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.
Fixed-asset turnover is 1.29x. 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$53.22BpropertyPlantAndEquipmentNetInventory$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
1.29xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$68.80BtotalRevenueNet PP&E$53.22BpropertyPlantAndEquipmentNetResult 1.29x
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$8.06BreconciledDepreciationResult 0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$109.50Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,792.98BtotalAssetsGoodwill$7.13BgoodWillIntangibles$4.58BintangibleAssetsLiabilities$2,660.81BtotalLiabTangible book$120.46BShares1,100,099,307commonStockSharesOutstandingResult $109.50
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.88xPrice / tangible bookPrice / tangible book per sharePrice$96.16Latest quoteTangible book / share$109.502025-12-31Result 0.88x
Price $96.16.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$2.88BcapitalExpendituresInterest$50.33BinterestExpenseShort-term debt—Not reportedResult —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
41.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$43.70BfreeCashFlowMarket cap$105.39BMarketCapitalizationResult 41.5%
Latest free cash flow divided by current market cap ($105.39B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense$4.21BtaxProvisionPretax income$17.07BincomeBeforeTaxTax rate24.7%Equity$125.51BtotalStockholderEquityDebt—Not reportedCash$326.96BcashInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.94BpropertyPlantEquipmentInventory$0.00inventoryTotal assets$2,040.84BtotalAssetsResult 1.3% | 2.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$51.94BtotalRevenueNet PP&E$25.94BpropertyPlantEquipmentResult 2.00x | 0.36xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.83BcapitalExpendituresD&A$5.14BreconciledDepreciationResult 0.36x | $74.91Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,040.84BtotalAssetsGoodwill$8.49BgoodWillIntangibles$3.78BintangibleAssetsLiabilities$1,935.11BtotalLiabTangible book$93.46BShares1,247,580,775commonStockSharesOutstandingResult $74.91 | 0.88xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.67BOperating income + D&ACapex$1.83BcapitalExpendituresInterest$14.66BinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$12.85BEBITDA is operating income plus D&A because the income statement did not report EBITDA.Principal due is short-term debt.Result 0.88x | -$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 | 10.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.53BoperatingIncomeTax expense$2.20BincomeTaxExpensePretax income$10.21BincomeBeforeTaxTax rate21.6%Equity$105.73BtotalStockholderEquityDebt$215.77BlongTermDebt + shortLongTermDebtCash$250.11BcashInvested capital$71.39BResult 10.5% | 0.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$9.53BoperatingIncomeNet PP&E$25.94BpropertyPlantEquipmentResult 0.37x |
| 2019 | 1.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$31.69BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2,164.71BtotalAssetsInventory was not reported and is treated as zero.Result 1.5% | 1.74xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$55.01BtotalRevenueNet PP&E$31.69BpropertyPlantEquipmentResult 1.74x | 0.33xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.00BcapitalExpendituresD&A$6.11BreconciledDepreciationResult 0.33x | $80.35Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,164.71BtotalAssetsGoodwill$7.82BgoodWillIntangibles$3.85BintangibleAssetsLiabilities$2,052.87BtotalLiabTangible book$100.18BShares1,246,798,561commonStockSharesOutstandingResult $80.35 | 0.97xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA$17.76BOperating income + D&ACapex$2.00BcapitalExpendituresInterest$16.20BinterestExpenseEBITDA − capex$15.77BEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 0.97x | -$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 | 6.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.66BoperatingIncomeTax expense$2.81BincomeTaxExpensePretax income$11.39BincomeBeforeTaxTax rate24.7%Equity$111.85BtotalStockholderEquityDebt$249.28BlongTermDebtCash$230.61BcashInvested capital$130.51BResult 6.7% | 0.37xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$11.66BoperatingIncomeNet PP&E$31.69BpropertyPlantEquipmentResult 0.37x |
| 2020 | 1.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.90BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2,488.49BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 1.67xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$54.78BtotalRevenueNet PP&E$32.90BpropertyPlantEquipmentResult 1.67x | 0.12xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$773.00McapitalExpendituresD&A$6.33BreconciledDepreciationResult 0.12x | $84.92Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,488.49BtotalAssetsGoodwill$7.49BgoodWillIntangibles$3.90BintangibleAssetsLiabilities$2,371.14BtotalLiabTangible book$105.96BShares1,247,733,672commonStockSharesOutstandingResult $84.92 | —Fixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$773.00McapitalExpendituresInterest$12.28BinterestExpenseShort-term debt—Not reportedResult — | $138.55BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$139.32BtotalCashFromOperatingActivitiesCapex$773.00McapitalExpendituresFree cash flow$138.55BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $138.55B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense$2.30BincomeTaxExpensePretax income$9.82BincomeBeforeTaxTax rate23.4%Equity$117.35BtotalStockholderEquityDebt—Not reportedCash$411.90BcashInvested capital—Result — | —EBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E$32.90BpropertyPlantEquipmentResult — |
