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.
Ayvens SA
Physical assets are 74.0% of total assets, a heavy footprint. Capex is 2.05x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.41x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.48x.
Physical asset ratio
74.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€51.60BpropertyPlantEquipmentInventory€817.90MinventoryTotal assets€70.85BtotalAssetsResult 74.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€24.95BtotalRevenueNet PP&E€51.60BpropertyPlantEquipmentResult 0.48x
Revenue per dollar of the physical asset base.
Capex / D&A
2.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€17.87BcapitalExpendituresD&A€8.73BdepreciationAndAmortizationResult 2.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€9.96Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€70.85BtotalAssetsGoodwill€2.13BgoodWillIntangibles€609.20MintangibleAssetsLiabilities€59.81BtotalLiabTangible book€8.30BShares833,972,309commonStockSharesOutstandingResult €9.96
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.91xPrice / tangible bookPrice / tangible book per sharePrice€9.10Latest quoteTangible book / share€9.962025-12-31Result 0.91x
Price €9.10.
Fixed-charge coverage
-0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€11.85BebitdaCapex€17.87BcapitalExpendituresInterest€1.88BinterestExpenseShort-term debt€12.84BshortLongTermDebtEBITDA − capex-€6.02BPrincipal due is the current portion of debt.Result -0.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-98.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-€6.83BfreeCashFlowMarket cap€6.96BMarketCapitalizationResult -98.1%
Latest free cash flow divided by current market cap (€6.96B).
ROIC
4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.12BoperatingIncomeTax expense€410.00MincomeTaxExpensePretax income€1.41BincomeBeforeTaxTax rate29.1%Equity€11.01BtotalStockholderEquityDebt€36.64BshortLongTermDebtTotalCash€2.48BcashAndShortTermInvestmentsInvested capital€45.18BResult 4.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 80.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€18.53BpropertyPlantAndEquipmentNetInventory€264.30MinventoryTotal assets€23.25BtotalAssetsResult 80.8% | 0.48xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€8.86BtotalRevenueNet PP&E€18.53BpropertyPlantAndEquipmentNetResult 0.48x | 2.40xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€8.30BcapitalExpendituresD&A€3.46BdepreciationAndAmortizationResult 2.40x | €7.08Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€23.25BtotalAssetsGoodwill€532.40MgoodWillIntangibles€0.00Not reported, treated as 0Liabilities€19.59BtotalLiabTangible book€3.14BShares442,935,246commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result €7.08 | -0.98xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.25BebitdaCapex€8.30BcapitalExpendituresInterest€234.10MinterestExpenseShort-term debt€3.92BshortTermDebtEBITDA − capex-€4.05BPrincipal due is short-term debt.Result -0.98x | -€4.32BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€3.98BtotalCashFromOperatingActivitiesCapex€8.30BcapitalExpendituresFree cash flow-€4.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€4.32B | 3.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€791.80MoperatingIncomeTax expense€126.90MincomeTaxExpensePretax income€689.10MincomeBeforeTaxTax rate18.4%Equity€3.63BtotalStockholderEquityDebt€16.83BshortLongTermDebtTotalCash€502.50McashAndShortTermInvestmentsInvested capital€19.96BResult 3.2% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€791.80MoperatingIncomeNet PP&E€18.53BpropertyPlantAndEquipmentNetResult 0.04x |
| 2019 | 81.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.59BpropertyPlantAndEquipmentNetInventory€371.60MinventoryTotal assets€25.59BtotalAssetsResult 81.9% | 0.47xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€9.65BtotalRevenueNet PP&E€20.59BpropertyPlantAndEquipmentNetResult 0.47x | 2.24xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€8.41BcapitalExpendituresD&A€3.74BdepreciationAndAmortizationResult 2.24x | €7.70Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€25.59BtotalAssetsGoodwill€575.70MgoodWillIntangibles€40.40MintangibleAssetsLiabilities€21.56BtotalLiabTangible book€3.41BShares442,935,246commonStockSharesOutstandingResult €7.70 | -0.62xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.58BebitdaCapex€8.41BcapitalExpendituresInterest€294.90MinterestExpenseShort-term debt€5.92BshortTermDebtEBITDA − capex-€3.82BPrincipal due is short-term debt.Result -0.62x | -€4.20BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€4.20BtotalCashFromOperatingActivitiesCapex€8.41BcapitalExpendituresFree cash flow-€4.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€4.20B | 3.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€838.00MoperatingIncomeTax expense€122.20MincomeTaxExpensePretax income€693.20MincomeBeforeTaxTax rate17.6%Equity€3.99BtotalStockholderEquityDebt€18.53BshortLongTermDebtTotalCash€481.80McashAndShortTermInvestmentsInvested capital€22.04BResult 3.1% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€838.00MoperatingIncomeNet PP&E€20.59BpropertyPlantAndEquipmentNetResult 0.04x |
