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.
Cyfrowy Polsat SA
Physical assets are 26.4% of total assets, a light footprint. Capex is 0.67x 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 0.73x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 1.68x.
Physical asset ratio
26.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 8.52BpropertyPlantAndEquipmentNetInventoryPLN 936.50MinventoryTotal assetsPLN 35.85BtotalAssetsResult 26.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 14.32BtotalRevenueNet PP&EPLN 8.52BpropertyPlantAndEquipmentNetResult 1.68x
Revenue per dollar of the physical asset base.
Capex / D&A
0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.15BcapitalExpendituresD&APLN 1.72BdepreciationAndAmortizationResult 0.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-PLN 2.77Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 35.85BtotalAssetsGoodwillPLN 8.26BgoodWillIntangiblesPLN 7.67BintangibleAssetsLiabilitiesPLN 21.44BtotalLiabTangible book-PLN 1.53BShares550,703,531commonStockSharesOutstandingResult -PLN 2.77
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePricePLN 12.76Latest quoteTangible book / share-PLN 2.772025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price PLN 12.76.
Fixed-charge coverage
0.73xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 3.10BebitdaCapexPLN 1.15BcapitalExpendituresInterestPLN 1.06BinterestExpenseShort-term debtPLN 1.59BshortLongTermDebtEBITDA − capexPLN 1.95BPrincipal due is the current portion of debt.Result 0.73x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
12.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowPLN 902.50MfreeCashFlowMarket capPLN 7.02BMarketCapitalizationResult 12.8%
Latest free cash flow divided by current market cap (PLN 7.02B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-PLN 1.42BoperatingIncomeTax expensePLN 164.50MincomeTaxExpensePretax income-PLN 2.44BincomeBeforeTaxTax rate—EquityPLN 14.41BtotalStockholderEquityDebtPLN 15.22BshortLongTermDebtTotalCashPLN 3.22BcashInvested capitalPLN 26.41BROIC 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 -0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 17.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 5.06BpropertyPlantEquipmentInventoryPLN 394.00MinventoryTotal assetsPLN 30.70BtotalAssetsResult 17.8% | 1.84xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenuePLN 9.30BtotalRevenueNet PP&EPLN 5.06BpropertyPlantEquipmentResult 1.84x | 0.40xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexPLN 928.40McapitalExpendituresD&APLN 2.31BdepreciationAndAmortizationResult 0.40x | -PLN 8.21Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 30.70BtotalAssetsGoodwillPLN 11.31BgoodWillIntangiblesPLN 7.82BintangibleAssetsLiabilitiesPLN 16.82BtotalLiabTangible book-PLN 5.25BShares639,546,016commonStockSharesOutstandingResult -PLN 8.21 | 1.49xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 4.02BebitdaCapexPLN 928.40McapitalExpendituresInterestPLN 417.60MinterestExpenseShort-term debtPLN 1.65BshortLongTermDebtEBITDA − capexPLN 3.09BPrincipal due is the current portion of debt.Result 1.49x | PLN 1.99BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowPLN 2.92BtotalCashFromOperatingActivitiesCapexPLN 928.40McapitalExpendituresFree cash flowPLN 1.99BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.99B | 4.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.73BoperatingIncomeTax expensePLN 490.00MincomeTaxExpensePretax incomePLN 1.31BincomeBeforeTaxTax rate37.5%EquityPLN 13.23BtotalStockholderEquityDebtPLN 11.26BshortLongTermDebtTotalCashPLN 1.17BcashInvested capitalPLN 23.32BResult 4.6% | 0.34xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomePLN 1.73BoperatingIncomeNet PP&EPLN 5.06BpropertyPlantEquipmentResult 0.34x |