| 2021 | 1.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$34.51BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2,634.44BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 1.63xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$56.36BtotalRevenueNet PP&E$34.51BpropertyPlantEquipmentResult 1.63x | 0.25xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.66BcapitalExpendituresD&A$6.78BreconciledDepreciationResult 0.25x | $92.21Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,634.44BtotalAssetsGoodwill$5.12BgoodWillIntangibles$3.66BintangibleAssetsLiabilities$2,511.94BtotalLiabTangible book$113.73BShares1,233,331,646commonStockSharesOutstandingResult $92.21 | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$1.66BcapitalExpendituresInterest$10.28BinterestExpenseShort-term debt—Not reportedResult — | $40.71BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$42.38BtotalCashFromOperatingActivitiesCapex$1.66BcapitalExpendituresFree cash flow$40.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $40.71B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense$3.58BincomeTaxExpensePretax income$12.74BincomeBeforeTaxTax rate28.1%Equity$122.51BtotalStockholderEquityDebt—Not reportedCash$484.27BcashInvested capital—Result — | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E$34.51BpropertyPlantEquipmentResult — |
| 2022 | 1.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$37.94BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2,666.38BtotalAssetsInventory was not reported and is treated as zero.Result 1.4% | 1.58xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$59.76BtotalRevenueNet PP&E$37.94BpropertyPlantEquipmentResult 1.58x | 0.39xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.53BcapitalExpendituresD&A$6.52BreconciledDepreciationResult 0.39x | $95.24Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,666.38BtotalAssetsGoodwill$5.29BgoodWillIntangibles$3.79BintangibleAssetsLiabilities$2,539.82BtotalLiabTangible book$117.47BShares1,233,450,005commonStockSharesOutstandingResult $95.24 | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$2.53BcapitalExpendituresInterest$20.25BinterestExpenseShort-term debt—Not reportedResult — | -$55.37BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$52.84BtotalCashFromOperatingActivitiesCapex$2.53BcapitalExpendituresFree cash flow-$55.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$55.37B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense$3.72BincomeTaxExpensePretax income$13.63BincomeBeforeTaxTax rate27.3%Equity$126.56BtotalStockholderEquityDebt—Not reportedCash$474.04BcashInvested capital—Result — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E$37.94BpropertyPlantEquipmentResult — |
| 2023 | 1.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$44.74BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2,591.50BtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 1.34xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$59.74BtotalRevenueNet PP&E$44.74BpropertyPlantAndEquipmentNetResult 1.34x | 0.35xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.22BcapitalExpendituresD&A$6.25BreconciledDepreciationResult 0.35x | $103.86Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,591.50BtotalAssetsGoodwill$5.55BgoodWillIntangibles$4.14BintangibleAssetsLiabilities$2,462.63BtotalLiabTangible book$119.18BShares1,147,477,409commonStockSharesOutstandingResult $103.86 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$2.22BcapitalExpendituresInterest$60.48BinterestExpenseShort-term debt—Not reportedResult — | -$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 | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense$3.27BtaxProvisionPretax income$11.73BincomeBeforeTaxTax rate27.9%Equity$123.74BtotalStockholderEquityDebt—Not reportedCash$408.22BcashInvested capital—Result — | —EBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E$44.74BpropertyPlantAndEquipmentNetResult — |
| 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% | 1.32xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$65.87BtotalRevenueNet PP&E$49.79BpropertyPlantAndEquipmentNetResult 1.32x | 0.29xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.14BcapitalExpendituresD&A$7.27BreconciledDepreciationResult 0.29x | $109.95Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,704.91BtotalAssetsGoodwill$5.55BgoodWillIntangibles$4.39BintangibleAssetsLiabilities$2,570.77BtotalLiabTangible book$124.20BShares1,129,554,473commonStockSharesOutstandingResult $109.95 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$2.14BcapitalExpendituresInterest$63.50BinterestExpenseShort-term debt—Not reportedResult — | -$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 | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense$4.00BtaxProvisionPretax income$16.19BincomeBeforeTaxTax rate24.7%Equity$128.14BtotalStockholderEquityDebt—Not reportedCash$308.05BcashInvested capital—Result — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E$49.79BpropertyPlantAndEquipmentNetResult — |
| 2025 | 1.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$53.22BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2,792.98BtotalAssetsInventory was not reported and is treated as zero.Result 1.9% | 1.29xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$68.80BtotalRevenueNet PP&E$53.22BpropertyPlantAndEquipmentNetResult 1.29x | 0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.88BcapitalExpendituresD&A$8.06BreconciledDepreciationResult 0.36x | $109.50Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,792.98BtotalAssetsGoodwill$7.13BgoodWillIntangibles$4.58BintangibleAssetsLiabilities$2,660.81BtotalLiabTangible book$120.46BShares1,100,099,307commonStockSharesOutstandingResult $109.50 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$2.88BcapitalExpendituresInterest$50.33BinterestExpenseShort-term debt—Not reportedResult — | $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 | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense$4.21BtaxProvisionPretax income$17.07BincomeBeforeTaxTax rate24.7%Equity$125.51BtotalStockholderEquityDebt—Not reportedCash$326.96BcashInvested capital—Result — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income—Not reportedNet PP&E$53.22BpropertyPlantAndEquipmentNetResult — |
- Inventory was missing and treated as zero in the physical asset ratio.
Latest year inputs (2025)
Net PP&E: $53.22B
Inventory: $0.00
Total assets: $2,792.98B
Goodwill: $7.13B
Intangibles: $4.58B
Liabilities: $2,660.81B
Tangible book: $120.46B
Shares: 1,100,099,307
Revenue: $68.80B
Capex: $2.88B
D&A: $8.06B
EBITDA: —
Interest: $50.33B
Short-term debt: —
Free cash flow: $43.70B
Operating income: —
Invested capital: —
Tax rate: 24.7%