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.
Eiffage SA
Physical assets are 11.5% 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 9.6%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 6.91x.
Physical asset ratio
11.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.78BpropertyPlantAndEquipmentNetInventory€944.00MinventoryTotal assets€40.93BtotalAssetsResult 11.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.91xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€26.12BtotalRevenueNet PP&E€3.78BpropertyPlantAndEquipmentNetResult 6.91x
Revenue per dollar of the physical asset base.
Capex / D&A
0.41xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€650.00McapitalExpendituresD&A€1.59BdepreciationAndAmortizationResult 0.41x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€76.25Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€40.93BtotalAssetsGoodwill€4.80BgoodWillIntangibles€11.17BintangibleAssetsLiabilities€32.04BtotalLiabTangible book-€7.08BShares92,825,000commonStockSharesOutstandingResult -€76.25
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€100.80Latest quoteTangible book / share-€76.252025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €100.80.
Fixed-charge coverage
1.11xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.30BebitdaCapex€650.00McapitalExpendituresInterest€425.00MinterestExpenseShort-term debt€2.85BshortLongTermDebtEBITDA − capex€3.65BPrincipal due is the current portion of debt.Result 1.11x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
28.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€2.82BfreeCashFlowMarket cap€9.79BMarketCapitalizationResult 28.8%
Latest free cash flow divided by current market cap (€9.79B).
ROIC
9.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.57BoperatingIncomeTax expense€811.00MincomeTaxExpensePretax income€2.28BincomeBeforeTaxTax rate35.6%Equity€7.50BtotalStockholderEquityDebt€15.78BshortLongTermDebtTotalCash€5.95BcashAndShortTermInvestmentsInvested capital€17.33BResult 9.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.68x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.85BpropertyPlantEquipmentInventory€740.00MinventoryTotal assets€30.37BtotalAssetsResult 8.5% | 9.11xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€16.89BtotalRevenueNet PP&E€1.85BpropertyPlantEquipmentResult 9.11x | 0.37xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€318.00McapitalExpendituresD&A€864.00MdepreciationAndAmortizationResult 0.37x | -€89.33Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€30.37BtotalAssetsGoodwill€3.22BgoodWillIntangibles€11.19BintangibleAssetsLiabilities€24.73BtotalLiabTangible book-€8.77BShares98,176,581commonStockSharesOutstandingResult -€89.33 | 0.70xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.66BebitdaCapex€318.00McapitalExpendituresInterest€384.00MinterestExpenseShort-term debt€2.98BshortTermDebtEBITDA − capex€2.34BPrincipal due is short-term debt.Result 0.70x | €1.28BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€1.60BtotalCashFromOperatingActivitiesCapex€318.00McapitalExpendituresFree cash flow€1.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.28B | 8.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.84BoperatingIncomeTax expense€461.00MincomeTaxExpensePretax income€1.43BincomeBeforeTaxTax rate32.3%Equity€4.76BtotalStockholderEquityDebt€14.40BshortLongTermDebtTotalCash€3.70BcashInvested capital€15.46BResult 8.0% | 0.99xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.84BoperatingIncomeNet PP&E€1.85BpropertyPlantEquipmentResult 0.99x |
| 2019 | 11.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.71BpropertyPlantEquipmentInventory€905.00MinventoryTotal assets€32.88BtotalAssetsResult 11.0% | 6.91xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€18.69BtotalRevenueNet PP&E€2.71BpropertyPlantEquipmentResult 6.91x | 0.78xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€812.00McapitalExpendituresD&A€1.04BdepreciationAndAmortizationResult 0.78x | -€125.11Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€32.88BtotalAssetsGoodwill€3.70BgoodWillIntangibles€14.79BintangibleAssetsLiabilities€26.65BtotalLiabTangible book-€12.26BShares98,000,000commonStockSharesOutstandingResult -€125.11 | 0.47xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.00BebitdaCapex€812.00McapitalExpendituresInterest€292.00MinterestExpenseShort-term debt€4.35BshortLongTermDebtEBITDA − capex€2.19BPrincipal due is the current portion of debt.Result 0.47x | €1.41BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€2.22BtotalCashFromOperatingActivitiesCapex€812.00McapitalExpendituresFree cash flow€1.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.41B | 7.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.95BoperatingIncomeTax expense€560.00MincomeTaxExpensePretax income€1.64BincomeBeforeTaxTax rate34.2%Equity€5.25BtotalStockholderEquityDebt€15.92BshortLongTermDebtTotalCash€4.42BcashInvested capital€16.75BResult 7.7% | 0.72xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€1.95BoperatingIncomeNet PP&E€2.71BpropertyPlantEquipmentResult 0.72x |
