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.
Ambev SA ADR
Physical assets are 25.8% 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. ROIC is 27.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.19x. Compare it with other names in the same basket.
Physical asset ratio
25.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.64BpropertyPlantAndEquipmentNetInventory$10.52BinventoryTotal assets$148.11BtotalAssetsResult 25.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$88.24BtotalRevenueNet PP&E$27.64BpropertyPlantAndEquipmentNetResult 3.19x
Revenue per dollar of the physical asset base.
Capex / D&A
0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.59BcapitalExpendituresD&A$6.83BdepreciationAndAmortizationResult 0.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.31Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$148.11BtotalAssetsGoodwill$41.54BgoodWillIntangibles$11.04BintangibleAssetsLiabilities$59.34BtotalLiabTangible book$36.19BShares15,683,871,000commonStockSharesOutstandingResult $2.31
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.15xPrice / tangible bookPrice / tangible book per sharePrice$2.66Latest quoteTangible book / share$2.312025-12-31Result 1.15x
Price $2.66.
Fixed-charge coverage
8.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.97BebitdaCapex$4.59BcapitalExpendituresInterest$2.72BinterestExpenseShort-term debt$154.30MshortLongTermDebtEBITDA − capex$24.38BPrincipal due is the current portion of debt.Result 8.48x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
48.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$19.86BfreeCashFlowMarket cap$41.01BMarketCapitalizationResult 48.4%
Latest free cash flow divided by current market cap ($41.01B).
ROIC
27.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.32BoperatingIncomeTax expense$3.43BincomeTaxExpensePretax income$19.42BincomeBeforeTaxTax rate17.7%Equity$87.91BtotalStockholderEquityDebt$411.20MlongTermDebt + shortLongTermDebtCash$20.32BcashAndShortTermInvestmentsInvested capital$68.01BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 27.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.81x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.64BpropertyPlantEquipmentInventory$5.40BinventoryTotal assets$94.13BtotalAssetsResult 28.7% | 2.32xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$50.23BtotalRevenueNet PP&E$21.64BpropertyPlantEquipmentResult 2.32x | 0.80xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.57BcapitalExpendituresD&A$4.45BdepreciationAndAmortizationResult 0.80x | $0.99Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$94.13BtotalAssetsGoodwill$34.28BgoodWillIntangibles$5.84BintangibleAssetsLiabilities$38.26BtotalLiabTangible book$15.75BShares15,856,200,000commonStockSharesOutstandingResult $0.99 | 5.60xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.30BebitdaCapex$3.57BcapitalExpendituresInterest$1.28BinterestExpenseShort-term debt$1.53BshortLongTermDebtEBITDA − capex$15.73BPrincipal due is the current portion of debt.Result 5.60x | $14.78BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$18.35BtotalCashFromOperatingActivitiesCapex$3.57BcapitalExpendituresFree cash flow$14.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.78B | 31.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.15BoperatingIncomeTax expense$1.77BincomeTaxExpensePretax income$13.12BincomeBeforeTaxTax rate13.5%Equity$56.25BtotalStockholderEquityDebt$2.38BlongTermDebt + shortLongTermDebtCash$11.48BcashAndShortTermInvestmentsInvested capital$47.15BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 31.5% | 0.79xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$17.15BoperatingIncomeNet PP&E$21.64BpropertyPlantEquipmentResult 0.79x |
| 2019 | 28.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.58BpropertyPlantAndEquipmentNetInventory$5.98BinventoryTotal assets$101.74BtotalAssetsResult 28.1% | 2.30xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$52.01BtotalRevenueNet PP&E$22.58BpropertyPlantAndEquipmentNetResult 2.30x | 1.08xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$5.07BcapitalExpendituresD&A$4.68BdepreciationAndAmortizationResult 1.08x | $1.34Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$101.74BtotalAssetsGoodwill$35.01BgoodWillIntangibles$6.31BintangibleAssetsLiabilities$39.19BtotalLiabTangible book$21.24BShares15,868,993,000commonStockSharesOutstandingResult $1.34 | 21.16xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.44BebitdaCapex$5.07BcapitalExpendituresInterest$462.06MinterestExpenseShort-term debt$217.10MshortLongTermDebtEBITDA − capex$14.37BPrincipal due is the current portion of debt.Result 21.16x | $13.31BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$18.38BtotalCashFromOperatingActivitiesCapex$5.07BcapitalExpendituresFree cash flow$13.31BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.31B | 30.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.07BoperatingIncomeTax expense$754.70MincomeTaxExpensePretax income$12.94BincomeBeforeTaxTax rate5.8%Equity$61.28BtotalStockholderEquityDebt$914.90MlongTermDebt + shortLongTermDebtCash$11.92BcashAndShortTermInvestmentsInvested capital$50.28BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 30.1% | 0.71xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$16.07BoperatingIncomeNet PP&E$22.58BpropertyPlantAndEquipmentNetResult 0.71x |
