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.
Barry Callebaut AG
Physical assets are 52.5% of total assets, a heavy footprint. Capex is 1.20x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.36x, which is below 1.
Fixed-asset turnover is 7.81x. Compare it with other names in the same basket.
Physical asset ratio
52.5%Physical asset ratio · 2025-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.89BpropertyPlantAndEquipmentNetInventory$4.74BinventoryTotal assets$12.64BtotalAssetsResult 52.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.81xFixed asset turnover · 2025-08-31Revenue / net PP&ERevenue$14.79BtotalRevenueNet PP&E$1.89BpropertyPlantAndEquipmentNetResult 7.81x
Revenue per dollar of the physical asset base.
Capex / D&A
1.20xCapex / D&A · 2025-08-31Capital expenditures / depreciation and amortizationCapex$294.97McapitalExpendituresD&A$245.15MdepreciationAndAmortizationResult 1.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$321.41Tangible book / share · 2025-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.64BtotalAssetsGoodwill$734.96MgoodWillIntangibles$126.07MintangibleAssetsLiabilities$10.02BtotalLiabTangible book$1.77BShares5,494,370commonStockSharesOutstandingResult $321.41
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.32xPrice / tangible bookPrice / tangible book per sharePrice$1.39KLatest quoteTangible book / share$321.412025-08-31Result 4.32x
Price $1.39K.
Fixed-charge coverage
0.36xFixed-charge coverage · 2025-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.07BebitdaCapex$294.97McapitalExpendituresInterest$507.13MinterestExpenseShort-term debt$1.66BshortLongTermDebtEBITDA − capex$779.73MPrincipal due is the current portion of debt.Result 0.36x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-4.4%Free cash flow yield · 2025-08-31Latest free cash flow / current market capFree cash flow-$337.48MfreeCashFlowMarket cap$7.61BMarketCapitalizationResult -4.4%
Latest free cash flow divided by current market cap ($7.61B).
ROIC
6.7%ROIC · 2025-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$635.11MoperatingIncomeTax expense$69.81MincomeTaxExpensePretax income$258.19MincomeBeforeTaxTax rate27.0%Equity$2.62BtotalStockholderEquityDebt$6.21BshortLongTermDebtTotalCash$1.94BcashAndShortTermInvestmentsInvested capital$6.89BResult 6.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 49.7%Physical asset ratio · 2018-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.42BpropertyPlantEquipmentInventory$1.48BinventoryTotal assets$5.83BtotalAssetsResult 49.7% | 4.89xFixed asset turnover · 2018-08-31Revenue / net PP&ERevenue$6.95BtotalRevenueNet PP&E$1.42BpropertyPlantEquipmentResult 4.89x | 1.20xCapex / D&A · 2018-08-31Capital expenditures / depreciation and amortizationCapex$217.93McapitalExpendituresD&A$181.26MdepreciationAndAmortizationResult 1.20x | $234.55Tangible book / share · 2018-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.83BtotalAssetsGoodwill$830.97MgoodWillIntangibles$160.54MintangibleAssetsLiabilities$3.55BtotalLiabTangible book$1.29BShares5,516,940commonStockSharesOutstandingResult $234.55 | 1.23xFixed-charge coverage · 2018-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$728.63MebitdaCapex$217.93McapitalExpendituresInterest$103.48MinterestExpenseShort-term debt$310.70MshortLongTermDebtEBITDA − capex$510.69MPrincipal due is the current portion of debt.Result 1.23x | $297.58MFree cash flow · 2018-08-31Reported free cash flowOperating cash flow$515.51MtotalCashFromOperatingActivitiesCapex$217.93McapitalExpendituresFree cash flow$297.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $297.58M | 13.1%ROIC · 2018-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$554.02MoperatingIncomeTax expense$95.52MincomeTaxExpensePretax income$452.88MincomeBeforeTaxTax rate21.1%Equity$2.27BtotalStockholderEquityDebt$1.48BshortLongTermDebtTotalCash$416.25McashAndShortTermInvestmentsInvested capital$3.33BResult 13.1% | 0.39xEBIT / PP&E · 2018-08-31Operating income / net PP&EOperating income$554.02MoperatingIncomeNet PP&E$1.42BpropertyPlantEquipmentResult 0.39x |
