Informa PLC

INF.LSE · Communication Services · Publishing · GBX · Fundamentals
Asset-light

Physical assets are 2.9% of total assets, a light footprint. Capex is 0.06x 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 0.84x, which is below 1.

Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 12.81x.

Physical asset ratio
2.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 315.40MpropertyPlantAndEquipmentNetInventoryGBX 44.10MinventoryTotal assetsGBX 12.32BtotalAssetsResult 2.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.81xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 4.04BtotalRevenueNet PP&EGBX 315.40MpropertyPlantAndEquipmentNetResult 12.81x
Revenue per dollar of the physical asset base.
Capex / D&A
0.06xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 27.40McapitalExpendituresD&AGBX 444.50MdepreciationAndAmortizationResult 0.06x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-GBX 3.18Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 12.32BtotalAssetsGoodwillGBX 7.05BgoodWillIntangiblesGBX 3.37BintangibleAssetsLiabilitiesGBX 6.06BtotalLiabTangible book-GBX 4.16BShares1,310,041,420commonStockSharesOutstandingResult -GBX 3.18
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePriceGBX 825.80Latest quoteTangible book / share-GBX 3.182025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price GBX 825.80.
Fixed-charge coverage
0.84xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 539.10MebitdaCapexGBX 27.40McapitalExpendituresInterestGBX 158.90MinterestExpenseShort-term debtGBX 449.80MshortLongTermDebtEBITDA − capexGBX 511.70MPrincipal due is the current portion of debt.Result 0.84x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowGBX 867.50MfreeCashFlowMarket capGBX 11.22BMarketCapitalizationResult 7.7%
Latest free cash flow divided by current market cap (GBX 11.22B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 793.90MoperatingIncomeTax expenseGBX 81.10MincomeTaxExpensePretax income-GBX 64.30MincomeBeforeTaxTax rate—EquityGBX 5.65BtotalStockholderEquityDebtGBX 3.48BshortLongTermDebtTotalCashGBX 330.50McashInvested capitalGBX 8.80BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 2.52x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 1.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 69.70MpropertyPlantEquipmentInventoryGBX 50.90MinventoryTotal assetsGBX 11.04BtotalAssetsResult 1.1% 34.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueGBX 2.37BtotalRevenueNet PP&EGBX 69.70MpropertyPlantEquipmentResult 34.00x 0.08xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexGBX 23.40McapitalExpendituresD&AGBX 299.20MdepreciationAndAmortizationResult 0.08x -GBX 3.90Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.04BtotalAssetsGoodwillGBX 6.34BgoodWillIntangiblesGBX 3.85BintangibleAssetsLiabilitiesGBX 4.97BtotalLiabTangible book-GBX 4.13BShares1,057,236,186commonStockSharesOutstandingResult -GBX 3.90 1.10xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 670.00MebitdaCapexGBX 23.40McapitalExpendituresInterestGBX 88.70MinterestExpenseShort-term debtGBX 500.40MshortTermDebtEBITDA − capexGBX 646.60MPrincipal due is short-term debt.Result 1.10x GBX 462.90MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowGBX 486.30MtotalCashFromOperatingActivitiesCapexGBX 23.40McapitalExpendituresFree cash flowGBX 462.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 462.90M 4.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 480.40MoperatingIncomeTax expenseGBX 60.50MincomeTaxExpensePretax incomeGBX 282.10MincomeBeforeTaxTax rate21.4%EquityGBX 5.88BtotalStockholderEquityDebtGBX 2.83BshortLongTermDebtTotalCashGBX 168.80McashInvested capitalGBX 8.54BResult 4.4% 6.89xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeGBX 480.40MoperatingIncomeNet PP&EGBX 69.70MpropertyPlantEquipmentResult 6.89x
