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.
Carrefour SA
Physical assets are 41.9% of total assets, a mixed footprint. Capex is 0.65x 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 0.78x, which is below 1.
Fixed-asset turnover is 5.01x. Compare it with other names in the same basket.
Physical asset ratio
41.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.77BpropertyPlantAndEquipmentNetInventory€6.38BinventoryTotal assets€55.21BtotalAssetsResult 41.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€84.02BtotalRevenueNet PP&E€16.77BpropertyPlantAndEquipmentNetResult 5.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.65xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.52BcapitalExpendituresD&A€2.35BdepreciationAndAmortizationResult 0.65x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€2.25Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€55.21BtotalAssetsGoodwill€8.67BgoodWillIntangibles€1.46BintangibleAssetsLiabilities€43.55BtotalLiabTangible book€1.54BShares682,937,000commonStockSharesOutstandingResult €2.25
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.79xPrice / tangible bookPrice / tangible book per sharePrice€13.05Latest quoteTangible book / share€2.252025-12-31Result 5.79x
Price €13.05.
Fixed-charge coverage
0.78xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.67BebitdaCapex€1.52BcapitalExpendituresInterest€764.00MinterestExpenseShort-term debt€3.29BshortLongTermDebtEBITDA − capex€3.15BPrincipal due is the current portion of debt.Result 0.78x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
22.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€2.03BfreeCashFlowMarket cap€9.23BMarketCapitalizationResult 22.0%
Latest free cash flow divided by current market cap (€9.23B).
ROIC
9.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.16BoperatingIncomeTax expense€516.00MincomeTaxExpensePretax income€1.56BincomeBeforeTaxTax rate33.1%Equity€10.98BtotalStockholderEquityDebt€10.33BlongTermDebt + shortLongTermDebtCash€6.42BcashAndShortTermInvestmentsInvested capital€14.89BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.13x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 39.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.64BpropertyPlantEquipmentInventory€6.14BinventoryTotal assets€47.38BtotalAssetsResult 39.6% | 5.85xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€73.90BtotalRevenueNet PP&E€12.64BpropertyPlantEquipmentResult 5.85x | 1.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€1.56BcapitalExpendituresD&A€1.44BdepreciationAndAmortizationResult 1.09x | €2.38Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€47.38BtotalAssetsGoodwill€7.98BgoodWillIntangibles€1.46BintangibleAssetsLiabilities€36.09BtotalLiabTangible book€1.84BShares775,059,936commonStockSharesOutstandingResult €2.38 | 0.13xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.24BebitdaCapex€1.56BcapitalExpendituresInterest€248.00MinterestExpenseShort-term debt€4.92BshortTermDebtEBITDA − capex€676.00MPrincipal due is short-term debt.Result 0.13x | €548.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€2.11BtotalCashFromOperatingActivitiesCapex€1.56BcapitalExpendituresFree cash flow€548.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €548.00M | 6.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.92BoperatingIncomeTax expense€529.00MincomeTaxExpensePretax income€564.00MincomeBeforeTaxTax rate40.0%Equity€9.17BtotalStockholderEquityDebt€13.79BshortLongTermDebtTotalCash€4.39BcashAndShortTermInvestmentsInvested capital€18.57BThe effective tax rate was above 40% and was capped at 40%.Result 6.2% | 0.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.92BoperatingIncomeNet PP&E€12.64BpropertyPlantEquipmentResult 0.15x |
| 2019 | 43.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.42BpropertyPlantAndEquipmentNetInventory€5.87BinventoryTotal assets€51.46BtotalAssetsResult 43.3% | 4.52xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€74.14BtotalRevenueNet PP&E€16.42BpropertyPlantAndEquipmentNetResult 4.52x | 0.74xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€1.73BcapitalExpendituresD&A€2.32BdepreciationAndAmortizationResult 0.74x | -€7.24Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€51.46BtotalAssetsGoodwill€7.98BgoodWillIntangibles€9.43BintangibleAssetsLiabilities€39.79BtotalLiabTangible book-€5.73BShares791,578,999commonStockSharesOutstandingResult -€7.24 | 0.33xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.38BebitdaCapex€1.73BcapitalExpendituresInterest€344.00MinterestExpenseShort-term debt€4.71BshortLongTermDebtEBITDA − capex€1.65BPrincipal due is the current portion of debt.Result 0.33x | €1.52BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€3.25BtotalCashFromOperatingActivitiesCapex€1.73BcapitalExpendituresFree cash flow€1.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.52B | 5.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.10BoperatingIncomeTax expense€503.00MincomeTaxExpensePretax income€717.00MincomeBeforeTaxTax rate40.0%Equity€9.94BtotalStockholderEquityDebt€18.07BshortLongTermDebtTotalCash€4.55BcashAndShortTermInvestmentsInvested capital€23.46BThe effective tax rate was above 40% and was capped at 40%.Result 5.4% | 0.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€2.10BoperatingIncomeNet PP&E€16.42BpropertyPlantAndEquipmentNetResult 0.13x |
