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.
Accor S. A.
Physical assets are 8.1% of total assets, a light footprint. Capex is 0.60x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 6.12x. Compare it with other names in the same basket.
Physical asset ratio
8.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€922.00MpropertyPlantAndEquipmentNetInventory€34.00MinventoryTotal assets€11.74BtotalAssetsResult 8.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€5.64BtotalRevenueNet PP&E€922.00MpropertyPlantAndEquipmentNetResult 6.12x
Revenue per dollar of the physical asset base.
Capex / D&A
0.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€197.00McapitalExpendituresD&A€330.00MdepreciationAndAmortizationResult 0.60x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€2.36Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€11.74BtotalAssetsGoodwill€2.35BgoodWillIntangibles€3.03BintangibleAssetsLiabilities€7.03BtotalLiabTangible book-€659.00MShares278,882,000commonStockSharesOutstandingResult -€2.36
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€46.32Latest quoteTangible book / share-€2.362025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €46.32.
Fixed-charge coverage
1.43xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.20BebitdaCapex€197.00McapitalExpendituresInterest€158.00MinterestExpenseShort-term debt€541.00MshortLongTermDebtEBITDA − capex€1.00BPrincipal due is the current portion of debt.Result 1.43x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€613.00MfreeCashFlowMarket cap€10.78BMarketCapitalizationResult 5.7%
Latest free cash flow divided by current market cap (€10.78B).
ROIC
9.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€870.00MoperatingIncomeTax expense€152.00MincomeTaxExpensePretax income€651.00MincomeBeforeTaxTax rate23.3%Equity€4.29BtotalStockholderEquityDebt€4.30BshortLongTermDebtTotalCash€1.24BcashAndShortTermInvestmentsInvested capital€7.34BResult 9.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.94x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 9.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.18BpropertyPlantEquipmentInventory€15.00MinventoryTotal assets€12.98BtotalAssetsResult 9.2% | 2.77xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€3.28BtotalRevenueNet PP&E€1.18BpropertyPlantEquipmentResult 2.77x | 7.53xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€904.00McapitalExpendituresD&A€120.00MdepreciationAndAmortizationResult 7.53x | €4.57Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€12.98BtotalAssetsGoodwill€2.07BgoodWillIntangibles€3.05BintangibleAssetsLiabilities€6.53BtotalLiabTangible book€1.32BShares289,007,464commonStockSharesOutstandingResult €4.57 | -0.27xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€626.00MebitdaCapex€904.00McapitalExpendituresInterest€57.00MinterestExpenseShort-term debt€992.00MshortTermDebtEBITDA − capex-€278.00MPrincipal due is short-term debt.Result -0.27x | -€413.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€491.00MtotalCashFromOperatingActivitiesCapex€904.00McapitalExpendituresFree cash flow-€413.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€413.00M | 4.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€506.00MoperatingIncomeTax expense€109.00MincomeTaxExpensePretax income€90.00MincomeBeforeTaxTax rate40.0%Equity€6.33BtotalStockholderEquityDebt€4.03BshortLongTermDebtTotalCash€2.83BcashAndShortTermInvestmentsInvested capital€7.53BThe effective tax rate was above 40% and was capped at 40%.Result 4.0% | 0.43xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€506.00MoperatingIncomeNet PP&E€1.18BpropertyPlantEquipmentResult 0.43x |
| 2019 | 8.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.16BpropertyPlantEquipmentInventory€20.00MinventoryTotal assets€13.94BtotalAssetsResult 8.5% | 3.48xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€4.05BtotalRevenueNet PP&E€1.16BpropertyPlantEquipmentResult 3.48x | 0.97xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€319.00McapitalExpendituresD&A€328.00MdepreciationAndAmortizationResult 0.97x | -€0.18Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€13.94BtotalAssetsGoodwill€1.95BgoodWillIntangibles€5.08BintangibleAssetsLiabilities€6.96BtotalLiabTangible book-€49.00MShares272,289,941commonStockSharesOutstandingResult -€0.18 | 1.79xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.01BebitdaCapex€319.00McapitalExpendituresInterest€77.00MinterestExpenseShort-term debt€306.00MshortLongTermDebtEBITDA − capex€686.00MPrincipal due is the current portion of debt.Result 1.79x | €322.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€641.00MtotalCashFromOperatingActivitiesCapex€319.00McapitalExpendituresFree cash flow€322.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €322.00M | 5.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€534.00MoperatingIncomeTax expense€138.00MincomeTaxExpensePretax income€600.00MincomeBeforeTaxTax rate23.0%Equity€6.82BtotalStockholderEquityDebt€3.69BshortLongTermDebtTotalCash€2.29BcashAndShortTermInvestmentsInvested capital€8.23BResult 5.0% | 0.46xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€534.00MoperatingIncomeNet PP&E€1.16BpropertyPlantEquipmentResult 0.46x |
