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.
Legrand SA
Physical assets are 16.2% of total assets, a light footprint. Capex is 0.54x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 13.0%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 6.86x.
Physical asset ratio
16.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.38BpropertyPlantAndEquipmentNetInventory€1.47BinventoryTotal assets€17.59BtotalAssetsResult 16.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.86xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€9.48BtotalRevenueNet PP&E€1.38BpropertyPlantAndEquipmentNetResult 6.86x
Revenue per dollar of the physical asset base.
Capex / D&A
0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€221.10McapitalExpendituresD&A€409.10MdepreciationAndAmortizationResult 0.54x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€10.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€17.59BtotalAssetsGoodwill€7.63BgoodWillIntangibles€2.59BintangibleAssetsLiabilities€10.26BtotalLiabTangible book-€2.88BShares262,247,000commonStockSharesOutstandingResult -€10.99
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€131.00Latest quoteTangible book / share-€10.992025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €131.00.
Fixed-charge coverage
3.28xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.27BebitdaCapex€221.10McapitalExpendituresInterest€167.90MinterestExpenseShort-term debt€455.40MshortLongTermDebtEBITDA − capex€2.05BPrincipal due is the current portion of debt.Result 3.28x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€1.36BfreeCashFlowMarket cap€35.28BMarketCapitalizationResult 3.8%
Latest free cash flow divided by current market cap (€35.28B).
ROIC
13.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.03BoperatingIncomeTax expense€438.80MincomeTaxExpensePretax income€1.69BincomeBeforeTaxTax rate25.9%Equity€7.29BtotalStockholderEquityDebt€6.60BshortLongTermDebtTotalCash€2.38BcashAndShortTermInvestmentsInvested capital€11.52BResult 13.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.47x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 15.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€661.40MpropertyPlantEquipmentInventory€885.90MinventoryTotal assets€10.31BtotalAssetsResult 15.0% | 9.07xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€6.00BtotalRevenueNet PP&E€661.40MpropertyPlantEquipmentResult 9.07x | 0.89xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€184.30McapitalExpendituresD&A€207.20MdepreciationAndAmortizationResult 0.89x | -€7.56Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€10.31BtotalAssetsGoodwill€4.32BgoodWillIntangibles€2.31BintangibleAssetsLiabilities€5.71BtotalLiabTangible book-€2.03BShares269,023,696commonStockSharesOutstandingResult -€7.56 | 2.45xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.36BebitdaCapex€184.30McapitalExpendituresInterest€79.10MinterestExpenseShort-term debt€400.50MshortTermDebtEBITDA − capex€1.18BPrincipal due is short-term debt.Result 2.45x | €741.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€925.30MtotalCashFromOperatingActivitiesCapex€184.30McapitalExpendituresFree cash flow€741.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €741.00M | 11.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.14BoperatingIncomeTax expense€301.30MincomeTaxExpensePretax income€1.07BincomeBeforeTaxTax rate28.1%Equity€4.59BtotalStockholderEquityDebt€3.32BshortLongTermDebtTotalCash€1.02BcashAndShortTermInvestmentsInvested capital€6.89BResult 11.9% | 1.72xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.14BoperatingIncomeNet PP&E€661.40MpropertyPlantEquipmentResult 1.72x |
| 2019 | 15.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.02BpropertyPlantEquipmentInventory€852.60MinventoryTotal assets€11.82BtotalAssetsResult 15.8% | 6.49xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€6.62BtotalRevenueNet PP&E€1.02BpropertyPlantEquipmentResult 6.49x | 0.66xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€202.20McapitalExpendituresD&A€306.60MdepreciationAndAmortizationResult 0.66x | -€7.17Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€11.82BtotalAssetsGoodwill€4.57BgoodWillIntangibles€2.47BintangibleAssetsLiabilities€6.71BtotalLiabTangible book-€1.93BShares269,061,935commonStockSharesOutstandingResult -€7.17 | 2.09xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.55BebitdaCapex€202.20McapitalExpendituresInterest€91.10MinterestExpenseShort-term debt€554.50MshortLongTermDebtEBITDA − capex€1.35BPrincipal due is the current portion of debt.Result 2.09x | €1.04BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€1.24BtotalCashFromOperatingActivitiesCapex€202.20McapitalExpendituresFree cash flow€1.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.04B | 11.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.24BoperatingIncomeTax expense€318.30MincomeTaxExpensePretax income€1.15BincomeBeforeTaxTax rate27.6%Equity€5.10BtotalStockholderEquityDebt€4.19BshortLongTermDebtTotalCash€1.71BcashAndShortTermInvestmentsInvested capital€7.58BResult 11.8% | 1.21xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€1.24BoperatingIncomeNet PP&E€1.02BpropertyPlantEquipmentResult 1.21x |
