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.
Bayer AG NA
Physical assets are 23.9% of total assets, a light footprint. Capex is 0.89x 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 -0.09x, which is below 1.
Fixed-asset turnover is 3.60x. Compare it with other names in the same basket.
Physical asset ratio
23.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.65BpropertyPlantAndEquipmentNetInventory€12.34BinventoryTotal assets€104.54BtotalAssetsResult 23.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€45.58BtotalRevenueNet PP&E€12.65BpropertyPlantAndEquipmentNetResult 3.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.49BcapitalExpendituresD&A€2.79BreconciledDepreciationResult 0.89x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€23.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€104.54BtotalAssetsGoodwill€28.06BgoodWillIntangibles€20.62BintangibleAssetsLiabilities€78.48BtotalLiabTangible book-€22.62BShares982,424,082commonStockSharesOutstandingResult -€23.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€45.96Latest quoteTangible book / share-€23.022025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €45.96.
Fixed-charge coverage
-0.09xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.92BebitdaCapex€2.49BcapitalExpendituresInterest€2.27BinterestExpenseShort-term debt€4.39BshortLongTermDebtEBITDA − capex-€566.00MPrincipal due is the current portion of debt.Result -0.09x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€3.44BfreeCashFlowMarket cap€45.79BMarketCapitalizationResult 7.5%
Latest free cash flow divided by current market cap (€45.79B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.14BoperatingIncomeTax expense€466.00MtaxProvisionPretax income-€3.13BincomeBeforeTaxTax rate—Equity€25.95BtotalStockholderEquityDebt€35.17BlongTermDebt + shortLongTermDebtCash€6.67BcashInvested capital€54.44BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory€9.83BinventoryTotal assets€126.29BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€39.59BtotalRevenueNet PP&E—Not reportedResult — | 0.41xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€2.59BcapitalExpendituresD&A€6.35BreconciledDepreciationResult 0.41x | -€30.82Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€126.29BtotalAssetsGoodwill€38.15BgoodWillIntangibles€36.75BintangibleAssetsLiabilities€80.14BtotalLiabTangible book-€28.74BShares932,551,964commonStockSharesOutstandingResult -€30.82 | 1.70xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€10.29BebitdaCapex€2.59BcapitalExpendituresInterest€1.62BinterestExpenseShort-term debt€2.91BshortTermDebtEBITDA − capex€7.69BPrincipal due is short-term debt.Result 1.70x | €5.32BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€7.92BtotalCashFromOperatingActivitiesCapex€2.59BcapitalExpendituresFree cash flow€5.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.32B | 0.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€323.00MoperatingIncomeTax expense€607.00MtaxProvisionPretax income€2.32BincomeBeforeTaxTax rate26.2%Equity€45.98BtotalStockholderEquityDebt€40.27BlongTermDebt + shortLongTermDebtCash€4.05BcashInvested capital€82.19BResult 0.3% | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€323.00MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | 18.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.48BpropertyPlantAndEquipmentNetInventory€10.77BinventoryTotal assets€126.26BtotalAssetsResult 18.4% | 3.49xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€43.55BtotalRevenueNet PP&E€12.48BpropertyPlantAndEquipmentNetResult 3.49x | 0.49xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€2.65BcapitalExpendituresD&A€5.37BreconciledDepreciationResult 0.49x | -€26.79Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€126.26BtotalAssetsGoodwill€39.13BgoodWillIntangibles€34.71BintangibleAssetsLiabilities€78.74BtotalLiabTangible book-€26.32BShares982,424,082commonStockSharesOutstandingResult -€26.79 | 2.11xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€10.09BebitdaCapex€2.65BcapitalExpendituresInterest€1.85BinterestExpenseShort-term debt€1.68BshortTermDebtEBITDA − capex€7.44BPrincipal due is short-term debt.Result 2.11x | €5.56BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€8.21BtotalCashFromOperatingActivitiesCapex€2.65BcapitalExpendituresFree cash flow€5.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.56B | 4.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.53BoperatingIncomeTax expense€450.00MtaxProvisionPretax income€2.88BincomeBeforeTaxTax rate15.6%Equity€47.34BtotalStockholderEquityDebt€37.63BlongTermDebt + shortLongTermDebtCash€3.19BcashInvested capital€81.78BResult 4.7% | 0.36xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€4.53BoperatingIncomeNet PP&E€12.48BpropertyPlantAndEquipmentNetResult 0.36x |
