePretax incomePLN 1.36BincomeBeforeTaxTax rate19.8%EquityPLN 9.45BtotalStockholderEquityDebtPLN 5.62BshortLongTermDebtTotalCashPLN 1.96BcashAndShortTermInvestmentsInvested capitalPLN 13.11BResult 9.0% 3.32xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomePLN 1.47BoperatingIncomeNet PP&EPLN 443.81MpropertyPlantEquipmentResult 3.32x
2022 8.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.17BpropertyPlantEquipmentInventoryPLN 496.62MinventoryTotal assetsPLN 19.23BtotalAssetsResult 8.7% 7.70xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenuePLN 9.00BtotalRevenueNet PP&EPLN 1.17BpropertyPlantEquipmentResult 7.70x 0.83xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexPLN 722.26McapitalExpendituresD&APLN 871.99MdepreciationAndAmortizationResult 0.83x -PLN 5.27Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 19.23BtotalAssetsGoodwillPLN 8.75BgoodWillIntangiblesPLN 5.77BintangibleAssetsLiabilitiesPLN 10.25BtotalLiabTangible book-PLN 5.54BShares1,051,061,575commonStockSharesOutstandingResult -PLN 5.27 -1.60xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-PLN 194.69MebitdaCapexPLN 722.26McapitalExpendituresInterestPLN 572.78MinterestExpenseShort-term debtPLN 1.71MshortLongTermDebtEBITDA − capex-PLN 916.95MPrincipal due is the current portion of debt.Result -1.60x PLN 1.13BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowPLN 1.85BtotalCashFromOperatingActivitiesCapexPLN 722.26McapitalExpendituresFree cash flowPLN 1.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.13B —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-PLN 1.18BoperatingIncomeTax expensePLN 277.34MincomeTaxExpensePretax income-PLN 1.64BincomeBeforeTaxTax rate—EquityPLN 8.98BtotalStockholderEquityDebtPLN 7.14BshortLongTermDebtTotalCashPLN 880.37McashAndShortTermInvestmentsInvested capitalPLN 15.24BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -1.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-PLN 1.18BoperatingIncomeNet PP&EPLN 1.17BpropertyPlantEquipmentResult -1.01x
2023 7.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.09BpropertyPlantAndEquipmentNetInventoryPLN 300.15MinventoryTotal assetsPLN 18.54BtotalAssetsResult 7.5% 9.37xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenuePLN 10.19BtotalRevenueNet PP&EPLN 1.09BpropertyPlantAndEquipmentNetResult 9.37x 0.48xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexPLN 470.47McapitalExpendituresD&APLN 974.11MdepreciationAndAmortizationResult 0.48x -PLN 4.10Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 18.54BtotalAssetsGoodwillPLN 8.82BgoodWillIntangiblesPLN 4.57BintangibleAssetsLiabilitiesPLN 9.50BtotalLiabTangible book-PLN 4.35BShares1,059,432,266commonStockSharesOutstandingResult -PLN 4.10 3.31xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.42BebitdaCapexPLN 470.47McapitalExpendituresInterestPLN 586.80MinterestExpenseShort-term debtPLN 2.70MshortLongTermDebtEBITDA − capexPLN 1.95BPrincipal due is the current portion of debt.Result 3.31x PLN 2.07BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowPLN 2.54BtotalCashFromOperatingActivitiesCapexPLN 470.47McapitalExpendituresFree cash flowPLN 2.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.07B 3.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 790.12MoperatingIncomeTax expensePLN 216.11MincomeTaxExpensePretax incomePLN 500.17MincomeBeforeTaxTax rate40.0%EquityPLN 9.04BtotalStockholderEquityDebtPLN 6.69BshortLongTermDebtTotalCashPLN 2.06BcashAndShortTermInvestmentsInvested capitalPLN 13.67BThe effective tax rate was above 40% and was capped at 40%.Result 3.5% 0.73xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomePLN 790.12MoperatingIncomeNet PP&EPLN 1.09BpropertyPlantAndEquipmentNetResult 0.73x