| 2019 | 50.7%Physical asset ratio · 2019-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.50BpropertyPlantEquipmentInventory$1.80BinventoryTotal assets$6.51BtotalAssetsResult 50.7% | 4.88xFixed asset turnover · 2019-08-31Revenue / net PP&ERevenue$7.31BtotalRevenueNet PP&E$1.50BpropertyPlantEquipmentResult 4.88x | 1.59xCapex / D&A · 2019-08-31Capital expenditures / depreciation and amortizationCapex$279.58McapitalExpendituresD&A$176.38MdepreciationAndAmortizationResult 1.59x | $251.80Tangible book / share · 2019-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.51BtotalAssetsGoodwill$859.63MgoodWillIntangibles$166.70MintangibleAssetsLiabilities$4.09BtotalLiabTangible book$1.39BShares5,509,421commonStockSharesOutstandingResult $251.80 | 1.03xFixed-charge coverage · 2019-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$771.47MebitdaCapex$279.58McapitalExpendituresInterest$150.11MinterestExpenseShort-term debt$329.04MshortLongTermDebtEBITDA − capex$491.89MPrincipal due is the current portion of debt.Result 1.03x | $276.17MFree cash flow · 2019-08-31Reported free cash flowOperating cash flow$555.75MtotalCashFromOperatingActivitiesCapex$279.58McapitalExpendituresFree cash flow$276.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $276.17M | 13.3%ROIC · 2019-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$601.19MoperatingIncomeTax expense$84.04MincomeTaxExpensePretax income$452.77MincomeBeforeTaxTax rate18.6%Equity$2.40BtotalStockholderEquityDebt$1.86BshortLongTermDebtTotalCash$578.20McashAndShortTermInvestmentsInvested capital$3.69BResult 13.3% | 0.40xEBIT / PP&E · 2019-08-31Operating income / net PP&EOperating income$601.19MoperatingIncomeNet PP&E$1.50BpropertyPlantEquipmentResult 0.40x |
| 2020 | 50.3%Physical asset ratio · 2020-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.68BpropertyPlantEquipmentInventory$1.91BinventoryTotal assets$7.14BtotalAssetsResult 50.3% | 4.11xFixed asset turnover · 2020-08-31Revenue / net PP&ERevenue$6.89BtotalRevenueNet PP&E$1.68BpropertyPlantEquipmentResult 4.11x | 1.22xCapex / D&A · 2020-08-31Capital expenditures / depreciation and amortizationCapex$280.89McapitalExpendituresD&A$230.19MdepreciationAndAmortizationResult 1.22x | $249.00Tangible book / share · 2020-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.14BtotalAssetsGoodwill$822.78MgoodWillIntangibles$162.91MintangibleAssetsLiabilities$4.79BtotalLiabTangible book$1.37BShares5,500,371commonStockSharesOutstandingResult $249.00 | 0.65xFixed-charge coverage · 2020-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$709.05MebitdaCapex$280.89McapitalExpendituresInterest$98.16MinterestExpenseShort-term debt$564.98MshortLongTermDebtEBITDA − capex$428.16MPrincipal due is the current portion of debt.Result 0.65x | $312.65MFree cash flow · 2020-08-31Reported free cash flowOperating cash flow$593.55MtotalCashFromOperatingActivitiesCapex$280.89McapitalExpendituresFree cash flow$312.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $312.65M | 10.7%ROIC · 2020-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$483.15MoperatingIncomeTax expense$69.21MincomeTaxExpensePretax income$380.71MincomeBeforeTaxTax rate18.2%Equity$2.35BtotalStockholderEquityDebt$2.76BshortLongTermDebtTotalCash$1.40BcashAndShortTermInvestmentsInvested capital$3.71BResult 10.7% | 0.29xEBIT / PP&E · 2020-08-31Operating income / net PP&EOperating income$483.15MoperatingIncomeNet PP&E$1.68BpropertyPlantEquipmentResult 0.29x |
| 2021 | 53.9%Physical asset ratio · 2021-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.86BpropertyPlantEquipmentInventory$2.04BinventoryTotal assets$7.24BtotalAssetsResult 53.9% | 3.87xFixed asset turnover · 2021-08-31Revenue / net PP&ERevenue$7.21BtotalRevenueNet PP&E$1.86BpropertyPlantEquipmentResult 3.87x | 1.20xCapex / D&A · 2021-08-31Capital expenditures / depreciation and amortizationCapex$275.24McapitalExpendituresD&A$228.51MdepreciationAndAmortizationResult 1.20x | $307.37Tangible book / share · 2021-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.24BtotalAssetsGoodwill$829.59MgoodWillIntangibles$165.90MintangibleAssetsLiabilities$4.56BtotalLiabTangible book$1.69BShares5,497,480commonStockSharesOutstandingResult $307.37 | 1.86xFixed-charge coverage · 2021-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$785.41MebitdaCapex$275.24McapitalExpendituresInterest$91.89MinterestExpenseShort-term debt$182.99MshortLongTermDebtEBITDA − capex$510.17MPrincipal due is the current portion of debt.Result 1.86x | $340.39MFree cash flow · 2021-08-31Reported free cash flowOperating cash flow$615.64MtotalCashFromOperatingActivitiesCapex$275.24McapitalExpendituresFree cash flow$340.