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.
Caixabank 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 0.49x 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 0.24x, which is below 1.
Fixed-asset turnover is 4.00x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€6.51BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€664.04BtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€26.04BtotalRevenueNet PP&E€6.51BpropertyPlantAndEquipmentNetResult 4.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.49xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€386.00McapitalExpendituresD&A€791.00MdepreciationAndAmortizationResult 0.49x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€4.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€664.04BtotalAssetsGoodwill€3.09BgoodWillIntangibles€2.18BintangibleAssetsLiabilities€625.51BtotalLiabTangible book€33.26BShares7,033,505,000commonStockSharesOutstandingResult €4.73
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.37xPrice / tangible bookPrice / tangible book per sharePrice€11.20Latest quoteTangible book / share€4.732025-12-31Result 2.37x
Price €11.20.
Fixed-charge coverage
0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€9.18BebitdaCapex€386.00McapitalExpendituresInterest€7.35BinterestExpenseShort-term debt€28.98BshortTermDebtEBITDA − capex€8.79BPrincipal due is short-term debt.Result 0.24x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
54.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€41.97BfreeCashFlowMarket cap€77.75BMarketCapitalizationResult 54.0%
Latest free cash flow divided by current market cap (€77.75B).
ROIC
7.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€8.39BoperatingIncomeTax expense€2.78BincomeTaxExpensePretax income€8.39BincomeBeforeTaxTax rate33.1%Equity€38.51BtotalStockholderEquityDebt€85.50BshortLongTermDebtTotalCash€45.83BcashInvested capital€78.18BResult 7.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.29x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -7.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.21BpropertyPlantEquipmentInventory-€32.20BinventoryTotal assets€386.62BtotalAssetsResult -7.5% | 3.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€9.93BtotalRevenueNet PP&E€3.21BpropertyPlantEquipmentResult 3.09x | 1.82xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€736.53McapitalExpendituresD&A€404.00MdepreciationAndAmortizationResult 1.82x | €3.38Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€386.62BtotalAssetsGoodwill€3.05BgoodWillIntangibles€796.93MintangibleAssetsLiabilities€362.56BtotalLiabTangible book€20.21BShares5,979,000,000commonStockSharesOutstandingResult €3.38 | 0.81xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.38BebitdaCapex€736.53McapitalExpendituresInterest€2.04BinterestExpenseShort-term debt€0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex€1.65BShort-term debt is total debt minus long-term debt.Result 0.81x | -€5.61BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-€4.88BtotalCashFromOperatingActivitiesCapex€736.53McapitalExpendituresFree cash flow-€5.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€5.61B | 3.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.98BoperatingIncomeTax expense€711.86MincomeTaxExpensePretax income€1.98BincomeBeforeTaxTax rate35.9%Equity€24.03BtotalStockholderEquityDebt€28.03BshortLongTermDebtTotalCash€19.16BcashInvested capital€32.89BResult 3.9% | 0.62xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.98BoperatingIncomeNet PP&E€3.21BpropertyPlantEquipmentResult 0.62x |
| 2019 | -6.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€4.92BpropertyPlantEquipmentInventory-€28.23BinventoryTotal assets€391.41BtotalAssetsResult -6.0% | 2.30xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€11.31BtotalRevenueNet PP&E€4.92BpropertyPlantEquipmentResult 2.30x | 1.39xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€757.00McapitalExpendituresD&A€546.00MdepreciationAndAmortizationResult 1.39x | €3.57Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€391.41BtotalAssetsGoodwill€3.05BgoodWillIntangibles€788.00MintangibleAssetsLiabilities€366.26BtotalLiabTangible book€21.31BShares5,978,000,000commonStockSharesOutstandingResult €3.57 | 0.40xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.20BebitdaCapex€757.00McapitalExpendituresInterest€2.10BinterestExpenseShort-term debt€1.48BshortTermDebtEBITDA − capex€1.44BPrincipal due is short-term debt.Result 0.40x | -€7.21BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-€6.45BtotalCashFromOperatingActivitiesCapex€757.00McapitalExpendituresFree cash flow-€7.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€7.21B | 2.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.65BoperatingIncomeTax expense€369.00MincomeTaxExpensePretax income€1.65BincomeBeforeTaxTax rate22.3%Equity€25.12BtotalStockholderEquityDebt€33.56BshortLongTermDebtTotalCash€15.12BcashInvested capital€43.57BResult 2.9% | 0.34xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€1.65BoperatingIncomeNet PP&E€4.92BpropertyPlantEquipmentResult 0.34x |