| 2020 | 42.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€15.01BpropertyPlantEquipmentInventory€5.33BinventoryTotal assets€47.59BtotalAssetsResult 42.7% | 4.81xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€72.15BtotalRevenueNet PP&E€15.01BpropertyPlantEquipmentResult 4.81x | 0.70xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€1.61BcapitalExpendituresD&A€2.29BdepreciationAndAmortizationResult 0.70x | -€7.55Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€47.59BtotalAssetsGoodwill€8.03BgoodWillIntangibles€9.36BintangibleAssetsLiabilities€36.29BtotalLiabTangible book-€6.10BShares807,587,891commonStockSharesOutstandingResult -€7.55 | 0.53xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.96BebitdaCapex€1.61BcapitalExpendituresInterest€299.00MinterestExpenseShort-term debt€4.15BshortLongTermDebtEBITDA − capex€2.34BPrincipal due is the current portion of debt.Result 0.53x | €1.78BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€3.40BtotalCashFromOperatingActivitiesCapex€1.61BcapitalExpendituresFree cash flow€1.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.78B | 6.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.17BoperatingIncomeTax expense€498.00MincomeTaxExpensePretax income€1.36BincomeBeforeTaxTax rate36.5%Equity€9.80BtotalStockholderEquityDebt€16.69BshortLongTermDebtTotalCash€4.53BcashAndShortTermInvestmentsInvested capital€21.95BResult 6.3% | 0.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€2.17BoperatingIncomeNet PP&E€15.01BpropertyPlantEquipmentResult 0.14x |
| 2021 | 43.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€15.08BpropertyPlantEquipmentInventory€5.86BinventoryTotal assets€47.67BtotalAssetsResult 43.9% | 4.76xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€71.76BtotalRevenueNet PP&E€15.08BpropertyPlantEquipmentResult 4.76x | 0.78xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€1.65BcapitalExpendituresD&A€2.11BdepreciationAndAmortizationResult 0.78x | -€6.94Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€47.67BtotalAssetsGoodwill€8.00BgoodWillIntangibles€9.33BintangibleAssetsLiabilities€35.84BtotalLiabTangible book-€5.49BShares791,408,758commonStockSharesOutstandingResult -€6.94 | 1.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.95BebitdaCapex€1.65BcapitalExpendituresInterest€279.00MinterestExpenseShort-term debt€1.34BshortLongTermDebtEBITDA − capex€2.30BPrincipal due is the current portion of debt.Result 1.42x | €2.01BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€3.66BtotalCashFromOperatingActivitiesCapex€1.65BcapitalExpendituresFree cash flow€2.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.01B | 12.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.19BoperatingIncomeTax expense€360.00MincomeTaxExpensePretax income€1.56BincomeBeforeTaxTax rate23.1%Equity€10.25BtotalStockholderEquityDebt€6.83BlongTermDebt + shortLongTermDebtCash€3.82BcashAndShortTermInvestmentsInvested capital€13.26BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.7% | 0.15xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€2.19BoperatingIncomeNet PP&E€15.08BpropertyPlantEquipmentResult 0.15x |
| 2022 | 41.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.80BpropertyPlantEquipmentInventory€6.89BinventoryTotal assets€56.55BtotalAssetsResult 41.9% | 4.95xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€83.09BtotalRevenueNet PP&E€16.80BpropertyPlantEquipmentResult 4.95x | 0.84xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€1.88BcapitalExpendituresD&A€2.24BdepreciationAndAmortizationResult 0.84x | -€7.86Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€56.55BtotalAssetsGoodwill€8.78BgoodWillIntangibles€10.28BintangibleAssetsLiabilities€43.37BtotalLiabTangible book-€5.87BShares746,622,699commonStockSharesOutstandingResult -€7.86 | 0.88xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.69BebitdaCapex€1.88BcapitalExpendituresInterest€530.00MinterestExpenseShort-term debt€2.65BshortLongTermDebtEBITDA − capex€2.81BPrincipal due is the current portion of debt.Result 0.88x | €2.34BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€4.22BtotalCashFromOperatingActivitiesCapex€1.88BcapitalExpendituresFree cash flow€2.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.34B | 12.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.38BoperatingIncomeTax expense€409.00MincomeTaxExpensePretax income€1.92BincomeBeforeTaxTax rate21.3%Equity€11.14BtotalStockholderEquityDebt€9.56BlongTermDebt + shortLongTermDebtCash€5.43BcashAndShortTermInvestmentsInvested capital€15.27BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.3% | 0.14xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€2.38BoperatingIncomeNet PP&E€16.80BpropertyPlantEquipmentResult 0.14x |
