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.
Land Securities Group PLC
Physical assets are 0.8% of total assets, a light footprint. Capex is 49.00x 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 0.38x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 21.24x.
Physical asset ratio
0.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetInventoryGBX 56.00MinventoryTotal assetsGBX 11.54BtotalAssetsResult 0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
21.24xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueGBX 892.00MtotalRevenueNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetResult 21.24x
Revenue per dollar of the physical asset base.
Capex / D&A
49.00xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexGBX 147.00McapitalExpendituresD&AGBX 3.00MdepreciationAndAmortizationResult 49.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
GBX 8.75Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.54BtotalAssetsGoodwillGBX 0.00goodWillIntangiblesGBX 3.00MintangibleAssetsLiabilitiesGBX 5.00BtotalLiabTangible bookGBX 6.54BShares747,000,000commonStockSharesOutstandingResult GBX 8.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
76.24xPrice / tangible bookPrice / tangible book per sharePriceGBX 667.00Latest quoteTangible book / shareGBX 8.752026-03-31Result 76.24x
Price GBX 667.00.
Fixed-charge coverage
0.38xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 473.00MebitdaCapexGBX 147.00McapitalExpendituresInterestGBX 124.00MinterestExpenseShort-term debtGBX 744.00MshortLongTermDebtEBITDA − capexGBX 326.00MPrincipal due is the current portion of debt.Result 0.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.2%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowGBX 67.00MfreeCashFlowMarket capGBX 5.53BMarketCapitalizationResult 1.2%
Latest free cash flow divided by current market cap (GBX 5.53B).
ROIC
3.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 425.00MoperatingIncomeTax expenseGBX 2.00MincomeTaxExpensePretax incomeGBX 346.00MincomeBeforeTaxTax rate0.6%EquityGBX 6.54BtotalStockholderEquityDebtGBX 4.50BshortLongTermDebtTotalCashGBX 117.00McashInvested capitalGBX 10.92BResult 3.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 10.12x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 0.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 17.00MpropertyPlantEquipmentInventoryGBX 23.00MinventoryTotal assetsGBX 14.03BtotalAssetsResult 0.3% | 44.53xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueGBX 757.00MtotalRevenueNet PP&EGBX 17.00MpropertyPlantEquipmentResult 44.53x | 63.25xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexGBX 253.00McapitalExpendituresD&AGBX 4.00MdepreciationAndAmortizationResult 63.25x | GBX 13.38Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 14.03BtotalAssetsGoodwillGBX 2.00MgoodWillIntangiblesGBX 18.00MintangibleAssetsLiabilitiesGBX 4.11BtotalLiabTangible bookGBX 9.90BShares740,000,000commonStockSharesOutstandingResult GBX 13.38 | -0.26xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-GBX 20.00MebitdaCapexGBX 253.00McapitalExpendituresInterestGBX 99.00MinterestExpenseShort-term debtGBX 934.00MshortTermDebtEBITDA − capex-GBX 273.00MPrincipal due is short-term debt.Result -0.26x | GBX 171.00MFree cash flow · 2019-03-31Operating cash flow − capexOperating cash flowGBX 424.00MtotalCashFromOperatingActivitiesCapexGBX 253.00McapitalExpendituresFree cash flowGBX 171.00MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result GBX 171.00M | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 500.00MoperatingIncomeTax expense-GBX 4.00MincomeTaxExpensePretax income-GBX 123.00MincomeBeforeTaxTax rate—EquityGBX 9.92BtotalStockholderEquityDebtGBX 3.78BshortLongTermDebtTotalCashGBX 14.00McashInvested capitalGBX 13.69BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 29.41xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeGBX 500.00MoperatingIncomeNet PP&EGBX 17.00MpropertyPlantEquipmentResult 29.41x |
