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.
ING Groep N.V
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.53x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Fixed-asset turnover is 9.24x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 2.48BpropertyPlantAndEquipmentNetInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 1,054.41BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueMXN 22.90BtotalRevenueNet PP&EMXN 2.48BpropertyPlantAndEquipmentNetResult 9.24x
Revenue per dollar of the physical asset base.
Capex / D&A
0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexMXN 351.00McapitalExpendituresD&AMXN 665.00MreconciledDepreciationResult 0.53x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
MXN 17.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 1,054.41BtotalAssetsGoodwillMXN 477.00MgoodWillIntangiblesMXN 1.04BintangibleAssetsLiabilitiesMXN 1,003.45BtotalLiabTangible bookMXN 49.44BShares2,902,437,688commonStockSharesOutstandingResult MXN 17.03
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.50xPrice / tangible bookPrice / tangible book per sharePriceMXN 247.00Latest quoteTangible book / shareMXN 17.032025-12-31Result 14.50x
Price MXN 247.00.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexMXN 351.00McapitalExpendituresInterestMXN 36.37BinterestExpenseShort-term debt—Not reportedResult —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-MXN 6.73BfreeCashFlowMarket capMXN 1,002.36BMarketCapitalizationResult -0.7%
Latest free cash flow divided by current market cap (MXN 1,002.36B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseMXN 2.55BtaxProvisionPretax incomeMXN 9.15BincomeBeforeTaxTax rate27.8%EquityMXN 49.70BtotalStockholderEquityDebtMXN 178.17BlongTermDebtCashMXN 52.89BcashInvested capitalMXN 174.98BResult —
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 1.66BpropertyPlantEquipmentInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 884.60BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 11.03xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueMXN 18.30BtotalRevenueNet PP&EMXN 1.66BpropertyPlantEquipmentResult 11.03x | 0.55xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexMXN 286.00McapitalExpendituresD&AMXN 520.00MreconciledDepreciationResult 0.55x | MXN 12.34Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 884.60BtotalAssetsGoodwillMXN 918.00MgoodWillIntangiblesMXN 921.00MintangibleAssetsLiabilitiesMXN 834.75BtotalLiabTangible bookMXN 48.01BShares3,890,591,099commonStockSharesOutstandingResult MXN 12.34 | 0.12xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAMXN 8.30BOperating income + D&ACapexMXN 286.00McapitalExpendituresInterestMXN 13.85BinterestExpenseShort-term debtMXN 55.31BshortTermDebtEBITDA − capexMXN 8.02BEBITDA is operating income plus D&A because the income statement did not report EBITDA.Principal due is short-term debt.Result 0.12x | MXN 6.63BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-MXN 13.40BtotalCashFromOperatingActivitiesCapexMXN 286.00McapitalExpendituresFree cash flowMXN 6.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MXN 6.63B | 2.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMXN 7.78BoperatingIncomeTax expenseMXN 2.03BincomeTaxExpensePretax incomeMXN 6.99BincomeBeforeTaxTax rate29.0%EquityMXN 49.05BtotalStockholderEquityDebtMXN 188.79BlongTermDebt + shortLongTermDebtCashMXN 49.99BcashInvested capitalMXN 187.85BResult 2.9% | 4.69xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeMXN 7.78BoperatingIncomeNet PP&EMXN 1.66BpropertyPlantEquipmentResult 4.69x |
| 2019 | 0.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 3.17BpropertyPlantEquipmentInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 888.52BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 5.35xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueMXN 16.96BtotalRevenueNet PP&EMXN 3.17BpropertyPlantEquipmentResult 5.35x | 0.45xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexMXN 355.00McapitalExpendituresD&AMXN 789.00MreconciledDepreciationResult 0.45x | MXN 12.83Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 888.52BtotalAssetsGoodwillMXN 907.00MgoodWillIntangiblesMXN 1.01BintangibleAssetsLiabilitiesMXN 836.63BtotalLiabTangible bookMXN 49.97BShares3,895,814,884commonStockSharesOutstandingResult MXN 12.83 | 0.09xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAMXN 6.47BOperating income + D&ACapexMXN 355.00McapitalExpendituresInterestMXN 14.38BinterestExpenseShort-term debtMXN 51.81BshortTermDebtEBITDA − capexMXN 6.12BEBITDA is operating income plus D&A because the income statement did not report EBITDA.Principal due is short-term debt.Result 0.09x | MXN 12.70BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-MXN 2.41BtotalCashFromOperatingActivitiesCapexMXN 355.00McapitalExpendituresFree cash flowMXN 12.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MXN 12.70B | 2.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMXN 5.68BoperatingIncomeTax expenseMXN 1.96BincomeTaxExpensePretax incomeMXN 5.65BincomeBeforeTaxTax rate34.6%EquityMXN 51.00BtotalStockholderEquityDebtMXN 186.93BlongTermDebt + shortLongTermDebtCashMXN 53.20BcashInvested capitalMXN 184.72BResult 2.0% | 1.79xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeMXN 5.68BoperatingIncomeNet PP&EMXN 3.17BpropertyPlantEquipmentResult 1.79x |
