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.
Cadence Design Systems Inc
Physical assets are 9.8% of total assets, a light footprint. Capex is 0.61x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 24.3%, above an 8% cost-of-capital hurdle. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 7.64x. Compare it with other names in the same basket.
Physical asset ratio
9.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€692.97MpropertyPlantAndEquipmentNetInventory€303.55MinventoryTotal assets€10.15BtotalAssetsResult 9.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.64xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€5.30BtotalRevenueNet PP&E€692.97MpropertyPlantAndEquipmentNetResult 7.64x
Revenue per dollar of the physical asset base.
Capex / D&A
0.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€141.87McapitalExpendituresD&A€233.84MreconciledDepreciationResult 0.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€7.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€10.15BtotalAssetsGoodwill€2.75BgoodWillIntangibles€718.22MintangibleAssetsLiabilities€4.68BtotalLiabTangible book€2.01BShares271,799,000commonStockSharesOutstandingResult €7.38
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
39.76xPrice / tangible bookPrice / tangible book per sharePrice€293.55Latest quoteTangible book / share€7.382025-12-31Result 39.76x
Price €293.55.
Fixed-charge coverage
14.85xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA€1.87BebitdaCapex€141.87McapitalExpendituresInterest€116.54MinterestExpenseEBITDA − capex€1.73BShort-term debt was not reported, so the denominator is interest only.Result 14.85x
EBITDA minus capex, divided by interest only.
FCF yield
3.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€1.59BfreeCashFlowMarket cap€45.19BMarketCapitalizationResult 3.5%
Latest free cash flow divided by current market cap (€45.19B).
ROIC
24.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.65BoperatingIncomeTax expense€413.16MtaxProvisionPretax income€1.52BincomeBeforeTaxTax rate27.1%Equity€5.47BtotalStockholderEquityDebt€2.48BlongTermDebtCash€3.00BcashInvested capital€4.95BResult 24.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory€28.16MinventoryTotal assets€2.47BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€2.14BtotalRevenueNet PP&E—Not reportedResult — | 0.52xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€61.50McapitalExpendituresD&A€118.72MreconciledDepreciationResult 0.52x | €1.43Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.47BtotalAssetsGoodwill€662.27MgoodWillIntangibles€225.46MintangibleAssetsLiabilities€1.18BtotalLiabTangible book€400.67MShares280,015,000commonStockSharesOutstandingResult €1.43 | 3.71xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€518.25MebitdaCapex€61.50McapitalExpendituresInterest€23.14MinterestExpenseShort-term debt€100.00MshortTermDebtEBITDA − capex€456.75MPrincipal due is short-term debt.Result 3.71x | €543.25MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€604.75MtotalCashFromOperatingActivitiesCapex€61.50McapitalExpendituresFree cash flow€543.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €543.25M | 31.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€407.30MoperatingIncomeTax expense€30.61MtaxProvisionPretax income€376.39MincomeBeforeTaxTax rate8.1%Equity€1.29BtotalStockholderEquityDebt€445.29MlongTermDebt + shortLongTermDebtCash€533.30McashInvested capital€1.20BResult 31.2% | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€407.30MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | 9.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€275.86MpropertyPlantAndEquipmentNetInventory€55.80MinventoryTotal assets€3.36BtotalAssetsResult 9.9% | 8.47xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€2.34BtotalRevenueNet PP&E€275.86MpropertyPlantAndEquipmentNetResult 8.47x | 0.60xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€74.61McapitalExpendituresD&A€123.35MreconciledDepreciationResult 0.60x | €4.53Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€3.36BtotalAssetsGoodwill€661.86MgoodWillIntangibles€172.38MintangibleAssetsLiabilities€1.25BtotalLiabTangible book€1.27BShares279,855,000commonStockSharesOutstandingResult €4.53 | 29.03xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA€621.15MebitdaCapex€74.61McapitalExpendituresInterest€18.83MinterestExpenseEBITDA − capex€546.54MShort-term debt was not reported, so the denominator is interest only.Result 29.03x | €655.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€729.60MtotalCashFromOperatingActivitiesCapex€74.61McapitalExpendituresFree cash flow€655.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €655.00M | 28.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€500.42MoperatingIncomeTax expense-€510.01MtaxProvisionPretax income€478.97MincomeBeforeTaxTax rate0.0%Equity€2.10BtotalStockholderEquityDebt€346.02MlongTermDebtCash€705.21McashInvested capital€1.74BResult 28.7% | 1.81xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€500.42MoperatingIncomeNet PP&E€275.86MpropertyPlantAndEquipmentNetResult 1.81x |