| 2020 | 13.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€949.20MpropertyPlantEquipmentInventory€837.30MinventoryTotal assets€12.91BtotalAssetsResult 13.8% | 6.43xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€6.10BtotalRevenueNet PP&E€949.20MpropertyPlantEquipmentResult 6.43x | 0.46xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€155.10McapitalExpendituresD&A€334.30MdepreciationAndAmortizationResult 0.46x | -€8.69Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€12.91BtotalAssetsGoodwill€4.80BgoodWillIntangibles€2.44BintangibleAssetsLiabilities€8.00BtotalLiabTangible book-€2.34BShares269,109,855commonStockSharesOutstandingResult -€8.69 | 0.91xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.40BebitdaCapex€155.10McapitalExpendituresInterest€99.30MinterestExpenseShort-term debt€1.26BshortLongTermDebtEBITDA − capex€1.24BPrincipal due is the current portion of debt.Result 0.91x | €1.01BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€1.16BtotalCashFromOperatingActivitiesCapex€155.10McapitalExpendituresFree cash flow€1.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.01B | 10.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.07BoperatingIncomeTax expense€279.20MincomeTaxExpensePretax income€961.90MincomeBeforeTaxTax rate29.0%Equity€4.90BtotalStockholderEquityDebt€5.39BshortLongTermDebtTotalCash€2.79BcashAndShortTermInvestmentsInvested capital€7.50BResult 10.1% | 1.12xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€1.07BoperatingIncomeNet PP&E€949.20MpropertyPlantEquipmentResult 1.12x |
| 2021 | 16.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€987.60MpropertyPlantEquipmentInventory€1.25BinventoryTotal assets€14.03BtotalAssetsResult 16.0% | 7.08xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€6.99BtotalRevenueNet PP&E€987.60MpropertyPlantEquipmentResult 7.08x | 0.10xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€30.60McapitalExpendituresD&A€306.40MdepreciationAndAmortizationResult 0.10x | -€7.47Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.03BtotalAssetsGoodwill€5.24BgoodWillIntangibles€2.49BintangibleAssetsLiabilities€8.31BtotalLiabTangible book-€2.01BShares268,684,386commonStockSharesOutstandingResult -€7.47 | 1.90xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.66BebitdaCapex€30.60McapitalExpendituresInterest€92.40MinterestExpenseShort-term debt€764.40MshortLongTermDebtEBITDA − capex€1.63BPrincipal due is the current portion of debt.Result 1.90x | €1.08BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€1.11BtotalCashFromOperatingActivitiesCapex€30.60McapitalExpendituresFree cash flow€1.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.08B | 11.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.34BoperatingIncomeTax expense€351.90MincomeTaxExpensePretax income€1.26BincomeBeforeTaxTax rate28.0%Equity€5.72BtotalStockholderEquityDebt€5.31BshortLongTermDebtTotalCash€2.79BcashAndShortTermInvestmentsInvested capital€8.24BResult 11.7% | 1.36xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€1.34BoperatingIncomeNet PP&E€987.60MpropertyPlantEquipmentResult 1.36x |
| 2022 | 16.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.01BpropertyPlantEquipmentInventory€1.36BinventoryTotal assets€14.42BtotalAssetsResult 16.4% | 8.24xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€8.34BtotalRevenueNet PP&E€1.01BpropertyPlantEquipmentResult 8.24x | 0.54xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€205.70McapitalExpendituresD&A€384.20MdepreciationAndAmortizationResult 0.54x | -€5.44Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.42BtotalAssetsGoodwill€5.57BgoodWillIntangibles€2.53BintangibleAssetsLiabilities€7.77BtotalLiabTangible book-€1.46BShares268,284,732commonStockSharesOutstandingResult -€5.44 | 2.42xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.88BebitdaCapex€205.70McapitalExpendituresInterest€108.60MinterestExpenseShort-term debt€582.50MshortLongTermDebtEBITDA − capex€1.67BPrincipal due is the current portion of debt.Result 2.42x | €1.03BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€1.24BtotalCashFromOperatingActivitiesCapex€205.70McapitalExpendituresFree cash flow€1.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.03B | 11.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.45BoperatingIncomeTax expense€383.80MincomeTaxExpensePretax income€1.38BincomeBeforeTaxTax rate27.7%Equity€6.64BtotalStockholderEquityDebt€4.67BshortLongTermDebtTotalCash€2.40BcashAndShortTermInvestmentsInvested capital€8.90BResult 11.7% | 1.43xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€1.45BoperatingIncomeNet PP&E€1.01BpropertyPlantEquipmentResult 1.43x |