| 2019 | 21.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 6.66BpropertyPlantEquipmentInventoryPLN 306.80MinventoryTotal assetsPLN 32.59BtotalAssetsResult 21.4% | 1.75xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenuePLN 11.68BtotalRevenueNet PP&EPLN 6.66BpropertyPlantEquipmentResult 1.75x | 0.31xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexPLN 852.60McapitalExpendituresD&APLN 2.77BdepreciationAndAmortizationResult 0.31x | -PLN 6.28Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 32.59BtotalAssetsGoodwillPLN 11.34BgoodWillIntangiblesPLN 7.15BintangibleAssetsLiabilitiesPLN 18.13BtotalLiabTangible book-PLN 4.02BShares639,546,016commonStockSharesOutstandingResult -PLN 6.28 | 1.60xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 4.76BebitdaCapexPLN 852.60McapitalExpendituresInterestPLN 508.80MinterestExpenseShort-term debtPLN 1.93BshortLongTermDebtEBITDA − capexPLN 3.90BPrincipal due is the current portion of debt.Result 1.60x | PLN 2.24BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowPLN 3.47BtotalCashFromOperatingActivitiesCapexPLN 852.60McapitalExpendituresFree cash flowPLN 2.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.24B | 5.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.97BoperatingIncomeTax expensePLN 353.00MincomeTaxExpensePretax incomePLN 1.47BincomeBeforeTaxTax rate24.1%EquityPLN 13.81BtotalStockholderEquityDebtPLN 12.95BshortLongTermDebtTotalCashPLN 743.50McashInvested capitalPLN 26.02BResult 5.7% | 0.30xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomePLN 1.97BoperatingIncomeNet PP&EPLN 6.66BpropertyPlantEquipmentResult 0.30x |
| 2020 | 22.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 7.20BpropertyPlantEquipmentInventoryPLN 299.40MinventoryTotal assetsPLN 33.12BtotalAssetsResult 22.7% | 1.66xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenuePLN 11.96BtotalRevenueNet PP&EPLN 7.20BpropertyPlantEquipmentResult 1.66x | 0.36xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.01BcapitalExpendituresD&APLN 2.83BdepreciationAndAmortizationResult 0.36x | -PLN 5.83Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 33.12BtotalAssetsGoodwillPLN 11.81BgoodWillIntangiblesPLN 6.34BintangibleAssetsLiabilitiesPLN 18.69BtotalLiabTangible book-PLN 3.73BShares639,546,016commonStockSharesOutstandingResult -PLN 5.83 | 2.98xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 4.62BebitdaCapexPLN 1.01BcapitalExpendituresInterestPLN 422.40MinterestExpenseShort-term debtPLN 791.70MshortLongTermDebtEBITDA − capexPLN 3.62BPrincipal due is the current portion of debt.Result 2.98x | PLN 2.03BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowPLN 3.25BtotalCashFromOperatingActivitiesCapexPLN 1.01BcapitalExpendituresFree cash flowPLN 2.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.03B | 5.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.89BoperatingIncomeTax expensePLN 295.90MincomeTaxExpensePretax incomePLN 1.44BincomeBeforeTaxTax rate20.5%EquityPLN 14.43BtotalStockholderEquityDebtPLN 13.21BshortLongTermDebtTotalCashPLN 1.36BcashInvested capitalPLN 26.29BResult 5.7% | 0.26xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomePLN 1.89BoperatingIncomeNet PP&EPLN 7.20BpropertyPlantEquipmentResult 0.26x |
| 2021 | 15.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 4.31BpropertyPlantEquipmentInventoryPLN 595.70MinventoryTotal assetsPLN 32.24BtotalAssetsResult 15.2% | 2.89xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenuePLN 12.44BtotalRevenueNet PP&EPLN 4.31BpropertyPlantEquipmentResult 2.89x | 0.38xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexPLN 924.10McapitalExpendituresD&APLN 2.46BdepreciationAndAmortizationResult 0.38x | -PLN 2.53Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 32.24BtotalAssetsGoodwillPLN 10.80BgoodWillIntangiblesPLN 6.19BintangibleAssetsLiabilitiesPLN 16.85BtotalLiabTangible book-PLN 1.61BShares634,936,486commonStockSharesOutstandingResult -PLN 2.53 | 5.19xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 8.34BebitdaCapexPLN 924.10McapitalExpendituresInterestPLN 289.40MinterestExpenseShort-term debtPLN 1.14BshortLongTermDebtEBITDA − capexPLN 7.42BPrincipal due is the current portion of debt.Result 5.19x | PLN 2.08BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowPLN 3.23BtotalCashFromOperatingActivitiesCapexPLN 924.10McapitalExpendituresFree cash flowPLN 2.