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.
ACS Actividades de Construcción y Servicios S.A.
Physical assets are 7.3% of total assets, a light footprint. Capex is 0.77x 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 0.48x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 20.00x.
Physical asset ratio
7.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.49BpropertyPlantAndEquipmentNetInventory€873.84MinventoryTotal assets€45.93BtotalAssetsResult 7.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
20.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€49.85BtotalRevenueNet PP&E€2.49BpropertyPlantAndEquipmentNetResult 20.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€743.76McapitalExpendituresD&A€969.66MdepreciationAndAmortizationResult 0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€2.79Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€45.93BtotalAssetsGoodwill€5.05BgoodWillIntangibles€843.22MintangibleAssetsLiabilities€40.75BtotalLiabTangible book-€718.63MShares257,464,072commonStockSharesOutstandingResult -€2.79
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€90.65Latest quoteTangible book / share-€2.792025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €90.65.
Fixed-charge coverage
0.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.42BebitdaCapex€743.76McapitalExpendituresInterest€888.08MinterestExpenseShort-term debt€2.57BshortLongTermDebtEBITDA − capex€1.67BPrincipal due is the current portion of debt.Result 0.48x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€2.30BfreeCashFlowMarket cap€24.00BMarketCapitalizationResult 9.6%
Latest free cash flow divided by current market cap (€24.00B).
ROIC
16.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.45BoperatingIncomeTax expense€452.87MincomeTaxExpensePretax income€1.66BincomeBeforeTaxTax rate27.3%Equity€4.82BtotalStockholderEquityDebt€16.08BshortLongTermDebtTotalCash€14.32BcashAndShortTermInvestmentsInvested capital€6.58BResult 16.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.58x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 9.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.58BpropertyPlantEquipmentInventory€755.94MinventoryTotal assets€34.30BtotalAssetsUses the property line, which is larger than net PP&E (€1.78B, propertyPlantAndEquipmentNet).Result 9.7% | 14.23xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€36.66BtotalRevenueNet PP&E€2.58BpropertyPlantEquipmentResult 14.23x | 0.99xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€809.60McapitalExpendituresD&A€817.60MdepreciationAndAmortizationResult 0.99x | €4.32Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€34.30BtotalAssetsGoodwill€3.08BgoodWillIntangibles€963.38MintangibleAssetsLiabilities€28.24BtotalLiabTangible book€2.01BShares466,659,000commonStockSharesOutstandingResult €4.32 | 0.89xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.76BebitdaCapex€809.60McapitalExpendituresInterest€51.49MinterestExpenseShort-term debt€2.15BshortLongTermDebtEBITDA − capex€1.95BPrincipal due is the current portion of debt.Result 0.89x | €1.51BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€2.32BtotalCashFromOperatingActivitiesCapex€809.60McapitalExpendituresFree cash flow€1.51BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.51B | 23.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.44BoperatingIncomeTax expense€390.18MincomeTaxExpensePretax income€1.65BincomeBeforeTaxTax rate23.6%Equity€4.39BtotalStockholderEquityDebt€8.35BshortLongTermDebtTotalCash€8.05BcashAndShortTermInvestmentsInvested capital€4.68BResult 23.5% | 0.56xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.44BoperatingIncomeNet PP&E€2.58BpropertyPlantEquipmentResult 0.56x |
| 2019 | 9.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.84BpropertyPlantAndEquipmentNetInventory€910.97MinventoryTotal assets€38.59BtotalAssetsResult 9.7% | 13.75xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€39.05BtotalRevenueNet PP&E€2.84BpropertyPlantAndEquipmentNetResult 13.75x | 1.20xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€1.16BcapitalExpendituresD&A€969.71MdepreciationAndAmortizationResult 1.20x | €3.26Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€38.59BtotalAssetsGoodwill€3.12BgoodWillIntangibles€945.91MintangibleAssetsLiabilities€33.10BtotalLiabTangible book€1.43BShares437,718,000commonStockSharesOutstandingResult €3.26 | 0.65xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.36BebitdaCapex€1.16BcapitalExpendituresInterest€455.60MinterestExpenseShort-term debt€2.91BshortLongTermDebtEBITDA − capex€2.20BPrincipal due is the current portion of debt.Result 0.65x | €1.22BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€2.38BtotalCashFromOperatingActivitiesCapex€1.16BcapitalExpendituresFree cash flow€1.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.22B | 25.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.58BoperatingIncomeTax expense-€84.06MincomeTaxExpensePretax income€631.61MincomeBeforeTaxTax rate0.0%Equity€4.42BtotalStockholderEquityDebt€10.93BshortLongTermDebtTotalCash€9.19BcashAndShortTermInvestmentsInvested capital€6.15BResult 25.6% | 0.56xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€1.58BoperatingIncomeNet PP&E€2.84BpropertyPlantAndEquipmentNetResult 0.56x |