| 2020 | 11.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.83BpropertyPlantEquipmentInventory€912.00MinventoryTotal assets€33.72BtotalAssetsResult 11.1% | 5.89xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€16.66BtotalRevenueNet PP&E€2.83BpropertyPlantEquipmentResult 5.89x | 0.78xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€933.00McapitalExpendituresD&A€1.19BdepreciationAndAmortizationResult 0.78x | -€123.62Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€33.72BtotalAssetsGoodwill€3.41BgoodWillIntangibles€15.26BintangibleAssetsLiabilities€27.25BtotalLiabTangible book-€12.20BShares98,656,509commonStockSharesOutstandingResult -€123.62 | 0.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.38BebitdaCapex€933.00McapitalExpendituresInterest€277.00MinterestExpenseShort-term debt€3.31BshortLongTermDebtEBITDA − capex€1.45BPrincipal due is the current portion of debt.Result 0.40x | €1.27BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€2.20BtotalCashFromOperatingActivitiesCapex€933.00McapitalExpendituresFree cash flow€1.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.27B | 4.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.21BoperatingIncomeTax expense€330.00MincomeTaxExpensePretax income€912.00MincomeBeforeTaxTax rate36.2%Equity€5.30BtotalStockholderEquityDebt€16.36BshortLongTermDebtTotalCash€5.26BcashAndShortTermInvestmentsInvested capital€16.40BResult 4.7% | 0.43xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€1.21BoperatingIncomeNet PP&E€2.83BpropertyPlantEquipmentResult 0.43x |
| 2021 | 11.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.77BpropertyPlantEquipmentInventory€965.00MinventoryTotal assets€33.70BtotalAssetsResult 11.1% | 6.94xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€19.20BtotalRevenueNet PP&E€2.77BpropertyPlantEquipmentResult 6.94x | 0.84xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€1.04BcapitalExpendituresD&A€1.25BdepreciationAndAmortizationResult 0.84x | -€122.33Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€33.70BtotalAssetsGoodwill€3.48BgoodWillIntangibles€15.28BintangibleAssetsLiabilities€26.98BtotalLiabTangible book-€12.04BShares98,442,941commonStockSharesOutstandingResult -€122.33 | 0.74xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.08BebitdaCapex€1.04BcapitalExpendituresInterest€263.00MinterestExpenseShort-term debt€2.49BshortLongTermDebtEBITDA − capex€2.03BPrincipal due is the current portion of debt.Result 0.74x | €1.70BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€2.74BtotalCashFromOperatingActivitiesCapex€1.04BcapitalExpendituresFree cash flow€1.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.70B | 8.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.83BoperatingIncomeTax expense€436.00MincomeTaxExpensePretax income€1.55BincomeBeforeTaxTax rate28.1%Equity€5.49BtotalStockholderEquityDebt€15.32BshortLongTermDebtTotalCash€4.87BcashAndShortTermInvestmentsInvested capital€15.94BResult 8.3% | 0.66xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€1.83BoperatingIncomeNet PP&E€2.77BpropertyPlantEquipmentResult 0.66x |
| 2022 | 11.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.98BpropertyPlantEquipmentInventory€1.11BinventoryTotal assets€36.20BtotalAssetsResult 11.3% | 7.01xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€20.87BtotalRevenueNet PP&E€2.98BpropertyPlantEquipmentResult 7.01x | 0.81xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€1.02BcapitalExpendituresD&A€1.27BdepreciationAndAmortizationResult 0.81x | -€122.09Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€36.20BtotalAssetsGoodwill€3.70BgoodWillIntangibles€15.42BintangibleAssetsLiabilities€28.77BtotalLiabTangible book-€11.69BShares95,784,530commonStockSharesOutstandingResult -€122.09 | 0.70xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.41BebitdaCapex€1.02BcapitalExpendituresInterest€306.00MinterestExpenseShort-term debt€3.09BshortLongTermDebtEBITDA − capex€2.39BPrincipal due is the current portion of debt.Result 0.70x | €1.93BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€2.95BtotalCashFromOperatingActivitiesCapex€1.02BcapitalExpendituresFree cash flow€1.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.93B | 9.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.18BoperatingIncomeTax expense€491.00MincomeTaxExpensePretax income€1.83BincomeBeforeTaxTax rate26.8%Equity€6.18BtotalStockholderEquityDebt€15.94BshortLongTermDebtTotalCash€4.82BcashAndShortTermInvestmentsInvested capital€17.29BResult 9.2% | 0.73xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€2.18BoperatingIncomeNet PP&E€2.98BpropertyPlantEquipmentResult 0.73x |