| 2020 | 25.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.77BpropertyPlantAndEquipmentNetInventory$7.61BinventoryTotal assets$125.20BtotalAssetsResult 25.9% | 2.36xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$58.38BtotalRevenueNet PP&E$24.77BpropertyPlantAndEquipmentNetResult 2.36x | 0.91xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$4.69BcapitalExpendituresD&A$5.17BdepreciationAndAmortizationResult 0.91x | $1.74Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$125.20BtotalAssetsGoodwill$40.02BgoodWillIntangibles$7.58BintangibleAssetsLiabilities$50.05BtotalLiabTangible book$27.55BShares15,867,570,000commonStockSharesOutstandingResult $1.74 | 5.10xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.77BebitdaCapex$4.69BcapitalExpendituresInterest$414.78MinterestExpenseShort-term debt$2.74BshortTermDebtEBITDA − capex$16.08BPrincipal due is short-term debt.Result 5.10x | $14.16BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$18.86BtotalCashFromOperatingActivitiesCapex$4.69BcapitalExpendituresFree cash flow$14.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.16B | 23.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.97BoperatingIncomeTax expense$1.76BincomeTaxExpensePretax income$13.49BincomeBeforeTaxTax rate13.1%Equity$73.82BtotalStockholderEquityDebt$4.79BshortLongTermDebtTotalCash$18.79BcashAndShortTermInvestmentsInvested capital$59.82BResult 23.2% | 0.64xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$15.97BoperatingIncomeNet PP&E$24.77BpropertyPlantAndEquipmentNetResult 0.64x |
| 2021 | 29.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.22BpropertyPlantAndEquipmentNetInventory$11.00BinventoryTotal assets$138.60BtotalAssetsResult 29.0% | 2.49xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$72.85BtotalRevenueNet PP&E$29.22BpropertyPlantAndEquipmentNetResult 2.49x | 1.42xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$7.68BcapitalExpendituresD&A$5.40BdepreciationAndAmortizationResult 1.42x | $2.08Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$138.60BtotalAssetsGoodwill$42.41BgoodWillIntangibles$8.69BintangibleAssetsLiabilities$54.58BtotalLiabTangible book$32.92BShares15,857,454,000commonStockSharesOutstandingResult $2.08 | 5.84xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.99BebitdaCapex$7.68BcapitalExpendituresInterest$1.43BinterestExpenseShort-term debt$847.10MshortLongTermDebtEBITDA − capex$13.32BPrincipal due is the current portion of debt.Result 5.84x | $15.22BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$22.90BtotalCashFromOperatingActivitiesCapex$7.68BcapitalExpendituresFree cash flow$15.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.22B | 24.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.08BoperatingIncomeTax expense$636.60MincomeTaxExpensePretax income$13.76BincomeBeforeTaxTax rate4.6%Equity$82.64BtotalStockholderEquityDebt$3.13BshortLongTermDebtTotalCash$18.54BcashAndShortTermInvestmentsInvested capital$67.23BResult 24.2% | 0.58xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$17.08BoperatingIncomeNet PP&E$29.22BpropertyPlantAndEquipmentNetResult 0.58x |
| 2022 | 31.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.06BpropertyPlantEquipmentInventory$12.92BinventoryTotal assets$137.96BtotalAssetsResult 31.2% | 2.65xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$79.71BtotalRevenueNet PP&E$30.06BpropertyPlantEquipmentResult 2.65x | 1.10xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$6.53BcapitalExpendituresD&A$5.96BdepreciationAndAmortizationResult 1.10x | $2.11Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$137.96BtotalAssetsGoodwill$40.59BgoodWillIntangibles$9.22BintangibleAssetsLiabilities$54.63BtotalLiabTangible book$33.51BShares15,848,632,000commonStockSharesOutstandingResult $2.11 | 10.01xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.08BebitdaCapex$6.53BcapitalExpendituresInterest$596.10MinterestExpenseShort-term debt$1.06BshortTermDebtEBITDA − capex$16.55BPrincipal due is short-term debt.Result 10.01x | $14.11BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$20.64BtotalCashFromOperatingActivitiesCapex$6.53BcapitalExpendituresFree cash flow$14.11BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.11B | 25.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.69BoperatingIncomeTax expense-$655.60MincomeTaxExpensePretax income$14.24BincomeBeforeTaxTax rate0.0%Equity$81.96BtotalStockholderEquityDebt$3.85BshortLongTermDebtTotalCash$15.38BcashAndShortTermInvestmentsInvested capital$70.42BResult 25.1% | 0.59xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$17.69BoperatingIncomeNet PP&E$30.06BpropertyPlantEquipmentResult 0.59x |
