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.
Bouygues SA
Physical assets are 24.6% of total assets, a light footprint. Capex is 0.80x 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 0.91x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.48x.
Physical asset ratio
24.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.68BpropertyPlantAndEquipmentNetInventory€3.10BinventoryTotal assets€64.12BtotalAssetsResult 24.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€56.88BtotalRevenueNet PP&E€12.68BpropertyPlantAndEquipmentNetResult 4.48x
Revenue per dollar of the physical asset base.
Capex / D&A
0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.50BcapitalExpendituresD&A€3.12BdepreciationAndAmortizationResult 0.80x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€6.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€64.12BtotalAssetsGoodwill€13.72BgoodWillIntangibles€3.65BintangibleAssetsLiabilities€49.27BtotalLiabTangible book-€2.51BShares384,446,000commonStockSharesOutstandingResult -€6.53
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€40.80Latest quoteTangible book / share-€6.532025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €40.80.
Fixed-charge coverage
0.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.02BebitdaCapex€2.50BcapitalExpendituresInterest€699.00MinterestExpenseShort-term debt€2.05BshortLongTermDebtEBITDA − capex€2.51BPrincipal due is the current portion of debt.Result 0.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
16.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€2.63BfreeCashFlowMarket cap€15.87BMarketCapitalizationResult 16.6%
Latest free cash flow divided by current market cap (€15.87B).
ROIC
6.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.90BoperatingIncomeTax expense€655.00MincomeTaxExpensePretax income€1.93BincomeBeforeTaxTax rate34.0%Equity€13.04BtotalStockholderEquityDebt€15.17BshortLongTermDebtTotalCash€7.54BcashInvested capital€20.67BResult 6.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 31.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€8.89BpropertyPlantEquipmentInventory€3.15BinventoryTotal assets€37.69BtotalAssetsResult 31.9% | 4.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€35.56BtotalRevenueNet PP&E€8.89BpropertyPlantEquipmentResult 4.00x | 1.13xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€2.34BcapitalExpendituresD&A€2.08BdepreciationAndAmortizationResult 1.13x | €7.09Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€37.69BtotalAssetsGoodwill€6.30BgoodWillIntangibles€2.20BintangibleAssetsLiabilities€26.58BtotalLiabTangible book€2.62BShares369,353,567commonStockSharesOutstandingResult €7.09 | 0.97xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.02BebitdaCapex€2.34BcapitalExpendituresInterest€244.00MinterestExpenseShort-term debt€1.48BshortLongTermDebtEBITDA − capex€1.68BPrincipal due is the current portion of debt.Result 0.97x | -€127.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€2.22BtotalCashFromOperatingActivitiesCapex€2.34BcapitalExpendituresFree cash flow-€127.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€127.00M | 10.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.78BoperatingIncomeTax expense€427.00MincomeTaxExpensePretax income€1.88BincomeBeforeTaxTax rate22.7%Equity€9.73BtotalStockholderEquityDebt€6.57BshortLongTermDebtTotalCash€2.94BcashAndShortTermInvestmentsInvested capital€13.36BResult 10.3% | 0.20xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.78BoperatingIncomeNet PP&E€8.89BpropertyPlantEquipmentResult 0.20x |
| 2019 | 31.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.26BpropertyPlantEquipmentInventory€3.24BinventoryTotal assets€39.35BtotalAssetsResult 31.8% | 4.10xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€38.01BtotalRevenueNet PP&E€9.26BpropertyPlantEquipmentResult 4.10x | 0.90xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€1.88BcapitalExpendituresD&A€2.10BdepreciationAndAmortizationResult 0.90x | €8.25Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€39.35BtotalAssetsGoodwill€6.54BgoodWillIntangibles€2.18BintangibleAssetsLiabilities€27.55BtotalLiabTangible book€3.08BShares373,459,229commonStockSharesOutstandingResult €8.25 | 1.26xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.17BebitdaCapex€1.88BcapitalExpendituresInterest€302.00MinterestExpenseShort-term debt€1.52BshortLongTermDebtEBITDA − capex€2.29BPrincipal due is the current portion of debt.Result 1.26x | €1.49BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€3.37BtotalCashFromOperatingActivitiesCapex€1.88BcapitalExpendituresFree cash flow€1.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.49B | 13.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.61BoperatingIncomeTax expense€452.00MincomeTaxExpensePretax income€1.77BincomeBeforeTaxTax rate25.5%Equity€10.41BtotalStockholderEquityDebt€7.44BshortLongTermDebtTotalCash€3.57BcashInvested capital€14.27BResult 13.6% | 0.28xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€2.61BoperatingIncomeNet PP&E€9.26BpropertyPlantEquipmentResult 0.28x |