| 2020 | 0.3%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 14.00MpropertyPlantEquipmentInventoryGBX 24.00MinventoryTotal assetsGBX 14.36BtotalAssetsResult 0.3% | 52.93xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueGBX 741.00MtotalRevenueNet PP&EGBX 14.00MpropertyPlantEquipmentResult 52.93x | 43.00xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexGBX 172.00McapitalExpendituresD&AGBX 4.00MdepreciationAndAmortizationResult 43.00x | GBX 11.81Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 14.36BtotalAssetsGoodwillGBX 1.00MgoodWillIntangiblesGBX 13.00MintangibleAssetsLiabilitiesGBX 5.61BtotalLiabTangible bookGBX 8.74BShares740,000,000commonStockSharesOutstandingResult GBX 11.81 | -0.85xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-GBX 737.00MebitdaCapexGBX 172.00McapitalExpendituresInterestGBX 96.00MinterestExpenseShort-term debtGBX 977.00MshortTermDebtEBITDA − capex-GBX 909.00MPrincipal due is short-term debt.Result -0.85x | GBX 229.00MFree cash flow · 2020-03-31Operating cash flow − capexOperating cash flowGBX 401.00MtotalCashFromOperatingActivitiesCapexGBX 172.00McapitalExpendituresFree cash flowGBX 229.00MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result GBX 229.00M | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 472.00MoperatingIncomeTax expense-GBX 5.00MincomeTaxExpensePretax income-GBX 837.00MincomeBeforeTaxTax rate—EquityGBX 8.75BtotalStockholderEquityDebtGBX 5.33BshortLongTermDebtTotalCashGBX 1.35BcashInvested capitalGBX 12.74BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 33.71xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeGBX 472.00MoperatingIncomeNet PP&EGBX 14.00MpropertyPlantEquipmentResult 33.71x |
| 2021 | 0.4%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 13.00MpropertyPlantEquipmentInventoryGBX 36.00MinventoryTotal assetsGBX 10.99BtotalAssetsResult 0.4% | 48.85xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueGBX 635.00MtotalRevenueNet PP&EGBX 13.00MpropertyPlantEquipmentResult 48.85x | 43.60xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexGBX 218.00McapitalExpendituresD&AGBX 5.00MdepreciationAndAmortizationResult 43.60x | GBX 9.74Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.99BtotalAssetsGoodwillGBX 1.00MgoodWillIntangiblesGBX 7.00MintangibleAssetsLiabilitiesGBX 3.78BtotalLiabTangible bookGBX 7.20BShares740,000,000commonStockSharesOutstandingResult GBX 9.74 | -1.56xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-GBX 1.31BebitdaCapexGBX 218.00McapitalExpendituresInterestGBX 75.00MinterestExpenseShort-term debtGBX 906.00MshortTermDebtEBITDA − capex-GBX 1.53BPrincipal due is short-term debt.Result -1.56x | GBX 15.00MFree cash flow · 2021-03-31Reported free cash flowOperating cash flowGBX 233.00MtotalCashFromOperatingActivitiesCapexGBX 218.00McapitalExpendituresFree cash flowGBX 15.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 15.00M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 306.00MoperatingIncomeTax expenseGBX 1.76MincomeTaxExpensePretax income-GBX 1.39BincomeBeforeTaxTax rate—EquityGBX 7.21BtotalStockholderEquityDebtGBX 3.52BshortLongTermDebtTotalCashGBX 5.00McashAndShortTermInvestmentsInvested capitalGBX 10.72BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 23.54xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeGBX 306.00MoperatingIncomeNet PP&EGBX 13.00MpropertyPlantEquipmentResult 23.54x |
| 2022 | 1.2%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 11.00MpropertyPlantEquipmentInventoryGBX 145.00MinventoryTotal assetsGBX 12.90BtotalAssetsResult 1.2% | 61.73xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueGBX 679.00MtotalRevenueNet PP&EGBX 11.00MpropertyPlantEquipmentResult 61.73x | 68.80xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexGBX 344.00McapitalExpendituresD&AGBX 5.00MdepreciationAndAmortizationResult 68.80x | GBX 10.76Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 12.90BtotalAssetsGoodwillGBX 1.00MgoodWillIntangiblesGBX 7.00MintangibleAssetsLiabilitiesGBX 4.90BtotalLiabTangible bookGBX 7.98BShares742,000,000commonStockSharesOutstandingResult GBX 10.76 | 0.07xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 390.00MebitdaCapexGBX 344.00McapitalExpendituresInterestGBX 85.00MinterestExpenseShort-term debtGBX 541.00MshortTermDebtEBITDA − capexGBX 46.00MPrincipal due is short-term debt.Result 0.07x | GBX 37.00MFree cash flow · 2022-03-31Reported free cash flowOperating cash flowGBX 381.00MtotalCashFromOperatingActivitiesCapexGBX 344.00McapitalExpendituresFree cash flowGBX 37.