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.
Sartorius Stedim Biotech SA
Physical assets are 33.9% of total assets, a mixed footprint. Capex is 1.24x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.67x, which is below 1.
Fixed-asset turnover is 1.47x. Compare it with other names in the same basket.
Physical asset ratio
33.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.02BpropertyPlantAndEquipmentNetInventory€690.90MinventoryTotal assets€8.02BtotalAssetsResult 33.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€2.97BtotalRevenueNet PP&E€2.02BpropertyPlantAndEquipmentNetResult 1.47x
Revenue per dollar of the physical asset base.
Capex / D&A
1.24xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€393.20McapitalExpendituresD&A€318.10MdepreciationAndAmortizationResult 1.24x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€3.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€8.02BtotalAssetsGoodwill€2.88BgoodWillIntangibles€1.54BintangibleAssetsLiabilities€3.89BtotalLiabTangible book-€294.40MShares97,299,827commonStockSharesOutstandingResult -€3.03
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€223.40Latest quoteTangible book / share-€3.032025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €223.40.
Fixed-charge coverage
0.67xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€867.10MebitdaCapex€393.20McapitalExpendituresInterest€152.70MinterestExpenseShort-term debt€557.30MshortLongTermDebtEBITDA − capex€473.90MPrincipal due is the current portion of debt.Result 0.67x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€145.40MfreeCashFlowMarket cap€22.22BMarketCapitalizationResult 0.7%
Latest free cash flow divided by current market cap (€22.22B).
ROIC
6.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€549.00MoperatingIncomeTax expense€107.30MincomeTaxExpensePretax income€373.20MincomeBeforeTaxTax rate28.8%Equity€4.09BtotalStockholderEquityDebt€2.60BshortLongTermDebtTotalCash€434.20McashAndShortTermInvestmentsInvested capital€6.26BResult 6.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.27x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€435.98MpropertyPlantAndEquipmentNetInventory€252.00MinventoryTotal assets€1.57BtotalAssetsResult 43.8% | 2.78xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€1.21BtotalRevenueNet PP&E€435.98MpropertyPlantAndEquipmentNetResult 2.78x | 2.90xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€176.54McapitalExpendituresD&A€60.91MdepreciationAndAmortizationResult 2.90x | €5.24Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.57BtotalAssetsGoodwill€384.70MgoodWillIntangibles€177.49MintangibleAssetsLiabilities€526.59MtotalLiabTangible book€482.69MShares92,176,774commonStockSharesOutstandingResult €5.24 | 1.76xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€360.07MebitdaCapex€176.54McapitalExpendituresInterest€14.61MinterestExpenseShort-term debt€89.82MshortLongTermDebtEBITDA − capex€183.53MPrincipal due is the current portion of debt.Result 1.76x | €50.75MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€227.29MtotalCashFromOperatingActivitiesCapex€176.54McapitalExpendituresFree cash flow€50.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €50.75M | 19.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€300.23MoperatingIncomeTax expense€74.59MincomeTaxExpensePretax income€284.55MincomeBeforeTaxTax rate26.2%Equity€1.04BtotalStockholderEquityDebt€149.64MshortLongTermDebtTotalCash€43.19McashAndShortTermInvestmentsInvested capital€1.14BResult 19.4% | 0.69xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€300.23MoperatingIncomeNet PP&E€435.98MpropertyPlantAndEquipmentNetResult 0.69x |
| 2019 | 48.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€546.63MpropertyPlantAndEquipmentNetInventory€328.16MinventoryTotal assets€1.82BtotalAssetsResult 48.1% | 2.64xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€1.44BtotalRevenueNet PP&E€546.63MpropertyPlantAndEquipmentNetResult 2.64x | 1.85xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€135.97McapitalExpendituresD&A€73.37MdepreciationAndAmortizationResult 1.85x | €6.19Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€1.82BtotalAssetsGoodwill€426.89MgoodWillIntangibles€180.09MintangibleAssetsLiabilities€642.79MtotalLiabTangible book€570.65MShares92,176,965commonStockSharesOutstandingResult €6.19 | 4.09xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€395.40MebitdaCapex€135.97McapitalExpendituresInterest€19.95MinterestExpenseShort-term debt€43.55MshortLongTermDebtEBITDA − capex€259.43MPrincipal due is the current portion of debt.Result 4.09x | €174.16MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€310.13MtotalCashFromOperatingActivitiesCapex€135.97McapitalExpendituresFree cash flow€174.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €174.16M | 20.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€332.03MoperatingIncomeTax expense€81.42MincomeTaxExpensePretax income€317.61MincomeBeforeTaxTax rate25.6%Equity€1.16BtotalStockholderEquityDebt€83.55MlongTermDebt + shortLongTermDebtCash€45.94McashAndShortTermInvestmentsInvested capital€1.20BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 20.6% | 0.61xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€332.03MoperatingIncomeNet PP&E€546.63MpropertyPlantAndEquipmentNetResult 0.61x |
