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.
CD PROJEKT SA
Physical assets are 9.6% of total assets, a light footprint. Capex is 8.19x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 16.7%, 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 2.59x.
Physical asset ratio
9.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 335.36MpropertyPlantAndEquipmentNetInventoryPLN 2.28MinventoryTotal assetsPLN 3.50BtotalAssetsResult 9.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 866.99MtotalRevenueNet PP&EPLN 335.36MpropertyPlantAndEquipmentNetResult 2.59x
Revenue per dollar of the physical asset base.
Capex / D&A
8.19xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 99.52McapitalExpendituresD&APLN 12.15MdepreciationAndAmortizationResult 8.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
PLN 19.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 3.50BtotalAssetsGoodwillPLN 88.90MgoodWillIntangiblesPLN 1.21BintangibleAssetsLiabilitiesPLN 213.46MtotalLiabTangible bookPLN 1.99BShares100,835,247commonStockSharesOutstandingResult PLN 19.72
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
13.53xPrice / tangible bookPrice / tangible book per sharePricePLN 266.90Latest quoteTangible book / sharePLN 19.722025-12-31Result 13.53x
Price PLN 266.90.
Fixed-charge coverage
82.61xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 529.51MebitdaCapexPLN 99.52McapitalExpendituresInterestPLN 910.00KinterestExpenseShort-term debtPLN 4.30MshortTermDebtEBITDA − capexPLN 429.99MPrincipal due is short-term debt.Result 82.61x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowPLN 538.41MfreeCashFlowMarket capPLN 26.67BMarketCapitalizationResult 2.0%
Latest free cash flow divided by current market cap (PLN 26.67B).
ROIC
16.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 462.28MoperatingIncomeTax expensePLN 17.45MincomeTaxExpensePretax incomePLN 538.32MincomeBeforeTaxTax rate3.2%EquityPLN 3.29BtotalStockholderEquityDebtPLN 26.04MshortLongTermDebtTotalCashPLN 634.93McashAndShortTermInvestmentsInvested capitalPLN 2.68BResult 16.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 22.72MpropertyPlantAndEquipmentNetInventoryPLN 258.00KinventoryTotal assetsPLN 1.13BtotalAssetsResult 2.0% | 15.97xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenuePLN 362.90MtotalRevenueNet PP&EPLN 22.72MpropertyPlantAndEquipmentNetResult 15.97x | 6.83xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexPLN 113.65McapitalExpendituresD&APLN 16.64MdepreciationAndAmortizationResult 6.83x | PLN 6.50Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 1.13BtotalAssetsGoodwillPLN 56.44MgoodWillIntangiblesPLN 293.03MintangibleAssetsLiabilitiesPLN 123.97MtotalLiabTangible bookPLN 653.40MShares100,550,808commonStockSharesOutstandingResult PLN 6.50 | 69.23xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 139.68MebitdaCapexPLN 113.65McapitalExpendituresInterestPLN 130.00KinterestExpenseShort-term debtPLN 246.00KshortTermDebtEBITDA − capexPLN 26.03MPrincipal due is short-term debt.Result 69.23x | PLN 18.94MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowPLN 132.59MtotalCashFromOperatingActivitiesCapexPLN 113.65McapitalExpendituresFree cash flowPLN 18.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 18.94M | 29.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 112.39MoperatingIncomeTax expensePLN 13.70MincomeTaxExpensePretax incomePLN 123.03MincomeBeforeTaxTax rate11.1%EquityPLN 1.00BtotalStockholderEquityDebtPLN 409.00KshortLongTermDebtTotalCashPLN 658.87McashAndShortTermInvestmentsInvested capitalPLN 344.40MResult 29.0% | 4.95xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomePLN 112.39MoperatingIncomeNet PP&EPLN 22.72MpropertyPlantAndEquipmentNetResult 4.95x |
