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.
Hera S.p.A
Physical assets are 18.6% of total assets, a light footprint. Capex is 1.68x 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 0.30x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 5.37x.
Physical asset ratio
18.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.41BpropertyPlantAndEquipmentNetInventory€213.20MinventoryTotal assets€14.13BtotalAssetsResult 18.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€12.96BtotalRevenueNet PP&E€2.41BpropertyPlantAndEquipmentNetResult 5.37x
Revenue per dollar of the physical asset base.
Capex / D&A
1.68xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.03BcapitalExpendituresD&A€611.80MdepreciationAndAmortizationResult 1.68x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€1.22Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.13BtotalAssetsGoodwill€950.00MgoodWillIntangibles€5.24BintangibleAssetsLiabilities€9.73BtotalLiabTangible book-€1.79BShares1,464,669,000commonStockSharesOutstandingResult -€1.22
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€3.64Latest quoteTangible book / share-€1.222025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €3.64.
Fixed-charge coverage
0.30xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.26BebitdaCapex€1.03BcapitalExpendituresInterest€233.50MinterestExpenseShort-term debt€556.00MshortLongTermDebtEBITDA − capex€236.80MPrincipal due is the current portion of debt.Result 0.30x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€196.90MfreeCashFlowMarket cap€5.35BMarketCapitalizationResult 3.7%
Latest free cash flow divided by current market cap (€5.35B).
ROIC
5.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€652.90MoperatingIncomeTax expense€202.50MincomeTaxExpensePretax income€710.80MincomeBeforeTaxTax rate28.5%Equity€4.08BtotalStockholderEquityDebt€5.02BshortLongTermDebtTotalCash€876.20McashAndShortTermInvestmentsInvested capital€8.22BResult 5.7%
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 | 23.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.00BpropertyPlantEquipmentInventory€157.30MinventoryTotal assets€9.11BtotalAssetsResult 23.7% | 3.06xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€6.12BtotalRevenueNet PP&E€2.00BpropertyPlantEquipmentResult 3.06x | 1.20xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€464.40McapitalExpendituresD&A€385.50MdepreciationAndAmortizationResult 1.20x | -€0.54Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€9.11BtotalAssetsGoodwill€381.30MgoodWillIntangibles€3.25BintangibleAssetsLiabilities€6.26BtotalLiabTangible book-€789.50MShares1,467,966,686commonStockSharesOutstandingResult -€0.54 | 0.68xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€902.40MebitdaCapex€464.40McapitalExpendituresInterest€113.40MinterestExpenseShort-term debt€533.80MshortLongTermDebtEBITDA − capex€438.00MPrincipal due is the current portion of debt.Result 0.68x | €157.10MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€621.50MtotalCashFromOperatingActivitiesCapex€464.40McapitalExpendituresFree cash flow€157.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €157.10M | 6.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€510.10MoperatingIncomeTax expense€121.80MincomeTaxExpensePretax income€418.40MincomeBeforeTaxTax rate29.1%Equity€2.66BtotalStockholderEquityDebt€3.23BshortLongTermDebtTotalCash€590.70McashAndShortTermInvestmentsInvested capital€5.30BResult 6.8% | 0.25xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€510.10MoperatingIncomeNet PP&E€2.00BpropertyPlantEquipmentResult 0.25x |
| 2019 | 21.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.09BpropertyPlantEquipmentInventory€176.50MinventoryTotal assets€10.36BtotalAssetsResult 21.8% | 3.31xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€6.91BtotalRevenueNet PP&E€2.09BpropertyPlantEquipmentResult 3.31x | 1.24xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€533.20McapitalExpendituresD&A€428.70MdepreciationAndAmortizationResult 1.24x | -€1.08Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€10.36BtotalAssetsGoodwill€812.90MgoodWillIntangibles€3.78BintangibleAssetsLiabilities€7.35BtotalLiabTangible book-€1.58BShares1,472,516,974commonStockSharesOutstandingResult -€1.08 | 1.77xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.06BebitdaCapex€533.20McapitalExpendituresInterest€120.50MinterestExpenseShort-term debt€174.60MshortLongTermDebtEBITDA − capex€522.70MPrincipal due is the current portion of debt.Result 1.77x | €196.50MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€729.70MtotalCashFromOperatingActivitiesCapex€533.20McapitalExpendituresFree cash flow€196.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €196.50M | 7.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€542.50MoperatingIncomeTax expense€126.10MincomeTaxExpensePretax income€528.10MincomeBeforeTaxTax rate23.9%Equity€2.81BtotalStockholderEquityDebt€3.18BshortLongTermDebtTotalCash€447.20McashAndShortTermInvestmentsInvested capital€5.54BResult 7.5% | 0.26xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€542.50MoperatingIncomeNet PP&E€2.09BpropertyPlantEquipmentResult 0.26x |
