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.
Dino Polska SA
Physical assets are 89.2% of total assets, a heavy footprint. Capex is 4.13x 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 19.5%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.37x. Compare it with other names in the same basket.
Physical asset ratio
89.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 9.99BpropertyPlantAndEquipmentNetInventoryPLN 3.55BinventoryTotal assetsPLN 15.17BtotalAssetsResult 89.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 33.63BtotalRevenueNet PP&EPLN 9.99BpropertyPlantAndEquipmentNetResult 3.37x
Revenue per dollar of the physical asset base.
Capex / D&A
4.13xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 2.09BcapitalExpendituresD&APLN 505.03MdepreciationAndAmortizationResult 4.13x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
PLN 8.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 15.17BtotalAssetsGoodwillPLN 73.46MgoodWillIntangiblesPLN 102.72MintangibleAssetsLiabilitiesPLN 6.50BtotalLiabTangible bookPLN 8.49BShares980,400,000commonStockSharesOutstandingResult PLN 8.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.32xPrice / tangible bookPrice / tangible book per sharePricePLN 37.40Latest quoteTangible book / sharePLN 8.662025-12-31Result 4.32x
Price PLN 37.40.
Fixed-charge coverage
1.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.55BebitdaCapexPLN 2.09BcapitalExpendituresInterestPLN 122.95MinterestExpenseShort-term debtPLN 331.81MshortLongTermDebtEBITDA − capexPLN 467.59MPrincipal due is the current portion of debt.Result 1.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowPLN 161.20MfreeCashFlowMarket capPLN 36.67BMarketCapitalizationResult 0.4%
Latest free cash flow divided by current market cap (PLN 36.67B).
ROIC
19.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 2.04BoperatingIncomeTax expensePLN 367.86MincomeTaxExpensePretax incomePLN 1.93BincomeBeforeTaxTax rate19.1%EquityPLN 8.65BtotalStockholderEquityDebtPLN 755.33MshortLongTermDebtTotalCashPLN 956.82McashAndShortTermInvestmentsInvested capitalPLN 8.45BResult 19.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.20x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 84.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 2.35BpropertyPlantEquipmentInventoryPLN 445.36MinventoryTotal assetsPLN 3.29BtotalAssetsResult 84.9% | 2.49xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenuePLN 5.84BtotalRevenueNet PP&EPLN 2.35BpropertyPlantEquipmentResult 2.49x | 5.68xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexPLN 635.93McapitalExpendituresD&APLN 112.06MdepreciationAndAmortizationResult 5.68x | PLN 1.14Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 3.29BtotalAssetsGoodwillPLN 64.99MgoodWillIntangiblesPLN 30.04MintangibleAssetsLiabilitiesPLN 2.08BtotalLiabTangible bookPLN 1.12BShares980,400,000commonStockSharesOutstandingResult PLN 1.14 | -0.72xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 541.65MebitdaCapexPLN 635.93McapitalExpendituresInterestPLN 25.82MinterestExpenseShort-term debtPLN 104.49MshortLongTermDebtEBITDA − capex-PLN 94.28MPrincipal due is the current portion of debt.Result -0.72x | -PLN 1.48MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowPLN 634.46MtotalCashFromOperatingActivitiesCapexPLN 635.93McapitalExpendituresFree cash flow-PLN 1.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -PLN 1.48M | 19.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 429.00MoperatingIncomeTax expensePLN 76.42MincomeTaxExpensePretax incomePLN 383.98MincomeBeforeTaxTax rate19.9%EquityPLN 1.21BtotalStockholderEquityDebtPLN 834.49MshortLongTermDebtTotalCashPLN 285.36McashInvested capitalPLN 1.76BResult 19.5% | 0.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomePLN 429.00MoperatingIncomeNet PP&EPLN 2.35BpropertyPlantEquipmentResult 0.18x |