| 2020 | 13.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€444.48MpropertyPlantAndEquipmentNetInventory€75.96MinventoryTotal assets€3.95BtotalAssetsResult 13.2% | 6.04xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€2.68BtotalRevenueNet PP&E€444.48MpropertyPlantAndEquipmentNetResult 6.04x | 0.63xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€94.81McapitalExpendituresD&A€150.14MreconciledDepreciationResult 0.63x | €5.38Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€3.95BtotalAssetsGoodwill€782.09MgoodWillIntangibles€210.59MintangibleAssetsLiabilities€1.46BtotalLiabTangible book€1.50BShares278,941,000commonStockSharesOutstandingResult €5.38 | 34.16xFixed-charge coverage · 2020-12-31(EBITDA − capex) / interestEBITDA€803.63MebitdaCapex€94.81McapitalExpendituresInterest€20.75MinterestExpenseEBITDA − capex€708.82MShort-term debt was not reported, so the denominator is interest only.Result 34.16x | €810.11MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€904.92MtotalCashFromOperatingActivitiesCapex€94.81McapitalExpendituresFree cash flow€810.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €810.11M | 32.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€654.77MoperatingIncomeTax expense€42.10MtaxProvisionPretax income€632.75MincomeBeforeTaxTax rate6.7%Equity€2.49BtotalStockholderEquityDebt€346.79MlongTermDebtCash€928.43McashInvested capital€1.91BResult 32.0% | 1.47xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€654.77MoperatingIncomeNet PP&E€444.48MpropertyPlantAndEquipmentNetResult 1.47x |
| 2021 | 12.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€436.04MpropertyPlantAndEquipmentNetInventory€115.72MinventoryTotal assets€4.39BtotalAssetsResult 12.6% | 6.85xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€2.99BtotalRevenueNet PP&E€436.04MpropertyPlantAndEquipmentNetResult 6.85x | 0.51xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€66.88McapitalExpendituresD&A€130.70MreconciledDepreciationResult 0.51x | €5.70Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.39BtotalAssetsGoodwill€928.36MgoodWillIntangibles€233.27MintangibleAssetsLiabilities€1.65BtotalLiabTangible book€1.58BShares276,796,000commonStockSharesOutstandingResult €5.70 | 50.01xFixed-charge coverage · 2021-12-31(EBITDA − capex) / interestEBITDA€916.12MebitdaCapex€66.88McapitalExpendituresInterest€16.98MinterestExpenseEBITDA − capex€849.24MShort-term debt was not reported, so the denominator is interest only.Result 50.01x | €1.03BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€1.10BtotalCashFromOperatingActivitiesCapex€66.88McapitalExpendituresFree cash flow€1.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.03B | 35.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€778.04MoperatingIncomeTax expense€72.48MtaxProvisionPretax income€768.44MincomeBeforeTaxTax rate9.4%Equity€2.74BtotalStockholderEquityDebt€347.59MlongTermDebtCash€1.09BcashInvested capital€2.00BResult 35.2% | 1.78xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€778.04MoperatingIncomeNet PP&E€436.04MpropertyPlantAndEquipmentNetResult 1.78x |
| 2022 | 13.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€541.83MpropertyPlantAndEquipmentNetInventory€128.01MinventoryTotal assets€5.14BtotalAssetsResult 13.0% | 6.57xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€3.56BtotalRevenueNet PP&E€541.83MpropertyPlantAndEquipmentNetResult 6.57x | 0.92xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€124.22McapitalExpendituresD&A€135.43MreconciledDepreciationResult 0.92x | €3.73Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€5.14BtotalAssetsGoodwill€1.37BgoodWillIntangibles€354.62MintangibleAssetsLiabilities€2.39BtotalLiabTangible book€1.02BShares272,675,000commonStockSharesOutstandingResult €3.73 | 8.78xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.20BebitdaCapex€124.22McapitalExpendituresInterest€22.93MinterestExpenseShort-term debt€100.00MshortLongTermDebtEBITDA − capex€1.08BPrincipal due is the current portion of debt.Result 8.78x | €1.12BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€1.24BtotalCashFromOperatingActivitiesCapex€124.22McapitalExpendituresFree cash flow€1.12BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.12B | 33.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.07BoperatingIncomeTax expense€196.41MtaxProvisionPretax income€1.05BincomeBeforeTaxTax rate18.8%Equity€2.75BtotalStockholderEquityDebt€748.08MlongTermDebt + shortLongTermDebtCash€882.33McashInvested capital€2.61BResult 33.4% | 1.98xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€1.07BoperatingIncomeNet PP&E€541.83MpropertyPlantAndEquipmentNetResult 1.98x |