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 2.08B | 19.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 5.80BoperatingIncomeTax expensePLN 1.25BincomeTaxExpensePretax incomePLN 5.67BincomeBeforeTaxTax rate22.1%EquityPLN 15.40BtotalStockholderEquityDebtPLN 11.45BshortLongTermDebtTotalCashPLN 3.63BcashInvested capitalPLN 23.21BResult 19.5% | 1.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomePLN 5.80BoperatingIncomeNet PP&EPLN 4.31BpropertyPlantEquipmentResult 1.35x |
| 2022 | 17.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 4.41BpropertyPlantEquipmentInventoryPLN 1.16BinventoryTotal assetsPLN 32.31BtotalAssetsResult 17.2% | 2.93xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenuePLN 12.92BtotalRevenueNet PP&EPLN 4.41BpropertyPlantEquipmentResult 2.93x | 0.31xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexPLN 776.90McapitalExpendituresD&APLN 2.50BdepreciationAndAmortizationResult 0.31x | -PLN 2.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 32.31BtotalAssetsGoodwillPLN 10.82BgoodWillIntangiblesPLN 6.55BintangibleAssetsLiabilitiesPLN 16.50BtotalLiabTangible book-PLN 1.55BShares557,758,269commonStockSharesOutstandingResult -PLN 2.79 | 1.43xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 4.28BebitdaCapexPLN 776.90McapitalExpendituresInterestPLN 757.50MinterestExpenseShort-term debtPLN 1.69BshortLongTermDebtEBITDA − capexPLN 3.50BPrincipal due is the current portion of debt.Result 1.43x | PLN 647.30MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowPLN 1.76BtotalCashFromOperatingActivitiesCapexPLN 776.90McapitalExpendituresFree cash flowPLN 647.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 647.30M | 5.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.64BoperatingIncomeTax expensePLN 209.20MincomeTaxExpensePretax incomePLN 1.11BincomeBeforeTaxTax rate18.8%EquityPLN 15.27BtotalStockholderEquityDebtPLN 10.74BshortLongTermDebtTotalCashPLN 832.30McashAndShortTermInvestmentsInvested capitalPLN 25.18BResult 5.3% | 0.37xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomePLN 1.64BoperatingIncomeNet PP&EPLN 4.41BpropertyPlantEquipmentResult 0.37x |
| 2023 | 22.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 7.14BpropertyPlantAndEquipmentNetInventoryPLN 1.22BinventoryTotal assetsPLN 37.18BtotalAssetsResult 22.5% | 1.91xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenuePLN 13.63BtotalRevenueNet PP&EPLN 7.14BpropertyPlantAndEquipmentNetResult 1.91x | 0.62xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.60BcapitalExpendituresD&APLN 2.58BdepreciationAndAmortizationResult 0.62x | -PLN 3.25Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 37.18BtotalAssetsGoodwillPLN 10.98BgoodWillIntangiblesPLN 7.12BintangibleAssetsLiabilitiesPLN 20.87BtotalLiabTangible book-PLN 1.79BShares550,703,531commonStockSharesOutstandingResult -PLN 3.25 | 0.98xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 4.20BebitdaCapexPLN 1.60BcapitalExpendituresInterestPLN 1.20BinterestExpenseShort-term debtPLN 1.46BshortLongTermDebtEBITDA − capexPLN 2.60BPrincipal due is the current portion of debt.Result 0.98x | PLN 790.50MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowPLN 2.39BtotalCashFromOperatingActivitiesCapexPLN 1.60BcapitalExpendituresFree cash flowPLN 790.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 790.50M | 3.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.31BoperatingIncomeTax expensePLN 110.20MincomeTaxExpensePretax incomePLN 421.80MincomeBeforeTaxTax rate26.1%EquityPLN 15.43BtotalStockholderEquityDebtPLN 15.56BshortLongTermDebtTotalCashPLN 3.33BcashAndShortTermInvestmentsInvested capitalPLN 27.67BResult 3.5% | 0.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomePLN 1.31BoperatingIncomeNet PP&EPLN 7.14BpropertyPlantAndEquipmentNetResult 0.18x |