| 2023 | 27.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.63BpropertyPlantAndEquipmentNetInventory$9.62BinventoryTotal assets$132.64BtotalAssetsResult 27.3% | 2.99xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$79.74BtotalRevenueNet PP&E$26.63BpropertyPlantAndEquipmentNetResult 2.99x | 0.94xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$6.00BcapitalExpendituresD&A$6.42BdepreciationAndAmortizationResult 0.94x | $2.03Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$132.64BtotalAssetsGoodwill$38.00BgoodWillIntangibles$10.04BintangibleAssetsLiabilities$52.50BtotalLiabTangible book$32.10BShares15,838,615,000commonStockSharesOutstandingResult $2.03 | 25.03xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$24.27BebitdaCapex$6.00BcapitalExpendituresInterest$578.43MinterestExpenseShort-term debt$151.20MshortLongTermDebtEBITDA − capex$18.27BPrincipal due is the current portion of debt.Result 25.03x | $18.71BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$24.71BtotalCashFromOperatingActivitiesCapex$6.00BcapitalExpendituresFree cash flow$18.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.71B | 29.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.83BoperatingIncomeTax expense$75.50MincomeTaxExpensePretax income$15.04BincomeBeforeTaxTax rate0.5%Equity$78.97BtotalStockholderEquityDebt$542.20MlongTermDebt + shortLongTermDebtCash$16.34BcashAndShortTermInvestmentsInvested capital$63.18BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 29.7% | 0.71xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$18.83BoperatingIncomeNet PP&E$26.63BpropertyPlantAndEquipmentNetResult 0.71x |
| 2024 | 25.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.17BpropertyPlantAndEquipmentNetInventory$11.69BinventoryTotal assets$162.51BtotalAssetsResult 25.8% | 2.96xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$89.45BtotalRevenueNet PP&E$30.17BpropertyPlantAndEquipmentNetResult 2.96x | 0.67xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.75BcapitalExpendituresD&A$7.13BdepreciationAndAmortizationResult 0.67x | $2.70Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$162.51BtotalAssetsGoodwill$44.34BgoodWillIntangibles$12.53BintangibleAssetsLiabilities$62.93BtotalLiabTangible book$42.71BShares15,814,740,000commonStockSharesOutstandingResult $2.70 | 9.47xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.01BebitdaCapex$4.75BcapitalExpendituresInterest$2.40BinterestExpenseShort-term debt$163.60MshortLongTermDebtEBITDA − capex$24.26BPrincipal due is the current portion of debt.Result 9.47x | $21.35BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$26.10BtotalCashFromOperatingActivitiesCapex$4.75BcapitalExpendituresFree cash flow$21.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.35B | 24.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.80BoperatingIncomeTax expense$4.64BincomeTaxExpensePretax income$19.49BincomeBeforeTaxTax rate23.8%Equity$98.64BtotalStockholderEquityDebt$487.60MlongTermDebt + shortLongTermDebtCash$29.84BcashAndShortTermInvestmentsInvested capital$69.29BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 24.0% | 0.72xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$21.80BoperatingIncomeNet PP&E$30.17BpropertyPlantAndEquipmentNetResult 0.72x |
| 2025 | 25.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.64BpropertyPlantAndEquipmentNetInventory$10.52BinventoryTotal assets$148.11BtotalAssetsResult 25.8% | 3.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$88.24BtotalRevenueNet PP&E$27.64BpropertyPlantAndEquipmentNetResult 3.19x | 0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.59BcapitalExpendituresD&A$6.83BdepreciationAndAmortizationResult 0.67x | $2.31Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$148.11BtotalAssetsGoodwill$41.54BgoodWillIntangibles$11.04BintangibleAssetsLiabilities$59.34BtotalLiabTangible book$36.19BShares15,683,871,000commonStockSharesOutstandingResult $2.31 | 8.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.97BebitdaCapex$4.59BcapitalExpendituresInterest$2.72BinterestExpenseShort-term debt$154.30MshortLongTermDebtEBITDA − capex$24.38BPrincipal due is the current portion of debt.Result 8.48x | $19.86BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$24.45BtotalCashFromOperatingActivitiesCapex$4.59BcapitalExpendituresFree cash flow$19.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.86B | 27.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.32BoperatingIncomeTax expense$3.43BincomeTaxExpensePretax income$19.42BincomeBeforeTaxTax rate17.7%Equity$87.91BtotalStockholderEquityDebt$411.20MlongTermDebt + shortLongTermDebtCash$20.32BcashAndShortTermInvestmentsInvested capital$68.01BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 27.0% | 0.81xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$22.32BoperatingIncomeNet PP&E$27.64BpropertyPlantAndEquipmentNetResult 0.81x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $27.64B
Inventory: $10.52B
Total assets: $148.11B
Goodwill: $41.54B
Intangibles: $11.04B
Liabilities: $59.34B
Tangible book: $36.19B
Shares: 15,683,871,000
Revenue: $88.24B
Capex: $4.59B
D&A: $6.83B
EBITDA: $28.97B
Interest: $2.72B
Short-term debt: $154.30M
Free cash flow: $19.86B
Operating income: $22.32B
Invested capital: $68.01B
Tax rate: 17.7%