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.
Acciona
Physical assets are 42.4% of total assets, a mixed footprint. Capex is 1.58x 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. EBITDA after capex covers debt service by 0.40x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.61x.
Physical asset ratio
42.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.57BpropertyPlantAndEquipmentNetInventory€2.64BinventoryTotal assets€35.85BtotalAssetsResult 42.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.61xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€20.24BtotalRevenueNet PP&E€12.57BpropertyPlantAndEquipmentNetResult 1.61x
Revenue per dollar of the physical asset base.
Capex / D&A
1.58xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.77BcapitalExpendituresD&A€1.12BdepreciationAndAmortizationResult 1.58x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€66.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€35.85BtotalAssetsGoodwill€1.32BgoodWillIntangibles€1.47BintangibleAssetsLiabilities€29.44BtotalLiabTangible book€3.62BShares54,484,561commonStockSharesOutstandingResult €66.44
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.06xPrice / tangible bookPrice / tangible book per sharePrice€203.60Latest quoteTangible book / share€66.442025-12-31Result 3.06x
Price €203.60.
Fixed-charge coverage
0.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.84BebitdaCapex€1.77BcapitalExpendituresInterest€673.20MinterestExpenseShort-term debt€2.03BshortLongTermDebtEBITDA − capex€1.07BPrincipal due is the current portion of debt.Result 0.40x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€379.00MfreeCashFlowMarket cap€10.83BMarketCapitalizationResult 3.5%
Latest free cash flow divided by current market cap (€10.83B).
ROIC
10.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.72BoperatingIncomeTax expense€263.00MincomeTaxExpensePretax income€1.39BincomeBeforeTaxTax rate18.9%Equity€4.71BtotalStockholderEquityDebt€13.62BshortLongTermDebtTotalCash€5.40BcashAndShortTermInvestmentsInvested capital€12.93BResult 10.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.14x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 50.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€6.74BpropertyPlantAndEquipmentNetInventory€783.84MinventoryTotal assets€14.94BtotalAssetsResult 50.3% | 1.11xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€7.51BtotalRevenueNet PP&E€6.74BpropertyPlantAndEquipmentNetResult 1.11x | 1.06xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€644.70McapitalExpendituresD&A€609.52MdepreciationAndAmortizationResult 1.06x | €48.79Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.94BtotalAssetsGoodwill€198.47MgoodWillIntangibles€584.58MintangibleAssetsLiabilities€11.44BtotalLiabTangible book€2.71BShares55,588,989commonStockSharesOutstandingResult €48.79 | 0.28xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.34BebitdaCapex€644.70McapitalExpendituresInterest€341.63MinterestExpenseShort-term debt€2.14BshortLongTermDebtEBITDA − capex€694.57MPrincipal due is the current portion of debt.Result 0.28x | -€9.05MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€635.65MtotalCashFromOperatingActivitiesCapex€644.70McapitalExpendituresFree cash flow-€9.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€9.05M | 7.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€757.41MoperatingIncomeTax expense€136.32MincomeTaxExpensePretax income€508.78MincomeBeforeTaxTax rate26.8%Equity€3.29BtotalStockholderEquityDebt€6.24BshortLongTermDebtTotalCash€1.89BcashAndShortTermInvestmentsInvested capital€7.64BResult 7.3% | 0.11xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€757.41MoperatingIncomeNet PP&E€6.74BpropertyPlantAndEquipmentNetResult 0.11x |
| 2019 | 49.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€7.53BpropertyPlantAndEquipmentNetInventory€1.12BinventoryTotal assets€17.35BtotalAssetsResult 49.9% | 0.96xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€7.19BtotalRevenueNet PP&E€7.53BpropertyPlantAndEquipmentNetResult 0.96x | 2.25xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€1.32BcapitalExpendituresD&A€585.70MdepreciationAndAmortizationResult 2.25x | €52.79Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€17.35BtotalAssetsGoodwill€233.40MgoodWillIntangibles€533.26MintangibleAssetsLiabilities€13.71BtotalLiabTangible book€2.87BShares54,438,737commonStockSharesOutstandingResult €52.79 | 0.05xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.43BebitdaCapex€1.32BcapitalExpendituresInterest€265.21MinterestExpenseShort-term debt€1.95BshortLongTermDebtEBITDA − capex€109.06MPrincipal due is the current portion of debt.Result 0.05x | -€600.01MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€716.34MtotalCashFromOperatingActivitiesCapex€1.32BcapitalExpendituresFree cash flow-€600.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€600.01M | 5.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€698.88MoperatingIncomeTax expense€147.27MincomeTaxExpensePretax income€544.77MincomeBeforeTaxTax rate27.0%Equity€3.42BtotalStockholderEquityDebt€7.66BshortLongTermDebtTotalCash€2.35BcashAndShortTermInvestmentsInvested capital€8.74BResult 5.8% | 0.09xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€698.88MoperatingIncomeNet PP&E€7.53BpropertyPlantAndEquipmentNetResult 0.09x |
