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.
BNP Paribas SA
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.36x 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 0.05x, which is below 1.
Fixed-asset turnover is 2.69x. Compare it with other names in the same basket.
Physical asset ratio
1.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€53.60BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€2,792.98BtotalAssetsInventory was not reported and is treated as zero.Result 1.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€144.38BtotalRevenueNet PP&E€53.60BpropertyPlantAndEquipmentNetResult 2.69x
Revenue per dollar of the physical asset base.
Capex / D&A
0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.88BcapitalExpendituresD&A€8.06BdepreciationAndAmortizationResult 0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€107.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,792.98BtotalAssetsGoodwill€7.13BgoodWillIntangibles€4.58BintangibleAssetsLiabilities€2,660.81BtotalLiabTangible book€120.46BShares1,119,494,000commonStockSharesOutstandingResult €107.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.80xPrice / tangible bookPrice / tangible book per sharePrice€85.65Latest quoteTangible book / share€107.602025-12-31Result 0.80x
Price €85.65.
Fixed-charge coverage
0.05xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€24.34BebitdaCapex€2.88BcapitalExpendituresInterest€50.33BinterestExpenseShort-term debt€409.56BshortTermDebtEBITDA − capex€21.47BPrincipal due is short-term debt.Result 0.05x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
46.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€43.70BfreeCashFlowMarket cap€93.87BMarketCapitalizationResult 46.5%
Latest free cash flow divided by current market cap (€93.87B).
ROIC
2.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€16.29BoperatingIncomeTax expense€4.21BincomeTaxExpensePretax income€16.29BincomeBeforeTaxTax rate25.8%Equity€125.51BtotalStockholderEquityDebt€809.21BshortLongTermDebtTotalCash€326.96BcashInvested capital€607.76BResult 2.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -22.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€25.94BpropertyPlantEquipmentInventory-€492.38BinventoryTotal assets€2,040.84BtotalAssetsResult -22.9% | 2.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€51.94BtotalRevenueNet PP&E€25.94BpropertyPlantEquipmentResult 2.00x | 1.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€1.83BcapitalExpendituresD&A€1.67BdepreciationAndAmortizationResult 1.09x | €74.86Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,040.84BtotalAssetsGoodwill€8.49BgoodWillIntangibles€3.78BintangibleAssetsLiabilities€1,935.11BtotalLiabTangible book€93.46BShares1,248,335,000commonStockSharesOutstandingResult €74.86 | 0.11xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€26.06BebitdaCapex€1.83BcapitalExpendituresInterest€14.66BinterestExpenseShort-term debt€208.78BshortTermDebtEBITDA − capex€24.24BPrincipal due is short-term debt.Result 0.11x | -€2.35BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-€518.00MtotalCashFromOperatingActivitiesCapex€1.83BcapitalExpendituresFree cash flow-€2.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€2.35B | 13.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€24.39BoperatingIncomeTax expense€2.20BincomeTaxExpensePretax income€10.21BincomeBeforeTaxTax rate21.6%Equity€101.47BtotalStockholderEquityDebt€293.59BshortLongTermDebtTotalCash€250.48BcashInvested capital€144.58BResult 13.2% | 0.94xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€24.39BoperatingIncomeNet PP&E€25.94BpropertyPlantEquipmentResult 0.94x |
| 2019 | -20.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€31.69BpropertyPlantEquipmentInventory-€483.22BinventoryTotal assets€2,164.71BtotalAssetsResult -20.9% | 1.74xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€55.01BtotalRevenueNet PP&E€31.69BpropertyPlantEquipmentResult 1.74x | 0.83xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€2.00BcapitalExpendituresD&A€2.42BdepreciationAndAmortizationResult 0.83x | €80.27Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,164.71BtotalAssetsGoodwill€7.82BgoodWillIntangibles€3.85BintangibleAssetsLiabilities€2,052.87BtotalLiabTangible book€100.18BShares1,247,994,000commonStockSharesOutstandingResult €80.27 | 0.04xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€13.40BebitdaCapex€2.00BcapitalExpendituresInterest€16.20BinterestExpenseShort-term debt€290.63BshortTermDebtEBITDA − capex€11.40BPrincipal due is short-term debt.Result 0.04x | -€52.84BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-€50.84BtotalCashFromOperatingActivitiesCapex€2.00BcapitalExpendituresFree cash flow-€52.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€52.84B | 4.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€10.98BoperatingIncomeTax expense€2.81BincomeTaxExpensePretax income€11.39BincomeBeforeTaxTax rate24.7%Equity€107.45BtotalStockholderEquityDebt€318.73BshortLongTermDebtTotalCash€230.90BcashInvested capital€195.28BResult 4.2% | 0.35xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€10.98BoperatingIncomeNet PP&E€31.69BpropertyPlantEquipmentResult 0.35x |