| 2020 | 6.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€619.00MpropertyPlantEquipmentInventory€21.00MinventoryTotal assets€10.55BtotalAssetsResult 6.1% | 2.62xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€1.62BtotalRevenueNet PP&E€619.00MpropertyPlantEquipmentResult 2.62x | 0.64xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€175.00McapitalExpendituresD&A€274.00MdepreciationAndAmortizationResult 0.64x | -€12.06Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€10.55BtotalAssetsGoodwill€1.79BgoodWillIntangibles€4.54BintangibleAssetsLiabilities€7.39BtotalLiabTangible book-€3.16BShares262,233,805commonStockSharesOutstandingResult -€12.06 | -1.61xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€1.37BebitdaCapex€175.00McapitalExpendituresInterest€86.00MinterestExpenseShort-term debt€874.00MshortLongTermDebtEBITDA − capex-€1.55BPrincipal due is the current portion of debt.Result -1.61x | -€638.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-€463.00MtotalCashFromOperatingActivitiesCapex€175.00McapitalExpendituresFree cash flow-€638.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€638.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€665.00MoperatingIncomeTax expense-€62.00MincomeTaxExpensePretax income-€1.73BincomeBeforeTaxTax rate—Equity€3.09BtotalStockholderEquityDebt€3.23BlongTermDebt + shortLongTermDebtCash€2.48BcashAndShortTermInvestmentsInvested capital€3.84BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.07xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-€665.00MoperatingIncomeNet PP&E€619.00MpropertyPlantEquipmentResult -1.07x |
| 2021 | 5.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€548.00MpropertyPlantEquipmentInventory€9.00MinventoryTotal assets€10.77BtotalAssetsResult 5.2% | 4.02xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€2.20BtotalRevenueNet PP&E€548.00MpropertyPlantEquipmentResult 4.02x | 0.33xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€82.00McapitalExpendituresD&A€249.00MdepreciationAndAmortizationResult 0.33x | -€13.84Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€10.77BtotalAssetsGoodwill€2.05BgoodWillIntangibles€5.17BintangibleAssetsLiabilities€7.17BtotalLiabTangible book-€3.62BShares261,621,000commonStockSharesOutstandingResult -€13.84 | -0.07xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€22.00MebitdaCapex€82.00McapitalExpendituresInterest€113.00MinterestExpenseShort-term debt€693.00MshortTermDebtEBITDA − capex-€60.00MPrincipal due is short-term debt.Result -0.07x | -€316.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-€234.00MtotalCashFromOperatingActivitiesCapex€82.00McapitalExpendituresFree cash flow-€316.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€316.00M | -3.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€227.00MoperatingIncomeTax expense-€69.00MincomeTaxExpensePretax income€217.00MincomeBeforeTaxTax rate0.0%Equity€3.28BtotalStockholderEquityDebt€4.55BshortLongTermDebtTotalCash€1.67BcashAndShortTermInvestmentsInvested capital€6.16BResult -3.7% | -0.41xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-€227.00MoperatingIncomeNet PP&E€548.00MpropertyPlantEquipmentResult -0.41x |
| 2022 | 6.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€735.00MpropertyPlantEquipmentInventory€19.00MinventoryTotal assets€11.71BtotalAssetsResult 6.4% | 5.75xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€4.22BtotalRevenueNet PP&E€735.00MpropertyPlantEquipmentResult 5.75x | 0.49xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€111.00McapitalExpendituresD&A€228.00MdepreciationAndAmortizationResult 0.49x | -€12.30Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€11.71BtotalAssetsGoodwill€2.28BgoodWillIntangibles€5.41BintangibleAssetsLiabilities€7.26BtotalLiabTangible book-€3.24BShares263,019,121commonStockSharesOutstandingResult -€12.30 | 0.80xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€675.00MebitdaCapex€111.00McapitalExpendituresInterest€116.00MinterestExpenseShort-term debt€586.00MshortLongTermDebtEBITDA − capex€564.00MPrincipal due is the current portion of debt.Result 0.80x | €400.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€511.00MtotalCashFromOperatingActivitiesCapex€111.00McapitalExpendituresFree cash flow€400.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €400.00M | 7.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€447.00MoperatingIncomeTax expense€75.00MincomeTaxExpensePretax income€426.00MincomeBeforeTaxTax rate17.6%Equity€4.06BtotalStockholderEquityDebt€2.85BlongTermDebt + shortLongTermDebtCash€1.66BcashAndShortTermInvestmentsInvested capital€5.25BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.0% | 0.61xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€447.00MoperatingIncomeNet PP&E€735.00MpropertyPlantEquipmentResult 0.61x |