| 2020 | 0.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 2.84BpropertyPlantEquipmentInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 933.89BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 6.12xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueMXN 17.40BtotalRevenueNet PP&EMXN 2.84BpropertyPlantEquipmentResult 6.12x | 0.35xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexMXN 287.00McapitalExpendituresD&AMXN 829.00MreconciledDepreciationResult 0.35x | MXN 13.14Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 933.89BtotalAssetsGoodwillMXN 533.00MgoodWillIntangiblesMXN 860.00MintangibleAssetsLiabilitiesMXN 881.25BtotalLiabTangible bookMXN 51.25BShares3,900,668,635commonStockSharesOutstandingResult MXN 13.14 | —Fixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexMXN 287.00McapitalExpendituresInterestMXN 9.11BinterestExpenseShort-term debt—Not reportedResult — | MXN 100.96BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowMXN 18.46BtotalCashFromOperatingActivitiesCapexMXN 287.00McapitalExpendituresFree cash flowMXN 100.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MXN 100.96B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseMXN 1.07BincomeTaxExpensePretax incomeMXN 3.40BincomeBeforeTaxTax rate31.5%EquityMXN 51.62BtotalStockholderEquityDebtMXN 97.87BlongTermDebtCashMXN 111.09BcashInvested capitalMXN 38.40BResult — | —EBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EMXN 2.84BpropertyPlantEquipmentResult — |
| 2021 | 0.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 2.52BpropertyPlantEquipmentInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 951.29BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 7.35xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueMXN 18.49BtotalRevenueNet PP&EMXN 2.52BpropertyPlantEquipmentResult 7.35x | 0.22xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexMXN 184.00McapitalExpendituresD&AMXN 834.00MreconciledDepreciationResult 0.22x | MXN 14.17Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 951.29BtotalAssetsGoodwillMXN 472.00MgoodWillIntangiblesMXN 684.00MintangibleAssetsLiabilitiesMXN 896.64BtotalLiabTangible bookMXN 53.50BShares3,775,800,000commonStockSharesOutstandingResult MXN 14.17 | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexMXN 184.00McapitalExpendituresInterestMXN 7.50BinterestExpenseShort-term debt—Not reportedResult — | -MXN 15.13BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-MXN 33.72BtotalCashFromOperatingActivitiesCapexMXN 184.00McapitalExpendituresFree cash flow-MXN 15.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -MXN 15.13B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseMXN 2.31BincomeTaxExpensePretax incomeMXN 6.78BincomeBeforeTaxTax rate34.0%EquityMXN 53.92BtotalStockholderEquityDebtMXN 108.50BlongTermDebtCashMXN 106.52BcashInvested capitalMXN 55.90BResult — | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EMXN 2.52BpropertyPlantEquipmentResult — |
| 2022 | 0.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 2.45BpropertyPlantEquipmentInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 967.82BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 7.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueMXN 18.59BtotalRevenueNet PP&EMXN 2.45BpropertyPlantEquipmentResult 7.60x | 0.32xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexMXN 231.00McapitalExpendituresD&AMXN 711.00MreconciledDepreciationResult 0.32x | MXN 13.62Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 967.82BtotalAssetsGoodwillMXN 464.00MgoodWillIntangiblesMXN 637.00MintangibleAssetsLiabilitiesMXN 917.41BtotalLiabTangible bookMXN 49.31BShares3,619,144,872commonStockSharesOutstandingResult MXN 13.62 | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexMXN 231.00McapitalExpendituresInterestMXN 14.71BinterestExpenseShort-term debt—Not reportedResult — | -MXN 11.34BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-MXN 9.19BtotalCashFromOperatingActivitiesCapexMXN 231.00McapitalExpendituresFree cash flow-MXN 11.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -MXN 11.34B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseMXN 5.13BincomeTaxExpensePretax incomeMXN 5.50BincomeBeforeTaxTax rate40.0%EquityMXN 49.91BtotalStockholderEquityDebtMXN 118.32BlongTermDebtCashMXN 87.25BcashInvested capitalMXN 80.98BThe effective tax rate was above 40% and was capped at 40%.Result — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EMXN 2.45BpropertyPlantEquipmentResult — |