| 2023 | 15.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.11BpropertyPlantAndEquipmentNetInventory€1.22BinventoryTotal assets€14.84BtotalAssetsResult 15.7% | 7.59xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€8.42BtotalRevenueNet PP&E€1.11BpropertyPlantAndEquipmentNetResult 7.59x | 0.68xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€253.30McapitalExpendituresD&A€370.10MdepreciationAndAmortizationResult 0.68x | -€4.42Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.84BtotalAssetsGoodwill€5.48BgoodWillIntangibles€2.44BintangibleAssetsLiabilities€8.11BtotalLiabTangible book-€1.18BShares266,853,395commonStockSharesOutstandingResult -€4.42 | 2.28xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.04BebitdaCapex€253.30McapitalExpendituresInterest€121.00MinterestExpenseShort-term debt€664.00MshortLongTermDebtEBITDA − capex€1.79BPrincipal due is the current portion of debt.Result 2.28x | €1.58BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€1.84BtotalCashFromOperatingActivitiesCapex€253.30McapitalExpendituresFree cash flow€1.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.58B | 13.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.59BoperatingIncomeTax expense€401.10MincomeTaxExpensePretax income€1.55BincomeBeforeTaxTax rate25.9%Equity€6.72BtotalStockholderEquityDebt€4.82BshortLongTermDebtTotalCash€2.82BcashAndShortTermInvestmentsInvested capital€8.73BResult 13.5% | 1.44xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€1.59BoperatingIncomeNet PP&E€1.11BpropertyPlantAndEquipmentNetResult 1.44x |
| 2024 | 15.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.21BpropertyPlantAndEquipmentNetInventory€1.32BinventoryTotal assets€16.08BtotalAssetsResult 15.7% | 7.16xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€8.65BtotalRevenueNet PP&E€1.21BpropertyPlantAndEquipmentNetResult 7.16x | 0.63xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€239.60McapitalExpendituresD&A€379.70MdepreciationAndAmortizationResult 0.63x | -€7.56Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€16.08BtotalAssetsGoodwill€6.90BgoodWillIntangibles€2.64BintangibleAssetsLiabilities€8.53BtotalLiabTangible book-€1.99BShares263,709,361commonStockSharesOutstandingResult -€7.56 | 3.60xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.11BebitdaCapex€239.60McapitalExpendituresInterest€153.90MinterestExpenseShort-term debt€365.80MshortLongTermDebtEBITDA − capex€1.87BPrincipal due is the current portion of debt.Result 3.60x | €1.28BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€1.52BtotalCashFromOperatingActivitiesCapex€239.60McapitalExpendituresFree cash flow€1.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.28B | 11.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.64BoperatingIncomeTax expense€409.00MincomeTaxExpensePretax income€1.58BincomeBeforeTaxTax rate25.9%Equity€7.53BtotalStockholderEquityDebt€5.09BshortLongTermDebtTotalCash€2.08BcashAndShortTermInvestmentsInvested capital€10.54BResult 11.5% | 1.36xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€1.64BoperatingIncomeNet PP&E€1.21BpropertyPlantAndEquipmentNetResult 1.36x |
| 2025 | 16.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€1.38BpropertyPlantAndEquipmentNetInventory€1.47BinventoryTotal assets€17.59BtotalAssetsResult 16.2% | 6.86xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€9.48BtotalRevenueNet PP&E€1.38BpropertyPlantAndEquipmentNetResult 6.86x | 0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€221.10McapitalExpendituresD&A€409.10MdepreciationAndAmortizationResult 0.54x | -€10.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€17.59BtotalAssetsGoodwill€7.63BgoodWillIntangibles€2.59BintangibleAssetsLiabilities€10.26BtotalLiabTangible book-€2.88BShares262,247,000commonStockSharesOutstandingResult -€10.99 | 3.28xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.27BebitdaCapex€221.10McapitalExpendituresInterest€167.90MinterestExpenseShort-term debt€455.40MshortLongTermDebtEBITDA − capex€2.05BPrincipal due is the current portion of debt.Result 3.28x | €1.36BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€1.58BtotalCashFromOperatingActivitiesCapex€221.10McapitalExpendituresFree cash flow€1.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.36B | 13.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.03BoperatingIncomeTax expense€438.80MincomeTaxExpensePretax income€1.69BincomeBeforeTaxTax rate25.9%Equity€7.29BtotalStockholderEquityDebt€6.60BshortLongTermDebtTotalCash€2.38BcashAndShortTermInvestmentsInvested capital€11.52BResult 13.0% | 1.47xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€2.03BoperatingIncomeNet PP&E€1.38BpropertyPlantAndEquipmentNetResult 1.47x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €1.38B
Inventory: €1.47B
Total assets: €17.59B
Goodwill: €7.63B
Intangibles: €2.59B
Liabilities: €10.26B
Tangible book: -€2.88B
Shares: 262,247,000
Revenue: €9.48B
Capex: €221.10M
D&A: €409.10M
EBITDA: €2.27B
Interest: €167.90M
Short-term debt: €455.40M
Free cash flow: €1.36B
Operating income: €2.03B
Invested capital: €11.52B
Tax rate: 25.9%