| 2023 | 11.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.25BpropertyPlantAndEquipmentNetInventory€969.00MinventoryTotal assets€37.83BtotalAssetsResult 11.1% | 6.89xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€22.37BtotalRevenueNet PP&E€3.25BpropertyPlantAndEquipmentNetResult 6.89x | 0.33xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€462.00McapitalExpendituresD&A€1.41BdepreciationAndAmortizationResult 0.33x | -€82.11Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€37.83BtotalAssetsGoodwill€3.83BgoodWillIntangibles€12.00BintangibleAssetsLiabilities€29.88BtotalLiabTangible book-€7.89BShares96,137,229commonStockSharesOutstandingResult -€82.11 | 1.24xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.86BebitdaCapex€462.00McapitalExpendituresInterest€412.00MinterestExpenseShort-term debt€2.32BshortLongTermDebtEBITDA − capex€3.40BPrincipal due is the current portion of debt.Result 1.24x | €2.86BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€3.32BtotalCashFromOperatingActivitiesCapex€462.00McapitalExpendituresFree cash flow€2.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.86B | 10.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.38BoperatingIncomeTax expense€544.00MincomeTaxExpensePretax income€2.08BincomeBeforeTaxTax rate26.2%Equity€6.46BtotalStockholderEquityDebt€15.98BshortLongTermDebtTotalCash€5.01BcashAndShortTermInvestmentsInvested capital€17.42BResult 10.1% | 0.73xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€2.38BoperatingIncomeNet PP&E€3.25BpropertyPlantAndEquipmentNetResult 0.73x |
| 2024 | 11.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.55BpropertyPlantAndEquipmentNetInventory€929.00MinventoryTotal assets€40.31BtotalAssetsResult 11.1% | 6.77xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€24.02BtotalRevenueNet PP&E€3.55BpropertyPlantAndEquipmentNetResult 6.77x | 0.34xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€501.00McapitalExpendituresD&A€1.46BdepreciationAndAmortizationResult 0.34x | -€87.00Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€40.31BtotalAssetsGoodwill€4.64BgoodWillIntangibles€11.79BintangibleAssetsLiabilities€32.15BtotalLiabTangible book-€8.28BShares95,168,274commonStockSharesOutstandingResult -€87.00 | 0.95xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.06BebitdaCapex€501.00McapitalExpendituresInterest€462.00MinterestExpenseShort-term debt€3.30BshortLongTermDebtEBITDA − capex€3.55BPrincipal due is the current portion of debt.Result 0.95x | €3.21BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€3.71BtotalCashFromOperatingActivitiesCapex€501.00McapitalExpendituresFree cash flow€3.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €3.21B | 10.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.42BoperatingIncomeTax expense€612.00MincomeTaxExpensePretax income€2.14BincomeBeforeTaxTax rate28.7%Equity€6.72BtotalStockholderEquityDebt€16.70BshortLongTermDebtTotalCash€6.10BcashAndShortTermInvestmentsInvested capital€17.32BResult 10.0% | 0.68xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€2.42BoperatingIncomeNet PP&E€3.55BpropertyPlantAndEquipmentNetResult 0.68x |
| 2025 | 11.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€3.78BpropertyPlantAndEquipmentNetInventory€944.00MinventoryTotal assets€40.93BtotalAssetsResult 11.5% | 6.91xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€26.12BtotalRevenueNet PP&E€3.78BpropertyPlantAndEquipmentNetResult 6.91x | 0.41xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€650.00McapitalExpendituresD&A€1.59BdepreciationAndAmortizationResult 0.41x | -€76.25Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€40.93BtotalAssetsGoodwill€4.80BgoodWillIntangibles€11.17BintangibleAssetsLiabilities€32.04BtotalLiabTangible book-€7.08BShares92,825,000commonStockSharesOutstandingResult -€76.25 | 1.11xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.30BebitdaCapex€650.00McapitalExpendituresInterest€425.00MinterestExpenseShort-term debt€2.85BshortLongTermDebtEBITDA − capex€3.65BPrincipal due is the current portion of debt.Result 1.11x | €2.82BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€3.47BtotalCashFromOperatingActivitiesCapex€650.00McapitalExpendituresFree cash flow€2.82BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.82B | 9.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.57BoperatingIncomeTax expense€811.00MincomeTaxExpensePretax income€2.28BincomeBeforeTaxTax rate35.6%Equity€7.50BtotalStockholderEquityDebt€15.78BshortLongTermDebtTotalCash€5.95BcashAndShortTermInvestmentsInvested capital€17.33BResult 9.6% | 0.68xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€2.57BoperatingIncomeNet PP&E€3.78BpropertyPlantAndEquipmentNetResult 0.68x |
- 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: €3.78B
Inventory: €944.00M
Total assets: €40.93B
Goodwill: €4.80B
Intangibles: €11.17B
Liabilities: €32.04B
Tangible book: -€7.08B
Shares: 92,825,000
Revenue: €26.12B
Capex: €650.00M
D&A: €1.59B
EBITDA: €4.30B
Interest: €425.00M
Short-term debt: €2.85B
Free cash flow: €2.82B
Operating income: €2.57B
Invested capital: €17.33B
Tax rate: 35.6%