2024 6.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.02BpropertyPlantAndEquipmentNetInventoryPLN 174.59MinventoryTotal assetsPLN 19.52BtotalAssetsResult 6.1% 10.59xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenuePLN 10.82BtotalRevenueNet PP&EPLN 1.02BpropertyPlantAndEquipmentNetResult 10.59x 0.67xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexPLN 643.73McapitalExpendituresD&APLN 962.40MdepreciationAndAmortizationResult 0.67x -PLN 2.89Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 19.52BtotalAssetsGoodwillPLN 8.82BgoodWillIntangiblesPLN 4.34BintangibleAssetsLiabilitiesPLN 9.43BtotalLiabTangible book-PLN 3.07BShares1,062,081,000commonStockSharesOutstandingResult -PLN 2.89 2.73xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.96BebitdaCapexPLN 643.73McapitalExpendituresInterestPLN 557.09MinterestExpenseShort-term debtPLN 293.84MshortTermDebtEBITDA − capexPLN 2.32BPrincipal due is short-term debt.Result 2.73x PLN 2.98BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowPLN 3.62BtotalCashFromOperatingActivitiesCapexPLN 643.73McapitalExpendituresFree cash flowPLN 2.98BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.98B 10.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.79BoperatingIncomeTax expensePLN 408.82MincomeTaxExpensePretax incomePLN 1.44BincomeBeforeTaxTax rate28.3%EquityPLN 10.09BtotalStockholderEquityDebtPLN 6.36BshortLongTermDebtTotalCashPLN 4.09BcashAndShortTermInvestmentsInvested capitalPLN 12.36BResult 10.4% 1.75xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomePLN 1.79BoperatingIncomeNet PP&EPLN 1.02BpropertyPlantAndEquipmentNetResult 1.75x
2025 7.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 1.38BpropertyPlantAndEquipmentNetInventoryPLN 102.60MinventoryTotal assetsPLN 20.15BtotalAssetsResult 7.4% 8.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 11.46BtotalRevenueNet PP&EPLN 1.38BpropertyPlantAndEquipmentNetResult 8.28x 0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 942.40McapitalExpendituresD&APLN 947.50MdepreciationAndAmortizationResult 0.99x -PLN 2.64Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 20.15BtotalAssetsGoodwillPLN 8.82BgoodWillIntangiblesPLN 4.09BintangibleAssetsLiabilitiesPLN 10.00BtotalLiabTangible book-PLN 2.77BShares1,047,518,000commonStockSharesOutstandingResult -PLN 2.64 4.46xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 3.13BebitdaCapexPLN 942.40McapitalExpendituresInterestPLN 489.50MinterestExpenseShort-term debtPLN 100.00KshortLongTermDebtEBITDA − capexPLN 2.18BPrincipal due is the current portion of debt.Result 4.46x PLN 2.17BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowPLN 3.12BtotalCashFromOperatingActivitiesCapexPLN 942.40McapitalExpendituresFree cash flowPLN 2.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.17B 16.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 2.18BoperatingIncomeTax expensePLN 165.50MincomeTaxExpensePretax incomePLN 1.86BincomeBeforeTaxTax rate8.9%EquityPLN 10.14BtotalStockholderEquityDebtPLN 5.64BshortLongTermDebtTotalCashPLN 3.55BcashInvested capitalPLN 12.24BResult 16.2% 1.57xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomePLN 2.18BoperatingIncomeNet PP&EPLN 1.38BpropertyPlantAndEquipmentNetResult 1.57x
  • 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 1.38B
Inventory: PLN 102.60M
Total assets: PLN 20.15B
Goodwill: PLN 8.82B
Intangibles: PLN 4.09B
Liabilities: PLN 10.00B
Tangible book: -PLN 2.77B
Shares: 1,047,518,000
Revenue: PLN 11.46B
Capex: PLN 942.40M
D&A: PLN 947.50M
EBITDA: PLN 3.13B
Interest: PLN 489.50M
Short-term debt: PLN 100.00K
Free cash flow: PLN 2.17B
Operating income: PLN 2.18B
Invested capital: PLN 12.24B
Tax rate: 8.9%