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.
Indra A
Physical assets are 28.9% of total assets, a light footprint. Capex is 0.37x 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 0.82x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 4.17x.
Physical asset ratio
28.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.31BpropertyPlantAndEquipmentNetInventory€1.39BinventoryTotal assets€9.36BtotalAssetsResult 28.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€5.46BtotalRevenueNet PP&E€1.31BpropertyPlantAndEquipmentNetResult 4.17x
Revenue per dollar of the physical asset base.
Capex / D&A
0.37xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€44.08McapitalExpendituresD&A€119.04MdepreciationAndAmortizationResult 0.37x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€1.28Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€9.36BtotalAssetsGoodwill€1.44BgoodWillIntangibles€459.50MintangibleAssetsLiabilities€7.23BtotalLiabTangible book€224.41MShares175,663,615commonStockSharesOutstandingResult €1.28
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
50.00xPrice / tangible bookPrice / tangible book per sharePrice€63.88Latest quoteTangible book / share€1.282025-12-31Result 50.00x
Price €63.88.
Fixed-charge coverage
0.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€591.14MebitdaCapex€44.08McapitalExpendituresInterest€63.45MinterestExpenseShort-term debt€607.24MshortLongTermDebtEBITDA − capex€547.06MPrincipal due is the current portion of debt.Result 0.82x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€447.15MfreeCashFlowMarket cap€11.16BMarketCapitalizationResult 4.0%
Latest free cash flow divided by current market cap (€11.16B).
ROIC
8.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€472.11MoperatingIncomeTax expense€147.29MincomeTaxExpensePretax income€586.27MincomeBeforeTaxTax rate25.1%Equity€1.73BtotalStockholderEquityDebt€3.36BshortLongTermDebtTotalCash€976.19McashInvested capital€4.12BResult 8.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 10.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€108.38MpropertyPlantEquipmentInventory€311.65MinventoryTotal assets€4.04BtotalAssetsResult 10.4% | 28.64xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€3.10BtotalRevenueNet PP&E€108.38MpropertyPlantEquipmentResult 28.64x | 0.94xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€88.17McapitalExpendituresD&A€93.70MdepreciationAndAmortizationResult 0.94x | -€2.51Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.04BtotalAssetsGoodwill€811.93MgoodWillIntangibles€373.49MintangibleAssetsLiabilities€3.36BtotalLiabTangible book-€507.73MShares202,188,320commonStockSharesOutstandingResult -€2.51 | 3.06xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€308.07MebitdaCapex€88.17McapitalExpendituresInterest€29.81MinterestExpenseShort-term debt€42.04MshortLongTermDebtEBITDA − capex€219.90MPrincipal due is the current portion of debt.Result 3.06x | €175.85MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€264.02MtotalCashFromOperatingActivitiesCapex€88.17McapitalExpendituresFree cash flow€175.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €175.85M | 13.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€199.34MoperatingIncomeTax expense€41.66MincomeTaxExpensePretax income€163.89MincomeBeforeTaxTax rate25.4%Equity€656.83MtotalStockholderEquityDebt€1.40BshortLongTermDebtTotalCash€920.43McashAndShortTermInvestmentsInvested capital€1.14BResult 13.1% | 1.84xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€199.34MoperatingIncomeNet PP&E€108.38MpropertyPlantEquipmentResult 1.84x |
| 2019 | 15.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€246.76MpropertyPlantEquipmentInventory€401.17MinventoryTotal assets€4.32BtotalAssetsResult 15.0% | 12.98xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€3.20BtotalRevenueNet PP&E€246.76MpropertyPlantEquipmentResult 12.98x | 0.76xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€94.72McapitalExpendituresD&A€125.22MdepreciationAndAmortizationResult 0.76x | -€2.36Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.32BtotalAssetsGoodwill€884.91MgoodWillIntangibles€372.59MintangibleAssetsLiabilities€3.52BtotalLiabTangible book-€456.74MShares193,412,740commonStockSharesOutstandingResult -€2.36 | 4.01xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€335.86MebitdaCapex€94.72McapitalExpendituresInterest€33.07MinterestExpenseShort-term debt€27.11MshortLongTermDebtEBITDA − capex€241.13MPrincipal due is the current portion of debt.Result 4.01x | €54.78MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€149.50MtotalCashFromOperatingActivitiesCapex€94.72McapitalExpendituresFree cash flow€54.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €54.78M | 10.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€221.02MoperatingIncomeTax expense€51.46MincomeTaxExpensePretax income€177.56MincomeBeforeTaxTax rate29.0%Equity€777.29MtotalStockholderEquityDebt€1.65BshortLongTermDebtTotalCash€856.53McashAndShortTermInvestmentsInvested capital€1.57BResult 10.0% | 0.90xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€221.02MoperatingIncomeNet PP&E€246.76MpropertyPlantEquipmentResult 0.90x |