| 2020 | 29.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.15BpropertyPlantEquipmentInventory€2.84BinventoryTotal assets€40.62BtotalAssetsResult 29.5% | 3.80xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€34.76BtotalRevenueNet PP&E€9.15BpropertyPlantEquipmentResult 3.80x | 1.21xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€2.65BcapitalExpendituresD&A€2.19BdepreciationAndAmortizationResult 1.21x | €4.93Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€40.62BtotalAssetsGoodwill€7.23BgoodWillIntangibles€2.69BintangibleAssetsLiabilities€28.82BtotalLiabTangible book€1.88BShares380,429,696commonStockSharesOutstandingResult €4.93 | 0.91xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.48BebitdaCapex€2.65BcapitalExpendituresInterest€252.00MinterestExpenseShort-term debt€661.00MshortLongTermDebtEBITDA − capex€827.00MPrincipal due is the current portion of debt.Result 0.91x | €758.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€3.41BtotalCashFromOperatingActivitiesCapex€2.65BcapitalExpendituresFree cash flow€758.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €758.00M | 7.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.57BoperatingIncomeTax expense€317.00MincomeTaxExpensePretax income€1.09BincomeBeforeTaxTax rate29.2%Equity€10.34BtotalStockholderEquityDebt€7.94BshortLongTermDebtTotalCash€4.22BcashInvested capital€14.05BResult 7.9% | 0.17xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€1.57BoperatingIncomeNet PP&E€9.15BpropertyPlantEquipmentResult 0.17x |
| 2021 | 28.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.79BpropertyPlantEquipmentInventory€2.81BinventoryTotal assets€44.64BtotalAssetsResult 28.2% | 3.84xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€37.59BtotalRevenueNet PP&E€9.79BpropertyPlantEquipmentResult 3.84x | 1.09xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€2.54BcapitalExpendituresD&A€2.33BdepreciationAndAmortizationResult 1.09x | €6.73Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€44.64BtotalAssetsGoodwill€7.45BgoodWillIntangibles€2.77BintangibleAssetsLiabilities€31.85BtotalLiabTangible book€2.57BShares381,941,275commonStockSharesOutstandingResult €6.73 | 0.93xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.30BebitdaCapex€2.54BcapitalExpendituresInterest€228.00MinterestExpenseShort-term debt€1.68BshortLongTermDebtEBITDA − capex€1.76BPrincipal due is the current portion of debt.Result 0.93x | €1.04BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€3.58BtotalCashFromOperatingActivitiesCapex€2.54BcapitalExpendituresFree cash flow€1.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.04B | 13.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.45BoperatingIncomeTax expense€432.00MincomeTaxExpensePretax income€1.74BincomeBeforeTaxTax rate24.9%Equity€11.14BtotalStockholderEquityDebt€9.32BshortLongTermDebtTotalCash€6.50BcashInvested capital€13.96BResult 13.2% | 0.25xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€2.45BoperatingIncomeNet PP&E€9.79BpropertyPlantEquipmentResult 0.25x |
| 2022 | 24.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€11.66BpropertyPlantEquipmentInventory€3.13BinventoryTotal assets€60.60BtotalAssetsResult 24.4% | 3.80xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€44.32BtotalRevenueNet PP&E€11.66BpropertyPlantEquipmentResult 3.80x | 1.02xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€2.73BcapitalExpendituresD&A€2.69BdepreciationAndAmortizationResult 1.02x | -€6.99Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€60.60BtotalAssetsGoodwill€12.63BgoodWillIntangibles€3.97BintangibleAssetsLiabilities€46.66BtotalLiabTangible book-€2.66BShares381,240,030commonStockSharesOutstandingResult -€6.99 | 0.94xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.68BebitdaCapex€2.73BcapitalExpendituresInterest€291.00MinterestExpenseShort-term debt€1.78BshortLongTermDebtEBITDA − capex€1.95BPrincipal due is the current portion of debt.Result 0.94x | €248.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€2.98BtotalCashFromOperatingActivitiesCapex€2.73BcapitalExpendituresFree cash flow€248.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €248.00M | 6.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.87BoperatingIncomeTax expense€424.00MincomeTaxExpensePretax income€1.55BincomeBeforeTaxTax rate27.3%Equity€12.21BtotalStockholderEquityDebt€15.97BshortLongTermDebtTotalCash€5.74BcashInvested capital€22.45BResult 6.1% | 0.16xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€1.87BoperatingIncomeNet PP&E€11.66BpropertyPlantEquipmentResult 0.16x |