| 2020 | -12.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€4.95BpropertyPlantEquipmentInventory-€62.70BinventoryTotal assets€451.52BtotalAssetsResult -12.8% | 2.20xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€10.89BtotalRevenueNet PP&E€4.95BpropertyPlantEquipmentResult 2.20x | 1.28xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€690.00McapitalExpendituresD&A€540.00MdepreciationAndAmortizationResult 1.28x | €3.57Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€451.52BtotalAssetsGoodwill€3.05BgoodWillIntangibles€898.00MintangibleAssetsLiabilities€426.24BtotalLiabTangible book€21.33BShares5,977,000,000commonStockSharesOutstandingResult €3.57 | 0.30xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.83BebitdaCapex€690.00McapitalExpendituresInterest€1.86BinterestExpenseShort-term debt€2.00BshortTermDebtEBITDA − capex€1.14BPrincipal due is short-term debt.Result 0.30x | €36.87BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€37.56BtotalCashFromOperatingActivitiesCapex€690.00McapitalExpendituresFree cash flow€36.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €36.87B | 9.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.29BoperatingIncomeTax expense€219.00MincomeTaxExpensePretax income€1.29BincomeBeforeTaxTax rate16.9%Equity€25.25BtotalStockholderEquityDebt€37.82BshortLongTermDebtTotalCash€51.62BcashInvested capital€11.46BResult 9.4% | 0.26xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€1.29BoperatingIncomeNet PP&E€4.95BpropertyPlantEquipmentResult 0.26x |
| 2021 | -16.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€6.40BpropertyPlantEquipmentInventory-€121.56BinventoryTotal assets€680.04BtotalAssetsResult -16.9% | 2.76xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€17.67BtotalRevenueNet PP&E€6.40BpropertyPlantEquipmentResult 2.76x | 0.98xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€678.00McapitalExpendituresD&A€695.00MdepreciationAndAmortizationResult 0.98x | €4.03Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€680.04BtotalAssetsGoodwill€3.46BgoodWillIntangibles€1.48BintangibleAssetsLiabilities€644.61BtotalLiabTangible book€30.49BShares7,575,000,000commonStockSharesOutstandingResult €4.03 | 0.94xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.59BebitdaCapex€678.00McapitalExpendituresInterest€1.92BinterestExpenseShort-term debt€3.28BshortTermDebtEBITDA − capex€4.91BPrincipal due is short-term debt.Result 0.94x | €37.95BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€38.63BtotalCashFromOperatingActivitiesCapex€678.00McapitalExpendituresFree cash flow€37.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €37.95B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.89BoperatingIncomeTax expense€88.00MincomeTaxExpensePretax income€4.89BincomeBeforeTaxTax rate1.8%Equity€35.39BtotalStockholderEquityDebt€56.96BshortLongTermDebtTotalCash€104.28BcashInvested capital—Result — | 0.76xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€4.89BoperatingIncomeNet PP&E€6.40BpropertyPlantEquipmentResult 0.76x |
| 2022 | -4.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€7.52BpropertyPlantEquipmentInventory-€34.34BinventoryTotal assets€592.23BtotalAssetsUses the property line, which is larger than net PP&E (€5.92B, propertyPlantAndEquipmentNet).Result -4.5% | 2.27xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€17.04BtotalRevenueNet PP&E€7.52BpropertyPlantEquipmentResult 2.27x | 1.25xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€916.00McapitalExpendituresD&A€730.00MdepreciationAndAmortizationResult 1.25x | €3.71Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€592.23BtotalAssetsGoodwill€3.17BgoodWillIntangibles€2.05BintangibleAssetsLiabilities€557.97BtotalLiabTangible book€29.04BShares7,819,000,000commonStockSharesOutstandingResult €3.71 | 0.75xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.83BebitdaCapex€916.00McapitalExpendituresInterest€2.65BinterestExpenseShort-term debt€2.58BshortTermDebtEBITDA − capex€3.91BPrincipal due is short-term debt.Result 0.75x | -€80.79BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-€79.88BtotalCashFromOperatingActivitiesCapex€916.00McapitalExpendituresFree cash flow-€80.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€80.79B | 4.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.10BoperatingIncomeTax expense€1.19BincomeTaxExpensePretax income€4.10BincomeBeforeTaxTax rate29.0%Equity€34.23BtotalStockholderEquityDebt€55.19BshortLongTermDebtTotalCash€20.52BcashInvested capital€68.89BResult 4.2% | 0.55xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€4.10BoperatingIncomeNet PP&E€7.52BpropertyPlantEquipmentResult 0.55x |