2019 3.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 333.40MpropertyPlantEquipmentInventoryGBX 38.50MinventoryTotal assetsGBX 10.72BtotalAssetsResult 3.5% 8.67xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueGBX 2.89BtotalRevenueNet PP&EGBX 333.40MpropertyPlantEquipmentResult 8.67x 0.27xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexGBX 109.20McapitalExpendituresD&AGBX 404.60MdepreciationAndAmortizationResult 0.27x -GBX 7.82Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.72BtotalAssetsGoodwillGBX 6.14BgoodWillIntangiblesGBX 9.58BintangibleAssetsLiabilitiesGBX 4.89BtotalLiabTangible book-GBX 9.89BShares1,264,230,940commonStockSharesOutstandingResult -GBX 7.82 2.69xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 841.60MebitdaCapexGBX 109.20McapitalExpendituresInterestGBX 119.80MinterestExpenseShort-term debtGBX 152.20MshortLongTermDebtEBITDA − capexGBX 732.40MPrincipal due is the current portion of debt.Result 2.69x GBX 610.40MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowGBX 719.60MtotalCashFromOperatingActivitiesCapexGBX 109.20McapitalExpendituresFree cash flowGBX 610.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 610.40M 5.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 609.90MoperatingIncomeTax expenseGBX 72.60MincomeTaxExpensePretax incomeGBX 317.20MincomeBeforeTaxTax rate22.9%EquityGBX 5.64BtotalStockholderEquityDebtGBX 2.85BshortLongTermDebtTotalCashGBX 195.10McashInvested capitalGBX 8.30BResult 5.7% 1.83xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeGBX 609.90MoperatingIncomeNet PP&EGBX 333.40MpropertyPlantEquipmentResult 1.83x
2020 3.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 259.00MpropertyPlantEquipmentInventoryGBX 31.30MinventoryTotal assetsGBX 9.72BtotalAssetsResult 3.0% 6.41xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueGBX 1.66BtotalRevenueNet PP&EGBX 259.00MpropertyPlantEquipmentResult 6.41x 0.15xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexGBX 55.70McapitalExpendituresD&AGBX 374.70MdepreciationAndAmortizationResult 0.15x -GBX 6.06Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 9.72BtotalAssetsGoodwillGBX 5.58BgoodWillIntangiblesGBX 8.65BintangibleAssetsLiabilitiesGBX 4.09BtotalLiabTangible book-GBX 8.60BShares1,419,707,507commonStockSharesOutstandingResult -GBX 6.06 -5.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-GBX 662.50MebitdaCapexGBX 55.70McapitalExpendituresInterestGBX 104.50MinterestExpenseShort-term debtGBX 33.40MshortTermDebtEBITDA − capex-GBX 718.20MPrincipal due is short-term debt.Result -5.21x -GBX 195.20MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-GBX 139.50MtotalCashFromOperatingActivitiesCapexGBX 55.70McapitalExpendituresFree cash flow-GBX 195.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 195.20M —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-GBX 29.10MoperatingIncomeTax expense-GBX 102.30MincomeTaxExpensePretax income-GBX 1.14BincomeBeforeTaxTax rate—EquityGBX 5.45BtotalStockholderEquityDebtGBX 2.37BshortLongTermDebtTotalCashGBX 299.40McashInvested capitalGBX 7.53BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -0.11xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-GBX 29.10MoperatingIncomeNet PP&EGBX 259.00MpropertyPlantEquipmentResult -0.11x
2021 2.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 240.80MpropertyPlantEquipmentInventoryGBX 27.40MinventoryTotal assetsGBX 10.20BtotalAssetsResult 2.6% 6.58xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueGBX 1.58BtotalRevenueNet PP&EGBX 240.80MpropertyPlantEquipmentResult 6.58x 0.13xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexGBX 41.70McapitalExpendituresD&AGBX 330.30MdepreciationAndAmortizationResult 0.13x -GBX 5.48Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.20BtotalAssetsGoodwillGBX 5.72BgoodWillIntangiblesGBX 8.60BintangibleAssetsLiabilitiesGBX 4.15BtotalLiabTangible book-GBX 8.27BShares1,510,219,210commonStockSharesOutstandingResult -GBX 5.48 4.34xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 479.70MebitdaCapexGBX 41.70McapitalExpendituresInterestGBX 71.00MinterestExpenseShort-term debtGBX 30.00MshortTermDebtEBITDA − capexGBX 438.00MPrincipal due is short-term debt.Result 4.34x GBX 438.30MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowGBX 480.00MtotalCashFromOperatingActivitiesCapexGBX 41.70McapitalExpendituresFree cash flowGBX 438.