| 2020 | 7.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.17BpropertyPlantAndEquipmentNetInventory€715.24MinventoryTotal assets€37.33BtotalAssetsResult 7.7% | 13.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€29.30BtotalRevenueNet PP&E€2.17BpropertyPlantAndEquipmentNetResult 13.50x | 1.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€876.46McapitalExpendituresD&A€876.32MdepreciationAndAmortizationResult 1.00x | €2.10Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€37.33BtotalAssetsGoodwill€2.86BgoodWillIntangibles€796.13MintangibleAssetsLiabilities€33.06BtotalLiabTangible book€616.73MShares293,847,994commonStockSharesOutstandingResult €2.10 | 0.36xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.02BebitdaCapex€876.46McapitalExpendituresInterest€346.75MinterestExpenseShort-term debt€2.81BshortLongTermDebtEBITDA − capex€1.15BPrincipal due is the current portion of debt.Result 0.36x | €265.23MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€1.14BtotalCashFromOperatingActivitiesCapex€876.46McapitalExpendituresFree cash flow€265.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €265.23M | -2.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€253.77MoperatingIncomeTax expense€255.12MincomeTaxExpensePretax income€904.42MincomeBeforeTaxTax rate28.2%Equity€3.53BtotalStockholderEquityDebt€11.85BshortLongTermDebtTotalCash€8.96BcashAndShortTermInvestmentsInvested capital€6.42BResult -2.8% | -0.12xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-€253.77MoperatingIncomeNet PP&E€2.17BpropertyPlantAndEquipmentNetResult -0.12x |
| 2021 | 6.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.54BpropertyPlantAndEquipmentNetInventory€742.09MinventoryTotal assets€35.66BtotalAssetsResult 6.4% | 18.10xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€27.84BtotalRevenueNet PP&E€1.54BpropertyPlantAndEquipmentNetResult 18.10x | 0.81xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€386.21McapitalExpendituresD&A€479.45MdepreciationAndAmortizationResult 0.81x | €13.21Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€35.66BtotalAssetsGoodwill€2.67BgoodWillIntangibles€607.16MintangibleAssetsLiabilities€28.64BtotalLiabTangible book€3.75BShares283,680,866commonStockSharesOutstandingResult €13.21 | 0.20xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€805.65MebitdaCapex€386.21McapitalExpendituresInterest€335.62MinterestExpenseShort-term debt€1.77BshortLongTermDebtEBITDA − capex€419.44MPrincipal due is the current portion of debt.Result 0.20x | -€183.07MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€203.14MtotalCashFromOperatingActivitiesCapex€386.21McapitalExpendituresFree cash flow-€183.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€183.07M | 6.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€543.17MoperatingIncomeTax expense€789.37MincomeTaxExpensePretax income€57.50MincomeBeforeTaxTax rate40.0%Equity€6.33BtotalStockholderEquityDebt€11.05BshortLongTermDebtTotalCash€11.98BcashAndShortTermInvestmentsInvested capital€5.40BThe effective tax rate was above 40% and was capped at 40%.Result 6.0% | 0.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€543.17MoperatingIncomeNet PP&E€1.54BpropertyPlantAndEquipmentNetResult 0.35x |
| 2022 | 7.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.85BpropertyPlantEquipmentInventory€828.97MinventoryTotal assets€37.58BtotalAssetsResult 7.1% | 18.13xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€33.62BtotalRevenueNet PP&E€1.85BpropertyPlantEquipmentResult 18.13x | 0.46xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€285.18McapitalExpendituresD&A€620.75MdepreciationAndAmortizationResult 0.46x | €11.58Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€37.58BtotalAssetsGoodwill€2.72BgoodWillIntangibles€567.70MintangibleAssetsLiabilities€31.20BtotalLiabTangible book€3.09BShares266,979,163commonStockSharesOutstandingResult €11.58 | 0.93xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.11BebitdaCapex€285.18McapitalExpendituresInterest€484.15MinterestExpenseShort-term debt€1.49BshortLongTermDebtEBITDA − capex€1.83BPrincipal due is the current portion of debt.Result 0.93x | €1.46BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€1.74BtotalCashFromOperatingActivitiesCapex€285.18McapitalExpendituresFree cash flow€1.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.46B | 3.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€277.77MoperatingIncomeTax expense€201.20MincomeTaxExpensePretax income€1.01BincomeBeforeTaxTax rate19.9%Equity€5.55BtotalStockholderEquityDebt€11.07BshortLongTermDebtTotalCash€10.42BcashAndShortTermInvestmentsInvested capital€6.20BResult 3.6% | 0.15xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€277.77MoperatingIncomeNet PP&E€1.85BpropertyPlantEquipmentResult 0.15x |