| 2019 | 8.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 105.27MpropertyPlantEquipmentInventoryPLN 12.86MinventoryTotal assetsPLN 1.40BtotalAssetsResult 8.4% | 4.95xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenuePLN 521.27MtotalRevenueNet PP&EPLN 105.27MpropertyPlantEquipmentResult 4.95x | 6.84xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexPLN 256.50McapitalExpendituresD&APLN 37.49MdepreciationAndAmortizationResult 6.84x | PLN 6.00Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 1.40BtotalAssetsGoodwillPLN 56.44MgoodWillIntangiblesPLN 445.61MintangibleAssetsLiabilitiesPLN 298.46MtotalLiabTangible bookPLN 603.60MShares100,662,234commonStockSharesOutstandingResult PLN 6.00 | -0.91xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 227.20MebitdaCapexPLN 256.50McapitalExpendituresInterestPLN 587.00KinterestExpenseShort-term debtPLN 31.45MshortTermDebtEBITDA − capex-PLN 29.30MPrincipal due is short-term debt.Result -0.91x | -PLN 39.79MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowPLN 216.71MtotalCashFromOperatingActivitiesCapexPLN 256.50McapitalExpendituresFree cash flow-PLN 39.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -PLN 39.79M | 26.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 180.29MoperatingIncomeTax expensePLN 13.85MincomeTaxExpensePretax incomePLN 189.16MincomeBeforeTaxTax rate7.3%EquityPLN 1.11BtotalStockholderEquityDebtPLN 19.91MshortLongTermDebtTotalCashPLN 482.30McashAndShortTermInvestmentsInvested capitalPLN 643.26MResult 26.0% | 1.71xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomePLN 180.29MoperatingIncomeNet PP&EPLN 105.27MpropertyPlantEquipmentResult 1.71x |
| 2020 | 3.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 105.35MpropertyPlantEquipmentInventoryPLN 6.96MinventoryTotal assetsPLN 2.89BtotalAssetsResult 3.9% | 20.30xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenuePLN 2.14BtotalRevenueNet PP&EPLN 105.35MpropertyPlantEquipmentResult 20.30x | 0.82xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexPLN 221.59McapitalExpendituresD&APLN 269.58MdepreciationAndAmortizationResult 0.82x | PLN 16.57Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 2.89BtotalAssetsGoodwillPLN 56.44MgoodWillIntangiblesPLN 466.59MintangibleAssetsLiabilitiesPLN 707.12MtotalLiabTangible bookPLN 1.66BShares100,465,283commonStockSharesOutstandingResult PLN 16.57 | 329.18xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.44BebitdaCapexPLN 221.59McapitalExpendituresInterestPLN 754.00KinterestExpenseShort-term debtPLN 2.93MshortTermDebtEBITDA − capexPLN 1.21BPrincipal due is short-term debt.Result 329.18x | PLN 490.12MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowPLN 711.71MtotalCashFromOperatingActivitiesCapexPLN 221.59McapitalExpendituresFree cash flowPLN 490.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 490.12M | 83.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.16BoperatingIncomeTax expensePLN 10.62MincomeTaxExpensePretax incomePLN 1.16BincomeBeforeTaxTax rate0.9%EquityPLN 2.19BtotalStockholderEquityDebtPLN 18.94MshortLongTermDebtTotalCashPLN 834.15McashAndShortTermInvestmentsInvested capitalPLN 1.37BResult 83.6% | 10.98xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomePLN 1.16BoperatingIncomeNet PP&EPLN 105.35MpropertyPlantEquipmentResult 10.98x |
| 2021 | 6.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 115.23MpropertyPlantEquipmentInventoryPLN 15.89MinventoryTotal assetsPLN 2.16BtotalAssetsResult 6.1% | 7.71xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenuePLN 888.17MtotalRevenueNet PP&EPLN 115.23MpropertyPlantEquipmentResult 7.71x | 1.57xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexPLN 27.97McapitalExpendituresD&APLN 17.76MdepreciationAndAmortizationResult 1.57x | PLN 13.91Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 2.16BtotalAssetsGoodwillPLN 56.44MgoodWillIntangiblesPLN 436.14MintangibleAssetsLiabilitiesPLN 264.38MtotalLiabTangible bookPLN 1.40BShares100,763,966commonStockSharesOutstandingResult PLN 13.91 | 10.96xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 329.12MebitdaCapexPLN 27.97McapitalExpendituresInterestPLN 1.69MinterestExpenseShort-term debtPLN 25.80MshortTermDebtEBITDA − capexPLN 301.16MPrincipal due is short-term debt.Result 10.96x | PLN 784.46MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowPLN 967.83MtotalCashFromOperatingActivitiesCapexPLN 27.97McapitalExpendituresFree cash flowPLN 784.