| 2020 | 36.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€643.95MpropertyPlantAndEquipmentNetInventory€472.31MinventoryTotal assets€3.07BtotalAssetsResult 36.4% | 2.97xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€1.91BtotalRevenueNet PP&E€643.95MpropertyPlantAndEquipmentNetResult 2.97x | 1.57xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€159.19McapitalExpendituresD&A€101.69MdepreciationAndAmortizationResult 1.57x | -€0.28Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€3.07BtotalAssetsGoodwill€875.16MgoodWillIntangibles€633.52MintangibleAssetsLiabilities€1.59BtotalLiabTangible book-€25.77MShares92,179,097commonStockSharesOutstandingResult -€0.28 | 8.07xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€569.20MebitdaCapex€159.19McapitalExpendituresInterest€37.73MinterestExpenseShort-term debt€13.11MshortLongTermDebtEBITDA − capex€410.01MPrincipal due is the current portion of debt.Result 8.07x | €257.69MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€416.88MtotalCashFromOperatingActivitiesCapex€159.19McapitalExpendituresFree cash flow€257.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €257.69M | 17.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€471.81MoperatingIncomeTax expense€122.11MincomeTaxExpensePretax income€482.63MincomeBeforeTaxTax rate25.3%Equity€1.46BtotalStockholderEquityDebt€586.78MshortLongTermDebtTotalCash€69.61McashAndShortTermInvestmentsInvested capital€1.98BResult 17.8% | 0.73xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€471.81MoperatingIncomeNet PP&E€643.95MpropertyPlantAndEquipmentNetResult 0.73x |
| 2021 | 43.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€928.41MpropertyPlantAndEquipmentNetInventory€782.95MinventoryTotal assets€3.95BtotalAssetsResult 43.3% | 3.11xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€2.89BtotalRevenueNet PP&E€928.41MpropertyPlantAndEquipmentNetResult 3.11x | 2.29xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€323.99McapitalExpendituresD&A€141.56MdepreciationAndAmortizationResult 2.29x | €2.47Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€3.95BtotalAssetsGoodwill€820.70MgoodWillIntangibles€684.42MintangibleAssetsLiabilities€2.22BtotalLiabTangible book€228.11MShares92,176,829commonStockSharesOutstandingResult €2.47 | 9.92xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€811.96MebitdaCapex€323.99McapitalExpendituresInterest€23.68MinterestExpenseShort-term debt€25.51MshortLongTermDebtEBITDA − capex€487.97MPrincipal due is the current portion of debt.Result 9.92x | €371.98MFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow€695.97MtotalCashFromOperatingActivitiesCapex€323.99McapitalExpendituresFree cash flow€371.98MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result €371.98M | 28.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€912.67MoperatingIncomeTax expense€232.41MincomeTaxExpensePretax income€646.72MincomeBeforeTaxTax rate35.9%Equity€1.66BtotalStockholderEquityDebt€625.52MshortLongTermDebtTotalCash€237.35McashAndShortTermInvestmentsInvested capital€2.04BResult 28.6% | 0.98xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€912.67MoperatingIncomeNet PP&E€928.41MpropertyPlantAndEquipmentNetResult 0.98x |
| 2022 | 45.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.29BpropertyPlantAndEquipmentNetInventory€1.02BinventoryTotal assets€5.07BtotalAssetsResult 45.7% | 2.70xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€3.49BtotalRevenueNet PP&E€1.29BpropertyPlantAndEquipmentNetResult 2.70x | 2.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€430.60McapitalExpendituresD&A€181.70MdepreciationAndAmortizationResult 2.37x | €5.43Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€5.07BtotalAssetsGoodwill€1.14BgoodWillIntangibles€876.90MintangibleAssetsLiabilities€2.55BtotalLiabTangible book€500.90MShares92,163,099commonStockSharesOutstandingResult €5.43 | 19.83xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.33BebitdaCapex€430.60McapitalExpendituresInterest€41.00MinterestExpenseShort-term debt€4.40MshortLongTermDebtEBITDA − capex€900.10MPrincipal due is the current portion of debt.Result 19.83x | €181.70MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€612.30MtotalCashFromOperatingActivitiesCapex€430.60McapitalExpendituresFree cash flow€181.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €181.70M | 24.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.10BoperatingIncomeTax expense€250.50MincomeTaxExpensePretax income€1.13BincomeBeforeTaxTax rate22.2%Equity€2.45BtotalStockholderEquityDebt€1.14BshortLongTermDebtTotalCash€133.00McashAndShortTermInvestmentsInvested capital€3.45BResult 24.8% | 0.85xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€1.10BoperatingIncomeNet PP&E€1.29BpropertyPlantAndEquipmentNetResult 0.85x |