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 438.30M 0.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 48.10MoperatingIncomeTax expenseGBX 34.10MincomeTaxExpensePretax incomeGBX 75.40MincomeBeforeTaxTax rate40.0%EquityGBX 5.76BtotalStockholderEquityDebtGBX 2.29BshortLongTermDebtTotalCashGBX 884.80McashInvested capitalGBX 7.16BThe effective tax rate was above 40% and was capped at 40%.Result 0.4% 0.20xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeGBX 48.10MoperatingIncomeNet PP&EGBX 240.80MpropertyPlantEquipmentResult 0.20x
2022 2.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 255.90MpropertyPlantEquipmentInventoryGBX 28.80MinventoryTotal assetsGBX 12.15BtotalAssetsResult 2.3% 8.84xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueGBX 2.26BtotalRevenueNet PP&EGBX 255.90MpropertyPlantEquipmentResult 8.84x 0.22xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexGBX 77.30McapitalExpendituresD&AGBX 347.00MdepreciationAndAmortizationResult 0.22x -GBX 4.99Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 12.15BtotalAssetsGoodwillGBX 5.88BgoodWillIntangiblesGBX 8.85BintangibleAssetsLiabilitiesGBX 4.68BtotalLiabTangible book-GBX 7.27BShares1,456,167,252commonStockSharesOutstandingResult -GBX 4.99 1.08xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 585.90MebitdaCapexGBX 77.30McapitalExpendituresInterestGBX 72.80MinterestExpenseShort-term debtGBX 398.40MshortLongTermDebtEBITDA − capexGBX 508.60MPrincipal due is the current portion of debt.Result 1.08x GBX 373.60MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowGBX 450.90MtotalCashFromOperatingActivitiesCapexGBX 77.30McapitalExpendituresFree cash flowGBX 373.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 373.60M 2.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 223.90MoperatingIncomeTax expenseGBX 26.70MincomeTaxExpensePretax incomeGBX 166.80MincomeBeforeTaxTax rate16.0%EquityGBX 7.15BtotalStockholderEquityDebtGBX 2.21BshortLongTermDebtTotalCashGBX 2.13BcashInvested capitalGBX 7.24BResult 2.6% 0.87xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeGBX 223.90MoperatingIncomeNet PP&EGBX 255.90MpropertyPlantEquipmentResult 0.87x
2023 2.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 271.90MpropertyPlantAndEquipmentNetInventoryGBX 36.20MinventoryTotal assetsGBX 11.52BtotalAssetsResult 2.7% 11.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueGBX 3.19BtotalRevenueNet PP&EGBX 271.90MpropertyPlantAndEquipmentNetResult 11.73x 0.30xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexGBX 116.60McapitalExpendituresD&AGBX 393.70MdepreciationAndAmortizationResult 0.30x -GBX 1.84Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.52BtotalAssetsGoodwillGBX 6.63BgoodWillIntangiblesGBX 3.14BintangibleAssetsLiabilitiesGBX 4.34BtotalLiabTangible book-GBX 2.59BShares1,402,722,142commonStockSharesOutstandingResult -GBX 1.84 8.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 950.90MebitdaCapexGBX 116.60McapitalExpendituresInterestGBX 69.40MinterestExpenseShort-term debtGBX 28.40MshortTermDebtEBITDA − capexGBX 834.30MPrincipal due is short-term debt.Result 8.53x GBX 503.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowGBX 620.20MtotalCashFromOperatingActivitiesCapexGBX 116.60McapitalExpendituresFree cash flowGBX 503.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 503.60M 5.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 507.80MoperatingIncomeTax expenseGBX 29.40MincomeTaxExpensePretax incomeGBX 492.10MincomeBeforeTaxTax rate6.0%EquityGBX 6.75BtotalStockholderEquityDebtGBX 1.78BshortLongTermDebtTotalCashGBX 389.30McashInvested capitalGBX 8.14BResult 5.9% 1.87xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeGBX 507.80MoperatingIncomeNet PP&EGBX 271.90MpropertyPlantAndEquipmentNetResult 1.87x