| 2020 | 49.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€7.93BpropertyPlantAndEquipmentNetInventory€1.08BinventoryTotal assets€18.27BtotalAssetsResult 49.3% | 0.82xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€6.47BtotalRevenueNet PP&E€7.93BpropertyPlantAndEquipmentNetResult 0.82x | 1.63xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€905.74McapitalExpendituresD&A€556.68MdepreciationAndAmortizationResult 1.63x | €57.60Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€18.27BtotalAssetsGoodwill€230.45MgoodWillIntangibles€398.94MintangibleAssetsLiabilities€14.50BtotalLiabTangible book€3.14BShares54,523,975commonStockSharesOutstandingResult €57.60 | 0.12xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.17BebitdaCapex€905.74McapitalExpendituresInterest€256.26MinterestExpenseShort-term debt€1.98BshortLongTermDebtEBITDA − capex€260.60MPrincipal due is the current portion of debt.Result 0.12x | €61.79MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€967.52MtotalCashFromOperatingActivitiesCapex€905.74McapitalExpendituresFree cash flow€61.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €61.79M | 6.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€616.44MoperatingIncomeTax expense€97.39MincomeTaxExpensePretax income€508.07MincomeBeforeTaxTax rate19.2%Equity€3.40BtotalStockholderEquityDebt€7.36BshortLongTermDebtTotalCash€2.59BcashAndShortTermInvestmentsInvested capital€8.17BResult 6.1% | 0.08xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€616.44MoperatingIncomeNet PP&E€7.93BpropertyPlantAndEquipmentNetResult 0.08x |
| 2021 | 49.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€8.59BpropertyPlantAndEquipmentNetInventory€1.11BinventoryTotal assets€19.60BtotalAssetsResult 49.5% | 0.94xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€8.10BtotalRevenueNet PP&E€8.59BpropertyPlantAndEquipmentNetResult 0.94x | 1.33xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€948.38McapitalExpendituresD&A€715.00MdepreciationAndAmortizationResult 1.33x | €88.89Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€19.60BtotalAssetsGoodwill€248.76MgoodWillIntangibles€452.56MintangibleAssetsLiabilities€14.05BtotalLiabTangible book€4.86BShares54,628,413commonStockSharesOutstandingResult €88.89 | 0.27xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.53BebitdaCapex€948.38McapitalExpendituresInterest€234.74MinterestExpenseShort-term debt€1.93BshortLongTermDebtEBITDA − capex€576.62MPrincipal due is the current portion of debt.Result 0.27x | -€375.40MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€572.98MtotalCashFromOperatingActivitiesCapex€948.38McapitalExpendituresFree cash flow-€375.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€375.40M | 6.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€829.50MoperatingIncomeTax expense€170.61MincomeTaxExpensePretax income€574.75MincomeBeforeTaxTax rate29.7%Equity€4.31BtotalStockholderEquityDebt€6.89BshortLongTermDebtTotalCash€2.53BcashAndShortTermInvestmentsInvested capital€8.67BResult 6.7% | 0.10xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€829.50MoperatingIncomeNet PP&E€8.59BpropertyPlantAndEquipmentNetResult 0.10x |
| 2022 | 49.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€10.03BpropertyPlantEquipmentInventory€1.23BinventoryTotal assets€22.60BtotalAssetsResult 49.9% | 1.12xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€11.20BtotalRevenueNet PP&E€10.03BpropertyPlantEquipmentResult 1.12x | 3.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€2.20BcapitalExpendituresD&A€651.00MdepreciationAndAmortizationResult 3.37x | €100.08Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€22.60BtotalAssetsGoodwill€249.00MgoodWillIntangibles€582.00MintangibleAssetsLiabilities€16.29BtotalLiabTangible book€5.47BShares54,684,851commonStockSharesOutstandingResult €100.08 | -0.20xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.81BebitdaCapex€2.20BcapitalExpendituresInterest€257.00MinterestExpenseShort-term debt€1.68BshortLongTermDebtEBITDA − capex-€384.00MPrincipal due is the current portion of debt.Result -0.20x | -€547.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€1.65BtotalCashFromOperatingActivitiesCapex€2.20BcapitalExpendituresFree cash flow-€547.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€547.00M | 9.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.33BoperatingIncomeTax expense€254.00MincomeTaxExpensePretax income€869.00MincomeBeforeTaxTax rate29.2%Equity€4.89BtotalStockholderEquityDebt€7.94BshortLongTermDebtTotalCash€2.66BcashAndShortTermInvestmentsInvested capital€10.16BResult 9.3% | 0.13xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€1.33BoperatingIncomeNet PP&E€10.03BpropertyPlantEquipmentResult 0.13x |