| 2020 | 19.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€11.72BpropertyPlantAndEquipmentNetInventory€10.95BinventoryTotal assets€116.80BtotalAssetsResult 19.4% | 3.53xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€41.40BtotalRevenueNet PP&E€11.72BpropertyPlantAndEquipmentNetResult 3.53x | 0.18xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€2.42BcapitalExpendituresD&A€13.26BreconciledDepreciationResult 0.18x | -€31.72Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€116.80BtotalAssetsGoodwill€36.42BgoodWillIntangibles€25.42BintangibleAssetsLiabilities€86.13BtotalLiabTangible book-€31.17BShares982,424,082commonStockSharesOutstandingResult -€31.72 | -0.49xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€2.40BebitdaCapex€2.42BcapitalExpendituresInterest€1.60BinterestExpenseShort-term debt€8.15BshortLongTermDebtEBITDA − capex-€4.81BPrincipal due is the current portion of debt.Result -0.49x | €2.49BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€4.90BtotalCashFromOperatingActivitiesCapex€2.42BcapitalExpendituresFree cash flow€2.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.49B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€714.00MoperatingIncomeTax expense-€1.69BtaxProvisionPretax income-€17.25BincomeBeforeTaxTax rate—Equity€30.52BtotalStockholderEquityDebt€40.41BlongTermDebt + shortLongTermDebtCash€4.19BcashInvested capital€66.75BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-€714.00MoperatingIncomeNet PP&E€11.72BpropertyPlantAndEquipmentNetResult -0.06x |
| 2021 | 19.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.69BpropertyPlantAndEquipmentNetInventory€11.27BinventoryTotal assets€120.24BtotalAssetsResult 19.9% | 3.47xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€44.08BtotalRevenueNet PP&E€12.69BpropertyPlantAndEquipmentNetResult 3.47x | 0.85xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€2.61BcapitalExpendituresD&A€3.06BreconciledDepreciationResult 0.85x | -€33.79Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€120.24BtotalAssetsGoodwill€40.11BgoodWillIntangibles€26.26BintangibleAssetsLiabilities€87.07BtotalLiabTangible book-€33.20BShares982,424,082commonStockSharesOutstandingResult -€33.79 | 0.92xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€6.45BebitdaCapex€2.61BcapitalExpendituresInterest€1.35BinterestExpenseShort-term debt€2.82BshortLongTermDebtEBITDA − capex€3.84BPrincipal due is the current portion of debt.Result 0.92x | €2.48BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€5.09BtotalCashFromOperatingActivitiesCapex€2.61BcapitalExpendituresFree cash flow€2.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.48B | 6.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.91BoperatingIncomeTax expense€1.02BtaxProvisionPretax income€2.05BincomeBeforeTaxTax rate40.0%Equity€33.02BtotalStockholderEquityDebt€38.37BlongTermDebt + shortLongTermDebtCash€4.56BcashInvested capital€66.82BThe effective tax rate was above 40% and was capped at 40%.Result 6.2% | 0.54xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€6.91BoperatingIncomeNet PP&E€12.69BpropertyPlantAndEquipmentNetResult 0.54x |
| 2022 | 21.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€13.67BpropertyPlantAndEquipmentNetInventory€13.60BinventoryTotal assets€124.88BtotalAssetsResult 21.8% | 3.71xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€50.74BtotalRevenueNet PP&E€13.67BpropertyPlantAndEquipmentNetResult 3.71x | 0.45xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€2.95BcapitalExpendituresD&A€6.50BreconciledDepreciationResult 0.45x | -€25.35Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€124.88BtotalAssetsGoodwill€39.65BgoodWillIntangibles€24.18BintangibleAssetsLiabilities€85.95BtotalLiabTangible book-€24.91BShares982,424,082commonStockSharesOutstandingResult -€25.35 | 1.11xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€13.03BebitdaCapex€2.95BcapitalExpendituresInterest€1.86BinterestExpenseShort-term debt€7.26BshortLongTermDebtEBITDA − capex€10.08BPrincipal due is the current portion of debt.Result 1.11x | €4.14BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€7.09BtotalCashFromOperatingActivitiesCapex€2.95BcapitalExpendituresFree cash flow€4.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.14B | 8.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€7.33BoperatingIncomeTax expense€504.00MtaxProvisionPretax income€4.67BincomeBeforeTaxTax rate10.8%Equity€38.77BtotalStockholderEquityDebt€40.09BlongTermDebt + shortLongTermDebtCash€5.17BcashInvested capital€73.69BResult 8.9% | 0.54xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€7.33BoperatingIncomeNet PP&E€13.67BpropertyPlantAndEquipmentNetResult 0.54x |
