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.
Naturgy Energy Group SA
Physical assets are 54.8% of total assets, a heavy footprint. Capex is 1.34x 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 0.91x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.95x.
Physical asset ratio
54.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.42BpropertyPlantAndEquipmentNetInventory€1.00BinventoryTotal assets€39.10BtotalAssetsResult 54.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€19.46BtotalRevenueNet PP&E€20.42BpropertyPlantAndEquipmentNetResult 0.95x
Revenue per dollar of the physical asset base.
Capex / D&A
1.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.15BcapitalExpendituresD&A€1.60BdepreciationAndAmortizationResult 1.34x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€5.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€39.10BtotalAssetsGoodwill€2.89BgoodWillIntangibles€3.07BintangibleAssetsLiabilities€27.73BtotalLiabTangible book€5.41BShares969,613,000commonStockSharesOutstandingResult €5.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.32xPrice / tangible bookPrice / tangible book per sharePrice€29.66Latest quoteTangible book / share€5.582025-12-31Result 5.32x
Price €29.66.
Fixed-charge coverage
0.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.18BebitdaCapex€2.15BcapitalExpendituresInterest€752.00MinterestExpenseShort-term debt€2.60BshortLongTermDebtEBITDA − capex€3.04BPrincipal due is the current portion of debt.Result 0.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€2.38BfreeCashFlowMarket cap€27.61BMarketCapitalizationResult 8.6%
Latest free cash flow divided by current market cap (€27.61B).
ROIC
11.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.45BoperatingIncomeTax expense€833.00MincomeTaxExpensePretax income€3.22BincomeBeforeTaxTax rate25.9%Equity€9.34BtotalStockholderEquityDebt€16.75BshortLongTermDebtTotalCash€4.66BcashAndShortTermInvestmentsInvested capital€21.43BResult 11.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 53.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.71BpropertyPlantEquipmentInventory€850.00MinventoryTotal assets€40.63BtotalAssetsResult 53.1% | 1.18xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€24.34BtotalRevenueNet PP&E€20.71BpropertyPlantEquipmentResult 1.18x | 1.08xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€1.81BcapitalExpendituresD&A€1.67BdepreciationAndAmortizationResult 1.08x | €6.77Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€40.63BtotalAssetsGoodwill€3.22BgoodWillIntangibles€4.63BintangibleAssetsLiabilities€26.04BtotalLiabTangible book€6.75BShares997,663,816commonStockSharesOutstandingResult €6.77 | -0.78xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€390.00MebitdaCapex€1.81BcapitalExpendituresInterest€788.00MinterestExpenseShort-term debt€2.04BshortLongTermDebtEBITDA − capex-€2.20BPrincipal due is the current portion of debt.Result -0.78x | €1.07BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€2.88BtotalCashFromOperatingActivitiesCapex€1.81BcapitalExpendituresFree cash flow€1.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.07B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€2.17BoperatingIncomeTax expense-€779.00MincomeTaxExpensePretax income-€3.37BincomeBeforeTaxTax rate—Equity€10.95BtotalStockholderEquityDebt€16.65BshortLongTermDebtTotalCash€2.11BcashAndShortTermInvestmentsInvested capital€25.49BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-€2.17BoperatingIncomeNet PP&E€20.71BpropertyPlantEquipmentResult -0.10x |
| 2019 | 53.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€21.06BpropertyPlantEquipmentInventory€796.00MinventoryTotal assets€41.14BtotalAssetsResult 53.1% | 1.09xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€23.04BtotalRevenueNet PP&E€21.06BpropertyPlantEquipmentResult 1.09x | 1.25xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€1.85BcapitalExpendituresD&A€1.48BdepreciationAndAmortizationResult 1.25x | €6.41Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€41.14BtotalAssetsGoodwill€3.20BgoodWillIntangibles€4.51BintangibleAssetsLiabilities€27.16BtotalLiabTangible book€6.26BShares977,636,309commonStockSharesOutstandingResult €6.41 | 0.87xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.27BebitdaCapex€1.85BcapitalExpendituresInterest€738.00MinterestExpenseShort-term debt€2.05BshortLongTermDebtEBITDA − capex€2.42BPrincipal due is the current portion of debt.Result 0.87x | €2.17BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€4.02BtotalCashFromOperatingActivitiesCapex€1.85BcapitalExpendituresFree cash flow€2.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.17B | 8.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.86BoperatingIncomeTax expense€476.00MincomeTaxExpensePretax income€2.27BincomeBeforeTaxTax rate21.0%Equity€10.55BtotalStockholderEquityDebt€17.85BshortLongTermDebtTotalCash€3.01BcashAndShortTermInvestmentsInvested capital€25.39BResult 8.9% | 0.14xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€2.86BoperatingIncomeNet PP&E€21.06BpropertyPlantEquipmentResult 0.14x |