| 2020 | 82.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.29BpropertyPlantAndEquipmentNetInventory€324.60MinventoryTotal assets€25.07BtotalAssetsResult 82.2% | 0.49xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€9.86BtotalRevenueNet PP&E€20.29BpropertyPlantAndEquipmentNetResult 0.49x | 1.87xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€7.26BcapitalExpendituresD&A€3.89BdepreciationAndAmortizationResult 1.87x | €7.99Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€25.07BtotalAssetsGoodwill€576.00MgoodWillIntangibles€78.70MintangibleAssetsLiabilities€20.87BtotalLiabTangible book€3.54BShares442,935,246commonStockSharesOutstandingResult €7.99 | -0.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.64BebitdaCapex€7.26BcapitalExpendituresInterest€169.50MinterestExpenseShort-term debt€6.44BshortTermDebtEBITDA − capex-€2.62BPrincipal due is short-term debt.Result -0.40x | -€2.56BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€741.40MtotalCashFromOperatingActivitiesCapex€7.26BcapitalExpendituresFree cash flow-€2.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€2.56B | 2.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€750.50MoperatingIncomeTax expense€108.90MincomeTaxExpensePretax income€614.60MincomeBeforeTaxTax rate17.7%Equity€4.16BtotalStockholderEquityDebt€17.78BshortLongTermDebtTotalCash€545.10McashAndShortTermInvestmentsInvested capital€21.40BResult 2.9% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€750.50MoperatingIncomeNet PP&E€20.29BpropertyPlantAndEquipmentNetResult 0.04x |
| 2021 | 82.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€21.91BpropertyPlantAndEquipmentNetInventory€296.40MinventoryTotal assets€26.99BtotalAssetsResult 82.3% | 0.48xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€10.44BtotalRevenueNet PP&E€21.91BpropertyPlantAndEquipmentNetResult 0.48x | 2.35xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€8.86BcapitalExpendituresD&A€3.77BdepreciationAndAmortizationResult 2.35x | €9.44Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€26.99BtotalAssetsGoodwill€576.00MgoodWillIntangibles€88.80MintangibleAssetsLiabilities€22.15BtotalLiabTangible book€4.18BShares442,935,246commonStockSharesOutstandingResult €9.44 | -0.64xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.01BebitdaCapex€8.86BcapitalExpendituresInterest€132.70MinterestExpenseShort-term debt€5.88BshortLongTermDebtEBITDA − capex-€3.85BPrincipal due is the current portion of debt.Result -0.64x | -€3.78BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€5.08BtotalCashFromOperatingActivitiesCapex€8.86BcapitalExpendituresFree cash flow-€3.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€3.78B | 4.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.23BoperatingIncomeTax expense€238.60MincomeTaxExpensePretax income€1.12BincomeBeforeTaxTax rate21.3%Equity€4.81BtotalStockholderEquityDebt€18.64BshortLongTermDebtTotalCash€533.40McashAndShortTermInvestmentsInvested capital€22.92BResult 4.2% | 0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€1.23BoperatingIncomeNet PP&E€21.91BpropertyPlantAndEquipmentNetResult 0.06x |
| 2022 | 76.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€23.46BpropertyPlantEquipmentInventory€395.30MinventoryTotal assets€31.30BtotalAssetsResult 76.2% | 0.48xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€11.37BtotalRevenueNet PP&E€23.46BpropertyPlantEquipmentResult 0.48x | 2.63xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€9.66BcapitalExpendituresD&A€3.67BdepreciationAndAmortizationResult 2.63x | €13.61Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€31.30BtotalAssetsGoodwill€618.60MgoodWillIntangibles€126.70MintangibleAssetsLiabilities€24.39BtotalLiabTangible book€6.17BShares453,169,000commonStockSharesOutstandingResult €13.61 | -0.70xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.53BebitdaCapex€9.66BcapitalExpendituresInterest€244.10MinterestExpenseShort-term debt€5.69BshortLongTermDebtEBITDA − capex-€4.13BPrincipal due is the current portion of debt.Result -0.70x | -€4.71BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€4.95BtotalCashFromOperatingActivitiesCapex€9.66BcapitalExpendituresFree cash flow-€4.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€4.71B | 5.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.86BoperatingIncomeTax expense€445.90MincomeTaxExpensePretax income€1.67BincomeBeforeTaxTax rate26.8%Equity€6.88BtotalStockholderEquityDebt€19.99BshortLongTermDebtTotalCash€584.70McashAndShortTermInvestmentsInvested capital€26.28BResult 5.2% | 0.08xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€1.86BoperatingIncomeNet PP&E€23.46BpropertyPlantEquipmentResult 0.08x |