| 2020 | 14.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€215.71MpropertyPlantEquipmentInventory€411.45MinventoryTotal assets€4.46BtotalAssetsResult 14.1% | 14.11xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€3.04BtotalRevenueNet PP&E€215.71MpropertyPlantEquipmentResult 14.11x | 0.60xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€65.96McapitalExpendituresD&A€110.28MdepreciationAndAmortizationResult 0.60x | -€2.75Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.46BtotalAssetsGoodwill€889.49MgoodWillIntangibles€278.88MintangibleAssetsLiabilities€3.78BtotalLiabTangible book-€484.49MShares176,232,896commonStockSharesOutstandingResult -€2.75 | 0.07xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€90.07MebitdaCapex€65.96McapitalExpendituresInterest€37.80MinterestExpenseShort-term debt€293.41MshortLongTermDebtEBITDA − capex€24.11MPrincipal due is the current portion of debt.Result 0.07x | €129.89MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€195.85MtotalCashFromOperatingActivitiesCapex€65.96McapitalExpendituresFree cash flow€129.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €129.89M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€15.31MoperatingIncomeTax expense-€14.95MincomeTaxExpensePretax income-€72.41MincomeBeforeTaxTax rate—Equity€664.78MtotalStockholderEquityDebt€1.94BshortLongTermDebtTotalCash€1.19BcashAndShortTermInvestmentsInvested capital€1.41BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.07xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€15.31MoperatingIncomeNet PP&E€215.71MpropertyPlantEquipmentResult 0.07x |
| 2021 | 12.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€176.91MpropertyPlantAndEquipmentNetInventory€366.80MinventoryTotal assets€4.54BtotalAssetsResult 12.0% | 19.16xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€3.39BtotalRevenueNet PP&E€176.91MpropertyPlantAndEquipmentNetResult 19.16x | 0.53xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€49.16McapitalExpendituresD&A€93.54MdepreciationAndAmortizationResult 0.53x | -€1.83Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.54BtotalAssetsGoodwill€921.39MgoodWillIntangibles€273.99MintangibleAssetsLiabilities€3.69BtotalLiabTangible book-€354.24MShares193,159,819commonStockSharesOutstandingResult -€1.83 | 3.37xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€340.79MebitdaCapex€49.16McapitalExpendituresInterest€35.81MinterestExpenseShort-term debt€50.68MshortLongTermDebtEBITDA − capex€291.63MPrincipal due is the current portion of debt.Result 3.37x | €295.48MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€344.64MtotalCashFromOperatingActivitiesCapex€49.16McapitalExpendituresFree cash flow€295.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €295.48M | 13.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€255.53MoperatingIncomeTax expense€65.41MincomeTaxExpensePretax income€211.44MincomeBeforeTaxTax rate30.9%Equity€820.17MtotalStockholderEquityDebt€1.72BshortLongTermDebtTotalCash€1.26BcashAndShortTermInvestmentsInvested capital€1.28BResult 13.8% | 1.44xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€255.53MoperatingIncomeNet PP&E€176.91MpropertyPlantAndEquipmentNetResult 1.44x |
| 2022 | 14.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€175.19MpropertyPlantEquipmentInventory€465.50MinventoryTotal assets€4.54BtotalAssetsResult 14.1% | 21.98xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€3.85BtotalRevenueNet PP&E€175.19MpropertyPlantEquipmentResult 21.98x | 0.54xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€54.12McapitalExpendituresD&A€99.85MdepreciationAndAmortizationResult 0.54x | -€1.00Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.54BtotalAssetsGoodwill€946.07MgoodWillIntangibles€252.69MintangibleAssetsLiabilities€3.53BtotalLiabTangible book-€194.17MShares193,215,244commonStockSharesOutstandingResult -€1.00 | 0.99xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€388.86MebitdaCapex€54.12McapitalExpendituresInterest€33.24MinterestExpenseShort-term debt€303.48MshortTermDebtEBITDA − capex€334.74MPrincipal due is short-term debt.Result 0.99x | €296.14MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€350.26MtotalCashFromOperatingActivitiesCapex€54.12McapitalExpendituresFree cash flow€296.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €296.14M | 16.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€300.45MoperatingIncomeTax expense€80.17MincomeTaxExpensePretax income€255.76MincomeBeforeTaxTax rate31.3%Equity€987.02MtotalStockholderEquityDebt€1.24BshortLongTermDebtTotalCash€974.10McashAndShortTermInvestmentsInvested capital€1.25BResult 16.5% | 1.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€300.45MoperatingIncomeNet PP&E€175.19MpropertyPlantEquipmentResult 1.72x |