| 2023 | 10.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.11BpropertyPlantEquipmentInventory€36.00MinventoryTotal assets€11.27BtotalAssetsResult 10.1% | 4.58xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€5.06BtotalRevenueNet PP&E€1.11BpropertyPlantEquipmentResult 4.58x | 0.91xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€254.00McapitalExpendituresD&A€279.00MdepreciationAndAmortizationResult 0.91x | -€0.70Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€11.27BtotalAssetsGoodwill€2.34BgoodWillIntangibles€3.16BintangibleAssetsLiabilities€5.96BtotalLiabTangible book-€185.00MShares265,238,783commonStockSharesOutstandingResult -€0.70 | 0.96xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.09BebitdaCapex€254.00McapitalExpendituresInterest€134.00MinterestExpenseShort-term debt€733.00MshortLongTermDebtEBITDA − capex€831.00MPrincipal due is the current portion of debt.Result 0.96x | €415.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€669.00MtotalCashFromOperatingActivitiesCapex€254.00McapitalExpendituresFree cash flow€415.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €415.00M | 12.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€779.00MoperatingIncomeTax expense€39.00MincomeTaxExpensePretax income€679.00MincomeBeforeTaxTax rate5.7%Equity€3.93BtotalStockholderEquityDebt€3.37BshortLongTermDebtTotalCash€1.28BcashAndShortTermInvestmentsInvested capital€6.02BResult 12.2% | 0.70xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€779.00MoperatingIncomeNet PP&E€1.11BpropertyPlantEquipmentResult 0.70x |
| 2024 | 9.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.05BpropertyPlantEquipmentInventory€39.00MinventoryTotal assets€12.06BtotalAssetsResult 9.0% | 5.33xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€5.61BtotalRevenueNet PP&E€1.05BpropertyPlantEquipmentResult 5.33x | 0.86xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€293.00McapitalExpendituresD&A€341.00MdepreciationAndAmortizationResult 0.86x | -€0.47Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€12.06BtotalAssetsGoodwill€2.40BgoodWillIntangibles€3.20BintangibleAssetsLiabilities€6.59BtotalLiabTangible book-€124.00MShares261,802,575commonStockSharesOutstandingResult -€0.47 | 1.76xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.33BebitdaCapex€293.00McapitalExpendituresInterest€132.00MinterestExpenseShort-term debt€460.00MshortLongTermDebtEBITDA − capex€1.04BPrincipal due is the current portion of debt.Result 1.76x | €440.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€733.00MtotalCashFromOperatingActivitiesCapex€293.00McapitalExpendituresFree cash flow€440.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €440.00M | 8.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€786.00MoperatingIncomeTax expense€193.00MincomeTaxExpensePretax income€850.00MincomeBeforeTaxTax rate22.7%Equity€5.03BtotalStockholderEquityDebt€3.74BshortLongTermDebtTotalCash€1.38BcashAndShortTermInvestmentsInvested capital€7.39BResult 8.2% | 0.75xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€786.00MoperatingIncomeNet PP&E€1.05BpropertyPlantEquipmentResult 0.75x |
| 2025 | 8.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€922.00MpropertyPlantAndEquipmentNetInventory€34.00MinventoryTotal assets€11.74BtotalAssetsResult 8.1% | 6.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€5.64BtotalRevenueNet PP&E€922.00MpropertyPlantAndEquipmentNetResult 6.12x | 0.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€197.00McapitalExpendituresD&A€330.00MdepreciationAndAmortizationResult 0.60x | -€2.36Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€11.74BtotalAssetsGoodwill€2.35BgoodWillIntangibles€3.03BintangibleAssetsLiabilities€7.03BtotalLiabTangible book-€659.00MShares278,882,000commonStockSharesOutstandingResult -€2.36 | 1.43xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.20BebitdaCapex€197.00McapitalExpendituresInterest€158.00MinterestExpenseShort-term debt€541.00MshortLongTermDebtEBITDA − capex€1.00BPrincipal due is the current portion of debt.Result 1.43x | €613.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€821.00MtotalCashFromOperatingActivitiesCapex€197.00McapitalExpendituresFree cash flow€613.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €613.00M | 9.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€870.00MoperatingIncomeTax expense€152.00MincomeTaxExpensePretax income€651.00MincomeBeforeTaxTax rate23.3%Equity€4.29BtotalStockholderEquityDebt€4.30BshortLongTermDebtTotalCash€1.24BcashAndShortTermInvestmentsInvested capital€7.34BResult 9.1% | 0.94xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€870.00MoperatingIncomeNet PP&E€922.00MpropertyPlantAndEquipmentNetResult 0.94x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: €922.00M
Inventory: €34.00M
Total assets: €11.74B
Goodwill: €2.35B
Intangibles: €3.03B
Liabilities: €7.03B
Tangible book: -€659.00M
Shares: 278,882,000
Revenue: €5.64B
Capex: €197.00M
D&A: €330.00M
EBITDA: €1.20B
Interest: €158.00M
Short-term debt: €541.00M
Free cash flow: €613.00M
Operating income: €870.00M
Invested capital: €7.34B
Tax rate: 23.3%