| 2023 | 49.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.48BpropertyPlantAndEquipmentNetInventory€3.07BinventoryTotal assets€31.65BtotalAssetsResult 49.1% | 1.36xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€17.02BtotalRevenueNet PP&E€12.48BpropertyPlantAndEquipmentNetResult 1.36x | 2.65xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€2.89BcapitalExpendituresD&A€1.09BdepreciationAndAmortizationResult 2.65x | €70.77Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€31.65BtotalAssetsGoodwill€1.37BgoodWillIntangibles€1.61BintangibleAssetsLiabilities€24.80BtotalLiabTangible book€3.87BShares54,724,000commonStockSharesOutstandingResult €70.77 | -0.19xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.42BebitdaCapex€2.89BcapitalExpendituresInterest€511.00MinterestExpenseShort-term debt€2.01BshortLongTermDebtEBITDA − capex-€470.00MPrincipal due is the current portion of debt.Result -0.19x | -€1.20BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€1.70BtotalCashFromOperatingActivitiesCapex€2.89BcapitalExpendituresFree cash flow-€1.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€1.20B | 7.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.25BoperatingIncomeTax expense€198.00MincomeTaxExpensePretax income€819.00MincomeBeforeTaxTax rate24.2%Equity€5.01BtotalStockholderEquityDebt€11.21BshortLongTermDebtTotalCash€3.72BcashAndShortTermInvestmentsInvested capital€12.50BResult 7.6% | 0.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€1.25BoperatingIncomeNet PP&E€12.48BpropertyPlantAndEquipmentNetResult 0.10x |
| 2024 | 46.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€13.60BpropertyPlantAndEquipmentNetInventory€2.38BinventoryTotal assets€34.62BtotalAssetsResult 46.2% | 1.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€19.19BtotalRevenueNet PP&E€13.60BpropertyPlantAndEquipmentNetResult 1.41x | 2.40xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€2.73BcapitalExpendituresD&A€1.14BdepreciationAndAmortizationResult 2.40x | €62.54Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€34.62BtotalAssetsGoodwill€1.37BgoodWillIntangibles€1.60BintangibleAssetsLiabilities€28.24BtotalLiabTangible book€3.41BShares54,477,000commonStockSharesOutstandingResult €62.54 | -0.05xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.56BebitdaCapex€2.73BcapitalExpendituresInterest€658.00MinterestExpenseShort-term debt€2.83BshortLongTermDebtEBITDA − capex-€169.00MPrincipal due is the current portion of debt.Result -0.05x | -€492.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€2.24BtotalCashFromOperatingActivitiesCapex€2.73BcapitalExpendituresFree cash flow-€492.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€492.00M | 8.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.32BoperatingIncomeTax expense€156.00MincomeTaxExpensePretax income€765.00MincomeBeforeTaxTax rate20.4%Equity€4.81BtotalStockholderEquityDebt€12.56BshortLongTermDebtTotalCash€4.82BcashAndShortTermInvestmentsInvested capital€12.55BResult 8.3% | 0.10xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€1.32BoperatingIncomeNet PP&E€13.60BpropertyPlantAndEquipmentNetResult 0.10x |
| 2025 | 42.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.57BpropertyPlantAndEquipmentNetInventory€2.64BinventoryTotal assets€35.85BtotalAssetsResult 42.4% | 1.61xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€20.24BtotalRevenueNet PP&E€12.57BpropertyPlantAndEquipmentNetResult 1.61x | 1.58xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.77BcapitalExpendituresD&A€1.12BdepreciationAndAmortizationResult 1.58x | €66.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€35.85BtotalAssetsGoodwill€1.32BgoodWillIntangibles€1.47BintangibleAssetsLiabilities€29.44BtotalLiabTangible book€3.62BShares54,484,561commonStockSharesOutstandingResult €66.44 | 0.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.84BebitdaCapex€1.77BcapitalExpendituresInterest€673.20MinterestExpenseShort-term debt€2.03BshortLongTermDebtEBITDA − capex€1.07BPrincipal due is the current portion of debt.Result 0.40x | €379.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€2.15BtotalCashFromOperatingActivitiesCapex€1.77BcapitalExpendituresFree cash flow€379.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €379.00M | 10.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.72BoperatingIncomeTax expense€263.00MincomeTaxExpensePretax income€1.39BincomeBeforeTaxTax rate18.9%Equity€4.71BtotalStockholderEquityDebt€13.62BshortLongTermDebtTotalCash€5.40BcashAndShortTermInvestmentsInvested capital€12.93BResult 10.8% | 0.14xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€1.72BoperatingIncomeNet PP&E€12.57BpropertyPlantAndEquipmentNetResult 0.14x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €12.57B
Inventory: €2.64B
Total assets: €35.85B
Goodwill: €1.32B
Intangibles: €1.47B
Liabilities: €29.44B
Tangible book: €3.62B
Shares: 54,484,561
Revenue: €20.24B
Capex: €1.77B
D&A: €1.12B
EBITDA: €2.84B
Interest: €673.20M
Short-term debt: €2.03B
Free cash flow: €379.00M
Operating income: €1.72B
Invested capital: €12.93B
Tax rate: 18.9%