| 2023 | 23.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€13.32BpropertyPlantAndEquipmentNetInventory€13.93BinventoryTotal assets€116.26BtotalAssetsResult 23.4% | 3.58xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€47.64BtotalRevenueNet PP&E€13.32BpropertyPlantAndEquipmentNetResult 3.58x | 0.27xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€2.75BcapitalExpendituresD&A€10.02BreconciledDepreciationResult 0.27x | -€22.99Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€116.26BtotalAssetsGoodwill€32.30BgoodWillIntangibles€23.36BintangibleAssetsLiabilities€83.18BtotalLiabTangible book-€22.58BShares982,424,082commonStockSharesOutstandingResult -€22.99 | 1.19xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€10.45BebitdaCapex€2.75BcapitalExpendituresInterest€2.05BinterestExpenseShort-term debt€4.41BshortLongTermDebtEBITDA − capex€7.70BPrincipal due is the current portion of debt.Result 1.19x | €2.37BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€5.12BtotalCashFromOperatingActivitiesCapex€2.75BcapitalExpendituresFree cash flow€2.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.37B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€8.04BoperatingIncomeTax expense€1.32BtaxProvisionPretax income-€1.62BincomeBeforeTaxTax rate—Equity€32.93BtotalStockholderEquityDebt€41.64BlongTermDebt + shortLongTermDebtCash€5.91BcashInvested capital€68.66BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.60xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€8.04BoperatingIncomeNet PP&E€13.32BpropertyPlantAndEquipmentNetResult 0.60x |
| 2024 | 24.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€13.46BpropertyPlantAndEquipmentNetInventory€13.40BinventoryTotal assets€110.85BtotalAssetsResult 24.2% | 3.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€46.61BtotalRevenueNet PP&E€13.46BpropertyPlantAndEquipmentNetResult 3.46x | 0.32xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€2.78BcapitalExpendituresD&A€8.78BreconciledDepreciationResult 0.32x | -€20.44Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€110.85BtotalAssetsGoodwill€30.02BgoodWillIntangibles€22.11BintangibleAssetsLiabilities€78.81BtotalLiabTangible book-€20.08BShares982,424,082commonStockSharesOutstandingResult -€20.44 | 0.83xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.81BebitdaCapex€2.78BcapitalExpendituresInterest€2.36BinterestExpenseShort-term debt€4.90BshortLongTermDebtEBITDA − capex€6.03BPrincipal due is the current portion of debt.Result 0.83x | €4.59BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€7.37BtotalCashFromOperatingActivitiesCapex€2.78BcapitalExpendituresFree cash flow€4.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.59B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.33BoperatingIncomeTax expense€212.00MtaxProvisionPretax income-€2.33BincomeBeforeTaxTax rate—Equity€31.91BtotalStockholderEquityDebt€39.45BlongTermDebt + shortLongTermDebtCash€6.19BcashInvested capital€65.17BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.25xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€3.33BoperatingIncomeNet PP&E€13.46BpropertyPlantAndEquipmentNetResult 0.25x |
| 2025 | 23.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.65BpropertyPlantAndEquipmentNetInventory€12.34BinventoryTotal assets€104.54BtotalAssetsResult 23.9% | 3.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€45.58BtotalRevenueNet PP&E€12.65BpropertyPlantAndEquipmentNetResult 3.60x | 0.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.49BcapitalExpendituresD&A€2.79BreconciledDepreciationResult 0.89x | -€23.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€104.54BtotalAssetsGoodwill€28.06BgoodWillIntangibles€20.62BintangibleAssetsLiabilities€78.48BtotalLiabTangible book-€22.62BShares982,424,082commonStockSharesOutstandingResult -€23.02 | -0.09xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.92BebitdaCapex€2.49BcapitalExpendituresInterest€2.27BinterestExpenseShort-term debt€4.39BshortLongTermDebtEBITDA − capex-€566.00MPrincipal due is the current portion of debt.Result -0.09x | €3.44BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€5.93BtotalCashFromOperatingActivitiesCapex€2.49BcapitalExpendituresFree cash flow€3.44BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €3.44B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.14BoperatingIncomeTax expense€466.00MtaxProvisionPretax income-€3.13BincomeBeforeTaxTax rate—Equity€25.95BtotalStockholderEquityDebt€35.17BlongTermDebt + shortLongTermDebtCash€6.67BcashInvested capital€54.44BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.49xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€6.14BoperatingIncomeNet PP&E€12.65BpropertyPlantAndEquipmentNetResult 0.49x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €12.65B
Inventory: €12.34B
Total assets: €104.54B
Goodwill: €28.06B
Intangibles: €20.62B
Liabilities: €78.48B
Tangible book: -€22.62B
Shares: 982,424,082
Revenue: €45.58B
Capex: €2.49B
D&A: €2.79B
EBITDA: €1.92B
Interest: €2.27B
Short-term debt: €4.39B
Free cash flow: €3.44B
Operating income: €6.14B
Invested capital: €54.44B
Tax rate: —