| 2019 | 85.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 3.10BpropertyPlantEquipmentInventoryPLN 624.00MinventoryTotal assetsPLN 4.35BtotalAssetsResult 85.6% | 2.47xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenuePLN 7.65BtotalRevenueNet PP&EPLN 3.10BpropertyPlantEquipmentResult 2.47x | 5.07xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexPLN 829.77McapitalExpendituresD&APLN 163.52MdepreciationAndAmortizationResult 5.07x | PLN 1.55Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 4.35BtotalAssetsGoodwillPLN 64.99MgoodWillIntangiblesPLN 34.06MintangibleAssetsLiabilitiesPLN 2.73BtotalLiabTangible bookPLN 1.52BShares980,400,000commonStockSharesOutstandingResult PLN 1.55 | -0.35xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 725.84MebitdaCapexPLN 829.77McapitalExpendituresInterestPLN 59.86MinterestExpenseShort-term debtPLN 238.43MshortLongTermDebtEBITDA − capex-PLN 103.93MPrincipal due is the current portion of debt.Result -0.35x | -PLN 30.72MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowPLN 799.04MtotalCashFromOperatingActivitiesCapexPLN 829.77McapitalExpendituresFree cash flow-PLN 30.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -PLN 30.72M | 19.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 561.91MoperatingIncomeTax expensePLN 91.55MincomeTaxExpensePretax incomePLN 502.46MincomeBeforeTaxTax rate18.2%EquityPLN 1.62BtotalStockholderEquityDebtPLN 1.14BshortLongTermDebtTotalCashPLN 395.02McashAndShortTermInvestmentsInvested capitalPLN 2.37BResult 19.4% | 0.18xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomePLN 561.91MoperatingIncomeNet PP&EPLN 3.10BpropertyPlantEquipmentResult 0.18x |
| 2020 | 86.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 3.93BpropertyPlantEquipmentInventoryPLN 875.15MinventoryTotal assetsPLN 5.57BtotalAssetsResult 86.3% | 2.57xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenuePLN 10.13BtotalRevenueNet PP&EPLN 3.93BpropertyPlantEquipmentResult 2.57x | 5.06xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.00BcapitalExpendituresD&APLN 198.15MdepreciationAndAmortizationResult 5.06x | PLN 2.21Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 5.57BtotalAssetsGoodwillPLN 64.99MgoodWillIntangiblesPLN 34.06MintangibleAssetsLiabilitiesPLN 3.30BtotalLiabTangible bookPLN 2.17BShares980,400,000commonStockSharesOutstandingResult PLN 2.21 | 0.15xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.04BebitdaCapexPLN 1.00BcapitalExpendituresInterestPLN 30.46MinterestExpenseShort-term debtPLN 217.80MshortLongTermDebtEBITDA − capexPLN 36.77MPrincipal due is the current portion of debt.Result 0.15x | -PLN 182.10MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowPLN 819.92MtotalCashFromOperatingActivitiesCapexPLN 1.00BcapitalExpendituresFree cash flow-PLN 182.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -PLN 182.10M | 21.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 837.86MoperatingIncomeTax expensePLN 145.08MincomeTaxExpensePretax incomePLN 789.00MincomeBeforeTaxTax rate18.4%EquityPLN 2.27BtotalStockholderEquityDebtPLN 1.47BshortLongTermDebtTotalCashPLN 481.36McashAndShortTermInvestmentsInvested capitalPLN 3.26BResult 21.0% | 0.21xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomePLN 837.86MoperatingIncomeNet PP&EPLN 3.93BpropertyPlantEquipmentResult 0.21x |
| 2021 | 89.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 5.05BpropertyPlantEquipmentInventoryPLN 1.37BinventoryTotal assetsPLN 7.17BtotalAssetsResult 89.6% | 2.65xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenuePLN 13.36BtotalRevenueNet PP&EPLN 5.05BpropertyPlantEquipmentResult 2.65x | 5.40xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.34BcapitalExpendituresD&APLN 247.34MdepreciationAndAmortizationResult 5.40x | PLN 2.