| 2023 | 0.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 2.40BpropertyPlantAndEquipmentNetInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 975.58BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 9.45xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueMXN 22.67BtotalRevenueNet PP&EMXN 2.40BpropertyPlantAndEquipmentNetResult 9.45x | 0.36xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexMXN 246.00McapitalExpendituresD&AMXN 674.00MreconciledDepreciationResult 0.36x | MXN 15.25Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 975.58BtotalAssetsGoodwillMXN 469.00MgoodWillIntangiblesMXN 729.00MintangibleAssetsLiabilitiesMXN 923.40BtotalLiabTangible bookMXN 50.98BShares3,343,622,989commonStockSharesOutstandingResult MXN 15.25 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexMXN 246.00McapitalExpendituresInterestMXN 36.25BinterestExpenseShort-term debt—Not reportedResult — | -MXN 11.59BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-MXN 11.34BtotalCashFromOperatingActivitiesCapexMXN 246.00McapitalExpendituresFree cash flow-MXN 11.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -MXN 11.59B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseMXN 2.97BtaxProvisionPretax incomeMXN 10.49BincomeBeforeTaxTax rate28.3%EquityMXN 51.24BtotalStockholderEquityDebtMXN 148.84BlongTermDebtCashMXN 90.21BcashInvested capitalMXN 109.86BResult — | —EBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EMXN 2.40BpropertyPlantAndEquipmentNetResult — |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 2.43BpropertyPlantAndEquipmentNetInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 1,020.55BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 9.27xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueMXN 22.55BtotalRevenueNet PP&EMXN 2.43BpropertyPlantAndEquipmentNetResult 9.27x | 0.49xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexMXN 332.00McapitalExpendituresD&AMXN 673.00MreconciledDepreciationResult 0.49x | MXN 16.14Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 1,020.55BtotalAssetsGoodwillMXN 476.00MgoodWillIntangiblesMXN 857.00MintangibleAssetsLiabilitiesMXN 969.24BtotalLiabTangible bookMXN 49.98BShares3,096,274,533commonStockSharesOutstandingResult MXN 16.14 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexMXN 332.00McapitalExpendituresInterestMXN 43.88BinterestExpenseShort-term debt—Not reportedResult — | -MXN 22.88BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-MXN 22.54BtotalCashFromOperatingActivitiesCapexMXN 332.00McapitalExpendituresFree cash flow-MXN 22.88BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -MXN 22.88B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseMXN 2.65BtaxProvisionPretax incomeMXN 9.30BincomeBeforeTaxTax rate28.5%EquityMXN 50.31BtotalStockholderEquityDebtMXN 170.21BlongTermDebtCashMXN 70.35BcashInvested capitalMXN 150.17BResult — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EMXN 2.43BpropertyPlantAndEquipmentNetResult — |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EMXN 2.48BpropertyPlantAndEquipmentNetInventoryMXN 0.00Not reported, treated as 0Total assetsMXN 1,054.41BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 9.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueMXN 22.90BtotalRevenueNet PP&EMXN 2.48BpropertyPlantAndEquipmentNetResult 9.24x | 0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexMXN 351.00McapitalExpendituresD&AMXN 665.00MreconciledDepreciationResult 0.53x | MXN 17.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMXN 1,054.41BtotalAssetsGoodwillMXN 477.00MgoodWillIntangiblesMXN 1.04BintangibleAssetsLiabilitiesMXN 1,003.45BtotalLiabTangible bookMXN 49.44BShares2,902,437,688commonStockSharesOutstandingResult MXN 17.03 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexMXN 351.00McapitalExpendituresInterestMXN 36.37BinterestExpenseShort-term debt—Not reportedResult — | -MXN 6.73BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-MXN 6.38BtotalCashFromOperatingActivitiesCapexMXN 351.00McapitalExpendituresFree cash flow-MXN 6.73BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -MXN 6.73B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseMXN 2.55BtaxProvisionPretax incomeMXN 9.15BincomeBeforeTaxTax rate27.8%EquityMXN 49.70BtotalStockholderEquityDebtMXN 178.17BlongTermDebtCashMXN 52.89BcashInvested capitalMXN 174.98BResult — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EMXN 2.48BpropertyPlantAndEquipmentNetResult — |
- Inventory was missing and treated as zero in the physical asset ratio.
Latest year inputs (2025)
Net PP&E: MXN 2.48B
Inventory: MXN 0.00
Total assets: MXN 1,054.41B
Goodwill: MXN 477.00M
Intangibles: MXN 1.04B
Liabilities: MXN 1,003.45B
Tangible book: MXN 49.44B
Shares: 2,902,437,688
Revenue: MXN 22.90B
Capex: MXN 351.00M
D&A: MXN 665.00M
EBITDA: —
Interest: MXN 36.37B
Short-term debt: —
Free cash flow: -MXN 6.73B
Operating income: —
Invested capital: MXN 174.98B
Tax rate: 27.8%