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 37.00M | 3.1%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 385.00MoperatingIncomeTax expenseGBX 6.00MincomeTaxExpensePretax incomeGBX 875.00MincomeBeforeTaxTax rate0.7%EquityGBX 7.92BtotalStockholderEquityDebtGBX 4.55BshortLongTermDebtTotalCashGBX 146.00McashInvested capitalGBX 12.32BResult 3.1% | 35.00xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeGBX 385.00MoperatingIncomeNet PP&EGBX 11.00MpropertyPlantEquipmentResult 35.00x |
| 2023 | 1.2%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 9.00MpropertyPlantAndEquipmentNetInventoryGBX 118.00MinventoryTotal assetsGBX 10.97BtotalAssetsResult 1.2% | 87.89xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueGBX 791.00MtotalRevenueNet PP&EGBX 9.00MpropertyPlantAndEquipmentNetResult 87.89x | 44.38xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexGBX 355.00McapitalExpendituresD&AGBX 8.00MdepreciationAndAmortizationResult 44.38x | GBX 9.55Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.97BtotalAssetsGoodwillGBX 1.00MgoodWillIntangiblesGBX 5.00MintangibleAssetsLiabilitiesGBX 3.89BtotalLiabTangible bookGBX 7.07BShares740,000,000commonStockSharesOutstandingResult GBX 9.55 | -2.21xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-GBX 527.00MebitdaCapexGBX 355.00McapitalExpendituresInterestGBX 87.00MinterestExpenseShort-term debtGBX 312.00MshortLongTermDebtEBITDA − capex-GBX 882.00MPrincipal due is the current portion of debt.Result -2.21x | -GBX 13.00MFree cash flow · 2023-03-31Reported free cash flowOperating cash flowGBX 342.00MtotalCashFromOperatingActivitiesCapexGBX 355.00McapitalExpendituresFree cash flow-GBX 13.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 13.00M | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 414.00MoperatingIncomeTax expense-GBX 3.00MincomeTaxExpensePretax income-GBX 622.00MincomeBeforeTaxTax rate—EquityGBX 7.01BtotalStockholderEquityDebtGBX 3.54BshortLongTermDebtTotalCashGBX 41.00McashInvested capitalGBX 10.50BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 46.00xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeGBX 414.00MoperatingIncomeNet PP&EGBX 9.00MpropertyPlantAndEquipmentNetResult 46.00x |
| 2024 | 1.0%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 7.00MpropertyPlantAndEquipmentNetInventoryGBX 100.00MinventoryTotal assetsGBX 10.66BtotalAssetsResult 1.0% | 117.71xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueGBX 824.00MtotalRevenueNet PP&EGBX 7.00MpropertyPlantAndEquipmentNetResult 117.71x | 31.50xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexGBX 126.00McapitalExpendituresD&AGBX 4.00MdepreciationAndAmortizationResult 31.50x | GBX 8.70Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.66BtotalAssetsGoodwillGBX 0.00goodWillIntangiblesGBX 3.00MintangibleAssetsLiabilitiesGBX 4.22BtotalLiabTangible bookGBX 6.44BShares741,000,000commonStockSharesOutstandingResult GBX 8.70 | -0.33xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-GBX 233.00MebitdaCapexGBX 126.00McapitalExpendituresInterestGBX 104.00MinterestExpenseShort-term debtGBX 973.00MshortLongTermDebtEBITDA − capex-GBX 359.00MPrincipal due is the current portion of debt.Result -0.33x | GBX 212.00MFree cash flow · 2024-03-31Reported free cash flowOperating cash flowGBX 338.00MtotalCashFromOperatingActivitiesCapexGBX 126.00McapitalExpendituresFree cash flowGBX 212.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 212.00M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-GBX 227.00MoperatingIncomeTax expense-GBX 2.00MincomeTaxExpensePretax income-GBX 341.00MincomeBeforeTaxTax rate—EquityGBX 6.40BtotalStockholderEquityDebtGBX 3.78BshortLongTermDebtTotalCashGBX 78.00McashInvested capitalGBX 10.10BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -32.43xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-GBX 227.00MoperatingIncomeNet PP&EGBX 7.00MpropertyPlantAndEquipmentNetResult -32.43x |