| 2020 | 45.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€17.52BpropertyPlantEquipmentInventory€519.00MinventoryTotal assets€39.55BtotalAssetsResult 45.6% | 0.88xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€15.35BtotalRevenueNet PP&E€17.52BpropertyPlantEquipmentResult 0.88x | 1.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€1.47BcapitalExpendituresD&A€1.48BdepreciationAndAmortizationResult 1.00x | €5.91Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€39.55BtotalAssetsGoodwill€2.89BgoodWillIntangibles€2.68BintangibleAssetsLiabilities€28.28BtotalLiabTangible book€5.69BShares962,554,727commonStockSharesOutstandingResult €5.91 | 0.19xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.02BebitdaCapex€1.47BcapitalExpendituresInterest€613.00MinterestExpenseShort-term debt€2.31BshortLongTermDebtEBITDA − capex€543.00MPrincipal due is the current portion of debt.Result 0.19x | €1.96BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€3.43BtotalCashFromOperatingActivitiesCapex€1.47BcapitalExpendituresFree cash flow€1.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.96B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.00BoperatingIncomeTax expense€19.00MincomeTaxExpensePretax income-€36.00MincomeBeforeTaxTax rate—Equity€8.03BtotalStockholderEquityDebt€17.35BshortLongTermDebtTotalCash€4.49BcashAndShortTermInvestmentsInvested capital€20.89BROIC 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€2.00BoperatingIncomeNet PP&E€17.52BpropertyPlantEquipmentResult 0.11x |
| 2021 | 48.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€17.82BpropertyPlantEquipmentInventory€878.00MinventoryTotal assets€38.25BtotalAssetsResult 48.9% | 1.24xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€22.15BtotalRevenueNet PP&E€17.82BpropertyPlantEquipmentResult 1.24x | 0.83xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€1.20BcapitalExpendituresD&A€1.45BdepreciationAndAmortizationResult 0.83x | €3.27Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€38.25BtotalAssetsGoodwill€2.95BgoodWillIntangibles€2.78BintangibleAssetsLiabilities€29.38BtotalLiabTangible book€3.14BShares960,934,956commonStockSharesOutstandingResult €3.27 | 1.29xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.74BebitdaCapex€1.20BcapitalExpendituresInterest€516.00MinterestExpenseShort-term debt€1.46BshortLongTermDebtEBITDA − capex€2.54BPrincipal due is the current portion of debt.Result 1.29x | -€203.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€1.00BtotalCashFromOperatingActivitiesCapex€1.20BcapitalExpendituresFree cash flow-€203.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€203.00M | 14.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.37BoperatingIncomeTax expense€358.00MincomeTaxExpensePretax income€1.80BincomeBeforeTaxTax rate19.9%Equity€5.89BtotalStockholderEquityDebt€16.70BshortLongTermDebtTotalCash€4.36BcashAndShortTermInvestmentsInvested capital€18.23BResult 14.8% | 0.19xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€3.37BoperatingIncomeNet PP&E€17.82BpropertyPlantEquipmentResult 0.19x |
| 2022 | 50.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€18.54BpropertyPlantEquipmentInventory€1.83BinventoryTotal assets€40.39BtotalAssetsResult 50.4% | 1.83xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€33.97BtotalRevenueNet PP&E€18.54BpropertyPlantEquipmentResult 1.83x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€5.00McapitalExpendituresD&A€1.38BdepreciationAndAmortizationResult 0.00x | €4.17Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€40.39BtotalAssetsGoodwill€3.00BgoodWillIntangibles€2.97BintangibleAssetsLiabilities€30.41BtotalLiabTangible book€4.01BShares960,908,336commonStockSharesOutstandingResult €4.17 | 1.55xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€4.51BebitdaCapex€5.00McapitalExpendituresInterest€824.00MinterestExpenseShort-term debt€2.09BshortLongTermDebtEBITDA − capex€4.51BPrincipal due is the current portion of debt.Result 1.55x | €2.16BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€2.16BtotalCashFromOperatingActivitiesCapex€5.00McapitalExpendituresFree cash flow€2.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.16B | 17.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.71BoperatingIncomeTax expense€697.00MincomeTaxExpensePretax income€2.55BincomeBeforeTaxTax rate27.4%Equity€7.57BtotalStockholderEquityDebt€16.26BshortLongTermDebtTotalCash€4.39BcashAndShortTermInvestmentsInvested capital€19.44BResult 17.6% | 0.25xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€4.71BoperatingIncomeNet PP&E€18.54BpropertyPlantEquipmentResult 0.25x |