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 784.46M | 23.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 232.90MoperatingIncomeTax expensePLN 10.20MincomeTaxExpensePretax incomePLN 219.11MincomeBeforeTaxTax rate4.7%EquityPLN 1.89BtotalStockholderEquityDebtPLN 46.88MshortLongTermDebtTotalCashPLN 984.35McashAndShortTermInvestmentsInvested capitalPLN 956.89MResult 23.2% | 2.02xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomePLN 232.90MoperatingIncomeNet PP&EPLN 115.23MpropertyPlantEquipmentResult 2.02x |
| 2022 | 6.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 145.25MpropertyPlantAndEquipmentNetInventoryPLN 12.70MinventoryTotal assetsPLN 2.27BtotalAssetsResult 6.9% | 6.56xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenuePLN 952.58MtotalRevenueNet PP&EPLN 145.25MpropertyPlantAndEquipmentNetResult 6.56x | 3.49xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexPLN 48.27McapitalExpendituresD&APLN 13.83MdepreciationAndAmortizationResult 3.49x | PLN 14.24Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 2.27BtotalAssetsGoodwillPLN 56.44MgoodWillIntangiblesPLN 542.36MintangibleAssetsLiabilitiesPLN 240.72MtotalLiabTangible bookPLN 1.43BShares100,764,969commonStockSharesOutstandingResult PLN 14.24 | 28.67xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 514.32MebitdaCapexPLN 48.27McapitalExpendituresInterestPLN 1.18MinterestExpenseShort-term debtPLN 15.08MshortTermDebtEBITDA − capexPLN 466.05MPrincipal due is short-term debt.Result 28.67x | PLN 149.93MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowPLN 406.03MtotalCashFromOperatingActivitiesCapexPLN 48.27McapitalExpendituresFree cash flowPLN 149.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 149.93M | 28.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 377.35MoperatingIncomeTax expensePLN 46.09MincomeTaxExpensePretax incomePLN 393.19MincomeBeforeTaxTax rate11.7%EquityPLN 2.03BtotalStockholderEquityDebtPLN 28.46MshortLongTermDebtTotalCashPLN 894.67McashAndShortTermInvestmentsInvested capitalPLN 1.17BResult 28.5% | 2.60xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomePLN 377.35MoperatingIncomeNet PP&EPLN 145.25MpropertyPlantAndEquipmentNetResult 2.60x |
| 2023 | 7.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 183.04MpropertyPlantAndEquipmentNetInventoryPLN 3.58MinventoryTotal assetsPLN 2.61BtotalAssetsResult 7.1% | 6.72xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenuePLN 1.23BtotalRevenueNet PP&EPLN 183.04MpropertyPlantAndEquipmentNetResult 6.72x | 1.34xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexPLN 330.82McapitalExpendituresD&APLN 247.64MdepreciationAndAmortizationResult 1.34x | PLN 17.45Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 2.61BtotalAssetsGoodwillPLN 56.44MgoodWillIntangiblesPLN 597.24MintangibleAssetsLiabilitiesPLN 209.95MtotalLiabTangible bookPLN 1.75BShares100,288,896commonStockSharesOutstandingResult PLN 17.45 | 528.59xFixed-charge coverage · 2023-12-31(EBITDA − capex) / interestEBITDAPLN 786.99MebitdaCapexPLN 330.82McapitalExpendituresInterestPLN 863.00KinterestExpenseEBITDA − capexPLN 456.18MShort-term debt was not reported, so the denominator is interest only.Result 528.59x | PLN 280.07MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowPLN 610.88MtotalCashFromOperatingActivitiesCapexPLN 330.82McapitalExpendituresFree cash flowPLN 280.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 280.07M | 27.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 469.04MoperatingIncomeTax expensePLN 57.39MincomeTaxExpensePretax incomePLN 538.49MincomeBeforeTaxTax rate10.7%EquityPLN 2.40BtotalStockholderEquityDebtPLN 20.04MshortLongTermDebtTotalCashPLN 878.98McashAndShortTermInvestmentsInvested capitalPLN 1.54BResult 27.1% | 2.56xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomePLN 469.04MoperatingIncomeNet PP&EPLN 183.04MpropertyPlantAndEquipmentNetResult 2.56x |