| 2020 | 19.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.02BpropertyPlantEquipmentInventory€171.70MinventoryTotal assets€11.03BtotalAssetsResult 19.9% | 3.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€7.08BtotalRevenueNet PP&E€2.02BpropertyPlantEquipmentResult 3.50x | 1.11xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€506.40McapitalExpendituresD&A€455.60MdepreciationAndAmortizationResult 1.11x | -€1.08Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€11.03BtotalAssetsGoodwill€812.80MgoodWillIntangibles€3.92BintangibleAssetsLiabilities€7.88BtotalLiabTangible book-€1.58BShares1,467,973,723commonStockSharesOutstandingResult -€1.08 | 0.78xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€971.70MebitdaCapex€506.40McapitalExpendituresInterest€89.70MinterestExpenseShort-term debt€504.20MshortLongTermDebtEBITDA − capex€465.30MPrincipal due is the current portion of debt.Result 0.78x | €385.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€891.40MtotalCashFromOperatingActivitiesCapex€506.40McapitalExpendituresFree cash flow€385.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €385.00M | 7.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€551.30MoperatingIncomeTax expense€111.80MincomeTaxExpensePretax income€434.60MincomeBeforeTaxTax rate25.7%Equity€2.96BtotalStockholderEquityDebt€3.72BshortLongTermDebtTotalCash€1.14BcashAndShortTermInvestmentsInvested capital€5.54BResult 7.4% | 0.27xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€551.30MoperatingIncomeNet PP&E€2.02BpropertyPlantEquipmentResult 0.27x |
| 2021 | 17.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.04BpropertyPlantEquipmentInventory€368.00MinventoryTotal assets€14.03BtotalAssetsResult 17.2% | 5.17xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€10.56BtotalRevenueNet PP&E€2.04BpropertyPlantEquipmentResult 5.17x | 1.27xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€588.70McapitalExpendituresD&A€463.40MdepreciationAndAmortizationResult 1.27x | -€1.06Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.03BtotalAssetsGoodwill€842.90MgoodWillIntangibles€4.13BintangibleAssetsLiabilities€10.61BtotalLiabTangible book-€1.55BShares1,461,238,457commonStockSharesOutstandingResult -€1.06 | 1.86xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.02BebitdaCapex€588.70McapitalExpendituresInterest€111.70MinterestExpenseShort-term debt€123.10MshortLongTermDebtEBITDA − capex€435.90MPrincipal due is the current portion of debt.Result 1.86x | €456.70MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€1.05BtotalCashFromOperatingActivitiesCapex€588.70McapitalExpendituresFree cash flow€456.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €456.70M | 10.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€611.70MoperatingIncomeTax expense€34.20MincomeTaxExpensePretax income€406.90MincomeBeforeTaxTax rate8.4%Equity€3.20BtotalStockholderEquityDebt€3.35BshortLongTermDebtTotalCash€932.50McashAndShortTermInvestmentsInvested capital€5.62BResult 10.0% | 0.30xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€611.70MoperatingIncomeNet PP&E€2.04BpropertyPlantEquipmentResult 0.30x |
| 2022 | 17.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.07BpropertyPlantAndEquipmentNetInventory€995.10MinventoryTotal assets€17.12BtotalAssetsResult 17.9% | 9.62xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€19.87BtotalRevenueNet PP&E€2.07BpropertyPlantAndEquipmentNetResult 9.62x | 1.49xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€709.50McapitalExpendituresD&A€477.20MdepreciationAndAmortizationResult 1.49x | -€1.11Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€17.12BtotalAssetsGoodwill€848.10MgoodWillIntangibles€4.42BintangibleAssetsLiabilities€13.47BtotalLiabTangible book-€1.62BShares1,454,636,032commonStockSharesOutstandingResult -€1.11 | 0.57xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.01BebitdaCapex€709.50McapitalExpendituresInterest€115.40MinterestExpenseShort-term debt€417.00MshortLongTermDebtEBITDA − capex€303.30MPrincipal due is the current portion of debt.Result 0.57x | -€673.80MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€35.70MtotalCashFromOperatingActivitiesCapex€709.50McapitalExpendituresFree cash flow-€673.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€673.80M | 5.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€533.80MoperatingIncomeTax expense€103.50MincomeTaxExpensePretax income€408.80MincomeBeforeTaxTax rate25.3%Equity€3.40BtotalStockholderEquityDebt€5.68BshortLongTermDebtTotalCash€1.98BcashAndShortTermInvestmentsInvested capital€7.10BResult 5.6% | 0.26xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€533.80MoperatingIncomeNet PP&E€2.07BpropertyPlantAndEquipmentNetResult 0.26x |
