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.
ING Groep N.V.
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.53x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Fixed-asset turnover is 9.24x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.48BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€1,054.41BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€22.90BtotalRevenueNet PP&E€2.48BpropertyPlantAndEquipmentNetResult 9.24x
Revenue per dollar of the physical asset base.
Capex / D&A
0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€351.00McapitalExpendituresD&A€665.00MreconciledDepreciationResult 0.53x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€17.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1,054.41BtotalAssetsGoodwill€477.00MgoodWillIntangibles€1.04BintangibleAssetsLiabilities€1,003.45BtotalLiabTangible book€49.44BShares2,902,437,688commonStockSharesOutstandingResult €17.03
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share€17.032025-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex€351.00McapitalExpendituresInterest€36.37BinterestExpenseShort-term debt—Not reportedResult —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-7.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-€6.73BfreeCashFlowMarket cap€86.82BMarketCapitalizationResult -7.8%
Latest free cash flow divided by current market cap (€86.82B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense€2.55BtaxProvisionPretax income€9.15BincomeBeforeTaxTax rate27.8%Equity€49.70BtotalStockholderEquityDebt€178.17BlongTermDebtCash€52.89BcashInvested capital€174.98BResult —
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2022 | 0.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.45BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€967.82BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 7.72xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€18.89BtotalRevenueNet PP&E€2.45BpropertyPlantAndEquipmentNetResult 7.72x | 0.32xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€231.00McapitalExpendituresD&A€711.00MreconciledDepreciationResult 0.32x | €13.62Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€967.82BtotalAssetsGoodwill€464.00MgoodWillIntangibles€637.00MintangibleAssetsLiabilities€917.41BtotalLiabTangible book€49.31BShares3,619,144,872commonStockSharesOutstandingResult €13.62 | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex€231.00McapitalExpendituresInterest€14.71BinterestExpenseShort-term debt—Not reportedResult — | -€11.34BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-€11.11BtotalCashFromOperatingActivitiesCapex€231.00McapitalExpendituresFree cash flow-€11.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€11.34B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense€1.73BtaxProvisionPretax income€5.50BincomeBeforeTaxTax rate31.4%Equity€49.91BtotalStockholderEquityDebt€118.32BlongTermDebtCash€87.61BcashInvested capital€80.62BResult — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E€2.45BpropertyPlantAndEquipmentNetResult — |
| 2023 | 0.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.40BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€975.58BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 9.45xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€22.67BtotalRevenueNet PP&E€2.40BpropertyPlantAndEquipmentNetResult 9.45x | 0.36xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€246.00McapitalExpendituresD&A€674.00MreconciledDepreciationResult 0.36x | €15.25Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€975.58BtotalAssetsGoodwill€469.00MgoodWillIntangibles€729.00MintangibleAssetsLiabilities€923.40BtotalLiabTangible book€50.98BShares3,343,622,989commonStockSharesOutstandingResult €15.25 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex€246.00McapitalExpendituresInterest€36.25BinterestExpenseShort-term debt—Not reportedResult — | -€11.59BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-€11.34BtotalCashFromOperatingActivitiesCapex€246.00McapitalExpendituresFree cash flow-€11.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€11.59B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense€2.97BtaxProvisionPretax income€10.49BincomeBeforeTaxTax rate28.3%Equity€51.24BtotalStockholderEquityDebt€148.84BlongTermDebtCash€90.21BcashInvested capital€109.86BResult — | —EBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E€2.40BpropertyPlantAndEquipmentNetResult — |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.43BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€1,020.55BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 9.27xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€22.55BtotalRevenueNet PP&E€2.43BpropertyPlantAndEquipmentNetResult 9.27x | 0.49xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€332.00McapitalExpendituresD&A€673.00MreconciledDepreciationResult 0.49x | €16.14Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1,020.55BtotalAssetsGoodwill€476.00MgoodWillIntangibles€857.00MintangibleAssetsLiabilities€969.24BtotalLiabTangible book€49.98BShares3,096,274,533commonStockSharesOutstandingResult €16.14 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex€332.00McapitalExpendituresInterest€43.88BinterestExpenseShort-term debt—Not reportedResult — | -€22.88BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-€22.54BtotalCashFromOperatingActivitiesCapex€332.00McapitalExpendituresFree cash flow-€22.88BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€22.88B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense€2.65BtaxProvisionPretax income€9.30BincomeBeforeTaxTax rate28.5%Equity€50.31BtotalStockholderEquityDebt€170.21BlongTermDebtCash€70.35BcashInvested capital€150.17BResult — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E€2.43BpropertyPlantAndEquipmentNetResult — |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.48BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€1,054.41BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 9.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€22.90BtotalRevenueNet PP&E€2.48BpropertyPlantAndEquipmentNetResult 9.24x | 0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€351.00McapitalExpendituresD&A€665.00MreconciledDepreciationResult 0.53x | €17.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1,054.41BtotalAssetsGoodwill€477.00MgoodWillIntangibles€1.04BintangibleAssetsLiabilities€1,003.45BtotalLiabTangible book€49.44BShares2,902,437,688commonStockSharesOutstandingResult €17.03 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex€351.00McapitalExpendituresInterest€36.37BinterestExpenseShort-term debt—Not reportedResult — | -€6.73BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-€6.38BtotalCashFromOperatingActivitiesCapex€351.00McapitalExpendituresFree cash flow-€6.73BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€6.73B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense€2.55BtaxProvisionPretax income€9.15BincomeBeforeTaxTax rate27.8%Equity€49.70BtotalStockholderEquityDebt€178.17BlongTermDebtCash€52.89BcashInvested capital€174.98BResult — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E€2.48BpropertyPlantAndEquipmentNetResult — |
- Inventory was missing and treated as zero in the physical asset ratio.
Latest year inputs (2025)
Net PP&E: €2.48B
Inventory: €0.00
Total assets: €1,054.41B
Goodwill: €477.00M
Intangibles: €1.04B
Liabilities: €1,003.45B
Tangible book: €49.44B
Shares: 2,902,437,688
Revenue: €22.90B
Capex: €351.00M
D&A: €665.00M
EBITDA: —
Interest: €36.37B
Short-term debt: —
Free cash flow: -€6.73B
Operating income: —
Invested capital: €174.98B
Tax rate: 27.8%