| 2024 | 8.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 262.98MpropertyPlantAndEquipmentNetInventoryPLN 1.80MinventoryTotal assetsPLN 3.04BtotalAssetsResult 8.7% | 3.04xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenuePLN 798.37MtotalRevenueNet PP&EPLN 262.98MpropertyPlantAndEquipmentNetResult 3.04x | 6.85xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexPLN 97.92McapitalExpendituresD&APLN 14.29MdepreciationAndAmortizationResult 6.85x | PLN 19.70Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 3.04BtotalAssetsGoodwillPLN 56.44MgoodWillIntangiblesPLN 764.73MintangibleAssetsLiabilitiesPLN 241.76MtotalLiabTangible bookPLN 1.98BShares100,487,708commonStockSharesOutstandingResult PLN 19.70 | 129.81xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 553.95MebitdaCapexPLN 97.92McapitalExpendituresInterestPLN 1.07MinterestExpenseShort-term debtPLN 2.44MshortTermDebtEBITDA − capexPLN 456.03MPrincipal due is short-term debt.Result 129.81x | PLN 423.37MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowPLN 521.30MtotalCashFromOperatingActivitiesCapexPLN 97.92McapitalExpendituresFree cash flowPLN 423.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 423.37M | 22.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 366.09MoperatingIncomeTax expense-PLN 39.79MincomeTaxExpensePretax incomePLN 430.08MincomeBeforeTaxTax rate0.0%EquityPLN 2.80BtotalStockholderEquityDebtPLN 20.15MshortLongTermDebtTotalCashPLN 1.19BcashAndShortTermInvestmentsInvested capitalPLN 1.63BResult 22.4% | 1.39xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomePLN 366.09MoperatingIncomeNet PP&EPLN 262.98MpropertyPlantAndEquipmentNetResult 1.39x |
| 2025 | 9.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 335.36MpropertyPlantAndEquipmentNetInventoryPLN 2.28MinventoryTotal assetsPLN 3.50BtotalAssetsResult 9.6% | 2.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 866.99MtotalRevenueNet PP&EPLN 335.36MpropertyPlantAndEquipmentNetResult 2.59x | 8.19xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 99.52McapitalExpendituresD&APLN 12.15MdepreciationAndAmortizationResult 8.19x | PLN 19.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 3.50BtotalAssetsGoodwillPLN 88.90MgoodWillIntangiblesPLN 1.21BintangibleAssetsLiabilitiesPLN 213.46MtotalLiabTangible bookPLN 1.99BShares100,835,247commonStockSharesOutstandingResult PLN 19.72 | 82.61xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 529.51MebitdaCapexPLN 99.52McapitalExpendituresInterestPLN 910.00KinterestExpenseShort-term debtPLN 4.30MshortTermDebtEBITDA − capexPLN 429.99MPrincipal due is short-term debt.Result 82.61x | PLN 538.41MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowPLN 590.88MtotalCashFromOperatingActivitiesCapexPLN 99.52McapitalExpendituresFree cash flowPLN 538.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 538.41M | 16.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 462.28MoperatingIncomeTax expensePLN 17.45MincomeTaxExpensePretax incomePLN 538.32MincomeBeforeTaxTax rate3.2%EquityPLN 3.29BtotalStockholderEquityDebtPLN 26.04MshortLongTermDebtTotalCashPLN 634.93McashAndShortTermInvestmentsInvested capitalPLN 2.68BResult 16.7% | 1.38xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomePLN 462.28MoperatingIncomeNet PP&EPLN 335.36MpropertyPlantAndEquipmentNetResult 1.38x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: PLN 335.36M
Inventory: PLN 2.28M
Total assets: PLN 3.50B
Goodwill: PLN 88.90M
Intangibles: PLN 1.21B
Liabilities: PLN 213.46M
Tangible book: PLN 1.99B
Shares: 100,835,247
Revenue: PLN 866.99M
Capex: PLN 99.52M
D&A: PLN 12.15M
EBITDA: PLN 529.51M
Interest: PLN 910.00K
Short-term debt: PLN 4.30M
Free cash flow: PLN 538.41M
Operating income: PLN 462.28M
Invested capital: PLN 2.68B
Tax rate: 3.2%