| 2020 | -12.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€32.90BpropertyPlantEquipmentInventory-€354.11BinventoryTotal assets€2,488.49BtotalAssetsResult -12.9% | 2.65xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€87.19BtotalRevenueNet PP&E€32.90BpropertyPlantEquipmentResult 2.65x | 0.34xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€773.00McapitalExpendituresD&A€2.26BdepreciationAndAmortizationResult 0.34x | €70.94Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,488.49BtotalAssetsGoodwill€7.49BgoodWillIntangibles€11.39BintangibleAssetsLiabilities€2,381.09BtotalLiabTangible book€88.52BShares1,247,822,000commonStockSharesOutstandingResult €70.94 | 0.03xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€11.17BebitdaCapex€773.00McapitalExpendituresInterest€12.28BinterestExpenseShort-term debt€352.75BshortTermDebtEBITDA − capex€10.39BPrincipal due is short-term debt.Result 0.03x | €4.43BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€5.21BtotalCashFromOperatingActivitiesCapex€773.00McapitalExpendituresFree cash flow€4.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.43B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€8.91BoperatingIncomeTax expense€2.30BincomeTaxExpensePretax income€8.91BincomeBeforeTaxTax rate25.8%Equity€112.80BtotalStockholderEquityDebt€687.29BshortLongTermDebtTotalCash€816.01BcashAndShortTermInvestmentsInvested capital—Result — | 0.27xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€8.91BoperatingIncomeNet PP&E€32.90BpropertyPlantEquipmentResult 0.27x |
| 2021 | -13.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€34.51BpropertyPlantEquipmentInventory-€400.78BinventoryTotal assets€2,634.44BtotalAssetsResult -13.9% | 3.12xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€107.81BtotalRevenueNet PP&E€34.51BpropertyPlantEquipmentResult 3.12x | 0.71xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€1.66BcapitalExpendituresD&A€2.34BdepreciationAndAmortizationResult 0.71x | €79.71Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,634.44BtotalAssetsGoodwill€5.12BgoodWillIntangibles€8.78BintangibleAssetsLiabilities€2,521.14BtotalLiabTangible book€99.40BShares1,247,015,000commonStockSharesOutstandingResult €79.71 | 0.03xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€14.50BebitdaCapex€1.66BcapitalExpendituresInterest€10.28BinterestExpenseShort-term debt€356.96BshortTermDebtEBITDA − capex€12.84BPrincipal due is short-term debt.Result 0.03x | €26.18BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€27.84BtotalCashFromOperatingActivitiesCapex€1.66BcapitalExpendituresFree cash flow€26.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €26.18B | 2.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€12.17BoperatingIncomeTax expense€3.58BincomeTaxExpensePretax income€12.25BincomeBeforeTaxTax rate29.3%Equity€117.89BtotalStockholderEquityDebt€718.22BshortLongTermDebtTotalCash€484.27BcashInvested capital€351.84BResult 2.4% | 0.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€12.17BoperatingIncomeNet PP&E€34.51BpropertyPlantEquipmentResult 0.35x |
| 2022 | -13.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€37.94BpropertyPlantEquipmentInventory-€384.10BinventoryTotal assets€2,666.38BtotalAssetsUses the property line, which is larger than net PP&E (€10.31B, propertyPlantAndEquipmentNet).Result -13.0% | 2.49xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€94.64BtotalRevenueNet PP&E€37.94BpropertyPlantEquipmentResult 2.49x | 1.10xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€2.53BcapitalExpendituresD&A€2.30BdepreciationAndAmortizationResult 1.10x | €81.41Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,666.38BtotalAssetsGoodwill€5.29BgoodWillIntangibles€9.08BintangibleAssetsLiabilities€2,551.62BtotalLiabTangible book€100.38BShares1,232,992,000commonStockSharesOutstandingResult €81.41 | 0.04xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€14.87BebitdaCapex€2.53BcapitalExpendituresInterest€20.15BinterestExpenseShort-term debt€309.30BshortTermDebtEBITDA − capex€12.34BPrincipal due is short-term debt.Result 0.04x | €21.28BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€23.81BtotalCashFromOperatingActivitiesCapex€2.53BcapitalExpendituresFree cash flow€21.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €21.28B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€12.56BoperatingIncomeTax expense€3.65BincomeTaxExpensePretax income€13.21BincomeBeforeTaxTax rate27.6%Equity€121.24BtotalStockholderEquityDebt€293.98BshortLongTermDebtTotalCash€474.92BcashInvested capital—Result — | 0.33xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€12.56BoperatingIncomeNet PP&E€37.94BpropertyPlantEquipmentResult 0.33x |