| 2023 | 24.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.20BpropertyPlantAndEquipmentNetInventory€2.92BinventoryTotal assets€60.75BtotalAssetsResult 24.9% | 4.59xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€56.06BtotalRevenueNet PP&E€12.20BpropertyPlantAndEquipmentNetResult 4.59x | 0.91xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€2.66BcapitalExpendituresD&A€2.92BdepreciationAndAmortizationResult 0.91x | -€6.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€60.75BtotalAssetsGoodwill€12.66BgoodWillIntangibles€3.72BintangibleAssetsLiabilities€46.63BtotalLiabTangible book-€2.26BShares375,945,257commonStockSharesOutstandingResult -€6.02 | 1.56xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.23BebitdaCapex€2.66BcapitalExpendituresInterest€474.00MinterestExpenseShort-term debt€1.17BshortLongTermDebtEBITDA − capex€2.57BPrincipal due is the current portion of debt.Result 1.56x | €2.71BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€5.38BtotalCashFromOperatingActivitiesCapex€2.66BcapitalExpendituresFree cash flow€2.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.71B | 6.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.11BoperatingIncomeTax expense€547.00MincomeTaxExpensePretax income€1.75BincomeBeforeTaxTax rate31.3%Equity€12.41BtotalStockholderEquityDebt€14.83BshortLongTermDebtTotalCash€5.55BcashInvested capital€21.69BResult 6.7% | 0.17xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€2.11BoperatingIncomeNet PP&E€12.20BpropertyPlantAndEquipmentNetResult 0.17x |
| 2024 | 25.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.55BpropertyPlantAndEquipmentNetInventory€3.32BinventoryTotal assets€63.08BtotalAssetsResult 25.2% | 4.52xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€56.75BtotalRevenueNet PP&E€12.55BpropertyPlantAndEquipmentNetResult 4.52x | 0.65xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€1.99BcapitalExpendituresD&A€3.07BdepreciationAndAmortizationResult 0.65x | -€8.08Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€63.08BtotalAssetsGoodwill€13.65BgoodWillIntangibles€3.91BintangibleAssetsLiabilities€48.57BtotalLiabTangible book-€3.05BShares377,857,143commonStockSharesOutstandingResult -€8.08 | 1.75xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.27BebitdaCapex€1.99BcapitalExpendituresInterest€716.00MinterestExpenseShort-term debt€1.17BshortLongTermDebtEBITDA − capex€3.29BPrincipal due is the current portion of debt.Result 1.75x | €3.39BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€5.38BtotalCashFromOperatingActivitiesCapex€1.99BcapitalExpendituresFree cash flow€3.39BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €3.39B | 6.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.24BoperatingIncomeTax expense€617.00MincomeTaxExpensePretax income€1.84BincomeBeforeTaxTax rate33.6%Equity€12.70BtotalStockholderEquityDebt€14.74BshortLongTermDebtTotalCash€5.57BcashInvested capital€21.88BResult 6.8% | 0.18xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€2.24BoperatingIncomeNet PP&E€12.55BpropertyPlantAndEquipmentNetResult 0.18x |
| 2025 | 24.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€12.68BpropertyPlantAndEquipmentNetInventory€3.10BinventoryTotal assets€64.12BtotalAssetsResult 24.6% | 4.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€56.88BtotalRevenueNet PP&E€12.68BpropertyPlantAndEquipmentNetResult 4.48x | 0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.50BcapitalExpendituresD&A€3.12BdepreciationAndAmortizationResult 0.80x | -€6.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€64.12BtotalAssetsGoodwill€13.72BgoodWillIntangibles€3.65BintangibleAssetsLiabilities€49.27BtotalLiabTangible book-€2.51BShares384,446,000commonStockSharesOutstandingResult -€6.53 | 0.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.02BebitdaCapex€2.50BcapitalExpendituresInterest€699.00MinterestExpenseShort-term debt€2.05BshortLongTermDebtEBITDA − capex€2.51BPrincipal due is the current portion of debt.Result 0.91x | €2.63BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€5.13BtotalCashFromOperatingActivitiesCapex€2.50BcapitalExpendituresFree cash flow€2.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.63B | 6.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.90BoperatingIncomeTax expense€655.00MincomeTaxExpensePretax income€1.93BincomeBeforeTaxTax rate34.0%Equity€13.04BtotalStockholderEquityDebt€15.17BshortLongTermDebtTotalCash€7.54BcashInvested capital€20.67BResult 6.1% | 0.15xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€1.90BoperatingIncomeNet PP&E€12.68BpropertyPlantAndEquipmentNetResult 0.15x |
- 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: €12.68B
Inventory: €3.10B
Total assets: €64.12B
Goodwill: €13.72B
Intangibles: €3.65B
Liabilities: €49.27B
Tangible book: -€2.51B
Shares: 384,446,000
Revenue: €56.88B
Capex: €2.50B
D&A: €3.12B
EBITDA: €5.02B
Interest: €699.00M
Short-term debt: €2.05B
Free cash flow: €2.63B
Operating income: €1.90B
Invested capital: €20.67B
Tax rate: 34.0%