| 2023 | 7.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.82BpropertyPlantAndEquipmentNetInventory€790.00MinventoryTotal assets€36.50BtotalAssetsResult 7.1% | 19.68xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€35.74BtotalRevenueNet PP&E€1.82BpropertyPlantAndEquipmentNetResult 19.68x | 0.90xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€495.53McapitalExpendituresD&A€551.02MdepreciationAndAmortizationResult 0.90x | €9.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€36.50BtotalAssetsGoodwill€2.73BgoodWillIntangibles€547.07MintangibleAssetsLiabilities€30.87BtotalLiabTangible book€2.35BShares260,320,000commonStockSharesOutstandingResult €9.02 | 0.67xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.90BebitdaCapex€495.53McapitalExpendituresInterest€637.74MinterestExpenseShort-term debt€1.46BshortLongTermDebtEBITDA − capex€1.41BPrincipal due is the current portion of debt.Result 0.67x | €1.01BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€1.50BtotalCashFromOperatingActivitiesCapex€495.53McapitalExpendituresFree cash flow€1.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.01B | 11.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€838.33MoperatingIncomeTax expense€199.08MincomeTaxExpensePretax income€1.13BincomeBeforeTaxTax rate17.7%Equity€5.33BtotalStockholderEquityDebt€10.39BshortLongTermDebtTotalCash€9.82BcashAndShortTermInvestmentsInvested capital€5.90BResult 11.7% | 0.46xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€838.33MoperatingIncomeNet PP&E€1.82BpropertyPlantAndEquipmentNetResult 0.46x |
| 2024 | 9.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.00BpropertyPlantAndEquipmentNetInventory€1.02BinventoryTotal assets€42.03BtotalAssetsResult 9.6% | 13.87xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€41.63BtotalRevenueNet PP&E€3.00BpropertyPlantAndEquipmentNetResult 13.87x | 0.71xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€612.49McapitalExpendituresD&A€866.20MdepreciationAndAmortizationResult 0.71x | -€1.85Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€42.03BtotalAssetsGoodwill€4.75BgoodWillIntangibles€838.80MintangibleAssetsLiabilities€36.91BtotalLiabTangible book-€478.04MShares258,680,000commonStockSharesOutstandingResult -€1.85 | 0.59xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.70BebitdaCapex€612.49McapitalExpendituresInterest€843.32MinterestExpenseShort-term debt€2.73BshortLongTermDebtEBITDA − capex€2.09BPrincipal due is the current portion of debt.Result 0.59x | €2.18BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€2.79BtotalCashFromOperatingActivitiesCapex€612.49McapitalExpendituresFree cash flow€2.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.18B | 21.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.44BoperatingIncomeTax expense-€86.48MincomeTaxExpensePretax income€993.34MincomeBeforeTaxTax rate0.0%Equity€4.71BtotalStockholderEquityDebt€14.34BshortLongTermDebtTotalCash€12.34BcashAndShortTermInvestmentsInvested capital€6.71BResult 21.5% | 0.48xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€1.44BoperatingIncomeNet PP&E€3.00BpropertyPlantAndEquipmentNetResult 0.48x |
| 2025 | 7.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.49BpropertyPlantAndEquipmentNetInventory€873.84MinventoryTotal assets€45.93BtotalAssetsResult 7.3% | 20.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€49.85BtotalRevenueNet PP&E€2.49BpropertyPlantAndEquipmentNetResult 20.00x | 0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€743.76McapitalExpendituresD&A€969.66MdepreciationAndAmortizationResult 0.77x | -€2.79Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€45.93BtotalAssetsGoodwill€5.05BgoodWillIntangibles€843.22MintangibleAssetsLiabilities€40.75BtotalLiabTangible book-€718.63MShares257,464,072commonStockSharesOutstandingResult -€2.79 | 0.48xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.42BebitdaCapex€743.76McapitalExpendituresInterest€888.08MinterestExpenseShort-term debt€2.57BshortLongTermDebtEBITDA − capex€1.67BPrincipal due is the current portion of debt.Result 0.48x | €2.30BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€3.05BtotalCashFromOperatingActivitiesCapex€743.76McapitalExpendituresFree cash flow€2.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.30B | 16.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.45BoperatingIncomeTax expense€452.87MincomeTaxExpensePretax income€1.66BincomeBeforeTaxTax rate27.3%Equity€4.82BtotalStockholderEquityDebt€16.08BshortLongTermDebtTotalCash€14.32BcashAndShortTermInvestmentsInvested capital€6.58BResult 16.0% | 0.58xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€1.45BoperatingIncomeNet PP&E€2.49BpropertyPlantAndEquipmentNetResult 0.58x |
- 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: €2.49B
Inventory: €873.84M
Total assets: €45.93B
Goodwill: €5.05B
Intangibles: €843.22M
Liabilities: €40.75B
Tangible book: -€718.63M
Shares: 257,464,072
Revenue: €49.85B
Capex: €743.76M
D&A: €969.66M
EBITDA: €2.42B
Interest: €888.08M
Short-term debt: €2.57B
Free cash flow: €2.30B
Operating income: €1.45B
Invested capital: €6.58B
Tax rate: 27.3%