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.
Capgemini SE
Physical assets are 6.2% of total assets, a light footprint. Capex is 0.41x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.6%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 12.38x.
Physical asset ratio
6.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.82BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€29.06BtotalAssetsInventory was not reported and is treated as zero.Result 6.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€22.47BtotalRevenueNet PP&E€1.82BpropertyPlantAndEquipmentNetResult 12.38x
Revenue per dollar of the physical asset base.
Capex / D&A
0.41xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€287.00McapitalExpendituresD&A€698.00MdepreciationAndAmortizationResult 0.41x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€24.47Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€29.06BtotalAssetsGoodwill€14.86BgoodWillIntangibles€1.11BintangibleAssetsLiabilities€17.39BtotalLiabTangible book-€4.29BShares175,390,017commonStockSharesOutstandingResult -€24.47
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€127.65Latest quoteTangible book / share-€24.472025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €127.65.
Fixed-charge coverage
2.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.26BebitdaCapex€287.00McapitalExpendituresInterest€198.00MinterestExpenseShort-term debt€887.00MshortLongTermDebtEBITDA − capex€2.97BPrincipal due is the current portion of debt.Result 2.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€2.18BfreeCashFlowMarket cap€20.34BMarketCapitalizationResult 10.7%
Latest free cash flow divided by current market cap (€20.34B).
ROIC
10.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.56BoperatingIncomeTax expense€534.00MincomeTaxExpensePretax income€2.14BincomeBeforeTaxTax rate24.9%Equity€11.65BtotalStockholderEquityDebt€9.46BshortLongTermDebtTotalCash€3.03BcashInvested capital€18.07BResult 10.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.41x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€785.00MpropertyPlantEquipmentInventory€0.00Not reported, treated as 0Total assets€16.50BtotalAssetsInventory was not reported and is treated as zero.Result 4.8% | 16.81xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€13.20BtotalRevenueNet PP&E€785.00MpropertyPlantEquipmentResult 16.81x | 0.78xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€236.00McapitalExpendituresD&A€302.00MdepreciationAndAmortizationResult 0.78x | -€3.78Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€16.50BtotalAssetsGoodwill€7.43BgoodWillIntangibles€697.00MintangibleAssetsLiabilities€9.02BtotalLiabTangible book-€649.00MShares171,697,335commonStockSharesOutstandingResult -€3.78 | 13.81xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.69BebitdaCapex€236.00McapitalExpendituresInterest€61.00MinterestExpenseShort-term debt€44.00MshortLongTermDebtEBITDA − capex€1.45BPrincipal due is the current portion of debt.Result 13.81x | €1.16BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€1.40BtotalCashFromOperatingActivitiesCapex€236.00McapitalExpendituresFree cash flow€1.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.16B | 9.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.38BoperatingIncomeTax expense€447.00MincomeTaxExpensePretax income€1.17BincomeBeforeTaxTax rate38.2%Equity€7.48BtotalStockholderEquityDebt€3.36BshortLongTermDebtTotalCash€2.01BcashInvested capital€8.83BResult 9.7% | 1.76xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.38BoperatingIncomeNet PP&E€785.00MpropertyPlantEquipmentResult 1.76x |
| 2019 | 8.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.50BpropertyPlantEquipmentInventory€0.00Not reported, treated as 0Total assets€18.14BtotalAssetsInventory was not reported and is treated as zero.Result 8.3% | 9.42xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€14.13BtotalRevenueNet PP&E€1.50BpropertyPlantEquipmentResult 9.42x | 0.41xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€222.00McapitalExpendituresD&A€545.00MdepreciationAndAmortizationResult 0.41x | -€44.14Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€18.14BtotalAssetsGoodwill€7.66BgoodWillIntangibles€8.31BintangibleAssetsLiabilities€9.72BtotalLiabTangible book-€7.55BShares171,047,762commonStockSharesOutstandingResult -€44.14 | 2.19xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.99BebitdaCapex€222.00McapitalExpendituresInterest€87.00MinterestExpenseShort-term debt€717.00MshortLongTermDebtEBITDA − capex€1.76BPrincipal due is the current portion of debt.Result 2.19x | €1.57BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€1.79BtotalCashFromOperatingActivitiesCapex€222.00McapitalExpendituresFree cash flow€1.57BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.57B | 10.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.67BoperatingIncomeTax expense€502.00MincomeTaxExpensePretax income€1.35BincomeBeforeTaxTax rate37.1%Equity€8.42BtotalStockholderEquityDebt€4.09BshortLongTermDebtTotalCash€2.67BcashInvested capital€9.84BResult 10.7% | 1.11xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€1.67BoperatingIncomeNet PP&E€1.50BpropertyPlantEquipmentResult 1.11x |