| 2023 | -11.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€44.74BpropertyPlantAndEquipmentNetInventory-€347.41BinventoryTotal assets€2,591.50BtotalAssetsResult -11.7% | 3.09xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€138.16BtotalRevenueNet PP&E€44.74BpropertyPlantAndEquipmentNetResult 3.09x | 0.99xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€2.22BcapitalExpendituresD&A€2.24BdepreciationAndAmortizationResult 0.99x | €99.28Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,591.50BtotalAssetsGoodwill€5.55BgoodWillIntangibles€4.14BintangibleAssetsLiabilities€2,462.63BtotalLiabTangible book€119.18BShares1,200,367,000commonStockSharesOutstandingResult €99.28 | 0.03xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€13.48BebitdaCapex€2.22BcapitalExpendituresInterest€60.48BinterestExpenseShort-term debt€364.79BshortTermDebtEBITDA − capex€11.26BPrincipal due is short-term debt.Result 0.03x | -€36.46BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-€34.24BtotalCashFromOperatingActivitiesCapex€2.22BcapitalExpendituresFree cash flow-€36.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€36.46B | 2.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€11.24BoperatingIncomeTax expense€3.27BincomeTaxExpensePretax income€11.73BincomeBeforeTaxTax rate27.9%Equity€123.74BtotalStockholderEquityDebt€673.44BshortLongTermDebtTotalCash€408.22BcashInvested capital€388.96BResult 2.1% | 0.25xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€11.24BoperatingIncomeNet PP&E€44.74BpropertyPlantAndEquipmentNetResult 0.25x |
| 2024 | 1.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€49.79BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€2,704.91BtotalAssetsInventory was not reported and is treated as zero.Result 1.8% | 3.08xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€153.52BtotalRevenueNet PP&E€49.79BpropertyPlantAndEquipmentNetResult 3.08x | 0.29xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€2.14BcapitalExpendituresD&A€7.27BdepreciationAndAmortizationResult 0.29x | €109.59Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,704.91BtotalAssetsGoodwill€5.55BgoodWillIntangibles€4.39BintangibleAssetsLiabilities€2,570.77BtotalLiabTangible book€124.20BShares1,133,302,000commonStockSharesOutstandingResult €109.59 | 0.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€22.76BebitdaCapex€2.14BcapitalExpendituresInterest€63.50BinterestExpenseShort-term debt€404.06BshortTermDebtEBITDA − capex€20.62BPrincipal due is short-term debt.Result 0.04x | -€99.51BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-€97.38BtotalCashFromOperatingActivitiesCapex€2.14BcapitalExpendituresFree cash flow-€99.51BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€99.51B | 16.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€15.49BoperatingIncomeTax expense€4.00BincomeTaxExpensePretax income€15.49BincomeBeforeTaxTax rate25.8%Equity€128.14BtotalStockholderEquityDebt€727.82BshortLongTermDebtTotalCash€786.01BcashAndShortTermInvestmentsInvested capital€69.95BResult 16.4% | 0.31xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€15.49BoperatingIncomeNet PP&E€49.79BpropertyPlantAndEquipmentNetResult 0.31x |
| 2025 | 1.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€53.60BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€2,792.98BtotalAssetsInventory was not reported and is treated as zero.Result 1.9% | 2.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€144.38BtotalRevenueNet PP&E€53.60BpropertyPlantAndEquipmentNetResult 2.69x | 0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.88BcapitalExpendituresD&A€8.06BdepreciationAndAmortizationResult 0.36x | €107.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2,792.98BtotalAssetsGoodwill€7.13BgoodWillIntangibles€4.58BintangibleAssetsLiabilities€2,660.81BtotalLiabTangible book€120.46BShares1,119,494,000commonStockSharesOutstandingResult €107.60 | 0.05xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€24.34BebitdaCapex€2.88BcapitalExpendituresInterest€50.33BinterestExpenseShort-term debt€409.56BshortTermDebtEBITDA − capex€21.47BPrincipal due is short-term debt.Result 0.05x | €43.70BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€46.57BtotalCashFromOperatingActivitiesCapex€2.88BcapitalExpendituresFree cash flow€43.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €43.70B | 2.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€16.29BoperatingIncomeTax expense€4.21BincomeTaxExpensePretax income€16.29BincomeBeforeTaxTax rate25.8%Equity€125.51BtotalStockholderEquityDebt€809.21BshortLongTermDebtTotalCash€326.96BcashInvested capital€607.76BResult 2.0% | 0.30xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€16.29BoperatingIncomeNet PP&E€53.60BpropertyPlantAndEquipmentNetResult 0.30x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: €53.60B
Inventory: €0.00
Total assets: €2,792.98B
Goodwill: €7.13B
Intangibles: €4.58B
Liabilities: €2,660.81B
Tangible book: €120.46B
Shares: 1,119,494,000
Revenue: €144.38B
Capex: €2.88B
D&A: €8.06B
EBITDA: €24.34B
Interest: €50.33B
Short-term debt: €409.56B
Free cash flow: €43.70B
Operating income: €16.29B
Invested capital: €607.76B
Tax rate: 25.8%