| 2023 | 72.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€50.22BpropertyPlantEquipmentInventory€806.60MinventoryTotal assets€70.26BtotalAssetsResult 72.6% | 0.37xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€18.65BtotalRevenueNet PP&E€50.22BpropertyPlantEquipmentResult 0.37x | 0.04xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€276.90McapitalExpendituresD&A€6.40BdepreciationAndAmortizationResult 0.04x | €11.98Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€70.26BtotalAssetsGoodwill€1.99BgoodWillIntangibles€703.90MintangibleAssetsLiabilities€58.91BtotalLiabTangible book€8.66BShares722,913,792commonStockSharesOutstandingResult €11.98 | 0.73xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.49BebitdaCapex€276.90McapitalExpendituresInterest€1.04BinterestExpenseShort-term debt€10.23BshortLongTermDebtEBITDA − capex€8.22BPrincipal due is the current portion of debt.Result 0.73x | -€3.27BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-€2.99BtotalCashFromOperatingActivitiesCapex€276.90McapitalExpendituresFree cash flow-€3.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€3.27B | 3.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.10BoperatingIncomeTax expense€359.40MincomeTaxExpensePretax income€1.22BincomeBeforeTaxTax rate29.3%Equity€10.83BtotalStockholderEquityDebt€37.88BshortLongTermDebtTotalCash€4.84BcashAndShortTermInvestmentsInvested capital€43.86BResult 3.4% | 0.04xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€2.10BoperatingIncomeNet PP&E€50.22BpropertyPlantEquipmentResult 0.04x |
| 2024 | 36.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€53.57BpropertyPlantAndEquipmentNetInventory€842.70MinventoryTotal assets€150.23BtotalAssetsResult 36.2% | 0.47xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€24.99BtotalRevenueNet PP&E€53.57BpropertyPlantAndEquipmentNetResult 0.47x | 2.48xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€21.81BcapitalExpendituresD&A€8.79BdepreciationAndAmortizationResult 2.48x | €10.03Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€150.23BtotalAssetsGoodwill€2.13BgoodWillIntangibles€663.00MintangibleAssetsLiabilities€139.07BtotalLiabTangible book€8.37BShares834,984,000commonStockSharesOutstandingResult €10.03 | -0.60xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€11.27BebitdaCapex€21.81BcapitalExpendituresInterest€1.90BinterestExpenseShort-term debt€15.58BshortLongTermDebtEBITDA − capex-€10.54BPrincipal due is the current portion of debt.Result -0.60x | -€11.00BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€603.00MtotalCashFromOperatingActivitiesCapex€21.81BcapitalExpendituresFree cash flow-€11.00BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€11.00B | 3.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.48BoperatingIncomeTax expense€284.10MincomeTaxExpensePretax income€994.30MincomeBeforeTaxTax rate28.6%Equity€11.14BtotalStockholderEquityDebt€40.14BshortLongTermDebtTotalCash€5.47BcashAndShortTermInvestmentsInvested capital€45.81BResult 3.9% | 0.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€2.48BoperatingIncomeNet PP&E€53.57BpropertyPlantAndEquipmentNetResult 0.05x |
| 2025 | 74.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€51.60BpropertyPlantEquipmentInventory€817.90MinventoryTotal assets€70.85BtotalAssetsResult 74.0% | 0.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€24.95BtotalRevenueNet PP&E€51.60BpropertyPlantEquipmentResult 0.48x | 2.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€17.87BcapitalExpendituresD&A€8.73BdepreciationAndAmortizationResult 2.05x | €9.96Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€70.85BtotalAssetsGoodwill€2.13BgoodWillIntangibles€609.20MintangibleAssetsLiabilities€59.81BtotalLiabTangible book€8.30BShares833,972,309commonStockSharesOutstandingResult €9.96 | -0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€11.85BebitdaCapex€17.87BcapitalExpendituresInterest€1.88BinterestExpenseShort-term debt€12.84BshortLongTermDebtEBITDA − capex-€6.02BPrincipal due is the current portion of debt.Result -0.41x | -€6.83BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€11.04BtotalCashFromOperatingActivitiesCapex€17.87BcapitalExpendituresFree cash flow-€6.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€6.83B | 4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.12BoperatingIncomeTax expense€410.00MincomeTaxExpensePretax income€1.41BincomeBeforeTaxTax rate29.1%Equity€11.01BtotalStockholderEquityDebt€36.64BshortLongTermDebtTotalCash€2.48BcashAndShortTermInvestmentsInvested capital€45.18BResult 4.9% | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€3.12BoperatingIncomeNet PP&E€51.60BpropertyPlantEquipmentResult 0.06x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €51.60B
Inventory: €817.90M
Total assets: €70.85B
Goodwill: €2.13B
Intangibles: €609.20M
Liabilities: €59.81B
Tangible book: €8.30B
Shares: 833,972,309
Revenue: €24.95B
Capex: €17.87B
D&A: €8.73B
EBITDA: €11.85B
Interest: €1.88B
Short-term debt: €12.84B
Free cash flow: -€6.83B
Operating income: €3.12B
Invested capital: €45.18B
Tax rate: 29.1%