| 2020 | 9.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.69BpropertyPlantEquipmentInventory€412.00MinventoryTotal assets€21.95BtotalAssetsResult 9.6% | 9.37xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€15.85BtotalRevenueNet PP&E€1.69BpropertyPlantEquipmentResult 9.37x | 0.32xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€206.00McapitalExpendituresD&A€649.00MdepreciationAndAmortizationResult 0.32x | -€84.47Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€21.95BtotalAssetsGoodwill€9.80BgoodWillIntangibles€10.90BintangibleAssetsLiabilities€15.84BtotalLiabTangible book-€14.58BShares172,555,946commonStockSharesOutstandingResult -€84.47 | 1.77xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.16BebitdaCapex€206.00McapitalExpendituresInterest€155.00MinterestExpenseShort-term debt€951.00MshortLongTermDebtEBITDA − capex€1.95BPrincipal due is the current portion of debt.Result 1.77x | €1.46BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€1.66BtotalCashFromOperatingActivitiesCapex€206.00McapitalExpendituresFree cash flow€1.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.46B | 10.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.77BoperatingIncomeTax expense€400.00MincomeTaxExpensePretax income€1.36BincomeBeforeTaxTax rate29.5%Equity€6.10BtotalStockholderEquityDebt€9.05BshortLongTermDebtTotalCash€3.17BcashInvested capital€11.98BResult 10.4% | 1.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€1.77BoperatingIncomeNet PP&E€1.69BpropertyPlantEquipmentResult 1.04x |
| 2021 | 9.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.70BpropertyPlantEquipmentInventory€476.00MinventoryTotal assets€24.03BtotalAssetsResult 9.1% | 10.66xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€18.16BtotalRevenueNet PP&E€1.70BpropertyPlantEquipmentResult 10.66x | 0.40xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€266.00McapitalExpendituresD&A€672.00MdepreciationAndAmortizationResult 0.40x | -€79.30Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€24.03BtotalAssetsGoodwill€10.63BgoodWillIntangibles€11.64BintangibleAssetsLiabilities€15.55BtotalLiabTangible book-€13.79BShares173,899,033commonStockSharesOutstandingResult -€79.30 | 9.09xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.51BebitdaCapex€266.00McapitalExpendituresInterest€160.00MinterestExpenseShort-term debt€87.00MshortLongTermDebtEBITDA − capex€2.25BPrincipal due is the current portion of debt.Result 9.09x | €2.32BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€2.58BtotalCashFromOperatingActivitiesCapex€266.00McapitalExpendituresFree cash flow€2.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.32B | 12.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.22BoperatingIncomeTax expense€526.00MincomeTaxExpensePretax income€1.68BincomeBeforeTaxTax rate31.3%Equity€8.47BtotalStockholderEquityDebt€7.64BshortLongTermDebtTotalCash€3.51BcashInvested capital€12.60BResult 12.1% | 1.30xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€2.22BoperatingIncomeNet PP&E€1.70BpropertyPlantEquipmentResult 1.30x |
| 2022 | 8.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.60BpropertyPlantAndEquipmentNetInventory€526.00MinventoryTotal assets€25.48BtotalAssetsResult 8.3% | 13.77xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€22.00BtotalRevenueNet PP&E€1.60BpropertyPlantAndEquipmentNetResult 13.77x | 0.40xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€290.00McapitalExpendituresD&A€719.00MdepreciationAndAmortizationResult 0.40x | -€75.80Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€25.48BtotalAssetsGoodwill€11.09BgoodWillIntangibles€12.00BintangibleAssetsLiabilities€15.74BtotalLiabTangible book-€13.34BShares176,019,736commonStockSharesOutstandingResult -€75.80 | 2.27xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.13BebitdaCapex€290.00McapitalExpendituresInterest€148.00MinterestExpenseShort-term debt€1.10BshortLongTermDebtEBITDA − capex€2.84BPrincipal due is the current portion of debt.Result 2.27x | €2.23BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€2.52BtotalCashFromOperatingActivitiesCapex€290.00McapitalExpendituresFree cash flow€2.23BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.23B | 14.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.73BoperatingIncomeTax expense€710.00MincomeTaxExpensePretax income€2.26BincomeBeforeTaxTax rate31.4%Equity€9.73BtotalStockholderEquityDebt€7.55BshortLongTermDebtTotalCash€4.19BcashInvested capital€13.09BResult 14.3% | 1.71xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€2.73BoperatingIncomeNet PP&E€1.60BpropertyPlantAndEquipmentNetResult 1.71x |