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $340.39M | 11.9%ROIC · 2021-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$566.69MoperatingIncomeTax expense$80.51MincomeTaxExpensePretax income$465.02MincomeBeforeTaxTax rate17.3%Equity$2.68BtotalStockholderEquityDebt$2.38BshortLongTermDebtTotalCash$1.12BcashAndShortTermInvestmentsInvested capital$3.94BResult 11.9% | 0.30xEBIT / PP&E · 2021-08-31Operating income / net PP&EOperating income$566.69MoperatingIncomeNet PP&E$1.86BpropertyPlantEquipmentResult 0.30x |
| 2022 | 54.7%Physical asset ratio · 2022-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.82BpropertyPlantEquipmentInventory$2.43BinventoryTotal assets$7.76BtotalAssetsResult 54.7% | 4.46xFixed asset turnover · 2022-08-31Revenue / net PP&ERevenue$8.09BtotalRevenueNet PP&E$1.82BpropertyPlantEquipmentResult 4.46x | 1.17xCapex / D&A · 2022-08-31Capital expenditures / depreciation and amortizationCapex$275.89McapitalExpendituresD&A$235.90MdepreciationAndAmortizationResult 1.17x | $342.95Tangible book / share · 2022-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.76BtotalAssetsGoodwill$861.23MgoodWillIntangibles$159.19MintangibleAssetsLiabilities$4.86BtotalLiabTangible book$1.88BShares5,493,290commonStockSharesOutstandingResult $342.95 | 0.79xFixed-charge coverage · 2022-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$771.14MebitdaCapex$275.89McapitalExpendituresInterest$113.65MinterestExpenseShort-term debt$512.39MshortLongTermDebtEBITDA − capex$495.25MPrincipal due is the current portion of debt.Result 0.79x | $245.76MFree cash flow · 2022-08-31Reported free cash flowOperating cash flow$521.65MtotalCashFromOperatingActivitiesCapex$275.89McapitalExpendituresFree cash flow$245.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $245.76M | 11.3%ROIC · 2022-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$553.49MoperatingIncomeTax expense$70.79MincomeTaxExpensePretax income$431.73MincomeBeforeTaxTax rate16.4%Equity$2.90BtotalStockholderEquityDebt$2.08BshortLongTermDebtTotalCash$897.34McashAndShortTermInvestmentsInvested capital$4.08BResult 11.3% | 0.30xEBIT / PP&E · 2022-08-31Operating income / net PP&EOperating income$553.49MoperatingIncomeNet PP&E$1.82BpropertyPlantEquipmentResult 0.30x |
| 2023 | 55.7%Physical asset ratio · 2023-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.77BpropertyPlantAndEquipmentNetInventory$2.93BinventoryTotal assets$8.43BtotalAssetsResult 55.7% | 4.78xFixed asset turnover · 2023-08-31Revenue / net PP&ERevenue$8.47BtotalRevenueNet PP&E$1.77BpropertyPlantAndEquipmentNetResult 4.78x | 1.01xCapex / D&A · 2023-08-31Capital expenditures / depreciation and amortizationCapex$241.17McapitalExpendituresD&A$237.95MdepreciationAndAmortizationResult 1.01x | $353.83Tangible book / share · 2023-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.43BtotalAssetsGoodwill$806.85MgoodWillIntangibles$146.94MintangibleAssetsLiabilities$5.54BtotalLiabTangible book$1.94BShares5,492,376commonStockSharesOutstandingResult $353.83 | 0.88xFixed-charge coverage · 2023-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$892.12MebitdaCapex$241.17McapitalExpendituresInterest$118.90MinterestExpenseShort-term debt$619.16MshortLongTermDebtEBITDA − capex$650.96MPrincipal due is the current portion of debt.Result 0.88x | $89.40MFree cash flow · 2023-08-31Reported free cash flowOperating cash flow$330.56MtotalCashFromOperatingActivitiesCapex$241.17McapitalExpendituresFree cash flow$89.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $89.40M | 13.1%ROIC · 2023-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$659.35MoperatingIncomeTax expense$92.15MincomeTaxExpensePretax income$535.28MincomeBeforeTaxTax rate17.2%Equity$2.90BtotalStockholderEquityDebt$1.80BshortLongTermDebtTotalCash$516.07McashAndShortTermInvestmentsInvested capital$4.18BResult 13.1% | 0.37xEBIT / PP&E · 2023-08-31Operating income / net PP&EOperating income$659.35MoperatingIncomeNet PP&E$1.77BpropertyPlantAndEquipmentNetResult 0.37x |