| 2024 | 24.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 8.15BpropertyPlantAndEquipmentNetInventoryPLN 1.03BinventoryTotal assetsPLN 37.47BtotalAssetsResult 24.5% | 1.75xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenuePLN 14.27BtotalRevenueNet PP&EPLN 8.15BpropertyPlantAndEquipmentNetResult 1.75x | 0.67xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.47BcapitalExpendituresD&APLN 2.19BdepreciationAndAmortizationResult 0.67x | -PLN 2.29Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 37.47BtotalAssetsGoodwillPLN 10.98BgoodWillIntangiblesPLN 7.36BintangibleAssetsLiabilitiesPLN 20.40BtotalLiabTangible book-PLN 1.26BShares550,704,000commonStockSharesOutstandingResult -PLN 2.29 | 1.03xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 4.39BebitdaCapexPLN 1.47BcapitalExpendituresInterestPLN 1.15BinterestExpenseShort-term debtPLN 1.68BshortLongTermDebtEBITDA − capexPLN 2.93BPrincipal due is the current portion of debt.Result 1.03x | PLN 1.96BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowPLN 3.43BtotalCashFromOperatingActivitiesCapexPLN 1.47BcapitalExpendituresFree cash flowPLN 1.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 1.96B | 4.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.77BoperatingIncomeTax expensePLN 302.20MincomeTaxExpensePretax incomePLN 1.08BincomeBeforeTaxTax rate28.0%EquityPLN 17.07BtotalStockholderEquityDebtPLN 15.18BshortLongTermDebtTotalCashPLN 3.47BcashAndShortTermInvestmentsInvested capitalPLN 28.78BResult 4.4% | 0.22xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomePLN 1.77BoperatingIncomeNet PP&EPLN 8.15BpropertyPlantAndEquipmentNetResult 0.22x |
| 2025 | 26.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 8.52BpropertyPlantAndEquipmentNetInventoryPLN 936.50MinventoryTotal assetsPLN 35.85BtotalAssetsResult 26.4% | 1.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 14.32BtotalRevenueNet PP&EPLN 8.52BpropertyPlantAndEquipmentNetResult 1.68x | 0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.15BcapitalExpendituresD&APLN 1.72BdepreciationAndAmortizationResult 0.67x | -PLN 2.77Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 35.85BtotalAssetsGoodwillPLN 8.26BgoodWillIntangiblesPLN 7.67BintangibleAssetsLiabilitiesPLN 21.44BtotalLiabTangible book-PLN 1.53BShares550,703,531commonStockSharesOutstandingResult -PLN 2.77 | 0.73xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 3.10BebitdaCapexPLN 1.15BcapitalExpendituresInterestPLN 1.06BinterestExpenseShort-term debtPLN 1.59BshortLongTermDebtEBITDA − capexPLN 1.95BPrincipal due is the current portion of debt.Result 0.73x | PLN 902.50MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowPLN 3.14BtotalCashFromOperatingActivitiesCapexPLN 1.15BcapitalExpendituresFree cash flowPLN 902.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 902.50M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-PLN 1.42BoperatingIncomeTax expensePLN 164.50MincomeTaxExpensePretax income-PLN 2.44BincomeBeforeTaxTax rate—EquityPLN 14.41BtotalStockholderEquityDebtPLN 15.22BshortLongTermDebtTotalCashPLN 3.22BcashInvested capitalPLN 26.41BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.17xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-PLN 1.42BoperatingIncomeNet PP&EPLN 8.52BpropertyPlantAndEquipmentNetResult -0.17x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: PLN 8.52B
Inventory: PLN 936.50M
Total assets: PLN 35.85B
Goodwill: PLN 8.26B
Intangibles: PLN 7.67B
Liabilities: PLN 21.44B
Tangible book: -PLN 1.53B
Shares: 550,703,531
Revenue: PLN 14.32B
Capex: PLN 1.15B
D&A: PLN 1.72B
EBITDA: PLN 3.10B
Interest: PLN 1.06B
Short-term debt: PLN 1.59B
Free cash flow: PLN 902.50M
Operating income: -PLN 1.42B
Invested capital: PLN 26.41B
Tax rate: —