| 2023 | 41.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.82BpropertyPlantAndEquipmentNetInventory€6.54BinventoryTotal assets€56.17BtotalAssetsResult 41.6% | 5.05xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€84.91BtotalRevenueNet PP&E€16.82BpropertyPlantAndEquipmentNetResult 5.05x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€1.85BcapitalExpendituresD&A€2.30BdepreciationAndAmortizationResult 0.81x | €4.34Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€56.17BtotalAssetsGoodwill€8.71BgoodWillIntangibles€1.55BintangibleAssetsLiabilities€42.78BtotalLiabTangible book€3.12BShares719,225,670commonStockSharesOutstandingResult €4.34 | 0.83xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.23BebitdaCapex€1.85BcapitalExpendituresInterest€636.00MinterestExpenseShort-term debt€2.22BshortLongTermDebtEBITDA − capex€2.38BPrincipal due is the current portion of debt.Result 0.83x | €2.80BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€4.65BtotalCashFromOperatingActivitiesCapex€1.85BcapitalExpendituresFree cash flow€2.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.80B | 8.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.75BoperatingIncomeTax expense€439.00MincomeTaxExpensePretax income€1.34BincomeBeforeTaxTax rate32.8%Equity€11.54BtotalStockholderEquityDebt€9.49BlongTermDebt + shortLongTermDebtCash€6.68BcashAndShortTermInvestmentsInvested capital€14.35BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.2% | 0.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€1.75BoperatingIncomeNet PP&E€16.82BpropertyPlantAndEquipmentNetResult 0.10x |
| 2024 | 42.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€17.53BpropertyPlantAndEquipmentNetInventory€6.71BinventoryTotal assets€57.36BtotalAssetsResult 42.3% | 4.76xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€83.45BtotalRevenueNet PP&E€17.53BpropertyPlantAndEquipmentNetResult 4.76x | 0.79xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€1.77BcapitalExpendituresD&A€2.24BdepreciationAndAmortizationResult 0.79x | €2.93Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€57.36BtotalAssetsGoodwill€8.95BgoodWillIntangibles€1.57BintangibleAssetsLiabilities€44.88BtotalLiabTangible book€1.97BShares673,497,922commonStockSharesOutstandingResult €2.93 | 0.65xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.36BebitdaCapex€1.77BcapitalExpendituresInterest€755.00MinterestExpenseShort-term debt€3.23BshortLongTermDebtEBITDA − capex€2.59BPrincipal due is the current portion of debt.Result 0.65x | €2.43BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€4.20BtotalCashFromOperatingActivitiesCapex€1.77BcapitalExpendituresFree cash flow€2.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.43B | 9.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.28BoperatingIncomeTax expense€302.00MincomeTaxExpensePretax income€1.37BincomeBeforeTaxTax rate22.1%Equity€10.82BtotalStockholderEquityDebt€15.89BshortLongTermDebtTotalCash€6.89BcashAndShortTermInvestmentsInvested capital€19.82BResult 9.0% | 0.13xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€2.28BoperatingIncomeNet PP&E€17.53BpropertyPlantAndEquipmentNetResult 0.13x |
| 2025 | 41.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.77BpropertyPlantAndEquipmentNetInventory€6.38BinventoryTotal assets€55.21BtotalAssetsResult 41.9% | 5.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€84.02BtotalRevenueNet PP&E€16.77BpropertyPlantAndEquipmentNetResult 5.01x | 0.65xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.52BcapitalExpendituresD&A€2.35BdepreciationAndAmortizationResult 0.65x | €2.25Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€55.21BtotalAssetsGoodwill€8.67BgoodWillIntangibles€1.46BintangibleAssetsLiabilities€43.55BtotalLiabTangible book€1.54BShares682,937,000commonStockSharesOutstandingResult €2.25 | 0.78xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.67BebitdaCapex€1.52BcapitalExpendituresInterest€764.00MinterestExpenseShort-term debt€3.29BshortLongTermDebtEBITDA − capex€3.15BPrincipal due is the current portion of debt.Result 0.78x | €2.03BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€3.55BtotalCashFromOperatingActivitiesCapex€1.52BcapitalExpendituresFree cash flow€2.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.03B | 9.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.16BoperatingIncomeTax expense€516.00MincomeTaxExpensePretax income€1.56BincomeBeforeTaxTax rate33.1%Equity€10.98BtotalStockholderEquityDebt€10.33BlongTermDebt + shortLongTermDebtCash€6.42BcashAndShortTermInvestmentsInvested capital€14.89BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.7% | 0.13xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€2.16BoperatingIncomeNet PP&E€16.77BpropertyPlantAndEquipmentNetResult 0.13x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €16.77B
Inventory: €6.38B
Total assets: €55.21B
Goodwill: €8.67B
Intangibles: €1.46B
Liabilities: €43.55B
Tangible book: €1.54B
Shares: 682,937,000
Revenue: €84.02B
Capex: €1.52B
D&A: €2.35B
EBITDA: €4.67B
Interest: €764.00M
Short-term debt: €3.29B
Free cash flow: €2.03B
Operating income: €2.16B
Invested capital: €14.89B
Tax rate: 33.1%