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 7.17BtotalAssetsGoodwillPLN 64.99MgoodWillIntangiblesPLN 80.07MintangibleAssetsLiabilitiesPLN 4.10BtotalLiabTangible bookPLN 2.93BShares980,400,000commonStockSharesOutstandingResult PLN 2.98 | -0.26xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.27BebitdaCapexPLN 1.34BcapitalExpendituresInterestPLN 26.21MinterestExpenseShort-term debtPLN 223.89MshortTermDebtEBITDA − capex-PLN 63.91MPrincipal due is short-term debt.Result -0.26x | -PLN 9.27MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowPLN 1.33BtotalCashFromOperatingActivitiesCapexPLN 1.34BcapitalExpendituresFree cash flow-PLN 9.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -PLN 9.27M | 20.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.02BoperatingIncomeTax expensePLN 173.11MincomeTaxExpensePretax incomePLN 978.41MincomeBeforeTaxTax rate17.7%EquityPLN 3.07BtotalStockholderEquityDebtPLN 1.48BshortLongTermDebtTotalCashPLN 419.94McashAndShortTermInvestmentsInvested capitalPLN 4.13BResult 20.4% | 0.20xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomePLN 1.02BoperatingIncomeNet PP&EPLN 5.05BpropertyPlantEquipmentResult 0.20x |
| 2022 | 90.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 6.17BpropertyPlantEquipmentInventoryPLN 1.98BinventoryTotal assetsPLN 9.00BtotalAssetsResult 90.5% | 3.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenuePLN 19.80BtotalRevenueNet PP&EPLN 6.17BpropertyPlantEquipmentResult 3.21x | 4.82xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.45BcapitalExpendituresD&APLN 300.13MdepreciationAndAmortizationResult 4.82x | PLN 4.14Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 9.00BtotalAssetsGoodwillPLN 64.99MgoodWillIntangiblesPLN 80.24MintangibleAssetsLiabilitiesPLN 4.80BtotalLiabTangible bookPLN 4.06BShares980,400,000commonStockSharesOutstandingResult PLN 4.14 | 0.49xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 1.84BebitdaCapexPLN 1.45BcapitalExpendituresInterestPLN 140.64MinterestExpenseShort-term debtPLN 671.10MshortLongTermDebtEBITDA − capexPLN 396.48MPrincipal due is the current portion of debt.Result 0.49x | -PLN 192.48MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowPLN 1.25BtotalCashFromOperatingActivitiesCapexPLN 1.45BcapitalExpendituresFree cash flow-PLN 192.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -PLN 192.48M | 22.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.54BoperatingIncomeTax expensePLN 269.53MincomeTaxExpensePretax incomePLN 1.40BincomeBeforeTaxTax rate19.2%EquityPLN 4.20BtotalStockholderEquityDebtPLN 1.78BshortLongTermDebtTotalCashPLN 383.96McashAndShortTermInvestmentsInvested capitalPLN 5.60BResult 22.2% | 0.25xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomePLN 1.54BoperatingIncomeNet PP&EPLN 6.17BpropertyPlantEquipmentResult 0.25x |
| 2023 | 92.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 6.97BpropertyPlantAndEquipmentNetInventoryPLN 2.64BinventoryTotal assetsPLN 10.38BtotalAssetsResult 92.6% | 3.68xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenuePLN 25.67BtotalRevenueNet PP&EPLN 6.97BpropertyPlantAndEquipmentNetResult 3.68x | 3.29xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.17BcapitalExpendituresD&APLN 356.83MdepreciationAndAmortizationResult 3.29x | PLN 5.60Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 10.38BtotalAssetsGoodwillPLN 64.99MgoodWillIntangiblesPLN 50.07MintangibleAssetsLiabilitiesPLN 4.77BtotalLiabTangible bookPLN 5.49BShares980,400,000commonStockSharesOutstandingResult PLN 5.60 | 2.49xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.24BebitdaCapexPLN 1.17BcapitalExpendituresInterestPLN 146.83MinterestExpenseShort-term debtPLN 283.37MshortLongTermDebtEBITDA − capexPLN 1.07BPrincipal due is the current portion of debt.Result 2.49x | PLN 598.68MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowPLN 1.77BtotalCashFromOperatingActivitiesCapexPLN 1.17BcapitalExpendituresFree cash flowPLN 598.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 598.68M | 23.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.88BoperatingIncomeTax expensePLN 333.65MincomeTaxExpensePretax incomePLN 1.74BincomeBeforeTaxTax rate19.2%EquityPLN 5.61BtotalStockholderEquityDebtPLN 1.17BshortLongTermDebtTotalCashPLN 219.77McashAndShortTermInvestmentsInvested capitalPLN 6.56BResult 23.1% | 0.27xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomePLN 1.88BoperatingIncomeNet PP&EPLN 6.97BpropertyPlantAndEquipmentNetResult 0.27x |