2024 2.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 284.40MpropertyPlantAndEquipmentNetInventoryGBX 43.00MinventoryTotal assetsGBX 13.69BtotalAssetsResult 2.4% 12.49xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueGBX 3.55BtotalRevenueNet PP&EGBX 284.40MpropertyPlantAndEquipmentNetResult 12.49x 0.08xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexGBX 30.60McapitalExpendituresD&AGBX 400.30MdepreciationAndAmortizationResult 0.08x -GBX 3.18Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 13.69BtotalAssetsGoodwillGBX 7.79BgoodWillIntangiblesGBX 3.81BintangibleAssetsLiabilitiesGBX 6.37BtotalLiabTangible book-GBX 4.28BShares1,343,992,312commonStockSharesOutstandingResult -GBX 3.18 0.87xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 899.00MebitdaCapexGBX 30.60McapitalExpendituresInterestGBX 92.70MinterestExpenseShort-term debtGBX 909.30MshortLongTermDebtEBITDA − capexGBX 868.40MPrincipal due is the current portion of debt.Result 0.87x GBX 771.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowGBX 801.60MtotalCashFromOperatingActivitiesCapexGBX 30.60McapitalExpendituresFree cash flowGBX 771.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 771.00M 5.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 542.80MoperatingIncomeTax expenseGBX 40.90MincomeTaxExpensePretax incomeGBX 407.30MincomeBeforeTaxTax rate10.0%EquityGBX 6.49BtotalStockholderEquityDebtGBX 3.49BshortLongTermDebtTotalCashGBX 546.10McashAndShortTermInvestmentsInvested capitalGBX 9.42BResult 5.2% 1.91xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeGBX 542.80MoperatingIncomeNet PP&EGBX 284.40MpropertyPlantAndEquipmentNetResult 1.91x
2025 2.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 315.40MpropertyPlantAndEquipmentNetInventoryGBX 44.10MinventoryTotal assetsGBX 12.32BtotalAssetsResult 2.9% 12.81xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 4.04BtotalRevenueNet PP&EGBX 315.40MpropertyPlantAndEquipmentNetResult 12.81x 0.06xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 27.40McapitalExpendituresD&AGBX 444.50MdepreciationAndAmortizationResult 0.06x -GBX 3.18Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 12.32BtotalAssetsGoodwillGBX 7.05BgoodWillIntangiblesGBX 3.37BintangibleAssetsLiabilitiesGBX 6.06BtotalLiabTangible book-GBX 4.16BShares1,310,041,420commonStockSharesOutstandingResult -GBX 3.18 0.84xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 539.10MebitdaCapexGBX 27.40McapitalExpendituresInterestGBX 158.90MinterestExpenseShort-term debtGBX 449.80MshortLongTermDebtEBITDA − capexGBX 511.70MPrincipal due is the current portion of debt.Result 0.84x GBX 867.50MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowGBX 894.90MtotalCashFromOperatingActivitiesCapexGBX 27.40McapitalExpendituresFree cash flowGBX 867.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 867.50M —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 793.90MoperatingIncomeTax expenseGBX 81.10MincomeTaxExpensePretax income-GBX 64.30MincomeBeforeTaxTax rate—EquityGBX 5.65BtotalStockholderEquityDebtGBX 3.48BshortLongTermDebtTotalCashGBX 330.50McashInvested capitalGBX 8.80BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — 2.52xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeGBX 793.90MoperatingIncomeNet PP&EGBX 315.40MpropertyPlantAndEquipmentNetResult 2.52x
  • 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: GBX 315.40M
Inventory: GBX 44.10M
Total assets: GBX 12.32B
Goodwill: GBX 7.05B
Intangibles: GBX 3.37B
Liabilities: GBX 6.06B
Tangible book: -GBX 4.16B
Shares: 1,310,041,420
Revenue: GBX 4.04B
Capex: GBX 27.40M
D&A: GBX 444.50M
EBITDA: GBX 539.10M
Interest: GBX 158.90M
Short-term debt: GBX 449.80M
Free cash flow: GBX 867.50M
Operating income: GBX 793.90M
Invested capital: GBX 8.80B
Tax rate: —