| 2023 | 18.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.15BpropertyPlantAndEquipmentNetInventory€631.60MinventoryTotal assets€15.08BtotalAssetsResult 18.4% | 7.17xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€15.41BtotalRevenueNet PP&E€2.15BpropertyPlantAndEquipmentNetResult 7.17x | 1.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€815.80McapitalExpendituresD&A€519.30MdepreciationAndAmortizationResult 1.57x | -€1.30Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€15.08BtotalAssetsGoodwill€908.70MgoodWillIntangibles€4.72BintangibleAssetsLiabilities€11.33BtotalLiabTangible book-€1.88BShares1,446,069,736commonStockSharesOutstandingResult -€1.30 | 0.70xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.36BebitdaCapex€815.80McapitalExpendituresInterest€196.80MinterestExpenseShort-term debt€585.60MshortLongTermDebtEBITDA − capex€546.60MPrincipal due is the current portion of debt.Result 0.70x | €756.90MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€1.57BtotalCashFromOperatingActivitiesCapex€815.80McapitalExpendituresFree cash flow€756.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €756.90M | 9.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€834.00MoperatingIncomeTax expense€173.20MincomeTaxExpensePretax income€656.40MincomeBeforeTaxTax rate26.4%Equity€3.44BtotalStockholderEquityDebt€4.73BshortLongTermDebtTotalCash€1.40BcashAndShortTermInvestmentsInvested capital€6.76BResult 9.1% | 0.39xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€834.00MoperatingIncomeNet PP&E€2.15BpropertyPlantAndEquipmentNetResult 0.39x |
| 2024 | 16.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.24BpropertyPlantAndEquipmentNetInventory€168.10MinventoryTotal assets€15.06BtotalAssetsResult 16.0% | 5.82xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€13.06BtotalRevenueNet PP&E€2.24BpropertyPlantAndEquipmentNetResult 5.82x | 1.53xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€860.30McapitalExpendituresD&A€562.40MdepreciationAndAmortizationResult 1.53x | -€1.31Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€15.06BtotalAssetsGoodwill€933.00MgoodWillIntangibles€4.95BintangibleAssetsLiabilities€11.07BtotalLiabTangible book-€1.89BShares1,441,926,307commonStockSharesOutstandingResult -€1.31 | 0.77xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.46BebitdaCapex€860.30McapitalExpendituresInterest€176.30MinterestExpenseShort-term debt€601.90MshortLongTermDebtEBITDA − capex€596.20MPrincipal due is the current portion of debt.Result 0.77x | -€7.30MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€853.00MtotalCashFromOperatingActivitiesCapex€860.30McapitalExpendituresFree cash flow-€7.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€7.30M | 8.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€829.90MoperatingIncomeTax expense€200.30MincomeTaxExpensePretax income€736.20MincomeBeforeTaxTax rate27.2%Equity€3.68BtotalStockholderEquityDebt€4.79BshortLongTermDebtTotalCash€1.36BcashAndShortTermInvestmentsInvested capital€7.12BResult 8.5% | 0.37xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€829.90MoperatingIncomeNet PP&E€2.24BpropertyPlantAndEquipmentNetResult 0.37x |
| 2025 | 18.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€2.41BpropertyPlantAndEquipmentNetInventory€213.20MinventoryTotal assets€14.13BtotalAssetsResult 18.6% | 5.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€12.96BtotalRevenueNet PP&E€2.41BpropertyPlantAndEquipmentNetResult 5.37x | 1.68xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€1.03BcapitalExpendituresD&A€611.80MdepreciationAndAmortizationResult 1.68x | -€1.22Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.13BtotalAssetsGoodwill€950.00MgoodWillIntangibles€5.24BintangibleAssetsLiabilities€9.73BtotalLiabTangible book-€1.79BShares1,464,669,000commonStockSharesOutstandingResult -€1.22 | 0.30xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.26BebitdaCapex€1.03BcapitalExpendituresInterest€233.50MinterestExpenseShort-term debt€556.00MshortLongTermDebtEBITDA − capex€236.80MPrincipal due is the current portion of debt.Result 0.30x | €196.90MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€1.22BtotalCashFromOperatingActivitiesCapex€1.03BcapitalExpendituresFree cash flow€196.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €196.90M | 5.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€652.90MoperatingIncomeTax expense€202.50MincomeTaxExpensePretax income€710.80MincomeBeforeTaxTax rate28.5%Equity€4.08BtotalStockholderEquityDebt€5.02BshortLongTermDebtTotalCash€876.20McashAndShortTermInvestmentsInvested capital€8.22BResult 5.7% | 0.27xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€652.90MoperatingIncomeNet PP&E€2.41BpropertyPlantAndEquipmentNetResult 0.27x |
- 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: €2.41B
Inventory: €213.20M
Total assets: €14.13B
Goodwill: €950.00M
Intangibles: €5.24B
Liabilities: €9.73B
Tangible book: -€1.79B
Shares: 1,464,669,000
Revenue: €12.96B
Capex: €1.03B
D&A: €611.80M
EBITDA: €1.26B
Interest: €233.50M
Short-term debt: €556.00M
Free cash flow: €196.90M
Operating income: €652.90M
Invested capital: €8.22B
Tax rate: 28.5%