| 2023 | 55.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€19.86BpropertyPlantAndEquipmentNetInventory€1.25BinventoryTotal assets€37.89BtotalAssetsResult 55.7% | 1.14xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€22.62BtotalRevenueNet PP&E€19.86BpropertyPlantAndEquipmentNetResult 1.14x | 1.67xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€2.42BcapitalExpendituresD&A€1.45BdepreciationAndAmortizationResult 1.67x | €6.20Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€37.89BtotalAssetsGoodwill€2.93BgoodWillIntangibles€3.04BintangibleAssetsLiabilities€25.96BtotalLiabTangible book€5.96BShares960,809,857commonStockSharesOutstandingResult €6.20 | 0.90xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.19BebitdaCapex€2.42BcapitalExpendituresInterest€696.00MinterestExpenseShort-term debt€2.36BshortLongTermDebtEBITDA − capex€2.77BPrincipal due is the current portion of debt.Result 0.90x | €2.43BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€4.86BtotalCashFromOperatingActivitiesCapex€2.42BcapitalExpendituresFree cash flow€2.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.43B | 19.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€5.58BoperatingIncomeTax expense€768.00MincomeTaxExpensePretax income€3.04BincomeBeforeTaxTax rate25.2%Equity€9.45BtotalStockholderEquityDebt€15.96BshortLongTermDebtTotalCash€4.12BcashAndShortTermInvestmentsInvested capital€21.28BResult 19.6% | 0.28xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€5.58BoperatingIncomeNet PP&E€19.86BpropertyPlantAndEquipmentNetResult 0.28x |
| 2024 | 52.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.70BpropertyPlantAndEquipmentNetInventory€807.00MinventoryTotal assets€40.84BtotalAssetsResult 52.7% | 0.93xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€19.27BtotalRevenueNet PP&E€20.70BpropertyPlantAndEquipmentNetResult 0.93x | 1.42xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€2.20BcapitalExpendituresD&A€1.54BdepreciationAndAmortizationResult 1.42x | €5.90Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€40.84BtotalAssetsGoodwill€2.95BgoodWillIntangibles€3.03BintangibleAssetsLiabilities€29.18BtotalLiabTangible book€5.67BShares960,734,206commonStockSharesOutstandingResult €5.90 | 0.95xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.24BebitdaCapex€2.20BcapitalExpendituresInterest€490.00MinterestExpenseShort-term debt€2.71BshortLongTermDebtEBITDA − capex€3.04BPrincipal due is the current portion of debt.Result 0.95x | €1.80BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€3.99BtotalCashFromOperatingActivitiesCapex€2.20BcapitalExpendituresFree cash flow€1.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.80B | 19.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€5.67BoperatingIncomeTax expense€835.00MincomeTaxExpensePretax income€3.20BincomeBeforeTaxTax rate26.1%Equity€9.48BtotalStockholderEquityDebt€18.19BshortLongTermDebtTotalCash€6.10BcashAndShortTermInvestmentsInvested capital€21.58BResult 19.4% | 0.27xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€5.67BoperatingIncomeNet PP&E€20.70BpropertyPlantAndEquipmentNetResult 0.27x |
| 2025 | 54.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.42BpropertyPlantAndEquipmentNetInventory€1.00BinventoryTotal assets€39.10BtotalAssetsResult 54.8% | 0.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€19.46BtotalRevenueNet PP&E€20.42BpropertyPlantAndEquipmentNetResult 0.95x | 1.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€2.15BcapitalExpendituresD&A€1.60BdepreciationAndAmortizationResult 1.34x | €5.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€39.10BtotalAssetsGoodwill€2.89BgoodWillIntangibles€3.07BintangibleAssetsLiabilities€27.73BtotalLiabTangible book€5.41BShares969,613,000commonStockSharesOutstandingResult €5.58 | 0.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.18BebitdaCapex€2.15BcapitalExpendituresInterest€752.00MinterestExpenseShort-term debt€2.60BshortLongTermDebtEBITDA − capex€3.04BPrincipal due is the current portion of debt.Result 0.91x | €2.38BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€4.53BtotalCashFromOperatingActivitiesCapex€2.15BcapitalExpendituresFree cash flow€2.38BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.38B | 11.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.45BoperatingIncomeTax expense€833.00MincomeTaxExpensePretax income€3.22BincomeBeforeTaxTax rate25.9%Equity€9.34BtotalStockholderEquityDebt€16.75BshortLongTermDebtTotalCash€4.66BcashAndShortTermInvestmentsInvested capital€21.43BResult 11.9% | 0.17xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€3.45BoperatingIncomeNet PP&E€20.42BpropertyPlantAndEquipmentNetResult 0.17x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €20.42B
Inventory: €1.00B
Total assets: €39.10B
Goodwill: €2.89B
Intangibles: €3.07B
Liabilities: €27.73B
Tangible book: €5.41B
Shares: 969,613,000
Revenue: €19.46B
Capex: €2.15B
D&A: €1.60B
EBITDA: €5.18B
Interest: €752.00M
Short-term debt: €2.60B
Free cash flow: €2.38B
Operating income: €3.45B
Invested capital: €21.43B
Tax rate: 25.9%