| 2023 | 13.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€554.01MpropertyPlantAndEquipmentNetInventory€181.66MinventoryTotal assets€5.67BtotalAssetsResult 13.0% | 7.38xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€4.09BtotalRevenueNet PP&E€554.01MpropertyPlantAndEquipmentNetResult 7.38x | 0.70xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€102.50McapitalExpendituresD&A€145.74MreconciledDepreciationResult 0.70x | €5.64Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€5.67BtotalAssetsGoodwill€1.54BgoodWillIntangibles€336.84MintangibleAssetsLiabilities€2.27BtotalLiabTangible book€1.53BShares271,706,000commonStockSharesOutstandingResult €5.64 | 3.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.46BebitdaCapex€102.50McapitalExpendituresInterest€36.19MinterestExpenseShort-term debt€349.29MshortLongTermDebtEBITDA − capex€1.36BPrincipal due is the current portion of debt.Result 3.53x | €1.25BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€1.35BtotalCashFromOperatingActivitiesCapex€102.50McapitalExpendituresFree cash flow€1.25BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.25B | 33.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.26BoperatingIncomeTax expense€240.78MtaxProvisionPretax income€1.28BincomeBeforeTaxTax rate18.8%Equity€3.40BtotalStockholderEquityDebt€649.06MlongTermDebt + shortLongTermDebtCash€1.01BcashInvested capital€3.05BResult 33.7% | 2.28xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€1.26BoperatingIncomeNet PP&E€554.01MpropertyPlantAndEquipmentNetResult 2.28x |
| 2024 | 9.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€604.39MpropertyPlantAndEquipmentNetInventory€257.71MinventoryTotal assets€8.97BtotalAssetsResult 9.6% | 7.68xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€4.64BtotalRevenueNet PP&E€604.39MpropertyPlantAndEquipmentNetResult 7.68x | 0.73xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€142.54McapitalExpendituresD&A€195.02MreconciledDepreciationResult 0.73x | €6.21Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€8.97BtotalAssetsGoodwill€2.38BgoodWillIntangibles€594.73MintangibleAssetsLiabilities€4.30BtotalLiabTangible book€1.70BShares273,851,000commonStockSharesOutstandingResult €6.21 | 20.06xFixed-charge coverage · 2024-12-31(EBITDA − capex) / interestEBITDA€1.67BebitdaCapex€142.54McapitalExpendituresInterest€76.00MinterestExpenseEBITDA − capex€1.52BShort-term debt was not reported, so the denominator is interest only.Result 20.06x | €1.12BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€1.26BtotalCashFromOperatingActivitiesCapex€142.54McapitalExpendituresFree cash flow€1.12BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.12B | 23.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.38BoperatingIncomeTax expense€340.34MtaxProvisionPretax income€1.40BincomeBeforeTaxTax rate24.4%Equity€4.67BtotalStockholderEquityDebt€2.48BlongTermDebtCash€2.64BcashInvested capital€4.51BResult 23.2% | 2.29xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€1.38BoperatingIncomeNet PP&E€604.39MpropertyPlantAndEquipmentNetResult 2.29x |
| 2025 | 9.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€692.97MpropertyPlantAndEquipmentNetInventory€303.55MinventoryTotal assets€10.15BtotalAssetsResult 9.8% | 7.64xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€5.30BtotalRevenueNet PP&E€692.97MpropertyPlantAndEquipmentNetResult 7.64x | 0.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€141.87McapitalExpendituresD&A€233.84MreconciledDepreciationResult 0.61x | €7.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€10.15BtotalAssetsGoodwill€2.75BgoodWillIntangibles€718.22MintangibleAssetsLiabilities€4.68BtotalLiabTangible book€2.01BShares271,799,000commonStockSharesOutstandingResult €7.38 | 14.85xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA€1.87BebitdaCapex€141.87McapitalExpendituresInterest€116.54MinterestExpenseEBITDA − capex€1.73BShort-term debt was not reported, so the denominator is interest only.Result 14.85x | €1.59BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€1.73BtotalCashFromOperatingActivitiesCapex€141.87McapitalExpendituresFree cash flow€1.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.59B | 24.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.65BoperatingIncomeTax expense€413.16MtaxProvisionPretax income€1.52BincomeBeforeTaxTax rate27.1%Equity€5.47BtotalStockholderEquityDebt€2.48BlongTermDebtCash€3.00BcashInvested capital€4.95BResult 24.3% | 2.38xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€1.65BoperatingIncomeNet PP&E€692.97MpropertyPlantAndEquipmentNetResult 2.38x |
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: €692.97M
Inventory: €303.55M
Total assets: €10.15B
Goodwill: €2.75B
Intangibles: €718.22M
Liabilities: €4.68B
Tangible book: €2.01B
Shares: 271,799,000
Revenue: €5.30B
Capex: €141.87M
D&A: €233.84M
EBITDA: €1.87B
Interest: €116.54M
Short-term debt: —
Free cash flow: €1.59B
Operating income: €1.65B
Invested capital: €4.95B
Tax rate: 27.1%