| 2023 | 6.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.57BpropertyPlantAndEquipmentNetInventory€132.00MinventoryTotal assets€24.70BtotalAssetsResult 6.9% | 14.34xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€22.52BtotalRevenueNet PP&E€1.57BpropertyPlantAndEquipmentNetResult 14.34x | 0.37xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€259.00McapitalExpendituresD&A€700.00MdepreciationAndAmortizationResult 0.37x | -€8.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€24.70BtotalAssetsGoodwill€11.21BgoodWillIntangibles€798.00MintangibleAssetsLiabilities€14.23BtotalLiabTangible book-€1.54BShares177,396,346commonStockSharesOutstandingResult -€8.67 | 3.41xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.19BebitdaCapex€259.00McapitalExpendituresInterest€183.00MinterestExpenseShort-term debt€675.00MshortLongTermDebtEBITDA − capex€2.93BPrincipal due is the current portion of debt.Result 3.41x | €2.27BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€2.53BtotalCashFromOperatingActivitiesCapex€259.00McapitalExpendituresFree cash flow€2.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.27B | 12.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.35BoperatingIncomeTax expense€626.00MincomeTaxExpensePretax income€2.30BincomeBeforeTaxTax rate27.2%Equity€10.45BtotalStockholderEquityDebt€6.60BshortLongTermDebtTotalCash€3.70BcashAndShortTermInvestmentsInvested capital€13.35BResult 12.8% | 1.49xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€2.35BoperatingIncomeNet PP&E€1.57BpropertyPlantAndEquipmentNetResult 1.49x |
| 2024 | 6.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.62BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€25.66BtotalAssetsInventory was not reported and is treated as zero.Result 6.3% | 13.66xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€22.10BtotalRevenueNet PP&E€1.62BpropertyPlantAndEquipmentNetResult 13.66x | 0.46xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€315.00McapitalExpendituresD&A€683.00MdepreciationAndAmortizationResult 0.46x | -€7.84Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€25.66BtotalAssetsGoodwill€12.34BgoodWillIntangibles€837.00MintangibleAssetsLiabilities€13.86BtotalLiabTangible book-€1.38BShares176,375,256commonStockSharesOutstandingResult -€7.84 | 2.79xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.23BebitdaCapex€315.00McapitalExpendituresInterest€183.00MinterestExpenseShort-term debt€863.00MshortLongTermDebtEBITDA − capex€2.92BPrincipal due is the current portion of debt.Result 2.79x | €2.21BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€2.53BtotalCashFromOperatingActivitiesCapex€315.00McapitalExpendituresFree cash flow€2.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.21B | 11.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.36BoperatingIncomeTax expense€681.00MincomeTaxExpensePretax income€2.36BincomeBeforeTaxTax rate28.9%Equity€11.78BtotalStockholderEquityDebt€6.08BshortLongTermDebtTotalCash€3.06BcashAndShortTermInvestmentsInvested capital€14.80BResult 11.3% | 1.46xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€2.36BoperatingIncomeNet PP&E€1.62BpropertyPlantAndEquipmentNetResult 1.46x |
| 2025 | 6.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.82BpropertyPlantAndEquipmentNetInventory€0.00Not reported, treated as 0Total assets€29.06BtotalAssetsInventory was not reported and is treated as zero.Result 6.2% | 12.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€22.47BtotalRevenueNet PP&E€1.82BpropertyPlantAndEquipmentNetResult 12.38x | 0.41xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€287.00McapitalExpendituresD&A€698.00MdepreciationAndAmortizationResult 0.41x | -€24.47Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€29.06BtotalAssetsGoodwill€14.86BgoodWillIntangibles€1.11BintangibleAssetsLiabilities€17.39BtotalLiabTangible book-€4.29BShares175,390,017commonStockSharesOutstandingResult -€24.47 | 2.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.26BebitdaCapex€287.00McapitalExpendituresInterest€198.00MinterestExpenseShort-term debt€887.00MshortLongTermDebtEBITDA − capex€2.97BPrincipal due is the current portion of debt.Result 2.74x | €2.18BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€2.47BtotalCashFromOperatingActivitiesCapex€287.00McapitalExpendituresFree cash flow€2.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.18B | 10.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.56BoperatingIncomeTax expense€534.00MincomeTaxExpensePretax income€2.14BincomeBeforeTaxTax rate24.9%Equity€11.65BtotalStockholderEquityDebt€9.46BshortLongTermDebtTotalCash€3.03BcashInvested capital€18.07BResult 10.6% | 1.41xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€2.56BoperatingIncomeNet PP&E€1.82BpropertyPlantAndEquipmentNetResult 1.41x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €1.82B
Inventory: €0.00
Total assets: €29.06B
Goodwill: €14.86B
Intangibles: €1.11B
Liabilities: €17.39B
Tangible book: -€4.29B
Shares: 175,390,017
Revenue: €22.47B
Capex: €287.00M
D&A: €698.00M
EBITDA: €3.26B
Interest: €198.00M
Short-term debt: €887.00M
Free cash flow: €2.18B
Operating income: €2.56B
Invested capital: €18.07B
Tax rate: 24.9%