| 2023 | -6.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€5.88BpropertyPlantAndEquipmentNetInventory-€47.02BinventoryTotal assets€607.17BtotalAssetsResult -6.8% | 4.44xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€26.08BtotalRevenueNet PP&E€5.88BpropertyPlantAndEquipmentNetResult 4.44x | 1.03xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€801.00McapitalExpendituresD&A€774.00MdepreciationAndAmortizationResult 1.03x | €4.26Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€607.17BtotalAssetsGoodwill€3.09BgoodWillIntangibles€1.89BintangibleAssetsLiabilities€570.83BtotalLiabTangible book€31.35BShares7,367,125,953commonStockSharesOutstandingResult €4.26 | 0.22xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€7.42BebitdaCapex€801.00McapitalExpendituresInterest€8.11BinterestExpenseShort-term debt€22.27BshortTermDebtEBITDA − capex€6.62BPrincipal due is short-term debt.Result 0.22x | €14.94BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€15.74BtotalCashFromOperatingActivitiesCapex€801.00McapitalExpendituresFree cash flow€14.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €14.94B | 8.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.64BoperatingIncomeTax expense€2.11BincomeTaxExpensePretax income€6.64BincomeBeforeTaxTax rate31.7%Equity€36.31BtotalStockholderEquityDebt€56.76BshortLongTermDebtTotalCash€37.86BcashInvested capital€55.20BResult 8.2% | 1.13xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€6.64BoperatingIncomeNet PP&E€5.88BpropertyPlantAndEquipmentNetResult 1.13x |
| 2024 | 0.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€5.71BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€631.00BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 5.01xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€28.60BtotalRevenueNet PP&E€5.71BpropertyPlantAndEquipmentNetResult 5.01x | 0.41xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€317.00McapitalExpendituresD&A€778.00MdepreciationAndAmortizationResult 0.41x | €4.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€631.00BtotalAssetsGoodwill€3.09BgoodWillIntangibles€1.98BintangibleAssetsLiabilities€594.14BtotalLiabTangible book€31.79BShares7,262,000,000commonStockSharesOutstandingResult €4.38 | 0.33xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.84BebitdaCapex€317.00McapitalExpendituresInterest€9.79BinterestExpenseShort-term debt€16.27BshortTermDebtEBITDA − capex€8.52BPrincipal due is short-term debt.Result 0.33x | €16.53BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€16.85BtotalCashFromOperatingActivitiesCapex€317.00McapitalExpendituresFree cash flow€16.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €16.53B | 8.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€8.06BoperatingIncomeTax expense€2.53BincomeTaxExpensePretax income€8.06BincomeBeforeTaxTax rate31.3%Equity€36.83BtotalStockholderEquityDebt€77.54BshortLongTermDebtTotalCash€50.63BcashAndShortTermInvestmentsInvested capital€63.74BResult 8.7% | 1.41xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€8.06BoperatingIncomeNet PP&E€5.71BpropertyPlantAndEquipmentNetResult 1.41x |
| 2025 | 1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€6.51BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€664.04BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 4.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€26.04BtotalRevenueNet PP&E€6.51BpropertyPlantAndEquipmentNetResult 4.00x | 0.49xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€386.00McapitalExpendituresD&A€791.00MdepreciationAndAmortizationResult 0.49x | €4.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€664.04BtotalAssetsGoodwill€3.09BgoodWillIntangibles€2.18BintangibleAssetsLiabilities€625.51BtotalLiabTangible book€33.26BShares7,033,505,000commonStockSharesOutstandingResult €4.73 | 0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€9.18BebitdaCapex€386.00McapitalExpendituresInterest€7.35BinterestExpenseShort-term debt€28.98BshortTermDebtEBITDA − capex€8.79BPrincipal due is short-term debt.Result 0.24x | €41.97BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€42.36BtotalCashFromOperatingActivitiesCapex€386.00McapitalExpendituresFree cash flow€41.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €41.97B | 7.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€8.39BoperatingIncomeTax expense€2.78BincomeTaxExpensePretax income€8.39BincomeBeforeTaxTax rate33.1%Equity€38.51BtotalStockholderEquityDebt€85.50BshortLongTermDebtTotalCash€45.83BcashInvested capital€78.18BResult 7.2% | 1.29xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€8.39BoperatingIncomeNet PP&E€6.51BpropertyPlantAndEquipmentNetResult 1.29x |
- 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: €6.51B
Inventory: €0.00
Total assets: €664.04B
Goodwill: €3.09B
Intangibles: €2.18B
Liabilities: €625.51B
Tangible book: €33.26B
Shares: 7,033,505,000
Revenue: €26.04B
Capex: €386.00M
D&A: €791.00M
EBITDA: €9.18B
Interest: €7.35B
Short-term debt: €28.98B
Free cash flow: €41.97B
Operating income: €8.39B
Invested capital: €78.18B
Tax rate: 33.1%