| 2024 | 87.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 8.37BpropertyPlantAndEquipmentNetInventoryPLN 3.08BinventoryTotal assetsPLN 13.06BtotalAssetsResult 87.7% | 3.50xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenuePLN 29.27BtotalRevenueNet PP&EPLN 8.37BpropertyPlantAndEquipmentNetResult 3.50x | 3.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexPLN 1.56BcapitalExpendituresD&APLN 409.18MdepreciationAndAmortizationResult 3.82x | PLN 7.07Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 13.06BtotalAssetsGoodwillPLN 73.46MgoodWillIntangiblesPLN 96.50MintangibleAssetsLiabilitiesPLN 5.95BtotalLiabTangible bookPLN 6.93BShares980,400,000commonStockSharesOutstandingResult PLN 7.07 | 1.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.32BebitdaCapexPLN 1.56BcapitalExpendituresInterestPLN 121.42MinterestExpenseShort-term debtPLN 565.88MshortLongTermDebtEBITDA − capexPLN 762.25MPrincipal due is the current portion of debt.Result 1.11x | PLN 793.86MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowPLN 2.56BtotalCashFromOperatingActivitiesCapexPLN 1.56BcapitalExpendituresFree cash flowPLN 793.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 793.86M | 21.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 1.90BoperatingIncomeTax expensePLN 287.83MincomeTaxExpensePretax incomePLN 1.79BincomeBeforeTaxTax rate16.0%EquityPLN 7.09BtotalStockholderEquityDebtPLN 1.09BshortLongTermDebtTotalCashPLN 893.09McashAndShortTermInvestmentsInvested capitalPLN 7.28BResult 21.9% | 0.23xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomePLN 1.90BoperatingIncomeNet PP&EPLN 8.37BpropertyPlantAndEquipmentNetResult 0.23x |
| 2025 | 89.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EPLN 9.99BpropertyPlantAndEquipmentNetInventoryPLN 3.55BinventoryTotal assetsPLN 15.17BtotalAssetsResult 89.2% | 3.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenuePLN 33.63BtotalRevenueNet PP&EPLN 9.99BpropertyPlantAndEquipmentNetResult 3.37x | 4.13xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexPLN 2.09BcapitalExpendituresD&APLN 505.03MdepreciationAndAmortizationResult 4.13x | PLN 8.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsPLN 15.17BtotalAssetsGoodwillPLN 73.46MgoodWillIntangiblesPLN 102.72MintangibleAssetsLiabilitiesPLN 6.50BtotalLiabTangible bookPLN 8.49BShares980,400,000commonStockSharesOutstandingResult PLN 8.66 | 1.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAPLN 2.55BebitdaCapexPLN 2.09BcapitalExpendituresInterestPLN 122.95MinterestExpenseShort-term debtPLN 331.81MshortLongTermDebtEBITDA − capexPLN 467.59MPrincipal due is the current portion of debt.Result 1.03x | PLN 161.20MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowPLN 2.70BtotalCashFromOperatingActivitiesCapexPLN 2.09BcapitalExpendituresFree cash flowPLN 161.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result PLN 161.20M | 19.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomePLN 2.04BoperatingIncomeTax expensePLN 367.86MincomeTaxExpensePretax incomePLN 1.93BincomeBeforeTaxTax rate19.1%EquityPLN 8.65BtotalStockholderEquityDebtPLN 755.33MshortLongTermDebtTotalCashPLN 956.82McashAndShortTermInvestmentsInvested capitalPLN 8.45BResult 19.5% | 0.20xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomePLN 2.04BoperatingIncomeNet PP&EPLN 9.99BpropertyPlantAndEquipmentNetResult 0.20x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: PLN 9.99B
Inventory: PLN 3.55B
Total assets: PLN 15.17B
Goodwill: PLN 73.46M
Intangibles: PLN 102.72M
Liabilities: PLN 6.50B
Tangible book: PLN 8.49B
Shares: 980,400,000
Revenue: PLN 33.63B
Capex: PLN 2.09B
D&A: PLN 505.03M
EBITDA: PLN 2.55B
Interest: PLN 122.95M
Short-term debt: PLN 331.81M
Free cash flow: PLN 161.20M
Operating income: PLN 2.04B
Invested capital: PLN 8.45B
Tax rate: 19.1%