| 2023 | 32.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.63BpropertyPlantAndEquipmentNetInventory€882.40MinventoryTotal assets€7.74BtotalAssetsResult 32.5% | 1.70xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€2.78BtotalRevenueNet PP&E€1.63BpropertyPlantAndEquipmentNetResult 1.70x | 1.99xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€473.60McapitalExpendituresD&A€237.60MdepreciationAndAmortizationResult 1.99x | -€20.78Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€7.74BtotalAssetsGoodwill€2.85BgoodWillIntangibles€1.74BintangibleAssetsLiabilities€5.07BtotalLiabTangible book-€1.91BShares92,160,626commonStockSharesOutstandingResult -€20.78 | 1.58xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€755.70MebitdaCapex€473.60McapitalExpendituresInterest€121.10MinterestExpenseShort-term debt€57.70MshortLongTermDebtEBITDA − capex€282.10MPrincipal due is the current portion of debt.Result 1.58x | €156.10MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€746.40MtotalCashFromOperatingActivitiesCapex€473.60McapitalExpendituresFree cash flow€156.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €156.10M | 6.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€484.50MoperatingIncomeTax expense€89.00MincomeTaxExpensePretax income€401.10MincomeBeforeTaxTax rate22.2%Equity€2.64BtotalStockholderEquityDebt€3.68BshortLongTermDebtTotalCash€126.10McashAndShortTermInvestmentsInvested capital€6.19BResult 6.1% | 0.30xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€484.50MoperatingIncomeNet PP&E€1.63BpropertyPlantAndEquipmentNetResult 0.30x |
| 2024 | 31.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.89BpropertyPlantAndEquipmentNetInventory€684.90MinventoryTotal assets€8.26BtotalAssetsResult 31.1% | 1.47xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€2.78BtotalRevenueNet PP&E€1.89BpropertyPlantAndEquipmentNetResult 1.47x | 1.13xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€339.80McapitalExpendituresD&A€301.70MdepreciationAndAmortizationResult 1.13x | -€5.33Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€8.26BtotalAssetsGoodwill€2.91BgoodWillIntangibles€1.63BintangibleAssetsLiabilities€4.23BtotalLiabTangible book-€515.70MShares96,777,296commonStockSharesOutstandingResult -€5.33 | 1.67xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€670.50MebitdaCapex€339.80McapitalExpendituresInterest€158.90MinterestExpenseShort-term debt€39.60MshortLongTermDebtEBITDA − capex€330.70MPrincipal due is the current portion of debt.Result 1.67x | €475.30MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€815.10MtotalCashFromOperatingActivitiesCapex€339.80McapitalExpendituresFree cash flow€475.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €475.30M | 4.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€370.60MoperatingIncomeTax expense€40.70MincomeTaxExpensePretax income€219.20MincomeBeforeTaxTax rate18.6%Equity€3.99BtotalStockholderEquityDebt€2.87BshortLongTermDebtTotalCash€688.80McashAndShortTermInvestmentsInvested capital€6.17BResult 4.9% | 0.20xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€370.60MoperatingIncomeNet PP&E€1.89BpropertyPlantAndEquipmentNetResult 0.20x |
| 2025 | 33.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.02BpropertyPlantAndEquipmentNetInventory€690.90MinventoryTotal assets€8.02BtotalAssetsResult 33.9% | 1.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€2.97BtotalRevenueNet PP&E€2.02BpropertyPlantAndEquipmentNetResult 1.47x | 1.24xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€393.20McapitalExpendituresD&A€318.10MdepreciationAndAmortizationResult 1.24x | -€3.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€8.02BtotalAssetsGoodwill€2.88BgoodWillIntangibles€1.54BintangibleAssetsLiabilities€3.89BtotalLiabTangible book-€294.40MShares97,299,827commonStockSharesOutstandingResult -€3.03 | 0.67xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€867.10MebitdaCapex€393.20McapitalExpendituresInterest€152.70MinterestExpenseShort-term debt€557.30MshortLongTermDebtEBITDA − capex€473.90MPrincipal due is the current portion of debt.Result 0.67x | €145.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€538.60MtotalCashFromOperatingActivitiesCapex€393.20McapitalExpendituresFree cash flow€145.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €145.40M | 6.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€549.00MoperatingIncomeTax expense€107.30MincomeTaxExpensePretax income€373.20MincomeBeforeTaxTax rate28.8%Equity€4.09BtotalStockholderEquityDebt€2.60BshortLongTermDebtTotalCash€434.20McashAndShortTermInvestmentsInvested capital€6.26BResult 6.3% | 0.27xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€549.00MoperatingIncomeNet PP&E€2.02BpropertyPlantAndEquipmentNetResult 0.27x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €2.02B
Inventory: €690.90M
Total assets: €8.02B
Goodwill: €2.88B
Intangibles: €1.54B
Liabilities: €3.89B
Tangible book: -€294.40M
Shares: 97,299,827
Revenue: €2.97B
Capex: €393.20M
D&A: €318.10M
EBITDA: €867.10M
Interest: €152.70M
Short-term debt: €557.30M
Free cash flow: €145.40M
Operating income: €549.00M
Invested capital: €6.26B
Tax rate: 28.8%