| 2025 | 1.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetInventoryGBX 81.00MinventoryTotal assetsGBX 11.62BtotalAssetsResult 1.1% | 19.81xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueGBX 832.00MtotalRevenueNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetResult 19.81x | 40.75xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexGBX 163.00McapitalExpendituresD&AGBX 4.00MdepreciationAndAmortizationResult 40.75x | GBX 8.74Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.62BtotalAssetsGoodwillGBX 0.00goodWillIntangiblesGBX 3.00MintangibleAssetsLiabilitiesGBX 5.09BtotalLiabTangible bookGBX 6.53BShares747,000,000commonStockSharesOutstandingResult GBX 8.74 | 0.40xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 511.00MebitdaCapexGBX 163.00McapitalExpendituresInterestGBX 114.00MinterestExpenseShort-term debtGBX 750.00MshortLongTermDebtEBITDA − capexGBX 348.00MPrincipal due is the current portion of debt.Result 0.40x | GBX 93.00MFree cash flow · 2025-03-31Reported free cash flowOperating cash flowGBX 256.00MtotalCashFromOperatingActivitiesCapexGBX 163.00McapitalExpendituresFree cash flowGBX 93.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 93.00M | 4.8%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 526.00MoperatingIncomeTax expense-GBX 3.00MincomeTaxExpensePretax incomeGBX 393.00MincomeBeforeTaxTax rate0.0%EquityGBX 6.51BtotalStockholderEquityDebtGBX 4.55BshortLongTermDebtTotalCashGBX 39.00McashInvested capitalGBX 11.03BResult 4.8% | 12.52xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeGBX 526.00MoperatingIncomeNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetResult 12.52x |
| 2026 | 0.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetInventoryGBX 56.00MinventoryTotal assetsGBX 11.54BtotalAssetsResult 0.8% | 21.24xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueGBX 892.00MtotalRevenueNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetResult 21.24x | 49.00xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexGBX 147.00McapitalExpendituresD&AGBX 3.00MdepreciationAndAmortizationResult 49.00x | GBX 8.75Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.54BtotalAssetsGoodwillGBX 0.00goodWillIntangiblesGBX 3.00MintangibleAssetsLiabilitiesGBX 5.00BtotalLiabTangible bookGBX 6.54BShares747,000,000commonStockSharesOutstandingResult GBX 8.75 | 0.38xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 473.00MebitdaCapexGBX 147.00McapitalExpendituresInterestGBX 124.00MinterestExpenseShort-term debtGBX 744.00MshortLongTermDebtEBITDA − capexGBX 326.00MPrincipal due is the current portion of debt.Result 0.38x | GBX 67.00MFree cash flow · 2026-03-31Reported free cash flowOperating cash flowGBX 214.00MtotalCashFromOperatingActivitiesCapexGBX 147.00McapitalExpendituresFree cash flowGBX 67.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 67.00M | 3.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 425.00MoperatingIncomeTax expenseGBX 2.00MincomeTaxExpensePretax incomeGBX 346.00MincomeBeforeTaxTax rate0.6%EquityGBX 6.54BtotalStockholderEquityDebtGBX 4.50BshortLongTermDebtTotalCashGBX 117.00McashInvested capitalGBX 10.92BResult 3.9% | 10.12xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeGBX 425.00MoperatingIncomeNet PP&EGBX 42.00MpropertyPlantAndEquipmentNetResult 10.12x |
- 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 (2026)
Net PP&E: GBX 42.00M
Inventory: GBX 56.00M
Total assets: GBX 11.54B
Goodwill: GBX 0.00
Intangibles: GBX 3.00M
Liabilities: GBX 5.00B
Tangible book: GBX 6.54B
Shares: 747,000,000
Revenue: GBX 892.00M
Capex: GBX 147.00M
D&A: GBX 3.00M
EBITDA: GBX 473.00M
Interest: GBX 124.00M
Short-term debt: GBX 744.00M
Free cash flow: GBX 67.00M
Operating income: GBX 425.00M
Invested capital: GBX 10.92B
Tax rate: 0.6%