| 2024 | 49.1%Physical asset ratio · 2024-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.82BpropertyPlantAndEquipmentNetInventory$5.62BinventoryTotal assets$15.16BtotalAssetsResult 49.1% | 5.70xFixed asset turnover · 2024-08-31Revenue / net PP&ERevenue$10.39BtotalRevenueNet PP&E$1.82BpropertyPlantAndEquipmentNetResult 5.70x | 1.16xCapex / D&A · 2024-08-31Capital expenditures / depreciation and amortizationCapex$285.08McapitalExpendituresD&A$246.09MdepreciationAndAmortizationResult 1.16x | $356.90Tangible book / share · 2024-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.16BtotalAssetsGoodwill$749.60MgoodWillIntangibles$133.24MintangibleAssetsLiabilities$12.32BtotalLiabTangible book$1.96BShares5,488,359commonStockSharesOutstandingResult $356.90 | 0.24xFixed-charge coverage · 2024-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$701.43MebitdaCapex$285.08McapitalExpendituresInterest$216.47MinterestExpenseShort-term debt$1.50BshortLongTermDebtEBITDA − capex$416.35MPrincipal due is the current portion of debt.Result 0.24x | -$2.35BFree cash flow · 2024-08-31Reported free cash flowOperating cash flow-$2.06BtotalCashFromOperatingActivitiesCapex$285.08McapitalExpendituresFree cash flow-$2.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.35B | 5.4%ROIC · 2024-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$446.13MoperatingIncomeTax expense$47.94MincomeTaxExpensePretax income$238.87MincomeBeforeTaxTax rate20.1%Equity$2.84BtotalStockholderEquityDebt$4.80BshortLongTermDebtTotalCash$1.00BcashAndShortTermInvestmentsInvested capital$6.63BResult 5.4% | 0.24xEBIT / PP&E · 2024-08-31Operating income / net PP&EOperating income$446.13MoperatingIncomeNet PP&E$1.82BpropertyPlantAndEquipmentNetResult 0.24x |
| 2025 | 52.5%Physical asset ratio · 2025-08-31(Net PP&E + inventory) / total assetsNet PP&E$1.89BpropertyPlantAndEquipmentNetInventory$4.74BinventoryTotal assets$12.64BtotalAssetsResult 52.5% | 7.81xFixed asset turnover · 2025-08-31Revenue / net PP&ERevenue$14.79BtotalRevenueNet PP&E$1.89BpropertyPlantAndEquipmentNetResult 7.81x | 1.20xCapex / D&A · 2025-08-31Capital expenditures / depreciation and amortizationCapex$294.97McapitalExpendituresD&A$245.15MdepreciationAndAmortizationResult 1.20x | $321.41Tangible book / share · 2025-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.64BtotalAssetsGoodwill$734.96MgoodWillIntangibles$126.07MintangibleAssetsLiabilities$10.02BtotalLiabTangible book$1.77BShares5,494,370commonStockSharesOutstandingResult $321.41 | 0.36xFixed-charge coverage · 2025-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.07BebitdaCapex$294.97McapitalExpendituresInterest$507.13MinterestExpenseShort-term debt$1.66BshortLongTermDebtEBITDA − capex$779.73MPrincipal due is the current portion of debt.Result 0.36x | -$337.48MFree cash flow · 2025-08-31Reported free cash flowOperating cash flow-$26.79MtotalCashFromOperatingActivitiesCapex$294.97McapitalExpendituresFree cash flow-$337.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$337.48M | 6.7%ROIC · 2025-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$635.11MoperatingIncomeTax expense$69.81MincomeTaxExpensePretax income$258.19MincomeBeforeTaxTax rate27.0%Equity$2.62BtotalStockholderEquityDebt$6.21BshortLongTermDebtTotalCash$1.94BcashAndShortTermInvestmentsInvested capital$6.89BResult 6.7% | 0.34xEBIT / PP&E · 2025-08-31Operating income / net PP&EOperating income$635.11MoperatingIncomeNet PP&E$1.89BpropertyPlantAndEquipmentNetResult 0.34x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $1.89B
Inventory: $4.74B
Total assets: $12.64B
Goodwill: $734.96M
Intangibles: $126.07M
Liabilities: $10.02B
Tangible book: $1.77B
Shares: 5,494,370
Revenue: $14.79B
Capex: $294.97M
D&A: $245.15M
EBITDA: $1.07B
Interest: $507.13M
Short-term debt: $1.66B
Free cash flow: -$337.48M
Operating income: $635.11M
Invested capital: $6.89B
Tax rate: 27.0%