| 2023 | 10.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€218.17MpropertyPlantAndEquipmentNetInventory€290.78MinventoryTotal assets€4.72BtotalAssetsResult 10.8% | 19.91xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€4.34BtotalRevenueNet PP&E€218.17MpropertyPlantAndEquipmentNetResult 19.91x | 0.63xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€62.71McapitalExpendituresD&A€99.07MdepreciationAndAmortizationResult 0.63x | -€0.66Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.72BtotalAssetsGoodwill€996.37MgoodWillIntangibles€263.83MintangibleAssetsLiabilities€3.59BtotalLiabTangible book-€124.23MShares188,517,020commonStockSharesOutstandingResult -€0.66 | 1.13xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€474.39MebitdaCapex€62.71McapitalExpendituresInterest€71.73MinterestExpenseShort-term debt€293.56MshortLongTermDebtEBITDA − capex€411.69MPrincipal due is the current portion of debt.Result 1.13x | €316.81MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€379.52MtotalCashFromOperatingActivitiesCapex€62.71McapitalExpendituresFree cash flow€316.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €316.81M | 18.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€346.99MoperatingIncomeTax expense€94.90MincomeTaxExpensePretax income€303.59MincomeBeforeTaxTax rate31.3%Equity€1.12BtotalStockholderEquityDebt€822.53MshortLongTermDebtTotalCash€656.29McashAndShortTermInvestmentsInvested capital€1.28BResult 18.6% | 1.59xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€346.99MoperatingIncomeNet PP&E€218.17MpropertyPlantAndEquipmentNetResult 1.59x |
| 2024 | 18.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€244.63MpropertyPlantAndEquipmentNetInventory€658.76MinventoryTotal assets€4.96BtotalAssetsResult 18.2% | 19.80xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€4.84BtotalRevenueNet PP&E€244.63MpropertyPlantAndEquipmentNetResult 19.80x | 1.04xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€111.00McapitalExpendituresD&A€106.95MdepreciationAndAmortizationResult 1.04x | €0.12Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€4.96BtotalAssetsGoodwill€1.04BgoodWillIntangibles€250.45MintangibleAssetsLiabilities€3.64BtotalLiabTangible book€20.77MShares175,672,641commonStockSharesOutstandingResult €0.12 | 1.62xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€545.29MebitdaCapex€111.00McapitalExpendituresInterest€81.37MinterestExpenseShort-term debt€186.34MshortLongTermDebtEBITDA − capex€434.29MPrincipal due is the current portion of debt.Result 1.62x | €339.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€450.90MtotalCashFromOperatingActivitiesCapex€111.00McapitalExpendituresFree cash flow€339.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €339.90M | 25.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€438.26MoperatingIncomeTax expense€105.98MincomeTaxExpensePretax income€386.26MincomeBeforeTaxTax rate27.4%Equity€1.30BtotalStockholderEquityDebt€529.51MlongTermDebt + shortLongTermDebtCash€556.58McashAndShortTermInvestmentsInvested capital€1.27BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 25.0% | 1.79xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€438.26MoperatingIncomeNet PP&E€244.63MpropertyPlantAndEquipmentNetResult 1.79x |
| 2025 | 28.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.31BpropertyPlantAndEquipmentNetInventory€1.39BinventoryTotal assets€9.36BtotalAssetsResult 28.9% | 4.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€5.46BtotalRevenueNet PP&E€1.31BpropertyPlantAndEquipmentNetResult 4.17x | 0.37xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€44.08McapitalExpendituresD&A€119.04MdepreciationAndAmortizationResult 0.37x | €1.28Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€9.36BtotalAssetsGoodwill€1.44BgoodWillIntangibles€459.50MintangibleAssetsLiabilities€7.23BtotalLiabTangible book€224.41MShares175,663,615commonStockSharesOutstandingResult €1.28 | 0.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€591.14MebitdaCapex€44.08McapitalExpendituresInterest€63.45MinterestExpenseShort-term debt€607.24MshortLongTermDebtEBITDA − capex€547.06MPrincipal due is the current portion of debt.Result 0.82x | €447.15MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€491.23MtotalCashFromOperatingActivitiesCapex€44.08McapitalExpendituresFree cash flow€447.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €447.15M | 8.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€472.11MoperatingIncomeTax expense€147.29MincomeTaxExpensePretax income€586.27MincomeBeforeTaxTax rate25.1%Equity€1.73BtotalStockholderEquityDebt€3.36BshortLongTermDebtTotalCash€976.19McashInvested capital€4.12BResult 8.6% | 0.36xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€472.11MoperatingIncomeNet PP&E€1.31BpropertyPlantAndEquipmentNetResult 0.36x |
- 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: €1.31B
Inventory: €1.39B
Total assets: €9.36B
Goodwill: €1.44B
Intangibles: €459.50M
Liabilities: €7.23B
Tangible book: €224.41M
Shares: 175,663,615
Revenue: €5.46B
Capex: €44.08M
D&A: €119.04M
EBITDA: €591.14M
Interest: €63.45M
Short-term debt: €607.24M
Free cash flow: €447.15M
Operating income: €472.11M
Invested capital: €4.12B
Tax rate: 25.1%